CCA(SH:603100) China Post Securities·2025-05-19 04:25Investment Rating - The report maintains a "Buy" rating for the company [7][8]. Core Insights - The company achieved a revenue of 7.592 billion yuan in 2024, representing a year-on-year increase of 2.44%, and a net profit attributable to shareholders of 778 million yuan, up 4.60% year-on-year [3][4]. - The company is benefiting from the trend of domestic substitution, particularly in the industrial automation instruments and composite materials sectors, which have shown steady growth [3][4]. - The company is focusing on expanding its market presence and enhancing its product offerings to meet the demand for high-end equipment and domestic alternatives [5]. Financial Performance - In 2024, the company reported a gross margin of 33.09%, a decrease of 0.93 percentage points year-on-year, attributed to changes in product mix and rising raw material costs [4]. - The company’s operating revenue is projected to grow to 8.193 billion yuan in 2025, with a year-on-year growth rate of 7.92% [10][11]. - The net profit attributable to shareholders is expected to reach 855 million yuan in 2025, reflecting a growth rate of 9.89% [10][11]. Market Expansion - The company has successfully increased its orders from major clients, with new orders from the "Three Barrels of Oil" up by 30% year-on-year, and significant growth in engineering support orders [5]. - The company is actively exploring overseas markets, particularly in Southeast Asia and the Middle East, achieving a 50% increase in new orders amounting to 700 million yuan [5]. Valuation Metrics - The company’s projected P/E ratios for 2025, 2026, and 2027 are 12.56, 11.10, and 10.04, respectively, indicating a favorable valuation outlook [8][10].