YINGLIU(603308)2025-05-31 13:18Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][11]. Core Views - The company is expected to benefit from the global energy transition and the explosive growth of AI data centers, leading to a robust order book for gas turbines and new growth momentum from emerging fields such as nuclear fusion and low-altitude economy [11]. - Revenue projections for 2025-2027 are estimated at 30.07 billion, 36.80 billion, and 44.23 billion yuan respectively, with corresponding net profits of 4.15 billion, 5.60 billion, and 7.26 billion yuan [11][13]. Financial Performance Summary - In 2024, the company achieved operating revenue of 25.13 billion yuan, a year-on-year increase of 4.21%, and a net profit attributable to shareholders of 2.86 billion yuan, a decrease of 5.57% [5]. - The company's Q4 2024 revenue was 6.03 billion yuan, showing a year-on-year decrease of 0.31% and a quarter-on-quarter decrease of 6.14% [5]. - For Q1 2025, the company reported a revenue of 6.63 billion yuan, a year-on-year increase of 0.03% and a quarter-on-quarter increase of 9.89% [7]. Segment Performance Summary - In 2024, revenue from high-temperature alloy products and precision cast steel components was 14.69 billion yuan, a year-on-year increase of 6.69% [6]. - Revenue from nuclear power and other large cast steel components was 6.42 billion yuan, a year-on-year decrease of 5.32% [6]. - Revenue from new materials and equipment was 2.33 billion yuan, a year-on-year increase of 4.00% [6]. Order and Market Position Summary - The company has a strong order backlog in the "two-machine" sector, with over 12 billion yuan in orders [9]. - The gas turbine segment saw a 102.8% increase in orders due to global energy transition and AI data center construction [9]. - The company is actively involved in nuclear fusion projects and has successfully developed a new high-heat load component that has passed experimental validation [9][10].