SACL(SZ:000089) Yin He Zheng Quan·2025-08-18 07:50Investment Rating - The report assigns a "Neutral" investment rating for the company, indicating that the expected performance is within a range of -5% to 10% relative to the benchmark index [11]. Core Views - The company is projected to experience steady revenue growth, with expected revenues increasing from 47.39 billion yuan in 2024 to 63.95 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 10.60% [4][6]. - Net profit is forecasted to rise significantly, from 4.43 billion yuan in 2024 to 9.76 billion yuan in 2027, with a notable profit growth rate of 43.88% in 2025 [4][6]. - The gross margin is expected to improve from 21.30% in 2024 to 27.00% in 2027, indicating enhanced operational efficiency [4][6]. Financial Projections Income Statement - Revenue is projected to grow from 47.39 billion yuan in 2024 to 63.95 billion yuan in 2027, with a revenue growth rate of 13.80% in 2024 and stabilizing around 10.60% by 2027 [4][6]. - The net profit is expected to increase from 4.43 billion yuan in 2024 to 9.76 billion yuan in 2027, with a peak growth rate of 43.88% in 2025 [4][6]. Balance Sheet - Total assets are forecasted to grow from 241.74 billion yuan in 2024 to 264.18 billion yuan in 2027, with a slight increase in both current and non-current assets [5]. - The total liabilities are expected to rise from 128.04 billion yuan in 2024 to 140.44 billion yuan in 2027, indicating a manageable increase in leverage [5]. Cash Flow Statement - Operating cash flow is projected to increase significantly from 19.06 billion yuan in 2024 to 22.71 billion yuan in 2027, reflecting improved cash generation capabilities [5]. - The net cash increase is expected to be 8.93 billion yuan in 2024, rising to 5.24 billion yuan by 2027, indicating a healthy cash position [5].