Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [6]. Core Views - The company is experiencing a robust growth in its core business segments, particularly in shipbuilding and diesel generator sectors, with a notable increase in profitability [1][2]. - The optimization of the profit structure within the supply chain is contributing significantly to the overall profit growth, with the supply chain segment accounting for 70% of total profits in 2024 [2]. - The company is actively expanding its clean energy and electromechanical equipment businesses, particularly in overseas markets, with significant project signings and export growth [3][4]. Financial Performance Summary - In Q4 2024, the company reported revenue of 30.2 billion yuan, a year-over-year increase of 12.2%, and a net profit attributable to shareholders of 1.47 billion yuan, up 9.4% year-over-year [1]. - For the full year 2024, the company achieved a revenue of 117.2 billion yuan, a decrease of 4.75% year-over-year, while the net profit attributable to shareholders increased by 11.69% to 1.148 billion yuan [1]. - The gross profit margin improved to 6.80%, an increase of 1.11 percentage points year-over-year, and the net profit margin rose to 0.98%, up 0.14 percentage points year-over-year [1]. Business Segment Performance - The shipbuilding and shipping business saw a profit increase of 90% year-over-year, while the diesel generator business improved its profit by 40% [2]. - The apparel business achieved a profit growth of 16% driven by both domestic and international markets [2]. - The clean energy sector signed overseas projects worth 280 million USD in 2024, and the electromechanical equipment export business grew by 87% year-over-year [3]. Future Outlook - The company has revised its revenue forecasts for 2025-2027, expecting revenues of 111.9 billion yuan, 113.9 billion yuan, and 116.6 billion yuan respectively, with net profits projected at 1.24 billion yuan, 1.36 billion yuan, and 1.49 billion yuan [4]. - The company maintains a favorable valuation with a projected P/E ratio of 9 for 2025 and 8 for 2027, indicating strong earnings growth potential [4].