Investment Rating - The investment rating for the company is "Outperform" (previously "Buy") [2][7] Core Insights - The company reported a revenue of 61.29 billion yuan in 2024, a decrease of 1.92% year-on-year, and a net profit of 8.48 billion yuan, down 15.86% year-on-year. The performance was slightly below expectations due to a decline in demand and prices for filter presses [7] - The demand for filter presses is under pressure due to a slowdown in the new energy sector and increased competition, leading the company to lower sales prices, resulting in an 11% decline in filter press revenue in 2024 [7] - Revenue from complete equipment, including energy-saving plunger pumps and pressure vessels, increased by 92% year-on-year to 8.06 billion yuan, indicating strong growth potential despite lower margins [7] - Overseas sales grew by 5.5% year-on-year to 3.36 billion yuan, with a high gross margin of 56%. The company plans to enhance its sales and service network globally [7] - The company's cash flow improved significantly, with a net cash flow from operating activities of 10.41 billion yuan, up 288% year-on-year, allowing for a total dividend payout of 6.11 billion yuan, representing a dividend rate of 72% [7] - The profit forecasts for 2025 and 2026 have been revised down to 8.55 billion yuan and 9.45 billion yuan, respectively, with a new forecast for 2027 at 10.49 billion yuan, corresponding to price-to-earnings ratios of 11, 10, and 9 [7] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 61.29 billion yuan, with a slight increase to 63.85 billion yuan in 2025, and further growth expected in subsequent years [6] - The net profit for 2024 is expected to be 8.48 billion yuan, with a forecast of 8.55 billion yuan for 2025 and 9.45 billion yuan for 2026 [6] - The gross margin is projected to be around 28% for the coming years, with a return on equity (ROE) of approximately 19% [6]