Investment Rating - The report maintains a "Buy" rating for Jiangsu Shentong, expecting a relative increase in stock price of over 20% within the next six months [6][10]. Core Views - The company reported stable growth in its financial performance, with 2024 revenue reaching 2.143 billion yuan, a year-on-year increase of 0.48%, and a net profit attributable to shareholders of 295 million yuan, up 9.68% year-on-year [3][4]. - The nuclear power sector showed significant growth, with revenue of 743 million yuan in 2024, a 7.06% increase year-on-year, while the energy equipment sector saw a decline of 38.18% [4]. - The company achieved a record high in cash dividends for 2024, amounting to approximately 88.82 million yuan, representing 30.12% of the net profit attributable to shareholders [5]. Financial Performance Summary - For 2024, the company achieved a total revenue of 2.143 billion yuan, with a gross margin of 33.53%, an increase of 1.84 percentage points year-on-year [4][12]. - The company forecasts revenue growth for 2025-2027, expecting revenues of 2.370 billion, 2.695 billion, and 3.091 billion yuan, respectively, with year-on-year growth rates of 10.56%, 13.71%, and 14.73% [6][12]. - The net profit attributable to shareholders is projected to reach 358 million, 430 million, and 490 million yuan for 2025, 2026, and 2027, respectively, with growth rates of 21.41%, 20.10%, and 13.89% [6][12].

Core Viewpoint - The company reported a significant net loss for 2024, primarily due to legal issues and asset disposals, while also highlighting growth in its core business areas and strategic initiatives for future development [1][4][11]. Financial Performance - The total assets at the end of 2024 amounted to 2,993.97 million yuan, a decrease of 13.73% compared to the previous year [2][3]. - The company achieved an operating revenue of 447.46 million yuan, representing a year-on-year increase of 9.62% [2][4]. - The net profit attributable to shareholders was -366.92 million yuan, a decrease of 423.95% from the previous year [2][4]. Business Operations - The company focuses on campus hot water supply services, with a total of 230 campuses served and approximately 2 million students benefiting from its services [12][13]. - The company has diversified its business model to include value-added services such as direct drinking water and shared laundry services, alongside exploring renewable energy solutions [11][12]. - The company has successfully implemented a comprehensive energy management service strategy, enhancing its market competitiveness [6][11]. Industry Context - The energy service industry is experiencing robust growth, driven by national policies aimed at energy conservation and carbon reduction, with significant opportunities for companies involved in energy management [8][9]. - The market for campus hot water supply services is estimated to exceed 8 billion yuan, indicating a substantial growth potential in this sector [10][12]. - The industry is witnessing a structural transformation towards green development, with increasing numbers of new entrants and innovative business models emerging [9][10].