Core Points - The company, Eurocrane (China) Co., Ltd., was established on August 28, 2012, in accordance with the Company Law of the People's Republic of China [2] - The company is registered in Suzhou, Jiangsu Province, with a registered capital of RMB 398,700,736 [2] - The company aims to provide competitive products and services while focusing on innovation and sustainable development [4][5] Company Structure - The company is a public limited company with permanent existence, and its legal representative is the chairman [2][3] - The company has a board of directors and senior management, which includes the general manager, deputy general managers, and other specified personnel [3] Business Scope - The company operates in various sectors, including the research, production, and sales of lifting machinery, construction machinery, and automation systems [4][5] - It also engages in the development and sales of robotics, computer software and hardware, and provides consulting services [5] Share Issuance - The company issued 40 million shares to the public on December 28, 2016, approved by the China Securities Regulatory Commission [2] - The total number of shares issued by the company is 398,700,736, all of which are ordinary shares with a par value of RMB 1 per share [7] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, voting, and the ability to supervise the company's operations [12] - Shareholders are required to comply with laws and regulations, and they are liable for the company's debts only to the extent of their shareholdings [16] Corporate Governance - The company has established rules for the convening and conducting of shareholder meetings, including the rights of shareholders to propose agenda items [22][27] - The board of directors is responsible for the management of the company and must report to the shareholders annually [32] Financial Management - The company can provide financial assistance for acquiring its shares under certain conditions, with a limit of 10% of the total issued capital [7][8] - The company must disclose information regarding significant transactions and financial assistance in accordance with the Securities Law [9][20]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 13.2 yuan, based on expected performance exceeding the benchmark index by over 20% in the next six months [5][18]. Core Insights - The company reported a revenue of 2.13 billion yuan for 2024, representing a year-on-year increase of 6.9%. The net profit attributable to shareholders was 167 million yuan, up 2.2% year-on-year, while the net profit excluding non-recurring items was 158 million yuan, reflecting a 10.0% increase [2][4]. - For Q1 2025, the company achieved a revenue of 408 million yuan, marking an 18.4% year-on-year growth, with a net profit of 34 million yuan, which is a significant increase of 38.4% year-on-year [2][4]. Financial Performance Summary - **Revenue Growth**: The total revenue is projected to grow from 2.13 billion yuan in 2024 to 3.69 billion yuan by 2027, with year-on-year growth rates of 21.9%, 20.1%, and 18.3% for the subsequent years [4][10]. - **Net Profit**: The net profit is expected to rise from 167 million yuan in 2024 to 376 million yuan in 2027, with growth rates of 43.0%, 27.5%, and 23.8% respectively [4][10]. - **Earnings Per Share (EPS)**: EPS is forecasted to increase from 0.46 yuan in 2024 to 1.05 yuan in 2027 [4][10]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 20 times in 2024 to 9 times in 2027, while the price-to-book (P/B) ratio is projected to decline from 2.1 times to 1.5 times over the same period [4][10]. Business Segment Insights - **Core Business Growth**: The company benefits from the increasing penetration of high-end European-style cranes, with revenue from crane-related products and services expected to reach 1.96 billion yuan in 2024, a 10.3% increase year-on-year [9][10]. - **International Expansion**: The company has significantly increased its overseas revenue, which is projected to reach 767 million yuan in 2024, a 59.3% increase year-on-year, accounting for 36% of total revenue [9][10]. - **Order Growth**: New orders for 2024 are expected to grow by over 20%, reaching a historical high [9][10].