Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company is expected to achieve a revenue of 1.567 billion yuan in 2024, representing a year-on-year growth of 14.40%, and a net profit attributable to shareholders of 392 million yuan, reflecting a growth of 13.21% [1][4]. - The company's gross margin and net margin for 2024 are projected to be 48.34% and 25.10%, respectively, with slight declines compared to the previous year [1]. - The company has shown stable management of operating expenses, with a net operating cash flow of 322 million yuan in 2024, up 3.03% year-on-year [1]. - The international business segment is rapidly growing, with a revenue of approximately 200 million yuan in 2024, marking a growth of about 50% [2]. - The company has increased its market share in domestic large petrochemical projects, contributing to the growth of its incremental business [2]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.567 billion yuan, a 14.40% increase from the previous year, and a net profit of 392 million yuan, up 13.21% [1][5]. - The revenue for Q4 2024 was 424 million yuan, a year-on-year increase of 11.39%, with a net profit of 122 million yuan, reflecting a growth of 23.42% [1]. - The revenue for Q1 2025 is projected to be 410 million yuan, a 21.99% increase year-on-year, with a net profit of 94 million yuan, up 13.84% [1]. Business Segments - The equipment manufacturing segment generated a revenue of 658 million yuan in 2024, growing 17.68% year-on-year, primarily driven by international business growth [2]. - The rubber and plastic sealing segment achieved a revenue of 180 million yuan, a 26.79% increase, with a gross margin of 40.34% [3]. - The special valve segment reported a revenue of 141 million yuan, up 37.28%, with a gross margin of 49.52% [3]. Profitability and Valuation - The company’s profitability is expected to decline slightly due to an increase in the proportion of incremental business and a slight decrease in the gross margin of existing businesses [1][2]. - The projected net profits for 2025-2027 are 419 million yuan, 484 million yuan, and 558 million yuan, respectively, with corresponding P/E ratios of 18, 15, and 13 [4][5].

证券研究报告 | 2025年04月30日 中密控股（300470.SZ） 优于大市 经营稳健，国际业务快速发展 2024 年收入同比增长 14.40%，归母净利润同比增长 13.21%。公司 2024 年 实现营收 15.67 亿元，同比增长 14.40%；实现归母净利润 3.92 亿元，同比 增长 13.21%，在下游景气度较低的背景下，公司业绩保持稳健增长。2024 年毛利率/净利率分别为 48.34%/25.10%，同比变动-1.30/-0.24 个 pct，盈 利能力下降主要系：1）增量业务占比增加；2）存量业务毛利率略有下降。 公司期间费用整体稳定，费用管控良好。2024 年公司实现经营性现金流净额 3.22 亿元，同比增长 3.03%。分季度看，2024Q4 实现营收 4.24 亿元，同比 增长 11.39%，归母净利润 1.22 亿元，同比增长 23.42%，四季度业绩增长主 要系年底部分利润较好的国内外大项目集中交付。2025Q1 实现营收 4.10 亿 元，同比增长 21.99%，归母净利润 0.94 亿元，同比增长 13.84%。 国际业务高增，存量业务稳健。增量业务方面，2024 年公司 ...

Core Viewpoint - The company Zhongmi Holdings (300470) has shown a steady growth in its financial performance, with significant increases in revenue and net profit in the first quarter of 2025, while also experiencing changes in shareholder structure and capital flow dynamics [4][5][6]. Financial Performance - For Q1 2025, Zhongmi Holdings reported a main revenue of 410 million yuan, representing a year-on-year increase of 21.99% [4] - The net profit attributable to shareholders was 94.35 million yuan, up 13.84% year-on-year [4] - The company's debt ratio stands at 15.3%, with investment income of 2.63 million yuan and financial expenses of -1.63 million yuan, resulting in a gross profit margin of 44.43% [4] Shareholder Dynamics - As of March 31, 2025, the number of shareholders increased to 17,500, up by 1,226 from December 31, 2024, marking a growth rate of 7.51% [3] - The average number of shares held per shareholder decreased from 12,800 shares to 11,900 shares, with an average market value of 440,400 yuan per shareholder [3] Capital Flow - On April 25, 2025, the capital flow for Zhongmi Holdings showed a net outflow of 1.89 million yuan from main funds, while speculative funds saw a net inflow of 2.18 million yuan, and retail investors experienced a net outflow of 286,000 yuan [2][5] Business Segments Performance - The mechanical seal segment has increased its market share in domestic large petrochemical projects, while international business revenue reached 200 million yuan in 2024, reflecting a growth of approximately 50% [6] - The rubber and plastic seal segment saw an 8.18% increase in revenue, with net profit rising by 58.67% [6] - The special valve segment experienced a revenue increase of 37.28% and a net profit increase of 108.3% [6] Future Outlook - The growth of international business is expected to slow down in 2025 compared to previous years, despite a significant increase in orders in recent years [6] - The coal chemical sector is anticipated to positively impact the company's performance due to the rapid advancement of national coal chemical projects [6] - Key growth drivers for 2025 include sustained growth in international business, successful market expansion by subsidiaries, and improved internal management efficiency [6] Capital Expenditure Plans - The company's capital expenditure will focus on infrastructure development and acquisitions, with investment decisions being dynamically adjusted based on market conditions [6]