Zhongtai Cryogenic(SZ:300435)2025-04-24 14:08Financial Performance - In 2024, the company achieved operating revenue of 2.717 billion yuan, a decrease of 10.86% year-on-year due to significant impairment of goodwill related to Zhongyi Gas [1] - The net profit attributable to the parent company for 2024 was -77.96 million yuan, a decline of 122.27% year-on-year; excluding goodwill impairment, the net profit was 242 million yuan [2] - The city gas segment reported operating revenue of 1.4 billion yuan in 2024, with a net profit of 49.95 million yuan, down 29.30% and 66.02% respectively from the previous year [2] Q1 2025 Financial Analysis - In Q1 2025, the company recorded operating revenue of 718 million yuan, a year-on-year decline of 12.01%, primarily due to a nearly 30% drop in the city gas segment [3] - The net profit attributable to the parent company was 100 million yuan, up 42.83% year-on-year, mainly driven by accelerated order shipments in the equipment segment [3] Strategic Planning (2023-2025) - The company aims to strengthen its position in equipment manufacturing and expand both domestic and international markets, targeting a 20% growth in new orders for 2025 compared to 2024 [4][7] - The city gas segment will focus on stabilizing performance and improving profitability, with expectations of reduced upstream procurement costs and successful pricing adjustments for residential gas [8] - The company plans to embrace new technologies and products in emerging fields such as helium, hydrogen liquefaction, LNG vessels, and energy storage [4] Order Situation - In 2024, the company signed new orders totaling approximately 1.8 billion yuan, a growth of over 25% year-on-year, with domestic orders increasing by over 20% and overseas orders around 600 million yuan [5][6] - The company maintains confidence in achieving a 20% growth in new orders for 2025 based on current market demand and project tracking [7] Market and Competitive Landscape - The company’s orders are primarily distributed in regions such as the Middle East, Central Asia, Southeast Asia, and Africa, with a focus on the Middle East due to ongoing chemical investment trends [9] - The impact of U.S. tariff policies is minimal, as less than 1% of the company's orders are directly exported to the U.S. [10] Customer Relationships - The company has successfully entered the supplier lists of major clients like Saudi Aramco and Total, enhancing its credibility and competitive edge in the international market [12]