金吾财讯 | 海通国际发研指，森松国际(02155)2024年实现归母净利润7.4亿元，同比-12.7%，主要受应收账款减值影响（减值金额约1.2亿元）。公司营收69.5亿元，同比-5.6%，主要因为个别权重订单项目周期拉长，导致整体收入确认不及预期。按地域划分来看，中国内地收入27.5亿元，同比-29.2%；海外收入42.0亿元，同比+20.8%，其中亚洲（除中国大陆外）收入20.2亿元，同比10.9%；北美收入13.8亿元，同比+60.2%。该行指，2024年全年新签订单59.7亿元，管理层表示主要由于下游行业项目执行习惯改变，整体订单被拆分成若干阶段的订单，导致整体订单规模有所缩减。2H24新签订单规模28.0亿元，环比下滑11.3%。2H24新签订单中，化工、制药、油气炼化订单相对较多。该行表示，考虑到公司新签订单增长偏弱，该行下调了2025/26年的收入预测至77.7/84.7亿元（原为90.6和101.2亿元），增速为11.8%/9.1%；下调2025/26年归母净利润至8.7/9.4亿元（原为9.9、11.5亿元），增速为18.3%/7.7%。该行使用现金流折现（DCF）模型及FY26-FY30的现金流进行估值，维持WACC10.6%和永续增长率2.5%不变，对应目标价HKD6.96（-4%）。维持“优大于市”评级。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.