Zhejiang Longsheng(SH:600352) Xin Lang Cai Jing·2025-04-29 02:35Group 1 - Company reported Q1 revenue of 3.24 billion yuan, with a year-on-year decline of 7.2% and a quarter-on-quarter decline of 38.7%, while net profit attributable to shareholders was 400 million yuan, exceeding expectations due to the real estate business entering a monetization phase [1] - The dye and intermediate product market is showing signs of recovery, with Q1 sales volumes for dyes, auxiliaries, and intermediates at 56,000 tons, 15,000 tons, and 27,000 tons respectively, reflecting year-on-year increases of 0.8%, 0.3%, and 7.8% [2] - The company’s comprehensive gross margin improved to 28.6% in Q1, driven by a decrease in raw material prices, while the expense ratio decreased to 14.3% [2] Group 2 - The real estate business is entering a monetization phase, with the Huaxing New Town project fully capped and a sales rate exceeding 90% for the "Bay Up" project [3] - Non-recurring gains increased by 180 million yuan year-on-year to 100 million yuan in Q1, primarily due to changes in the fair value of financial assets and liabilities [3] - The company maintains profit forecasts for 2025-2027 at 2.15 billion, 2.36 billion, and 2.47 billion yuan respectively, with a target price of 11.88 yuan based on a 18x PE ratio for 2025 [4]