supor(SZ:002032) Xin Lang Cai Jing·2025-04-29 02:43Group 1 - The company reported a Q1 2025 revenue growth of 7.6% year-on-year, with a net profit attributable to shareholders increasing by 5.8% and a non-recurring net profit growth of 5%, meeting market expectations [1] - The company's operating cash flow for Q1 was 580 million yuan, exceeding absolute performance values [1] - Domestic recovery growth for the company is expected to be 3.5% in Q1 2025, showing a significant improvement compared to a decline of 2.7% in H2 2024, primarily driven by national subsidies boosting terminal market demand [1] Group 2 - The company anticipates an 18% year-on-year growth in external sales revenue for Q1 2025, largely due to the continuous order transfer from SEB [2] - The company expects a 5% year-on-year growth in SEB orders for the entire year, indicating resilience despite concerns over U.S. tariff impacts on the global economy [2] - The company's gross profit margin decreased by 0.5 percentage points in Q1, mainly due to adjustments in warranty expenses, while the gross sales difference improved by 0.4 percentage points, indicating ongoing optimization of profitability [2] Group 3 - The company maintains a strong investment recommendation, projecting revenues of 2.43 billion, 2.63 billion, and 2.75 billion yuan for 2025-2027, with year-on-year growth rates of 8%, 8%, and 5% respectively [2] - Corresponding price-to-earnings ratios are expected to be 19, 18, and 17 times for the respective years [2]