LZJT(300428) 新浪财经· Xin Lang Cai Jing·2025-04-29 02:50Core Viewpoint - The company reported a revenue of 7.183 billion yuan in Q1 2025, reflecting a year-on-year increase of 20.39% but a quarter-on-quarter decrease of 8.81%. The net profit attributable to shareholders was 162 million yuan, down 40.96% year-on-year and down 24.24% quarter-on-quarter, while the net profit excluding non-recurring items was 138 million yuan, a year-on-year decrease of 47.62% [1][2]. Financial Performance - The company's Q1 2025 gross margin was 8.83%, showing a year-on-year decline of 0.83 percentage points and a quarter-on-quarter decline of 0.49 percentage points [2]. - The total expense ratio for the first quarter was 6.74%, which increased by 0.14 percentage points quarter-on-quarter, primarily due to a rise in financial expense ratio by 0.26 percentage points [2]. Global Expansion and Market Position - The company's global layout may effectively hedge against tariff impacts, with factories established in Thailand and Mexico. The Thai aluminum alloy project is expected to be operational in 2024, while the Mexican wheel factory is still ramping up production [3]. - The U.S. imposes a 10% tariff on Thailand, which has a relatively minor impact. Mexico is not subject to U.S. tariffs, allowing the company to potentially increase its market share in the U.S. automotive supply chain [3]. Product Development and Innovation - The company is actively developing products in emerging fields, with mass production of non-heat-treated alloy materials already achieved. The high-strength, high-yield non-heat-treated die-casting aluminum alloy is being validated in robotics and drone applications [3]. Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits attributable to shareholders to reach 800 million yuan, 1.069 billion yuan, and 1.34 billion yuan for 2025-2027, with corresponding EPS of 1.26, 1.69, and 2.12 yuan [4]. - The average PE ratio for comparable companies in 2025 is projected at 21.1 times, while the company is assigned a target PE of 17 times, resulting in a target price of 21.42 yuan [4].