DAYE(SZ:300879) Xin Lang Cai Jing·2025-04-30 00:51Core Viewpoint - The company reported strong growth in Q1 2025, with significant increases in revenue and net profit, driven by the acquisition of AL-KO and continued operational improvements [1][2]. Financial Performance - Q1 2025 revenue reached 1.518 billion yuan, a year-on-year increase of 138.72% [1] - Net profit attributable to shareholders was 194 million yuan, up 326.94% year-on-year [1] - Non-recurring net profit was 140 million yuan, reflecting a 199.96% increase year-on-year [1] - Gross margin improved to 23.44%, an increase of 5.08 percentage points year-on-year [1] - Net margin reached 12.79%, up 5.64 percentage points year-on-year, with a fair value gain from the acquisition contributing 54 million yuan [1] Operational Insights - The company faced a net operating cash flow of -27 million yuan in Q1 2025, a decline of 237.86% year-on-year, primarily due to increased inventory in response to U.S. tariff fluctuations [2] - Inventory levels rose to 1.077 billion yuan, a year-on-year increase of 12.34%, indicating proactive stockpiling for the spring and summer sales seasons [2] Acquisition Impact - The acquisition of AL-KO is expected to contribute an additional 130 million yuan in performance for the full year 2025, enhancing the company's market presence in Europe and Australia [2] - AL-KO's integration is projected to improve procurement costs and operational efficiencies, with a target net margin increase to 7% in 2025 [2] Investment Outlook - The company is expected to achieve revenues of 4.545 billion yuan, 5.623 billion yuan, and 6.698 billion yuan for 2025-2027, with net profits of 287 million yuan, 393 million yuan, and 500 million yuan respectively [3] - The corresponding price-to-earnings ratios are projected to be 17, 13, and 10 times for the same period [3]