Core Viewpoint - The company reported a decline in revenue and net profit for 2024 and Q1 2025, primarily due to a decrease in overseas income and the impact of geopolitical tensions on the global LED lighting market [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 16.91 billion yuan, a year-on-year decrease of 3.57%, and a net profit attributable to shareholders of 374 million yuan, down 13.06% [1]. - For Q1 2025, the company reported operating revenue of 3.886 billion yuan, a decline of 2.82% year-on-year, with a net profit of 143 million yuan, down 21.30% [1]. Market Analysis - The decline in 2024 was mainly attributed to a 9.04% drop in revenue from the brand Langdawans, which generated 9.647 billion yuan compared to 10.606 billion yuan in 2023. In contrast, the brand Mulinsen saw a slight increase in revenue to 6.768 billion yuan from 6.580 billion yuan, driven by its influence in smart lighting and other sectors [2]. - The global LED lighting market is expected to recover in 2025, with a projected market size of 56.626 billion USD, driven by economic recovery and increasing demand for high-quality and healthy lighting [2]. Future Outlook - The traditional lighting market is anticipated to remain the dominant force in global lighting market growth, particularly in emerging markets and renovation projects for old buildings [3]. - The company has adjusted its net profit forecasts for 2025 and 2026 to 681 million yuan (down 25.41%) and 1.037 billion yuan (down 9.75%), respectively, while introducing a new forecast of 1.149 billion yuan for 2027 [3]. - The company is recognized as a leading provider of LED packaging and lighting application solutions in China, with a positive long-term development outlook and a maintained "buy" rating [3].
木林森(002745):海外收入略降导致公司24年收入略降 25年将进入恢复性增长阶段