CBGF(002478) 新浪财经·2025-05-02 06:49Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, but is optimistic about future growth due to new production lines and expansion into emerging markets [1][2][3]. Financial Performance - In Q1 2025, the company achieved revenue of 1.211 billion yuan, representing a year-over-year decrease of 7.07% and a quarter-over-quarter decrease of 17.74% [1][2]. - The net profit attributable to shareholders was 111 million yuan, down 33.00% year-over-year and 50.10% quarter-over-quarter [1][2]. - The gross margin fell by 2.12 percentage points to 15.33% [2]. Investment and Expansion - The company is in the process of installing equipment for new production lines, expected to enter the debugging phase in July 2025 [3]. - The new projects target high-end markets such as renewable energy, fine chemicals, and marine equipment, including specialized products for the semiconductor and renewable energy sectors [3]. - The company is also advancing its precision tube project for electric vehicles, aiming to complete multiple customer certifications by 2024 [3]. Rating and Valuation - The company maintains its profit forecast, estimating EPS for 2025-2027 to be 0.72, 0.79, and 0.83 yuan respectively [4]. - The valuation method has shifted to a PB valuation approach, with a target price set at 5.99 yuan based on a PB multiple of 0.9X [4].