Core Insights - The company reported a revenue of 5.426 billion in 2024, representing a year-on-year increase of 17.52%, with a net profit attributable to shareholders of 88 million, up 118.53% year-on-year [1] - In Q1 2025, the company achieved a revenue of 1.535 billion, with a quarter-on-quarter decrease of 6.14% but a year-on-year increase of 6.20% [1] - The company has established a global production layout to enhance supply chain resilience, with manufacturing bases in China, Vietnam, and the USA [2] Financial Performance - The net profit attributable to shareholders for Q1 2025 was 178 million, showing a quarter-on-quarter increase of 36.93% and a year-on-year increase of 126.27% [1] - The non-recurring net profit attributable to shareholders for Q1 2025 was 198 million, with a quarter-on-quarter increase of 49.90% and a year-on-year increase of 392.26% [1] - The gross profit margin for Q1 2025 was 35.11%, reflecting a quarter-on-quarter increase of 4.82 percentage points and a year-on-year increase of 6.30 percentage points [1] Global Strategy - The company has built a global capacity coordination network to achieve flexible supply chain configuration [2] - A professional policy research team has been established to monitor international trade policy trends [2] - The company is increasing R&D investment to enhance global competitiveness through product innovation [2] Product Development - The commercial lithium battery outdoor power equipment (OPE) segment is rapidly developing, with significant sales growth in riding lawnmowers [2] - Sales of the Optimus Z 82V zero-turn lawn mower increased from 139 million in 2022 to 366 million in 2024, indicating a strong market outlook [2] Investment Outlook - The company is expected to achieve net profits attributable to shareholders of 301 million, 415 million, and 525 million from 2025 to 2027, representing year-on-year growth of 242.0%, 38.0%, and 26.5% respectively [3] - Corresponding EPS for the same period is projected to be 0.61, 0.85, and 1.07 [3]
格力博(301260)：全球化生产布局凸显供应链韧性 商用OPE快速发展