东吴证券：给予同享科技增持评级

Group 1 - The company reported a revenue of 2.67 billion in 2024, a year-on-year increase of 23%, but the net profit attributable to shareholders decreased by 65% to 42 million [1] - In Q4 2024, the company achieved a revenue of 720 million, with a quarter-on-quarter increase of 25% and a year-on-year increase of 6%, but the net profit was a loss of 27 million, reflecting a significant decline [1] - For Q1 2025, the company reported a revenue of 718 million, a quarter-on-quarter increase of 47.5%, while the net profit was a loss of 3 million, indicating a recovery in profitability [1] Group 2 - The company’s shipment of welding strips in 2024 was 31,000 tons, a year-on-year increase of approximately 20%, with Q4 shipments estimated at around 8,400 tons [1] - The gross margin decreased to approximately 4% in Q4 2024 due to market downturns and increased competition, but improved to about 6% in Q1 2025 due to domestic photovoltaic demand [1] - The company’s operating expenses for 2024 were 125 million, an increase of 11% year-on-year, with an expense ratio of 4.7% [2] Group 3 - The company’s net profit forecasts for 2025-2027 have been adjusted to 33 million, 52 million, and 68 million respectively, reflecting a year-on-year decrease of 22% in 2025 [2] - The company is rated as "accumulate" due to expected continued pressure on profitability in 2025, with a potential recovery in 2026 [2]