MOONS’(603728) 新浪财经· Xin Lang Cai Jing·2025-05-13 10:29Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed signs of stabilization in revenue for Q1 2025, with a slight increase in net profit [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 2.416 billion, a year-on-year decrease of 4.99%, and a net profit attributable to shareholders of 78 million, down 44.53% [1]. - For Q1 2025, the company reported revenue of 595 million, a year-on-year decline of 2.16%, while net profit attributable to shareholders increased by 10.82% to 7 million [1]. - The revenue decline in 2024 was primarily due to overall adjustments in downstream demand, but there are expectations for gradual recovery and stabilization in revenue as demand improves [1]. Group 2: Profitability and Cost Structure - The gross margin for 2024 was 37.68%, an increase of 0.49 percentage points year-on-year, while Q1 2025 saw a gross margin of 36.87%, a decrease of 1.21 percentage points [2]. - The operating expense ratio increased to 33.79% in 2024, up 2.63 percentage points year-on-year, and further rose to 35.89% in Q1 2025, an increase of 2.70 percentage points [2]. - The increase in fixed costs due to new capacity additions contributed to the pressure on profitability, despite the revenue decline [1]. Group 3: Future Outlook - The company has adjusted its net profit forecasts for 2025-2026 to 112 million and 141 million, respectively, reflecting a year-on-year growth of 43.63% and 26.14% [2]. - The expectation for 2027 is a net profit of 172 million, representing a year-on-year growth of 22.04% [2]. - The company is focusing on rapid development in downstream sectors such as intelligent manufacturing, which may provide growth opportunities despite weak demand in traditional industries [2].