艾比森：预计2025年净利润同比增长105%-148%

Core Viewpoint - The company, Absen, anticipates significant growth in its 2025 financial performance, projecting a net profit attributable to shareholders between 240 million to 290 million yuan, representing a year-on-year increase of 105.32% to 148.09% [1][5]. Financial Performance - The expected operating revenue for 2025 is approximately 4.156 billion yuan, with a basic earnings per share forecasted between 0.6502 to 0.7857 yuan [1][5]. - The net profit for the reporting period is projected to be 240 million to 290 million yuan, with a year-on-year growth of 105.32% to 148.09% [3][6]. - The net profit after deducting non-recurring gains and losses is expected to be around 218.85 million to 268.85 million yuan, reflecting a year-on-year increase of 188.35% to 254.23% [3][6]. Revenue Breakdown - The company achieved approximately 4.156 billion yuan in operating revenue, marking a year-on-year increase of about 13.46% [4][6]. - Revenue from overseas markets reached approximately 3.193 billion yuan, with a year-on-year growth of about 8.94%, indicating strong performance in over 140 countries [4][6]. - In the domestic market, despite overall weak demand for LED displays, the company generated about 963 million yuan in revenue, reflecting a year-on-year increase of approximately 31.56% [4][7]. Profitability and Efficiency - The overall gross margin for the reporting period is approximately 31%, an increase of about 3.5 percentage points compared to 2024 [4][8]. - The company has focused on enhancing research and development, leading to a virtuous cycle of investment, technological breakthroughs, and market premiums [8]. - The company has implemented a "big product" strategy to optimize production efficiency and has reduced the period expense ratio by approximately 0.8 percentage points [8]. Cash Flow and Management - The net cash flow from operating activities for 2025 is expected to be around 824 million yuan, representing a substantial year-on-year increase of approximately 440% [5][8]. - The company has improved accounts receivable management, reducing the average collection period by about 16 days, and has enhanced inventory turnover efficiency, shortening the inventory turnover period by approximately 3 days [5][8]. - The expected impact of non-recurring gains and losses on net profit is estimated to be around 21.15 million yuan, a decrease compared to the previous year [9].