圣龙股份：预计2025年亏损1.81亿元-2.19亿元

Core Viewpoint - Shenglong Co., Ltd. (603178) expects a significant net profit loss for the year 2025, projecting a loss between 181 million to 219 million yuan, compared to a profit of 29.75 million yuan in the same period last year [4] Financial Performance - The company anticipates a non-recurring net profit loss ranging from 196 million to 234 million yuan, compared to a loss of 35.32 million yuan in the previous year [4] - The latest closing price indicates a price-to-book ratio (LF) of approximately 3.61 times and a price-to-sales ratio (TTM) of about 2.53 times [4] Reasons for Performance Decline - The decline in expected profits is attributed to several factors: 1. Changes in product sales structure with a rapid increase in the proportion of new energy products, leading to fluctuations in gross profit margins due to intense industry competition [13] 2. Additional relocation costs and temporary inventory expenses incurred from the relocation of a new factory in North America [13] 3. Increased R&D investments in key projects such as electronic pumps and high-pressure pumps, compounded by financial costs due to fluctuations in the US dollar exchange rate [13] 4. Impairment provisions for certain assets based on cautious assessment of competitive market conditions and profitability expectations [13]