青龙管业(002457.SZ)：预计2025年净利润同比下降32.77%-53.31%

Core Viewpoint - Qinglong Pipe Industry (002457.SZ) expects a significant decline in net profit for 2025, projecting a range of 125 million to 180 million yuan, which represents a decrease of 53.31% to 32.77% compared to the previous year [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of 117 million to 170 million yuan after excluding non-recurring gains and losses, reflecting a decline of 52.46% to 30.92% year-on-year [1] - Revenue has decreased year-on-year due to a reduction in order volume for the company's main products, influenced by a phase adjustment in the industry [1] Group 2: Operational Challenges - The gross profit margin has declined compared to the previous year, primarily due to changes in the sales structure of the company's products, with an increase in urban pipeline renovation and sponge city projects, where drainage pipes are the main product type [1] - The company has increased investments in market promotion and talent acquisition to support strategic layout, business expansion, and market channel development, leading to a rise in personnel scale and corresponding management costs, which has increased the period expense ratio [1]