ST德豪：2025年全年净利润预计同比扭亏

Core Viewpoint - ST Dehao is expected to turn a profit in 2025, with a projected net profit attributable to shareholders ranging from 22 million to 33 million RMB, despite a significant expected loss in net profit excluding non-recurring items, estimated between -14,200 million and -13,300 million RMB [1] Group 1: Revenue and Profit Forecast - The company anticipates a decline in revenue from its small home appliance export business, with a decrease of approximately 12% to 16% compared to the previous year [1] - The LED packaging business is expected to see a revenue decline of about 6% to 8% year-on-year, despite an increase in sales volume, due to reduced overseas backlight orders and intensified industry competition [1] - The impact of ongoing business operations on net profit attributable to shareholders is estimated to be between -6,800 million and -9,500 million RMB, reflecting a reduction in losses of approximately 6,200 million to 3,500 million RMB compared to the previous year, with a year-on-year loss reduction of about 27% to 47% [1] Group 2: Asset Management and Non-Recurring Items - Following the termination of the LED business, the company will continue to depreciate and prepare for asset impairment on unsold related assets, which is expected to negatively impact net profit attributable to shareholders by approximately -4,700 million to -6,500 million RMB [1] - The company estimates that non-recurring items will positively influence net profit by approximately 15,500 million to 17,500 million RMB, primarily from the disposal of idle assets in Dalian and the gradual settlement of historical debts leading to debt restructuring gains [1]