派瑞股份：2025年净利同比预降24.29%-45.32%

Core Viewpoint - The company, Pairui Co., Ltd. (300831), has announced a profit forecast for 2025, expecting a significant decline in net profit and non-recurring net profit compared to the previous year [4]. Financial Performance - The forecasted net profit for 2025 is estimated to be between 39 million to 54 million yuan, representing a year-on-year decrease of 24.29% to 45.32% [4]. - The expected non-recurring net profit is projected to be between 28 million to 41.5 million yuan, indicating a year-on-year decline of 37.87% to 58.08% [4]. - As of January 29, the company's price-to-earnings ratio (TTM) is approximately 76.86 to 106.42 times, with a price-to-book ratio (LF) of about 4.53 times and a price-to-sales ratio (TTM) of around 34.91 times [4]. Industry Context - The company specializes in the research, development, production, testing, verification, sales, and service of power semiconductor devices and power electronic equipment [14]. - The decline in performance is attributed to the impact of industry cycles and demand fluctuations, leading to a year-on-year revenue decrease [14]. - The company has made impairment provisions for related assets showing signs of impairment, following a cautious approach [14].