UE(603600) 华安证券·2025-03-08 02:32Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company emphasizes both domestic and international sales, with effective customer expansion strategies. It continues to deepen its market presence in the top 30 GDP countries and has established a mature overseas sales team targeting major U.S. retail channels, contributing significantly to revenue growth [3][4] - The company has established overseas production bases in Vietnam and Romania to mitigate trade friction risks. The Vietnam base has been operational since 2018 and is expanding capacity, while the Romania base began production in 2023 and is also set for expansion [4] - The company is focusing on technological innovation, particularly in ergonomic seating solutions, and is integrating AIoT technologies into its product lines to enhance functionality and design [5] Financial Summary - The company expects revenue growth from 35.38 billion in 2023 to 46.87 billion in 2024, representing a year-on-year increase of 32.5%. Net profit is projected to grow from 2.98 billion in 2023 to 3.30 billion in 2024, a 10.9% increase [7][9] - The projected earnings per share (EPS) are 1.00, 1.21, and 1.41 for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 11.84, 9.76, and 8.37 [7][9]