CHINA LESSO(02128) 天风证券·2025-04-13 14:15Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company experienced a revenue decline of 12.45% year-on-year, with total revenue reaching 27.026 billion. The net profit attributable to shareholders decreased by 28.89% to 1.684 billion [1][12] - Despite the revenue pressure, the company’s gross margin improved by 0.7 percentage points to 27.0%, showcasing strong cost transmission capabilities [2] - The company is expected to see net profits of 2.165 billion, 2.398 billion, and 2.618 billion for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 5.7, 5.1, and 4.7 [1] Revenue Breakdown - In 2024, the revenue from various segments was as follows: plastic pipeline systems (22.819 billion), building materials and home products (2.271 billion), environmental protection (0.277 billion), supply chain services (0.930 billion), and new energy (0.223 billion), with year-on-year changes of -7.2%, -20.0%, -28.42%, -38.61%, and -77.96% respectively [2] - The core business of plastic pipeline systems saw sales of PVC and non-PVC pipes at 12.923 billion and 9.896 billion respectively, with total sales volume down by 6.2% to 2.4829 million tons [2] Profitability and Cost Structure - The company’s expense ratio increased to 19.32%, up by 1.22 percentage points year-on-year, impacting the net profit margin which fell to 6.23% [3] - The net asset return rate was reported at 7.11%, a decrease of 3.34 percentage points year-on-year [3] Strategic Developments - The company is focusing on high-quality development through smart and green manufacturing upgrades, with a designed annual capacity of 3.29 million tons and a utilization rate of 76.4% [4] - The company is expanding its international presence in Southeast Asia, Africa, and the United States, while also innovating in product offerings such as PE pipes for nuclear power plants [4]