GUIBAO TECH(300019) KAIYUAN SECURITIES·2025-04-15 14:41Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant year-on-year increase in Q1 revenue and net profit attributable to shareholders, with revenue reaching 778 million yuan, up 64.04% year-on-year, and net profit at 70.91 million yuan, up 76.72% year-on-year [4][6] - The company aims to achieve a revenue growth target of 30% for 2025, with adjusted performance targets set at 4.33 billion yuan for net profit [4][6] Financial Performance Summary - Q1 2025 revenue: 778 million yuan, YoY +64.04%, QoQ -24.16% - Q1 2025 net profit attributable to shareholders: 70.91 million yuan, YoY +76.72%, QoQ -10.43% - Q1 2025 gross margin: 21.42%, net margin: 9.11%, both showing improvements from Q4 2024 [4][6] - Revenue projections for 2025-2027 are 4.306 billion yuan, 4.805 billion yuan, and 5.301 billion yuan respectively, with corresponding net profits of 343 million yuan, 435 million yuan, and 504 million yuan [6][8] Market Position and Strategy - The company continues to maintain its leading market share in construction adhesives and is experiencing rapid growth in industrial adhesives across various sectors including photovoltaic, electronics, and automotive [4][6] - The company is focused on project development and mergers and acquisitions to reach its goal of achieving a 10 billion yuan revenue target in its third decade of establishment [4][6] Shareholder Confidence - Significant shareholding increase by major shareholders, with a total of 4.9262 million shares acquired, reflecting confidence in the company's future prospects [4][6]