Focus Lightings Tech CO.(SZ:300708) Shanxi Securities·2025-04-17 00:23Investment Rating - The report maintains a "Buy-A" rating for the company [3][7]. Core Views - The company achieved record high performance in Q1 2025, with revenue of 731 million yuan, a year-on-year increase of 21.80%, and a net profit of 61 million yuan, up 27.72% year-on-year and 70.57% quarter-on-quarter [4][5]. - The company's LED chip business is expanding due to effective marketing strategies and market demand insights, leading to a significant increase in profitability [5][6]. - The company is progressing well with its "annual production of 2.4 million red and yellow light epitaxial wafers and chip project," which is expected to enhance its market position and profit margins [6]. Financial Data Summary - For Q1 2025, the gross margin was 15.52%, an increase of 1.97 percentage points year-on-year and 2.95 percentage points quarter-on-quarter [5]. - The net profit margin for Q1 2025 was 8.40%, reflecting a year-on-year increase of 0.39 percentage points and a quarter-on-quarter increase of 3.51 percentage points [5]. - The projected earnings per share (EPS) for 2025-2027 are 0.41, 0.53, and 0.65 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 27.5, 21.0, and 17.3 [7][11].