WTJX(BJ:830839) Shenwan Hongyuan Securities·2025-04-21 07:44Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company's Q1 2025 net profit exceeded expectations, with revenue optimization and cost control continuing to enhance profitability [6] - Q1 2025 revenue grew by 17.6% year-on-year, while net profit attributable to shareholders increased by 60.7%, and the net profit excluding non-recurring items rose by 70.18% [6] - The report indicates a positive outlook for the company's growth driven by traditional business recovery and expansion into new sectors [6] Financial Performance Summary - Total revenue for Q1 2025 was 166.5 million yuan, with a year-on-year increase of 17.6% and a quarter-on-quarter decrease of 10.1% [6] - The net profit margin improved to 20.31%, with a gross margin of 30.62% [6] - The company has adjusted its profit forecasts upwards, expecting net profits of 153 million, 179 million, and 240 million yuan for 2025, 2026, and 2027 respectively [6][8] Business Segment Analysis - Traditional business segments such as military and oil-gas springs are experiencing high growth, supported by a sufficient order backlog [6] - The company is actively expanding into overseas markets and has seen a recovery in its coal machinery business [6] - New product developments, including collaborations in the wind power hydraulic sector, are expected to provide significant growth opportunities [6]