FORTUNE(603173) Huachuang Securities·2025-04-22 09:43Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" [1][6] Core Views - The company reported a strong performance in Q1 2025, with revenue of 590 million yuan, a year-on-year increase of 69.04%, and a net profit of 120 million yuan, up 76.26% year-on-year [1] - The company achieved a total revenue of 2.42 billion yuan in 2024, representing a 12.20% year-on-year growth, and a net profit of 260 million yuan, which is a 36.63% increase year-on-year [1] - The report highlights the company's ability to enhance profitability through increased overseas deliveries, despite domestic market pressures [1][6] Financial Performance Summary - In 2024, the company achieved total revenue of 2,419 million yuan, with a year-on-year growth rate of 12.2% [7] - The net profit for 2024 was 261 million yuan, reflecting a year-on-year growth of 36.6% [7] - For Q1 2025, the company reported a total revenue of 590 million yuan, with a year-on-year growth of 69.04% [1] - The net profit for Q1 2025 was 120 million yuan, marking a 76.26% increase year-on-year [1] Market Position and Strategy - The company has seen an increase in the proportion of overseas sales, with foreign sales gross margin reaching 33.11%, which is 16.01 percentage points higher than domestic sales [6] - The company secured new orders worth approximately 4 billion yuan in 2024, with overseas orders hitting a historical high, providing strong support for future revenue and profit [6] - The report emphasizes the company's competitive advantage in high-end products and its proactive approach in expanding into new markets [6]