Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 revenue reached 526 million yuan, a year-on-year increase of 61%, with a net profit attributable to the parent company of 62 million yuan, up 44% year-on-year [6] - The company is experiencing rapid order growth driven by major clients and successful expansion into new regions, with significant contributions from the North American market and new product developments [6] - The gross margin has decreased by 7.8 percentage points year-on-year, primarily due to the introduction of new products that have lower margins, but the company has managed to reduce its selling, administrative, and R&D expense ratios due to economies of scale [6] - The company is projected to achieve net profits of 319 million yuan, 401 million yuan, and 456 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 25.9%, 25.8%, and 13.5% [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 2,229 million yuan, with a year-on-year growth rate of 26.4% [5] - The company expects to maintain a strong growth trajectory, with projected net profits of 3.2 billion yuan, 4.0 billion yuan, and 4.6 billion yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 18, 14, and 13 [6][5] - The company's gross margin is expected to be 36.3% in 2025, with a return on equity (ROE) of 19.7% [5]
欧圣电气（301187）：收入业绩维持高增，东南亚工厂进展顺利