SHBT(SH:603009) Minsheng Securities·2025-04-25 05:26Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index within the next 12 months [5][11]. Core Insights - The company reported a revenue of 542 million yuan in Q1 2025, representing a year-on-year increase of 10.73% and a quarter-on-quarter decrease of 4.31%. The net profit attributable to shareholders was 23 million yuan, up 40.31% year-on-year and up 117.00% quarter-on-quarter [1][2]. - The company's profitability has significantly improved, with a gross margin of 18.17% in Q1 2025, an increase of 0.38 percentage points year-on-year and 3.06 percentage points quarter-on-quarter. The net profit margin reached 4.25%, up 0.90 percentage points year-on-year and 2.38 percentage points quarter-on-quarter [1][2]. - The company is expanding its production capacity for planetary roller screws, with a planned investment of 1.85 billion yuan in a new R&D and production base in Jiangsu, which is expected to support future growth [2]. Revenue and Profit Forecast - The company forecasts revenues of 2.324 billion yuan in 2025, 3.09 billion yuan in 2026, and 4.452 billion yuan in 2027, with corresponding net profits of 104 million yuan, 192 million yuan, and 340 million yuan respectively [4][9]. - The expected growth rates for revenue are 14.9% in 2025, 32.9% in 2026, and 44.1% in 2027, while net profit growth rates are projected at 45.6% in 2025, 84.2% in 2026, and 77.6% in 2027 [4][9]. Financial Metrics - The report highlights a projected EPS of 0.31 yuan in 2025, 0.57 yuan in 2026, and 1.01 yuan in 2027, with corresponding PE ratios of 142, 77, and 43 [4][9]. - The company's gross margin is expected to improve from 18.45% in 2024 to 20.79% in 2027, indicating enhanced operational efficiency [9].