PPF(SZ:300258) Shenwan Hongyuan Securities·2025-04-25 10:13Investment Rating - The investment rating for the company is downgraded to Neutral [1] Core Views - The company is experiencing a transitional phase in its customer structure, with expectations for overseas capacity to ramp up in the coming year [6] - Despite short-term profitability pressures due to mismatches in investment and demand, the growth trend remains robust [6] - The company is expanding its global strategy with the production facility in Thailand, which will help mitigate export tariffs and shipping costs [6] - The establishment of a joint venture to explore the robotics sector is expected to enhance technological capabilities and market competitiveness [6] Financial Data and Earnings Forecast - Total revenue for 2024 is projected at 2,025 million, with a year-on-year decrease of 3.7% [5] - The net profit attributable to the parent company for 2024 is expected to be 160 million, reflecting a year-on-year decline of 32.8% [5] - Revenue for Q1 2025 is estimated at 512 million, showing a year-on-year increase of 1.7% [5] - The company anticipates a revenue increase to 2,447 million in 2025, with a growth rate of 20.8% [5] - The projected net profit for 2025 is 197 million, with a growth rate of 23.4% [5] - The gross margin is expected to improve slightly from 24.4% in 2024 to 24.6% in 2025 [5] Market Data - As of April 24, 2025, the closing price is 11.89 yuan, with a market capitalization of 5,926 million [1] - The price-to-earnings ratio is projected to be 31 for 2025, decreasing to 19 by 2027 [5]