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佛山照明(000541):2024年报及2025一季报点评:多领域投资并购,持续优化产业布局

Investment Rating - The investment rating for Foshan Lighting is maintained at "Outperform" [1] Core Views - The company's revenue and performance in Q1 2025 met market expectations, with total revenue of 21.45 billion yuan, a year-on-year decrease of 15%, and a net profit attributable to shareholders of 0.65 billion yuan, down 23% year-on-year [6] - The company continues to optimize its industrial layout through investments and acquisitions, achieving breakthroughs in existing businesses, particularly in automotive lighting and marine lighting sectors [6] - A slight downward adjustment in profit forecasts has been made, with expected net profits of 3.35 billion yuan for 2025 and 3.96 billion yuan for 2026, reflecting year-on-year changes of -24.9% and +18.3% respectively [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 90.48 billion yuan, with a slight year-on-year decline of 0.1% [5] - The gross profit margin for Q1 2025 improved to 19.59%, an increase of 1.29 percentage points year-on-year [6] - The company anticipates a net profit of 4.27 billion yuan for 2027, representing a year-on-year increase of 7.7% [6]