运达股份：盈利能力小幅提升，看好年内持续向上-20250427

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 projected at 7.4 billion, 9.5 billion, and 11.5 billion RMB, corresponding to PE ratios of 12, 9, and 8 times respectively [5] Core Insights - The company reported a revenue of 4.01 billion RMB in Q1 2025, representing a year-on-year growth of 6.9%, while the net profit attributable to shareholders decreased by 16.8% to 0.59 billion RMB. However, the non-recurring net profit increased by 13.8% to 0.45 billion RMB [2] - The overall sales gross margin for Q1 was 10.5%, an increase of approximately 0.8 percentage points year-on-year, primarily benefiting from stabilized machine prices and cost reduction efforts [3] - New orders surged by 156% year-on-year to approximately 5.6 GW in Q1, with total backlog reaching a record high of 43.4 GW, up 9.0% quarter-on-quarter and 80.7% year-on-year [3] - The company is accelerating its overseas expansion, having established subsidiaries in Kazakhstan, Kyrgyzstan, and Serbia, and recently won a bid for a 400 MW wind power project in Uzbekistan [4] Summary by Sections Performance Review - Q1 2025 revenue was 4.01 billion RMB, up 6.9% year-on-year, with a net profit of 0.59 billion RMB, down 16.8%, and a non-recurring net profit of 0.45 billion RMB, up 13.8% [2] Operational Analysis - The gross margin improved to 10.5%, driven by cost reduction and stabilized prices, with expectations for continued profitability growth throughout the year [3] - New orders increased significantly, with a total backlog of 43.4 GW, indicating strong demand and potential for accelerated deliveries in the upcoming quarters [3] Overseas Expansion - The company is enhancing its international presence with new subsidiaries and successful bids for projects, which is expected to optimize revenue structure and improve profitability [4] Financial Forecast - Projected net profits for 2025-2027 are 7.4 billion, 9.5 billion, and 11.5 billion RMB, with corresponding PE ratios of 12, 9, and 8 times, supporting the "Buy" rating [5]