COOEC(SH:600583) Xinda Securities·2025-04-28 01:32Investment Rating - The report maintains a "Buy" rating for the company, indicating expected performance above the benchmark index by over 15% [4]. Core Insights - The company reported a single-quarter revenue of 5.096 billion yuan in Q1 2025, a year-on-year decrease of 10% and a quarter-on-quarter decrease of 46.5%. However, the net profit attributable to the parent company was 541 million yuan, reflecting a year-on-year increase of 14% and a quarter-on-quarter increase of 30% [1][4]. - The gross margin for Q1 2025 was 16.15%, with a quarter-on-quarter increase of 2.76 percentage points and a year-on-year increase of 6.24 percentage points, marking the highest level since 2020 [4]. - The company has a robust order backlog, with total orders amounting to approximately 38.4 billion yuan as of the end of Q1 2025, despite a 45% year-on-year decrease in new contracts [4]. Financial Summary - Total revenue for 2023 is projected at 30.752 billion yuan, with a year-on-year growth rate of 4.7%. For 2024, revenue is expected to decline to 29.954 billion yuan, followed by a recovery to 32.411 billion yuan in 2025, representing an 8.2% growth [3]. - The net profit attributable to the parent company is forecasted to grow from 1.621 billion yuan in 2023 to 2.547 billion yuan in 2025, with year-on-year growth rates of 11.1% and 17.8% respectively [3]. - The report anticipates an increase in EPS (diluted) from 0.37 yuan in 2023 to 0.58 yuan in 2025, with corresponding P/E ratios decreasing from 14.92 to 9.50 [3][4].