GUJING(SZ:000596) Huaan Securities·2025-04-28 05:12Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company continues to upgrade its product structure, leading to sustained revenue growth [7] - Profitability is consistently improving, with net profit margins increasing [8] - The company has reported strong financial performance in Q1 2025, exceeding market expectations [10] Financial Performance Summary - In Q1 2025, the company achieved revenue of 9.146 billion (up 10.4%) and net profit of 2.330 billion (up 12.8%) [10] - For the full year 2024, revenue was 23.578 billion (up 16.4%) and net profit was 5.517 billion (up 20.2%) [10] - The company’s gross margin for Q1 2025 decreased by 0.7 percentage points to 79.7%, attributed to increased channel expenses [10] - The gross margin for the full year 2024 improved by 0.8 percentage points to 79.9% due to product structure enhancement [10] Future Outlook - The company is expected to maintain strong growth, with projected revenues of 26.041 billion, 29.023 billion, and 32.609 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 10.4%, 11.5%, and 12.4% [11] - Net profit forecasts for the same years are 6.252 billion, 7.130 billion, and 8.236 billion, with growth rates of 13.3%, 14.0%, and 15.5% respectively [11] - The current stock price corresponds to a price-to-earnings ratio of 14, 12, and 11 for the years 2025, 2026, and 2027 [11]