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长海股份(300196):Q1盈利同环比改善,费用率明显下降
CHANGHAICHANGHAI(SZ:300196) HTSC·2025-04-28 07:27

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 15.68 RMB [6]. Core Views - The company's Q1 2025 results show significant improvement in revenue and net profit, with year-on-year increases of 31.4% and 61.8%, respectively, driven by the recovery in glass fiber prices and the maturation of new production lines [1]. - The gross margin for Q1 2025 improved to 22.6%, up 1.0 percentage points year-on-year and 1.5 percentage points quarter-on-quarter, attributed to higher glass fiber prices and reduced production costs as new capacity comes online [2]. - The operating expense ratio decreased to 10.5%, down 2.4 percentage points year-on-year, with significant reductions in financial expenses due to favorable exchange rate changes [3]. - The company maintains its profit forecast for 2025-2027, projecting net profits of 4.0 billion, 6.0 billion, and 7.6 billion RMB, respectively, with a corresponding PE ratio of 16x for 2025 [4]. Summary by Sections Financial Performance - Q1 2025 revenue reached 760 million RMB, with a net profit of 80 million RMB, reflecting strong growth compared to the previous year [1]. - The gross margin for Q1 2025 was reported at 22.6%, showing improvements due to rising glass fiber prices [2]. Cost Management - The operating expense ratio improved significantly, with a notable decrease in financial expenses due to exchange rate gains [3]. Profit Forecast and Valuation - The company forecasts net profits of 4.0 billion RMB for 2025, with a target price set at 15.68 RMB, reflecting a PE ratio of 16x [4].