CBGF(SZ:002478) GOLDEN SUN SECURITIES·2025-04-29 02:09Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company experienced a decline in Q1 2025 performance, with revenue of 1.211 billion yuan, down 7.07% year-on-year, and a net profit attributable to shareholders of 111 million yuan, down 33.0% year-on-year [1] - The company is advancing its special materials projects, with a production capacity of 1 million tons of specialized pipes, and is seeing improvements in market share and brand competitiveness in various segments [2] - The demand in downstream markets is expected to expand, particularly in the oil and gas sector, with significant investments projected in thermal power construction [2] Financial Summary - The company’s projected revenues for 2025 to 2027 are 6.22 billion yuan, 6.648 billion yuan, and 6.970 billion yuan respectively, with corresponding net profits of 713 million yuan, 795 million yuan, and 845 million yuan [4] - The earnings per share (EPS) for 2025 is estimated at 0.79 yuan, with a price-to-earnings (P/E) ratio of 7.0 [4] - The company’s net profit margin is projected to improve, supported by the ongoing production of special materials [3][4]