Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The Q1 performance of the company met expectations, indicating a turning point in profitability. The company achieved a revenue of 1.225 billion yuan in Q1 2025, representing a year-on-year growth of 23.3%. The net profit attributable to the parent company reached 32 million yuan, showing a significant year-on-year increase of 903.9% [7] - The company is expected to benefit from the recovery in the traditional consumer lithium battery market, driven by a replacement cycle in devices such as laptops and smartphones, as well as the surge in demand for new applications related to AI [7] - The company is expanding its business scope by focusing on cutting-edge research and development, targeting strategic clients in the AI and hardware sectors [7] - The profit forecast for 2025 has been slightly adjusted downwards due to international trade uncertainties, while the forecasts for 2026 and 2027 have been slightly increased, with expected net profits of 240 million, 353 million, and 449 million yuan respectively for 2025-2027 [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected to be 6.218 billion yuan, with a year-on-year growth rate of 21.7%. The net profit attributable to the parent company is expected to be 240 million yuan, reflecting a year-on-year growth of 162.9% [6] - The gross profit margin for Q1 2025 was 16.3%, a decrease of 2.9 percentage points year-on-year, primarily due to increased depreciation after the transition of the Tonghu Industrial Park to fixed assets and a higher proportion of lower-margin products in the sales mix [7] - The company’s return on equity (ROE) is projected to improve significantly, reaching 10.0% in 2025 and 13.1% in 2026 [6]
豪鹏科技（001283）：Q1业绩符合预期，盈利拐点显现