KINGCLEAN(SH:603355) Tianfeng Securities·2025-04-29 08:46Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [4][16]. Core Views - The company's core business is experiencing stable growth, with a notable performance in its self-branded water purifiers, while other categories like vacuum cleaners and mite removers are underperforming [1][2]. - The company is focusing on expanding its overseas production capacity to ensure stable operational levels amidst uncertainties in international trade [2]. - The financial forecast remains unchanged, with expected net profits for 2025-2027 projected at 1.37 billion, 1.51 billion, and 1.66 billion yuan respectively, corresponding to P/E ratios of 9.3x, 8.4x, and 7.7x [2]. Financial Performance Summary - In Q1 2025, the company achieved a revenue of 2.387 billion yuan, a year-on-year increase of 3.23%, while the net profit attributable to the parent company was 228 million yuan, down 16.19% year-on-year [1]. - The gross margin for Q1 2025 was 23.41%, a decrease of 2.52 percentage points year-on-year, attributed to a shift in revenue structure with faster growth in lower-margin exports [1]. - The net cash flow from operating activities for Q1 2025 was 17 million yuan, a significant decline of 94.79% year-on-year, primarily due to increased payments to suppliers and employees [2]. Financial Data and Valuation - Projected revenue growth rates for the years 2023 to 2027 are -1.33%, 11.06%, 10.22%, 8.95%, and 8.51% respectively [3]. - The expected net profit growth rates for the same period are 13.63%, 10.17%, 11.58%, 10.09%, and 10.01% [3]. - The company's total market capitalization is approximately 12.73 billion yuan, with a total share capital of 573.52 million shares [5].