CBGF(002478)2025-04-30 02:00Investment Rating - The report maintains a rating of "Buy" for the company [6] Core Views - The company reported Q1 2025 revenue of 1.211 billion RMB, a year-over-year decrease of 7.07% and a quarter-over-quarter decrease of 17.74%. The net profit attributable to the parent company was 111 million RMB, down 33.00% year-over-year and 50.10% quarter-over-quarter [1][2] - The company is actively expanding into emerging fields, with new production lines expected to be operational soon, targeting high-end markets such as new energy and precision chemicals [3][4] Summary by Sections Financial Performance - In Q1 2025, the company's revenue and net profit decreased by 17.74% and 50.10% respectively, with a gross margin decline of 2.12 percentage points to 15.33% [2] - The investment income for Q1 2025 was -20.10 million RMB, showing a significant decrease compared to the previous year [2] Production and Expansion - The new production lines, including the hot extrusion production line for special materials, are in the equipment installation phase and are expected to enter the debugging stage in July 2025 [3] - The company is focusing on high-end products for sectors such as semiconductors and new energy, with plans to complete multiple customer certifications for new energy vehicle precision pipes by 2024 [3] Valuation and Price Target - The report maintains the earnings forecast with estimated EPS for 2025-2027 at 0.72, 0.79, and 0.83 RMB respectively. The target price is set at 5.99 RMB, down from a previous estimate of 6.48 RMB [4] - The valuation method has shifted to a PB valuation approach, with a comparable company PB average of 0.9X for 2025 [4]