美畅股份（300861）：25Q1盈利环比提升，看好钨丝母线自制优势

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock price will outperform the benchmark index by over 20% in the next 6-12 months [2][4]. Core Views - The company has experienced a significant decline in sales and profitability, with a projected drop in revenue for 2024 by 49.66% to RMB 2,271 million and a net profit decrease of 90.84% to RMB 146 million [7][8]. - Despite the challenges, the company is expected to improve its competitive position through the introduction of tungsten wire products and self-manufactured tungsten mother lines, which are anticipated to enhance its market share in the long term [4][7]. - The report adjusts the earnings per share (EPS) forecasts for 2025-2027 to RMB 0.27, 0.42, and 0.62 respectively, reflecting a significant downward revision due to the rapid decline in diamond wire prices [4][6]. Financial Summary - The company’s main revenue for 2023 was RMB 4,512 million, with a projected revenue of RMB 2,858 million for 2025, indicating a growth rate of 25.8% [6][10]. - The EBITDA for 2024 is expected to be RMB 386 million, with a significant drop from RMB 2,033 million in 2023 [6][10]. - The net profit margin for 2024 is projected to be 6.30%, down from 35.34% in 2023, highlighting the impact of declining sales and increased costs [8][9]. Market Performance - The company's stock has underperformed relative to the Shenzhen Composite Index, with a 12-month absolute return of -25.2% and a relative return of -27.1% [3][4]. - The average trading volume over the past three months was RMB 80.38 million, indicating moderate liquidity in the market [3]. Shareholder Structure - The major shareholder, Wu Ying, holds 49.60% of the company, indicating a concentrated ownership structure [3].