Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a significant increase in net profit for Q1 2025, with a year-on-year growth of 27.94% for net profit attributable to the parent company and 59.40% for net profit after deducting non-recurring gains and losses [5][6] - The revenue for 2024 reached 1.026 billion yuan, representing a year-on-year increase of 38.28%, while Q1 2025 revenue was 338 million yuan, up 54.23% year-on-year, indicating strong domestic equipment demand and competitive advantages in products [3][4] - The company is expected to benefit from the expansion of advanced processes, with a projected market share of 28% for Chiller and 8.6% for L/S in 2024, indicating significant growth potential [7] Summary by Sections Financial Performance - In 2024, the company achieved a net profit of 153 million yuan, a year-on-year increase of 28.35%, and a net profit after deducting non-recurring gains of 116 million yuan, up 33.52% [4] - The sales net profit margin for 2024 was 14.90%, slightly down by 1.15 percentage points year-on-year, while the net profit margin after deducting non-recurring gains was 11.28%, down by 0.30 percentage points [4] - For Q1 2025, the company reported a net profit of 36 million yuan and a net profit after deducting non-recurring gains of 32 million yuan, with respective year-on-year growth rates of 27.94% and 59.40% [5][6] Revenue Forecast - The revenue forecast for 2025 is adjusted to 1.5 billion yuan, representing a year-on-year growth of 46%, and for 2026, it is projected to be 1.974 billion yuan, up 32% [8] - The net profit forecast for 2025 is 266 million yuan, with a year-on-year increase of 73.8%, and for 2026, it is expected to reach 380 million yuan, up 42.9% [8] Market Position and Growth Potential - The company is positioned to benefit from the expansion of advanced processes, with significant demand for Chiller and L/S products, which are expected to replace imports [7] - The company has a strong order backlog, with inventory and contract liabilities reaching 2.057 billion yuan and 815 million yuan respectively, indicating robust future revenue growth [3]
京仪装备（688652）：2024年报、2025年一季报点评：25Q1扣非归母净利润高速增长，发出商品、合同负债指引订单饱满