CCG(605099)2025-04-30 15:22Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][16]. Core Views - The company has demonstrated strong sales growth, with a revenue increase of 15% year-on-year in Q1 2025, and a projected revenue of 3 billion in 2024, reflecting a 20% growth [1][4]. - The international market is a key driver of growth, contributing 2.6 billion in revenue, which is a 20.85% increase, accounting for 88.91% of total revenue [1][2]. - The company is enhancing its manufacturing efficiency and cost control, leading to significant improvements in material and energy consumption metrics [2]. Financial Performance - In Q1 2025, the company reported a net profit of 160 million, up 29% year-on-year, with a projected net profit of 500 million for 2024, reflecting a 19% increase [1][4]. - The company sold 9.107 million square meters of artificial turf in 2024, marking a 25.48% increase, with leisure turf revenue reaching 2.1 billion, up 22.43% [1][2]. Production Capacity - By the end of 2024, the company will have five production bases in China and Vietnam, with a total production capacity of 172 million square meters of artificial turf expected after the completion of ongoing projects [3][4]. Earnings Forecast - The earnings forecast has been adjusted, with expected net profits of 680 million, 860 million, and 1.1 billion for 2025, 2026, and 2027 respectively, indicating a strong growth trajectory [4][9].