Yuma Technology(SZ:300993) Tianfeng Securities·2025-05-01 07:47Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][18]. Core Viewpoints - The company is focused on enhancing its domestic and international market expansion capabilities, with a particular emphasis on optimizing market layout and improving logistics efficiency [4]. - The company plans to continue the construction of a new functional shading material project with an annual production capacity of 13 million square meters, aimed at boosting production capacity and resource reserves [2]. - There is a strong commitment to strengthening new product research and development, aiming to meet market demand and enhance product quality [3]. - The financial forecast has been adjusted due to uncertainties in the domestic real estate market and foreign trade environment, with expected net profits for 2025-2027 being 175 million, 189 million, and 195 million respectively [5]. Financial Performance Summary - In Q1 2025, the company reported revenue of 150 million, a decrease of 5% year-on-year, and a net profit of 30 million, down 18% year-on-year [1]. - For the full year 2024, the company expects revenue of 770 million, an increase of 16%, and a net profit of 190 million, an increase of 12% [1]. - The company’s revenue from shading fabrics is projected to be 220 million, up 9%, with a gross margin of 41.99%, an increase of 2 percentage points [1]. - The company’s total assets are projected to grow from 1,481 million in 2023 to 2,018 million by 2027 [12][13]. Market and Competitive Position - The company is actively responding to the U.S. "reciprocal tariff" policy by planning to establish overseas subsidiaries to enhance its international competitiveness [4]. - The company’s domestic revenue (excluding Hong Kong, Macau, and Taiwan) is expected to grow by 9% to 240 million, while revenue from Hong Kong, Macau, Taiwan, and other countries is projected to grow by 20% to 530 million [1].