Yuma Sun-shading(SZ:300993) Tianfeng Securities·2025-05-01 14:23Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][18]. Core Views - The company is focused on enhancing its domestic and international market expansion capabilities, optimizing market layout, and improving logistics efficiency [4][5]. - The company plans to continue the construction of a new functional shading material project with an annual production capacity of 13 million square meters by 2025, which is expected to enhance production capacity and resource reserves [2]. - The company aims to strengthen new product research and promotion efforts, focusing on high value-added products and market demand [3]. Financial Performance Summary - In Q1 2025, the company reported revenue of 150 million, a decrease of 5% year-on-year, and a net profit attributable to the parent company 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 anticipates net profits of 175 million, 189 million, and 195 million for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.57, 0.61, and 0.63 [5][10]. Market and Competitive Position - The company is enhancing its domestic market and warehouse layout, establishing product showrooms and transit warehouses in key locations such as Shanghai and Guangdong to improve logistics efficiency [4]. - The company is actively responding to the U.S. "reciprocal tariff" policy by considering the establishment of overseas subsidiaries to expand its international market presence [4].