RSPC(SZ:002493) Orient Securities·2025-05-03 02:23Investment Rating - The report maintains a "Buy" rating for the company with a target price of 12.64 CNY [5][2] Core Views - The industry is at a bottom and is expected to recover, with the company showing resilience despite recent challenges [1][10] - The company has adjusted its earnings per share (EPS) forecast for 2025 to 0.31 CNY, down from the previous estimate of 1.02 CNY, with projections for 2026 and 2027 at 0.39 CNY and 0.49 CNY respectively [2] - The report highlights the company's ongoing development projects, including new production facilities that are expected to drive future growth [10] Financial Summary - Revenue for 2023 is reported at 325,112 million CNY, with a projected increase to 326,475 million CNY in 2024, and further growth to 355,946 million CNY in 2025 [4] - The company's net profit attributable to the parent company is forecasted to decline from 1,158 million CNY in 2023 to 724 million CNY in 2024, before rebounding to 3,131 million CNY in 2025 [4] - The gross margin is expected to improve from 11.5% in 2023 to 12.9% in 2025, while the net margin is projected to rise from 0.4% to 0.9% over the same period [4] - The report indicates a significant increase in operating profit from 1,560 million CNY in 2023 to 9,141 million CNY in 2025, reflecting a growth rate of 356.1% [4]