中信博（688408）：2025 年一季报点评：盈利能力维持稳定，在手订单增长显著

Investment Rating - The report maintains a "Recommended" rating for the company [5][8]. Core Views - The company's profitability remains stable, with a significant increase in backlog orders. In Q1 2025, the company reported revenues of 1.559 billion yuan, a year-on-year decrease of 14.09% and a quarter-on-quarter decrease of 48.80%. The net profit attributable to the parent company was 110 million yuan, down 28.46% year-on-year and 46.06% quarter-on-quarter [1][2]. - The company's gross margin and net margin for Q1 2025 were 18.90% and 6.83%, respectively, showing stability despite a slight increase in expense ratios due to overseas market expansion [2][3]. - The total backlog orders reached 7.4 billion yuan, with a 59.14% increase compared to the previous year. The tracking brackets accounted for 5.2 billion yuan, representing 70.27% of the total backlog [3][4]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 1.559 billion yuan, with a year-on-year decline of 14.09% and a quarter-on-quarter decline of 48.80%. The net profit attributable to the parent company was 110 million yuan, down 28.46% year-on-year and 46.06% quarter-on-quarter [1]. - The company's gross margin was 18.90%, and the net margin was 6.83%, indicating stable profitability [2]. Order Backlog - As of the announcement date, the total backlog orders amounted to 7.4 billion yuan, with tracking brackets contributing 5.2 billion yuan (70.27% of total orders) and fixed brackets contributing 1.9 billion yuan (25.68% of total orders). This represents a 59.14% increase in total backlog orders compared to the previous year [3]. Market Outlook - The company is expected to benefit from the large-scale wind and solar base projects and the marketization of electricity trading. The unique design of the tracking system is anticipated to enhance project safety and increase revenue by approximately 28.51% compared to fixed brackets [4]. - The company is projected to achieve revenues of 10.618 billion yuan, 12.200 billion yuan, and 14.001 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 816 million yuan, 1.055 billion yuan, and 1.277 billion yuan [5][7].