YINGLIU(SH:603308) Soochow Securities·2025-05-05 00:23Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance met expectations, with a revenue of 660 million yuan, a year-on-year increase of 0.03%, and a net profit attributable to shareholders of 90 million yuan, up 1.7% year-on-year [3] - The company benefits from high contract liabilities, which stood at 180 million yuan at the end of Q1 2025, indicating strong demand in the gas turbine sector driven by AI [3] - The company is transitioning towards higher value-added businesses, such as blade coatings, which is expected to enhance profitability [4] - The "Two Machines" business is anticipated to be a new growth driver, with significant investments planned for blade processing and coating projects [5] - The nuclear energy sector is expected to benefit from rising demand, with investments aimed at upgrading advanced nuclear materials and components [5] - The low-altitude economy is also seen as a long-term growth opportunity due to the company's established aerospace business foundation [5] Financial Summary - The company forecasts total revenue of 3.169 billion yuan for 2025, representing a year-on-year growth of 26.08% [1] - The net profit attributable to shareholders is projected to reach 450 million yuan in 2025, reflecting a growth rate of 57.29% [1] - The earnings per share (EPS) is expected to be 0.66 yuan in 2025, with a price-to-earnings (P/E) ratio of 29.79 based on current market valuation [1]