玉马科技：前瞻布局海外仓，产能&区域同步扩张，订单稳步扩张

Investment Rating - The report does not provide a specific investment rating for Yuma Technology (300993) [1] Core Views - Yuma Technology has achieved a revenue of 769 million yuan in 2024, representing a year-on-year growth of 16.1%, with a net profit of 186 million yuan, up 12.5% [1] - The company is expanding its overseas warehouse layout and synchronizing capacity and regional expansion, with a steady increase in orders [1] - The first quarter of 2025 saw a revenue decline of 4.9% to 151 million yuan, attributed to early stocking by overseas clients and pressure on domestic sales [1][2] Summary by Sections Financial Performance - In 2024, the revenue from sunlight, full shading, and adjustable light fabrics was 266 million, 222 million, and 167 million yuan, respectively, with growth rates of 31.4%, 9.3%, and 8.5% [2] - The gross profit margins for these products were 44.5%, 42.0%, and 48.4%, showing slight variations year-on-year [2] - The company’s total capacity reached 67.65 million square meters by the end of 2023, with a capacity utilization rate of approximately 85% in Q1 2025 [2] Market Expansion - The revenue from exports and domestic sales in 2024 was 530 million and 240 million yuan, respectively, with year-on-year growth of 19.8% and 8.6% [2] - The gross profit margins for exports and domestic sales were 46.1% and 26.6%, reflecting a competitive domestic market [2] - The company is constructing a 2,200 square meter overseas warehouse in the U.S. to enhance inventory management and customer delivery [2] Profitability and Costs - In Q1 2025, the gross profit margin was 40.7%, while the net profit margin was 20.0% [3] - The sales expense ratio increased to 16.3%, primarily due to stock compensation expenses and costs associated with the new overseas warehouse [3] - The operating cash flow for Q1 2025 was 7 million yuan, down from the previous year, mainly due to increased inventory for shorter delivery times [3] Future Projections - The projected net profits for 2025 to 2027 are 192 million, 232 million, and 272 million yuan, with corresponding P/E ratios of 16.1X, 13.4X, and 11.4X [3][5]