ITG(SH:600755) Changjiang Securities·2025-05-05 08:43Investment Rating - The investment rating for Xiamen Guomao (600755.SH) is "Buy" and is maintained [7] Core Views - In Q1 2025, the company achieved operating revenue of 70.53 billion yuan, a year-on-year decrease of 27.2%, while the net profit attributable to the parent company was 420 million yuan, reflecting a year-on-year increase of 2.8% [5][10] - The decline in revenue was attributed to adjustments in operational strategy, weakened market demand, and price drops in certain product categories [10] - The company is focusing on solidifying its operations and optimizing its business structure, with expectations for demand recovery [10] Summary by Sections Financial Performance - In Q1 2025, the company's operating revenue was 70.53 billion yuan, down 27.2% year-on-year, while the net profit attributable to the parent company was 420 million yuan, up 2.8% year-on-year [5][10] - The gross profit margin for the period improved by 0.4 percentage points to 2.6% despite a 13.7% decline in estimated gross profit due to reduced operational volume [10] Operational Strategy - The company is implementing a "three-chain integration" development model to optimize its business structure and adjust risk preferences [10] - It has established stable partnerships with over 90,000 enterprises across more than 170 countries and regions, enhancing its global commodity resource channel network [10] Future Outlook - The company is expected to see net profits of 1.19 billion, 1.48 billion, and 1.82 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 11.4, 9.2, and 7.5 times [10]