Lianovation(SH:600363) Huaxin Securities·2025-05-06 07:28Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company reported a total revenue of 3.104 billion yuan in 2024, a decrease of 4.17% year-on-year, and a net profit attributable to shareholders of 241 million yuan, down 27.86% year-on-year. In Q1 2025, the company achieved revenue of 801 million yuan, an increase of 11.54% year-on-year, and a net profit of 116 million yuan, up 10.57% year-on-year [4][5] - The company is optimizing its industrial and product structure, focusing on new products with market potential and technical barriers, which enhances its core competitiveness and future growth potential [5] - The laser business is progressing steadily, with significant orders being released in Q1 2025. The company showcased its laser anti-drone equipment at an international defense exhibition, attracting over 70 potential clients [6] - The high-temperature superconducting business is successfully industrializing, with significant orders for superconducting equipment and projects related to nuclear fusion applications [7][8] Summary by Sections Financial Performance - In 2024, the company achieved total operating revenue of 3.104 billion yuan and a net profit of 241 million yuan. The revenue is expected to grow to 3.291 billion yuan in 2025, with a projected growth rate of 6.0% [11] - The net profit is forecasted to increase significantly to 625 million yuan in 2025, reflecting a growth rate of 159.3% [11] Business Development - The company is transitioning from traditional products to new products with higher market potential, leading to improved profitability [5] - The laser business is expected to see substantial growth due to the release of large orders and successful market engagement [6] - The high-temperature superconducting business is positioned for significant growth, with successful project bids and ongoing industrialization efforts [7][8] Earnings Forecast - The company is projected to achieve revenues of 3.291 billion yuan in 2025, 3.801 billion yuan in 2026, and 4.504 billion yuan in 2027, with corresponding EPS of 1.37 yuan, 1.61 yuan, and 2.25 yuan respectively [9][11]