Green Pine(300132) Shenwan Hongyuan Securities·2025-05-06 10:15Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company has shown signs of a performance turnaround, with expectations for accelerated momentum in 2025 [1] - The company reported a revenue of 1.94 billion yuan in 2024, a slight decline of 1.5% year-on-year, but achieved a net profit of 55 million yuan, marking a return to profitability [6] - In Q1 2025, the company generated revenue of 419 million yuan, a year-on-year increase of 10.2%, and a net profit of 1.91 million yuan, also returning to profitability [6] - The gross margin improved significantly, with a gross margin of 17.4% in 2024, up 5.4 percentage points year-on-year, and a net margin of 2.7%, up 6.2 percentage points [6] - The company aims to become a leading international cosmetics manufacturing service provider, focusing on customer and product strategies [6] Financial Data and Profit Forecast - The company forecasts total revenue of 2.089 billion yuan for 2025, with a projected growth rate of 7.7% [5] - The net profit for 2025 is estimated at 104 million yuan, reflecting a significant year-on-year growth of 90.3% [5] - The earnings per share (EPS) is projected to be 0.20 yuan for 2025, with a price-to-earnings (PE) ratio of 27 [5] - The company has adjusted its expense ratios, with sales, management, and R&D expenses projected to be 11.8% of revenue in 2025 [6]