普蕊斯（301257）：利润端阶段性承压，行业呈现初步复苏迹象

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [2][4][6] Core Views - The company reported a revenue of 804 million yuan for 2024, representing a year-on-year growth of 5.75%, while the net profit attributable to the parent company was 106 million yuan, down 21.01% year-on-year [2] - The first quarter of 2025 showed a revenue of 176 million yuan, a decline of 4.37% year-on-year, with a net profit of 7 million yuan, down 67.32% year-on-year [2] - The company is experiencing pressure on profit margins due to increased operating costs and a decline in new orders, with a gross margin of 24.38% in 2024, down 6.03 percentage points year-on-year [2][3] - Despite the challenges, there are initial signs of recovery in the industry, with a significant increase in inquiries and new orders in the first quarter of 2025 [3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 804 million yuan and a net profit of 106 million yuan, with a gross margin of 24.38% [2][8] - The first quarter of 2025 saw a revenue of 176 million yuan and a net profit of 7 million yuan, indicating a significant decline in profitability [2][8] Order Trends - New orders in 2024 decreased by 22.59% year-on-year, totaling 1 billion yuan, while the backlog of contracts remained stable at 1.889 billion yuan, up 0.38% year-on-year [3] - The first quarter of 2025 showed a rapid growth in inquiries and new orders, indicating a potential recovery in demand [3] Cost and Margin Analysis - The company's operating cost ratio increased to 75.62% in 2024, up 6.09 percentage points year-on-year, contributing to the pressure on profit margins [2][3] - The company has maintained stable expense ratios across management, sales, R&D, and financial expenses [2] Future Projections - The company has revised its net profit forecasts for 2025-2027 downwards, projecting net profits of 120 million, 136 million, and 156 million yuan respectively [6][8] - The expected earnings per share (EPS) for the same period are adjusted to 1.51, 1.71, and 1.96 yuan [6][8]