Focus Tech.(SZ:002315) Huachuang Securities·2025-05-07 04:13Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 52.2 yuan [2][9]. Core Insights - The company reported a steady growth in performance, with Q1 2025 revenue reaching 443 million yuan, a year-on-year increase of 15.30%. The net profit attributable to shareholders was 112 million yuan, up 45.94% year-on-year, and the net profit excluding non-recurring items was 109 million yuan, reflecting a 49.37% increase [2][9]. - The company's diversified layout effectively mitigates risks, with its platform covering over 220 countries and regions globally. The traffic from U.S. buyers accounts for less than 10%, which helps avoid risks from single market fluctuations. In Q1 2025, traffic from emerging markets such as the Middle East, South America, Europe, and Southeast Asia saw significant growth, exceeding 50% year-on-year [9]. - The introduction of the AI assistant "AI Mai Ke" has accelerated the company's growth trajectory. The AI division was established in 2024 to integrate resources and innovate in AI technology. By March 31, 2025, the number of members purchasing AI Mai Ke exceeded 11,000, showing rapid growth [9]. - The company is expected to continue its upward trajectory in profitability, with revenue projections for 2025-2027 set at 1.92 billion, 2.17 billion, and 2.43 billion yuan, respectively. Net profits are forecasted at 552 million, 645 million, and 747 million yuan for the same period [9]. Financial Summary - Key financial indicators for the company include total revenue of 1.67 billion yuan in 2024, with a projected growth rate of 9.3% for that year. The net profit attributable to shareholders is expected to reach 451 million yuan, reflecting a growth rate of 19.1% [4][10]. - The earnings per share (EPS) is projected to increase from 1.42 yuan in 2024 to 2.35 yuan by 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 30 in 2024 to 18 in 2027 [4][10].