良信股份（002706）：多个下游共振，经营重回增长

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 1.09 billion yuan in Q1 2025, representing a year-on-year increase of 15.5% and a quarter-on-quarter decrease of 2.2%. The net profit attributable to the parent company was 100 million yuan, up 15.1% year-on-year and up 6896.5% quarter-on-quarter [2][4]. - The company is expected to benefit from the growth in the new energy sector, with anticipated increases in digital energy and a narrowing decline in the real estate sector [10]. - The gross profit margin for Q1 2025 was 31.56%, a decrease of 0.82 percentage points year-on-year but an increase of 3.90 percentage points quarter-on-quarter [10]. - The company’s inventory at the end of Q1 2025 was 441 million yuan, down 10.9% year-on-year and down 6.0% quarter-on-quarter. Contract liabilities were 50 million yuan, up 83.1% year-on-year and down 15.3% quarter-on-quarter [10]. - The company is expected to see order growth outpacing revenue growth in 2025, with significant contributions anticipated from new energy, smart distribution, and data center businesses [10]. Financial Summary - For 2025, the company is projected to achieve a net profit of 450 million yuan, corresponding to a price-to-earnings ratio of approximately 21 times [10]. - The total revenue forecast for 2025 is 5.08 billion yuan, with a gross profit of 1.55 billion yuan, maintaining a gross margin of 31% [17]. - The company’s cash flow from operating activities for Q1 2025 was 54 million yuan, an increase of 86.9% year-on-year [10].