Investment Rating - The report maintains an "Accumulate-A" rating for the company Longtu Photomask (688721.SH) [1] Core Views - The company's Q1 2025 performance was under pressure due to the new factory's depreciation and strategic price reductions, leading to a decline in revenue and net profit [5][6] - Despite the current challenges, the report anticipates a gradual improvement in revenue and profit as the new factory's capacity utilization increases and customer purchasing levels normalize [5][6] Financial Performance Summary - In Q1 2025, the company achieved operating revenue of 54.37 million yuan, a year-on-year decrease of 8.97% - The net profit attributable to the parent company was 17.33 million yuan, down 30.00% year-on-year - The basic earnings per share (EPS) was 0.13 yuan, a decline of 48.00% compared to the previous year [4][5] Future Projections - The company is expected to achieve revenues of 348 million, 509 million, and 788 million yuan for the years 2025, 2026, and 2027, representing year-on-year growth rates of 41.0%, 46.6%, and 54.6% respectively - Net profits are projected to be 103 million, 162 million, and 263 million yuan for the same years, with growth rates of 11.8%, 57.6%, and 62.3% respectively [7][10] Valuation Metrics - The report provides projected EPS of 0.77, 1.21, and 1.97 yuan for 2025, 2026, and 2027, with corresponding price-to-earnings (P/E) ratios of 59.8X, 38.0X, and 23.4X based on the closing price of 46.00 yuan on May 8 [7][10]
龙图光罩（688721）：新工厂摊销叠加策略性降价销售使公司2025Q1业绩承压