Investment Rating - The investment rating for the company is "Buy" and it is maintained [1] Core Insights - The company has shown significant improvement in overseas market orders and the name change to "瑞迈特" (Ruimaite) is expected to enhance brand recognition [4][6] - In 2024, the company reported a revenue of 843 million yuan, a year-on-year decrease of 24.85%, and a net profit attributable to the parent company of 155 million yuan, down 47.74% [4] - For Q1 2025, the company achieved a revenue of 265 million yuan, a year-on-year increase of 38.11%, and a net profit of 72 million yuan, up 44.11% [4] - The company is focusing on the integration of brain-machine interface technology with existing products, which is expected to enhance functionality [6] Financial Performance - The company’s domestic revenue in Q1 2025 was 96 million yuan, with a quarter-on-quarter increase of 48.79% and a year-on-year increase of 43.03% [5] - The gross margin for domestic operations in Q1 2025 was 51.51%, up 7.10% year-on-year [5] - The company expects revenue growth from 2025 to 2027 to be 1.082 billion yuan, 1.293 billion yuan, and 1.544 billion yuan, with year-on-year growth rates of 28.3%, 19.5%, and 19.4% respectively [8][10] - The projected net profit for the same period is expected to be 279 million yuan, 342 million yuan, and 424 million yuan, with year-on-year growth rates of 79.4%, 22.7%, and 24.0% respectively [8][10] Valuation Metrics - The company’s price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 25.7, 20.9, and 16.9 respectively [8][10] - The price-to-book (P/B) ratios for the same years are expected to be 2.35, 2.16, and 1.97 [10]
怡和嘉业（301367）：海外市场订单显著改善，公司名称变更有利于提高品牌知名度