同益中：增资赋能超美斯，盈利能力改善可期-20250512

Investment Rating - The report maintains a "Buy-A" rating for the company [1][7] Core Views - The company reported significant revenue growth in Q1 2025, achieving total revenue of 253 million yuan, representing a year-on-year increase of 126.9% and a quarter-on-quarter increase of 14.1% [3][4] - The increase in revenue is attributed to higher sales volume and the impact of acquisitions, particularly the subsidiary Chaomeisi, which generated revenue of 68 million yuan and a net profit of 2.27 million yuan in Q1 2025 [4][5] - The company plans to invest 150 million yuan in Chaomeisi to enhance its competitive strength and profitability, aiming for a substantial improvement in its profit margin, which currently stands at 1.1% compared to the industry average of 23.5% [5][7] Financial Performance and Projections - For the fiscal years 2025 to 2027, the company is projected to achieve net profits of 200 million yuan, 240 million yuan, and 290 million yuan, respectively, with corresponding P/E ratios of 28, 23, and 19 times [7][9] - The company’s revenue is expected to grow significantly, with projections of 996 million yuan in 2025, 1.196 billion yuan in 2026, and 1.407 billion yuan in 2027, reflecting year-on-year growth rates of 53.3%, 20.1%, and 17.7% respectively [9][13] - The gross profit margin is forecasted to stabilize around 36.4% to 37.2% over the next few years, indicating a consistent profitability outlook [9][14] Market Data - As of May 12, 2025, the company's closing price was 24.99 yuan, with a year-to-date high of 26.60 yuan and a low of 9.57 yuan [10]