JMPT(SZ:000700) GOLDEN SUN SECURITIES·2025-05-13 06:30Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - In Q1 2025, the company achieved a revenue of 1.6 billion, with a year-on-year decrease of 11.65% and a quarter-on-quarter decrease of 15.27%. However, the net profit attributable to the parent company was 150 million, showing a year-on-year increase of 2.74% and a quarter-on-quarter increase of 70.15%. The non-recurring net profit was 140 million, with a year-on-year increase of 45.09% and a quarter-on-quarter increase of 145.62% [1] - The company's performance in Q1 2025 indicates a recovery in profitability, benefiting from the sales boost from new energy vehicle clients, despite a general decline in domestic passenger car sales [1][2] - The gross margin for Q1 2025 was 20.9%, reflecting a year-on-year increase of 3.7 percentage points and a quarter-on-quarter increase of 3.8 percentage points, attributed to improved operational efficiency and the domestic vehicle replacement policy [2] - The company is actively expanding its client base in the new energy sector while maintaining its advantages with luxury car manufacturers, with new projects expected to generate significant sales [2] Financial Summary - The company forecasts net profits attributable to the parent company for 2025-2027 to be 699 million, 795 million, and 898 million respectively, with corresponding P/E ratios of 10, 8, and 7 times [2][3] - The projected revenue for 2025 is 8.118 billion, with a year-on-year growth rate of 13.8% [3] - The latest diluted EPS for 2025 is expected to be 0.76, with a net asset return rate of 18.1% [3][7]