NBJF(SH:603997) Shenwan Hongyuan Securities·2025-05-14 06:03Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown signs of a performance turnaround in Q1 2025, with significant improvements in net profit and operational efficiency following overseas integration efforts [7] - The company reported a revenue of 50.37 billion yuan in Q1 2025, a year-on-year decrease of 4.7%, but achieved a net profit of 1.04 billion yuan, reflecting a substantial increase of 448% compared to the previous year [5][6] - The divestiture of TMD and restructuring in Europe have impacted the company's performance in 2024, leading to a net loss, but the first quarter of 2025 indicates a recovery trend [7] Financial Data and Earnings Forecast - The company achieved total revenue of 222.6 billion yuan in 2024, a year-on-year increase of 3.2%, but reported a net loss of 5.67 billion yuan [5] - For 2025, the estimated total revenue is projected to be 24.58 billion yuan, with a net profit forecast of 626 million yuan, indicating a recovery from previous losses [6] - The company’s gross margin is expected to stabilize around 15% for the next few years, with a projected return on equity (ROE) of 11.9% in 2025 [6][9]