JSSMDL(SH:603530) China Post Securities·2025-05-20 14:09Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported Q1 2025 revenue of 290 million yuan, a year-on-year increase of 23.4%, and a net profit of 70 million yuan, up 7.0% year-on-year [4] - The gross margin and net margin for Q1 2025 were 46.8% and 23.9%, respectively, showing a decline of 1.6 and 3.7 percentage points year-on-year [4] - The company has seen a rapid increase in overseas orders, with a 42% year-on-year growth in overseas orders amounting to 220 million yuan in Q1 2025 [5] Financial Performance - The company’s total revenue is projected to grow from 1,345 million yuan in 2024 to 3,177 million yuan in 2027, with a compound annual growth rate (CAGR) of 40.22% in 2024 and 27.92% in 2027 [10] - The net profit attributable to the parent company is expected to increase from 310.73 million yuan in 2024 to 669.59 million yuan in 2027, reflecting a growth rate of 96.17% in 2024 and 24.83% in 2027 [10] - The company’s PE ratio is projected to decrease from 36.04 in 2024 to 16.73 in 2027, indicating improving valuation over time [10] Product Development - The company’s new transformer bushing products have passed technical certification, which is expected to contribute positively to future performance [5] - The company has successfully secured a contract for the Chile ±600 kV ultra-high voltage direct current transmission project, indicating strong international market presence [5] Future Outlook - The company’s net profit forecasts for 2025, 2026, and 2027 are adjusted to 430 million yuan, 540 million yuan, and 670 million yuan, respectively, reflecting slight downward revisions due to uncertainties related to U.S. tariffs [6]