西大门（605155）：遮阳成品驱动增长

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][17]. Core Insights - The company achieved a revenue of 190 million in Q1 2025, a year-on-year increase of 13%, while the net profit attributable to the parent company was 23 million, down 1% year-on-year. For 2024, the company is projected to achieve a revenue of 820 million, up 28% year-on-year, with a net profit of 120 million, up 34% year-on-year [1]. - The company has a strong order backlog of 2-3 months, indicating robust demand and the ability to dynamically adjust production capacity based on orders [1]. - The company has successfully expanded its global sales network, particularly in North America and Europe, leading to a significant increase in revenue from regions outside mainland China, which grew by 48% year-on-year [2]. - The company is enhancing its brand marketing capabilities and expanding its marketing channels, including the establishment of overseas warehouses to improve logistics efficiency and customer service [3]. Financial Performance - The company's revenue is expected to grow from 637.33 million in 2023 to 1,663.08 million by 2027, with a compound annual growth rate (CAGR) of approximately 27.69% [10]. - The net profit attributable to the parent company is projected to increase from 91.14 million in 2023 to 242.05 million by 2027, reflecting a strong growth trajectory [10]. - The company's earnings per share (EPS) is expected to rise from 0.48 in 2023 to 1.26 in 2027, indicating improving profitability [10]. Strategic Initiatives - The company has completed the main construction of its "New Material Expansion Project" for building shading, which will support future sales growth by increasing production capacity [2]. - A stock incentive plan has been implemented to bind key personnel, with performance targets set for revenue growth over the next three years, reflecting confidence in the company's future performance [4].