JPT(SH:688025) Shenwan Hongyuan Securities·2026-02-01 07:58Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [6]. Core Insights - The company is expected to achieve a revenue of 1.987 to 2.152 billion yuan in 2025, representing a year-on-year growth rate of 36.67% to 48.02%. The fourth quarter of 2025 is projected to generate revenue between 478 to 643 million yuan, with a growth rate of 24.55% to 67.53% [3]. - The forecasted net profit attributable to the parent company for 2025 is estimated to be between 262 to 309 million yuan, reflecting a significant year-on-year increase of 97.69% to 132.88%. For Q4 2025, the net profit is expected to be between 59 to 105 million yuan, with a growth rate of 99.04% to 257.89% [3]. - The company's revenue and profit growth are primarily driven by the increasing demand for laser products, particularly in the new energy battery sector and consumer-grade applications [6]. Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2024: 1.454 billion yuan - 2025: 2.084 billion yuan - 2026: 2.957 billion yuan - 2027: 4.212 billion yuan - Year-on-year growth rates for total revenue are expected to be 18.6% in 2024, 43.3% in 2025, 41.9% in 2026, and 42.5% in 2027 [5]. - The net profit attributable to the parent company is forecasted to be: - 2024: 133 million yuan - 2025: 268 million yuan - 2026: 482 million yuan - 2027: 698 million yuan - The corresponding year-on-year growth rates for net profit are projected to be 23.5% in 2024, 101.8% in 2025, 80.0% in 2026, and 44.8% in 2027 [5][7].