LTTC(SZ:000726) Xinda Securities·2026-02-13 12:32Investment Rating - The report assigns a positive outlook for the company, indicating a potential for growth in 2026 despite challenges in 2025 [1]. Core Insights - The company expects a significant increase in net profit for 2025, projected between 570 million to 630 million yuan, representing a year-on-year growth of 38.92% to 53.54%. However, the net profit excluding non-recurring items is expected to decline by 10.85% to 23.29% [1][2]. - The strategic partnership with MF France and FR Japan, which involves the transfer of 46.12% equity in Tianqin International, is anticipated to enhance the company's operational capabilities and market reach [1][2]. - The company is optimistic about its core business performance in 2026, with expectations of improved operational profits driven by the recovery of overseas orders and increased production capacity from its Vietnam project [3]. Financial Performance Summary - For 2025, the company is projected to have total revenue of 5,978 million yuan, a slight decrease of 1.8% year-on-year, while net profit is expected to rise to 612 million yuan, a 49.1% increase [4]. - The earnings per share (EPS) for 2025 is forecasted at 0.75 yuan, with a price-to-earnings (P/E) ratio of 9.96 [4]. - The company anticipates a gradual recovery in revenue and profit margins in 2026, with total revenue expected to reach 6,579 million yuan and net profit at 606 million yuan [4].