LTTC(SZ:000726) Xinda Securities·2026-02-13 13:20Investment Rating - The report assigns a positive outlook for the company, indicating a potential for growth in 2026 despite challenges in 2025 [1][3]. 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 a stable macroeconomic environment 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, reflecting a growth rate of 10.1% [4].