健盛集团（603558）：利润超预期表现，无缝业务持续改善

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price over the next six months [10]. Core Insights - The company reported a revenue increase of 0.6% year-on-year to 2.59 billion yuan for 2025, with a net profit attributable to shareholders rising by 24.6% to 400 million yuan [1]. - In Q4 alone, revenue grew by 8.1% year-on-year to 700 million yuan, and net profit surged by 56% to 100 million yuan [2]. - The company is expanding its production capacity in Egypt, acquiring 300,000 square meters of land to build a comprehensive industrial base, which will enhance its geographical and tariff advantages in the European and American markets [2]. - The seamless business segment showed continuous improvement in profitability, with a gross margin increase of 3 percentage points to 31.9% in Q4 [2]. - The company plans to distribute a cash dividend of 200 million yuan for 2025, reflecting a commitment to shareholder returns [3]. Financial Performance - The company achieved a net cash flow from operating activities of 610 million yuan, a 77% increase year-on-year, indicating strong cash flow health [3]. - For the years 2026 to 2028, the company is projected to achieve revenue growth rates of 10.7%, 7.4%, and 5.7%, reaching 2.87 billion, 3.08 billion, and 3.25 billion yuan respectively [3]. - The net profit is expected to fluctuate with a decrease of 5% in 2026, followed by increases of 9.3% and 8.3% in the subsequent years [3]. - The company’s price-to-earnings (P/E) ratio is projected to be 12, 11, and 10 times for the years 2026, 2027, and 2028 respectively [3].