昇兴股份（002752）：出海高增、盈利修复，利润中枢改善可期

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook for future performance, suggesting a potential "Buy" or "Hold" rating based on expected revenue growth and profit recovery. Core Insights - The company reported a total revenue of 7.174 billion yuan in 2025, reflecting a year-on-year increase of 0.6%, while the net profit attributable to shareholders decreased by 27.4% to 307 million yuan [1][2] - The fourth quarter of 2025 saw a revenue of 2.104 billion yuan, down 1.5% year-on-year, but net profit increased by 13.8% to 91 million yuan, indicating a recovery trend [1][2] - The company is expected to benefit from an optimized product structure and increased market share, particularly in overseas markets, with a projected revenue growth in Q1 2026 due to seasonal demand shifts [2][3] Financial Performance Summary - For the second half of 2025, domestic and overseas revenues were 3.336 billion yuan and 613 million yuan, respectively, showing a year-on-year decline of 1.3% and an increase of 16.1% [2] - The gross margin for Q4 2025 was 13.43%, a decrease of 1.43 percentage points year-on-year, while the net margin improved by 0.58 percentage points to 4.31% [3] - The company forecasts net profits of 445 million yuan, 551 million yuan, and 642 million yuan for 2026, 2027, and 2028, respectively, with corresponding P/E ratios of 14.1X, 11.4X, and 9.8X [3][5]