Investment Rating - The investment rating for Foshan Lighting is maintained at "Outperform" [1] Core Views - The company's revenue and performance in Q1 2025 met market expectations, with total revenue of 21.45 billion yuan, a year-on-year decrease of 15%, and a net profit attributable to shareholders of 0.65 billion yuan, down 23% year-on-year [6] - The company continues to optimize its industrial layout through investments and acquisitions, achieving breakthroughs in existing businesses, particularly in automotive lighting and marine lighting sectors [6] - A slight downward adjustment in profit forecasts has been made, with expected net profits of 3.35 billion yuan for 2025 and 3.96 billion yuan for 2026, reflecting year-on-year changes of -24.9% and +18.3% respectively [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 90.48 billion yuan, with a slight year-on-year decline of 0.1% [5] - The gross profit margin for Q1 2025 improved to 19.59%, an increase of 1.29 percentage points year-on-year [6] - The company anticipates a net profit of 4.27 billion yuan for 2027, representing a year-on-year increase of 7.7% [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][5][14] Core Insights - The company's revenue for 2024 is projected to be 237.07 billion yuan, representing a year-on-year growth of 5.2%, while the net profit attributable to shareholders is expected to reach 12.4 billion yuan, a significant increase of 85.4% [5][7] - The alumina business is the main contributor to profitability, with a gross profit of 19.5 billion yuan in 2024, accounting for 52% of total profits, driven by both volume and price increases [5][7] - The company is focusing on optimizing its industrial layout and has reduced impairment losses significantly, indicating proactive management strategies [5][7] Financial Performance Summary - Revenue and Profit Forecasts: - 2023A: Revenue of 225.07 billion yuan, net profit of 6.717 billion yuan - 2024A: Revenue of 237.07 billion yuan, net profit of 12.4 billion yuan - 2025E: Revenue of 229.16 billion yuan, net profit of 16.53 billion yuan - 2026E: Revenue of 246.14 billion yuan, net profit of 23.45 billion yuan - 2027E: Revenue of 260.66 billion yuan, net profit of 26.31 billion yuan [3][5][12] - Earnings Per Share (EPS) projections: - 2023A: 0.39 yuan - 2024A: 0.72 yuan - 2025E: 0.96 yuan - 2026E: 1.37 yuan - 2027E: 1.53 yuan [3][5][12] Market Position and Strategy - The company has enhanced its resource security, achieving a bauxite self-sufficiency rate of 66% and increasing its bauxite resource reserves by 73.55 million tons in 2024 [5][7] - The company is committed to shareholder returns, proposing a cash dividend of 0.217 yuan per share for 2024, with a total dividend payout of 3.72 billion yuan, reflecting a 30% payout ratio [5][7] - The supply-demand gap for electrolytic aluminum is expected to widen, with domestic production nearing capacity limits, leading to a projected price range of 23,000 to 25,000 yuan per ton [5][7]

Company Overview - Zhejiang Meishuo Electric Technology Co., Ltd. was established in February 2007 and officially listed on the Shenzhen Stock Exchange's Growth Enterprise Market on June 28, 2023 [2] - The company's main business includes the research, production, and sales of relay control components and fluid electromagnetic valve products, which are applied in various fields such as home appliances, smart homes, automotive manufacturing, and industrial control [2] Subsidiary Establishment - In January 2024, the company established a wholly-owned subsidiary, Shenzhen Meishuo Electric Technology Co., Ltd., to attract talent and expand its market presence in South China, enhancing overall competitiveness [3] Future Development Plans - The company aims to maintain stable growth in its existing main business while actively expanding into new markets and customer bases in areas such as general relays, automotive relays, and new energy relays [3] Overseas Market Strategy - The company is focused on developing overseas markets while steadily advancing in the domestic market, planning to establish sales teams in key countries and regions to ensure effective communication with international clients [3]