人造草坪企业青岛青禾沪主板IPO告终。 依托公司优质的产品及服务，青岛青禾不断拓宽客户布局，客户覆盖美洲、欧洲、亚洲、大洋洲、非洲等100多个国家及地区，能够持续满足全球范围内人 造草坪下游客户的需求，业务模式成熟稳定。 业绩方面，2022年至2024年上半年，青岛青禾实现营收分别为18.28亿元、19.56亿元和10.36亿元；净利润分别为1亿元、1.29亿元和0.61亿元。 据了解，人造草坪行业在国外起步较早，市场相对成熟。青岛青禾产品的售以境外市场为主，2021年至2024年上半年，公司境外销售收入占主营业务收入的 比例分别为97.94%、98.62%、98.71%和99.16%，是公司收入和利润的主要来源。 此外，近年来全球人造草坪行业发展热度较高，市场规模保持着较快的增长，未来发展空间广阔，但行业竞争程度可能不断加剧，对青岛青禾的经营产生一 定影响。目前，行业内主要企业均推行了不同程度的产能扩张，行业供给不断增加，可能导致产品价格的下降；同时，人造草坪行业集中度较高。伴随着行 业竞争加剧，青岛青禾可能面临着继续扩大市场占有率、提高行业地位的压力。 回顾其上市历程，2023年3月青岛青禾沪主板IPO获 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [8][15]. Core Insights - The company reported excellent performance in Q1 2025, with significant revenue growth and deepening global capacity layout [1][10]. - In 2024, the company achieved a revenue of 2.952 billion yuan, representing a year-on-year growth of 19.92%, and a net profit of 511 million yuan, up 18.56% [4][9]. - The company plans to distribute a cash dividend of 6.40 yuan per 10 shares, totaling 257 million yuan, with a payout ratio of 50.28% [4]. Financial Performance - In Q1 2025, the company reported revenue of 793 million yuan, a 15.27% increase year-on-year, and a net profit of 156 million yuan, up 28.73% [4][6]. - The gross margin improved from 29.50% in Q4 2024 to 32.55% in Q1 2025, while the net margin increased from 16.98% to 19.67% in the same period [6]. - The company’s revenue from leisure grass, sports grass, and paving business in 2024 was 2.052 billion yuan, 594 million yuan, and 288 million yuan, respectively, with growth rates of 22.43%, 6.38%, and 37.18% [5]. Capacity Expansion - The company is expanding its production capacity with new projects in Vietnam and Mexico, aiming for a total annual capacity of 172 million square meters after completion [7]. - The Vietnam facility is expected to produce 40 million square meters of artificial turf annually, while the Mexico facility is projected to produce 16 million square meters [7]. Future Projections - The company forecasts net profits of 600 million yuan, 703 million yuan, and 812 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.49 yuan, 1.75 yuan, and 2.02 yuan [9][12]. - The projected revenue growth rates for the next few years are 16.10% for 2025, 14.60% for 2026, and 12.40% for 2027 [9].