Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Insights - The overseas shading fabric market is large, and domestic companies are accelerating their international expansion, with market share expected to continue increasing. Some domestic shading material companies have also expanded into overseas shading finished products, primarily through cross-border e-commerce, achieving significant results [4][9] - The company West Gate (605155, Buy) is recommended for attention due to its dual-driven strategy focusing on shading fabrics and finished products, with potential for improved profitability [4] Summary by Sections Market Dynamics - The U.S. government announced a reduction in tariffs on small packages from 120% to 54%, easing the pressure on cross-border e-commerce businesses. This adjustment is expected to maintain the competitiveness of Chinese shading finished products in the U.S. market [9] - The shading materials industry is experiencing a dual-driven growth model, with domestic companies leveraging manufacturing advantages to capture a stable growth in the overseas shading fabric market [9] Company Performance - West Gate's shading finished product business achieved revenue of 320 million yuan in 2024, a year-on-year increase of 119.7%, primarily driven by cross-border e-commerce [9] - The gross profit margin for this business was 48.7%, reflecting a year-on-year increase of 2.0 percentage points, indicating strong profitability potential [9]

公司报告 | 公司点评 西大门（605155） 证券研究报告 遮阳成品驱动增长 业绩稳健，遮阳成品驱动增长 公司公告 25 年 Q1 实现营收 1.9 亿同比+13%，归母净利润 0.23 亿同比-1%， 扣非归母净利 0.21 亿同比-7%； 24 年公司实现营业收入 8.2 亿元，同比+28%，营收增长主要系公司销售订 单增加；归母净利润 1.2 亿元，同比+34%，扣非归母净利 1.2 亿元，同比 +34%。 公司业绩增速较快，毛利率、净利率进一步提升，盈利能力持续向好。目 前公司在手订单 2-3 个月，基本满产满销，产能可根据订单情况动态调整， 可有效满足客户要求。 分产品看，24 年公司遮阳面料营收 4.7 亿同比-1%，毛利率 38%同比+1.2pct； 遮阳成品营收 3.2 亿同比+120%，毛利率 49%同比+2.0pct；其他产品 0.2 亿同比+48%。 海外市场表现亮眼 分地区看，24 年中国大陆实现营收 1.8 亿同比-13%，中国大陆以外的国家 地区实现营收 6.3 亿同比+48%，中国大陆以外地区收入占比较高且增长较 快。公司通过建立全球销售网络和服务体系，成功拓展了北美、欧洲等主 ...