TECH-LONG(SZ:002209)2026-01-21 02:05Company and Industry Summary Company: 达意隆 (Dayilong) Key Points - Q4 Performance Below Expectations: The company's Q4 performance is expected to be lower than anticipated due to the shutdown of a subsidiary and foreign exchange impacts. The projected net profit attributable to shareholders for 2025 is between 106 million to 130 million yuan, representing a year-on-year growth of 51.88% to 86.27% [1] - Adjusted Net Profit Forecast: The adjusted net profit for 2025 is estimated to be between 100 million to 124 million yuan, indicating a year-on-year increase of 41.29% to 75.20% [1] - Q4 Net Profit Decline: For Q4 2025, the net profit attributable to shareholders is forecasted to be between 2.763 million to 26.763 million yuan, showing a year-on-year decline of 3.91% to 90.08%. The adjusted net profit is expected to range from 502.76 thousand to 2.90276 million yuan, with a year-on-year change of -79.21% to +20.03% [1] - Reasons for Performance Decline: The decline in performance is primarily attributed to the shutdown of the Tianjin Baolong production line in November, which resulted in a one-time loss, along with some foreign exchange impacts [1] Industry Outlook Key Points - Industry Sentiment: The overall sentiment regarding the industry remains unchanged. Although the company is facing short-term challenges due to impairment provisions and foreign exchange effects, there is a strong outlook for 2026 [2] - 2026 Performance Expectations: The company is expected to see improved performance in 2026, supported by the gradual realization of previous orders and a low base effect from 2025. The earnings forecast for 2026 is maintained at approximately 2.4 billion yuan, which corresponds to a price-to-earnings ratio of 20x, suggesting a market value close to 50 billion yuan [2]