Shanghai Friendess(688188) 新浪财经·2025-04-22 12:32Core Viewpoint - The company reported strong performance in Q1 2025, exceeding market expectations with significant revenue and profit growth driven by market expansion and product optimization [1] Group 1: Financial Performance - Q1 2025 revenue reached 496 million, a year-on-year increase of 30.12% [1] - Net profit attributable to shareholders was 255 million, up 31.99% year-on-year [1] - Non-recurring net profit was 241 million, reflecting a 31.41% year-on-year growth [1] Group 2: Development Trends - Revenue growth is attributed to improved cutting head ratios and strong demand in overseas markets and high-power scenarios [2] - Gross margin was 77.8%, a slight decrease of 0.81 percentage points year-on-year, mainly due to the enhanced cutting head ratio [2] - The company effectively managed costs, with sales, management, R&D, and financial expense ratios at 5.3%, 6.0%, 12.5%, and -1.2% respectively, showing mixed year-on-year changes [2] - Operating cash flow for Q1 2025 was 173 million, a year-on-year increase of 27.31% [2] - The company is optimistic about its intelligent welding business, which leverages five core technology directions and has already seen applications in the steel structure industry [2] Group 3: Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026, with current stock price corresponding to P/E ratios of 35.1x and 28.8x for 2025 and 2026 respectively [3] - The target price is set at 220.00, implying a 15.7% upside potential based on a P/E of 40.6x for 2025 and 33.3x for 2026 [3]