sunline(300348) 新浪财经· Xin Lang Cai Jing·2025-04-25 06:43Core Viewpoint - The company reported a revenue of 297 million yuan in Q1 2025, showing a year-on-year increase of 3.04% but a quarter-on-quarter decrease of 57.57%, with a net loss attributable to shareholders of 2.5884 million yuan, indicating a reduction in losses compared to the previous year [1] Financial Performance - In Q1 2025, the overall gross margin was 35.02%, reflecting a year-on-year decrease of 1.07 percentage points [2] - The expense ratios for sales, management, and R&D were 7.92%, 16.57%, and 10.75% respectively, all showing a year-on-year decline, indicating effective cost control measures [2] - Other income for Q1 2025 was 8.47 million yuan, a year-on-year increase of 127.81%, primarily due to increased tax refund benefits [2] Business Expansion - The company successfully won over 10 large data projects from major banks in 2024, expanding its client base to nearly 50 city commercial banks, rural commercial banks, and provincial rural credit cooperatives [2] - In the digital finance sector, the company has secured over 40 projects, serving three national joint-stock banks and multiple leading city and rural commercial banks [2] - The company is deepening its global presence, particularly in Malaysia, Thailand, and Indonesia, with a significant contract worth 49.6 million USD signed with Thailand's Huishang Bank [3] Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits attributable to shareholders to be 84 million, 122 million, and 154 million yuan for 2025-2027, with corresponding EPS of 0.10, 0.15, and 0.19 yuan [4] - The average PS for comparable companies in 2025 is 5.9x, while the company is given a PS of 6.3x due to a higher expected revenue CAGR of 15% compared to the average of 14% for peers, leading to an increased target price of 15.55 yuan [4]