SACO(002025) 新浪财经·2025-04-30 00:37Group 1 - The company reported Q1 revenue of 1.466 billion yuan, a year-on-year decrease of 9.15%, and a net profit attributable to shareholders of 47 million yuan, down 79.35% year-on-year [1] - Q1 defense demand is expected to significantly recover, with improvements in revenue and profitability anticipated in Q2. Product orders in Q1 saw a substantial year-on-year increase, but production and delivery confirmation require a certain period [2] - The gross profit margin decreased by 8.87 percentage points to 31.43% due to a decline in high-margin defense product revenue and rising costs from some bulk raw materials [2] Group 2 - The company has a high inventory balance of 1.771 billion yuan, which is above the overall revenue level for the quarter, ensuring strong short-term delivery confirmation [2] - R&D expenses increased by 33.15% year-on-year, reflecting the company's commitment to investing in new quality and new domain equipment, commercial aerospace, low-altitude economy, and artificial intelligence [2] - The company is focusing on market development and product development integration, targeting key markets and emerging fields to capture market growth [3] Group 3 - The company forecasts net profits attributable to shareholders for 2025-2027 to be 894 million, 1.153 billion, and 1.402 billion yuan, representing year-on-year growth of 158%, 29%, and 22%, respectively, with corresponding PE ratios of 27, 21, and 17 times [3]