LIUGONG(000528) 东吴证券·2025-01-05 04:25Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company expects a revenue of 34.6 billion yuan in 2025, with a year-on-year growth of 12% and a net profit of approximately 2.1 billion yuan, reflecting a year-on-year increase of about 34% [7] - The company has demonstrated confidence in its future performance through a second share buyback plan, which aims to use self-owned funds and stock buyback loans for employee stock ownership plans [7] - The mixed-ownership reform has improved operational quality, with stock incentives and private placements enhancing competitiveness [7] Financial Forecasts - Total revenue (in million yuan) is projected to be 30,913 in 2024, 35,012 in 2025, and 39,165 in 2026, with year-on-year growth rates of 12.33%, 13.26%, and 11.86% respectively [1][8] - Net profit attributable to the parent company is forecasted to be 1,568.58 million yuan in 2024, 2,106.85 million yuan in 2025, and 2,893.29 million yuan in 2026, with year-on-year growth rates of 80.75%, 34.32%, and 37.33% respectively [1][8] - The latest diluted EPS is expected to be 0.78 yuan in 2024, 1.05 yuan in 2025, and 1.44 yuan in 2026 [1][8] Market Data - The closing price of the stock is 11.57 yuan, with a market capitalization of 23,362.50 million yuan [5] - The price-to-earnings ratio (P/E) is projected to be 14.59 for 2024, 10.86 for 2025, and 7.91 for 2026 [1][8]