CHINA LESSO(02128) 海通国际证券·2025-04-03 04:39Investment Rating - The report maintains an "Outperform" rating for China LESSO Group Holdings [1][9] Core Views - The company's net profit attributable to shareholders for 2024 decreased by 28.9% year-on-year, amounting to RMB 1.684 billion, with revenue also declining by 12.4% to RMB 27.026 billion [5][9] - The decline in profits is primarily attributed to a decrease in gross profit of RMB 828 million and a reduction in the performance of joint ventures by RMB 220 million [5][9] - The company is focused on extending the value of its main business in plastic pipeline systems, with a steady recovery in gross profit margin [6][7] Financial Performance - Revenue from plastic pipeline systems was RMB 22.819 billion, down 7.2% year-on-year, with a gross profit margin of 28.7%, an increase of 0.2 percentage points [6][7] - The company expects net profits for 2025, 2026, and 2027 to be RMB 2.201 billion (+57.49%), RMB 2.476 billion (+54.58%), and RMB 2.675 billion respectively, with corresponding EPS of RMB 0.71, RMB 0.80, and RMB 0.86 [9] Market Expansion - The company is actively exploring overseas markets, focusing on Southeast Asia, Africa, and North America, and has established production bases in several countries [8][9] - It aims to enhance its overall market share and influence in the international market through collaborative efforts among diversified businesses [8]