Shanghai Friendess(688188) 申万宏源证券·2025-04-22 13:44Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported Q1 revenue of 496 million yuan, a year-over-year increase of 30.12%, and a net profit of 255 million yuan, up 31.99% year-over-year, exceeding expectations [5][8] - The company benefits from increasing domestic demand for high-power thick plate cutting and expanding international applications, leading to sustained growth in its laser processing control system business [8] - The company maintains strong pricing power with a gross margin of 77.76% in Q1, despite a slight decrease from the previous quarter due to accounting adjustments and changes in product mix [8] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 2,180 million yuan, with a year-over-year growth rate of 25.6% [7] - The projected net profit for 2025 is 1,113 million yuan, reflecting a year-over-year growth of 26.0% [7] - The company expects to maintain a high gross margin of around 79% in the coming years, with a projected PE ratio of 33 for 2025 [7][8] Business Development and Technology - The company is expanding its technology applications, including advanced automation features in laser cutting and new welding technologies for various industries [8] - The introduction of new technologies such as adaptive welding and precision processing is expected to enhance the company's market position and drive future growth [8]