Shanghai Friendess(688188) 东吴证券·2025-04-23 06:23Investment Rating - The investment rating for the company is "Buy" (maintained) [2][11] Core Views - The company reported Q1 2025 earnings that exceeded market expectations, driven by a continuous recovery in domestic demand [2][3] - Revenue for Q1 2025 reached 500 million yuan, representing a year-on-year increase of 30.1%, attributed to market expansion and product structure optimization [3] - The company maintains high profitability with a net profit of 260 million yuan in Q1 2025, a year-on-year increase of 32.0% [4] - The smart welding industry is establishing a trend, with the company focusing on technology application and market penetration [5] Financial Performance Summary - Total revenue projections for the company are as follows: - 2023: 1,407 million yuan - 2024: 1,735 million yuan (23.33% YoY growth) - 2025: 2,095 million yuan (20.70% YoY growth) - 2026: 2,539 million yuan (21.19% YoY growth) - 2027: 3,093 million yuan (21.85% YoY growth) [3][12] - Net profit projections are as follows: - 2023: 728.91 million yuan - 2024: 882.71 million yuan (21.10% YoY growth) - 2025: 1,060.92 million yuan (20.19% YoY growth) - 2026: 1,293.34 million yuan (21.91% YoY growth) - 2027: 1,586.03 million yuan (22.63% YoY growth) [3][12] - The latest diluted EPS projections are: - 2023: 3.55 yuan - 2024: 4.30 yuan - 2025: 5.16 yuan - 2026: 6.29 yuan - 2027: 7.72 yuan [3][12] - The current P/E ratios are projected as follows: - 2024: 41.41 - 2025: 34.45 - 2026: 28.26 - 2027: 23.05 [3][12]