Up-shine Lighting (301362) 申万宏源证券·2025-04-23 14:16Investment Rating - The report maintains an "Outperform" investment rating for the company [2][8] Core Insights - In Q1 2025, the company achieved revenue of 403 million yuan, a year-on-year increase of 16%, and a net profit attributable to shareholders of 60 million yuan, up 18% year-on-year [5][8] - The company's revenue growth outperformed the industry, as the overall export of lighting products in China declined by approximately 8% in the same period [8] - The gross profit margin slightly decreased to 28.63%, down 2.28 percentage points year-on-year, primarily due to changes in product mix, while the overall expense ratio improved [8] Financial Data and Profit Forecast - The company is projected to achieve total revenue of 1,786 million yuan in 2025, with a year-on-year growth rate of 8.9% [7] - The forecasted net profit attributable to shareholders for 2025 is 251 million yuan, representing a 9.0% increase year-on-year [7] - The earnings per share (EPS) for 2025 is estimated at 2.40 yuan, with a price-to-earnings (P/E) ratio of 16 [7]