Up-shine Lighting (301362) 天风证券·2025-04-24 06:23Investment Rating - The investment rating for the company is "Accumulate" and it is maintained [3] Core Views - The company has shown a recovery in revenue with a year-on-year increase of 15.66% in Q1 2025, reaching 403 million yuan, and a net profit increase of 18.45% to 60 million yuan [1] - The company is expected to benefit from the increasing penetration of LED in overseas commercial and industrial markets, particularly in the U.S. post-pandemic [2] - The forecasted net profits for the company from 2025 to 2027 are 250 million yuan, 280 million yuan, and 300 million yuan respectively, with corresponding dynamic P/E ratios of 15.9x, 14.5x, and 13.3x [2] Financial Performance - In Q1 2025, the company's gross margin was 28.63%, a decrease of 2.28 percentage points year-on-year, but an increase of 1.1 percentage points quarter-on-quarter [1] - The net profit margin for Q1 2025 was 14.85%, reflecting a year-on-year increase of 0.37 percentage points [1] - The company’s total revenue for 2023 was 1,528.64 million yuan, with a growth rate of 4.34%, and is projected to reach 2,177.31 million yuan by 2027, with a growth rate of 9.53% [9] Valuation Metrics - The current price of the stock is 38.45 yuan, with a target price not specified [3] - The company has a total market capitalization of approximately 4,024.56 million yuan [4] - The earnings per share (EPS) for 2025 is projected to be 2.42 yuan, with a P/E ratio of 15.86 [9]