SIRIO(300791) 华鑫证券·2025-04-24 14:34Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - The company's Q1 2025 total revenue reached 954 million yuan, reflecting a year-on-year growth of 0.3%, while the net profit attributable to shareholders was 69 million yuan, up 9% year-on-year [4][5] - The company is focusing on cost reduction and efficiency improvement, with a gross margin increase of 2 percentage points to 33.09% due to cost savings in procurement and optimized pricing strategies [5] - The company is expanding its overseas market presence while enhancing its domestic operations through product innovation and operational optimization [6] Summary by Sections Financial Performance - Q1 2025 revenue was 954 million yuan, with a year-on-year growth of 0.3% - Net profit attributable to shareholders was 69 million yuan, up 9% year-on-year - Non-recurring net profit was 65 million yuan, reflecting a 0.2% increase year-on-year [4] Cost Management - Gross margin improved by 2 percentage points to 33.09% - Selling and administrative expense ratios increased by 2 percentage points each to 9.33% and 11.85%, respectively, due to sales team upgrades and marketing promotions [5] Growth Strategy - The company is leveraging both organic growth through product innovation and external growth via business expansion - Domestic operations are being stabilized through the restructuring of sales teams and the establishment of new retail channels - The Americas market is showing scale effects with sufficient orders, while the European automated packaging production line has been launched to shorten local delivery times [6] Earnings Forecast - The company is expected to achieve EPS of 1.73, 2.23, and 2.70 yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 15, 11, and 10 times [7][10]