JIULI Hi-tech(002318) 光大证券·2025-04-25 10:23Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [5][16]. Core Insights - In Q1 2025, the company achieved a record high net profit attributable to shareholders of 3.89 billion yuan, representing a year-on-year increase of 18.59% [1]. - The company's revenue for Q1 2025 was 28.83 billion yuan, reflecting a year-on-year growth of 20.67% [1]. - The company continues to focus on high R&D investment, with R&D expenses amounting to 0.92 billion yuan in Q1 2025, a year-on-year increase of 4.27% [2]. - The company is prioritizing capital expenditure towards high-value-added sectors, particularly in advanced materials and smart manufacturing [2]. - The company plans to further reduce its stake in Yongxing Materials, with a proposed sale of up to 15.83 million shares [3]. Financial Performance Summary - For 2025, the company is projected to achieve a net profit of 16.24 billion yuan, with subsequent estimates of 18.76 billion yuan in 2026 and 21.60 billion yuan in 2027 [3][4]. - The company's revenue is expected to grow from 11.83 billion yuan in 2025 to 12.71 billion yuan in 2026, with a growth rate of 8.37% [4][11]. - The estimated EPS for 2025 is 1.66 yuan, increasing to 2.21 yuan by 2027 [4][11]. Profitability and Valuation Metrics - The company's gross margin is projected to improve from 27.6% in 2025 to 30.5% by 2027 [13]. - The P/E ratio is expected to decrease from 14 in 2025 to 10 by 2027, indicating a potentially attractive valuation [14]. - The return on equity (ROE) is forecasted to remain stable around 18.9% in 2025, with a slight increase to 19.9% by 2027 [13].