LIUGONG(000528) 东吴证券·2025-04-26 06:01Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - In Q1 2025, the company's net profit attributable to shareholders increased by 32% year-on-year, with total revenue reaching 9.15 billion yuan, a 15.2% increase compared to the previous year [2] - The company is positioned to benefit from an upward cycle in domestic earthmoving machinery, with an expected revenue share of approximately 50% from this segment in 2024 [2] - The company's profitability continues to improve, with a net profit margin of 7.0%, up 0.5 percentage points year-on-year, despite a slight decline in gross margin due to accounting adjustments [3] - The mixed-ownership reform has enhanced the company's growth potential, and share buybacks reflect long-term confidence in its development [4] Financial Performance Summary - The company achieved total revenue of 27.519 billion yuan in 2023, with projected revenues of 30.063 billion yuan in 2024 and 35.012 billion yuan in 2025, reflecting a year-on-year growth rate of 9.24% and 16.46% respectively [1][10] - The net profit attributable to shareholders is forecasted to grow from 1.328 billion yuan in 2024 to 2.072 billion yuan in 2025, indicating a growth rate of 56.11% [1][10] - The latest diluted EPS is expected to rise from 0.66 yuan in 2024 to 1.03 yuan in 2025, with a corresponding P/E ratio decreasing from 16.56 to 10.60 [1][10]