LIUGONG(000528) 东吴证券·2025-04-26 06:23Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [1][9]. Core Views - In Q1 2025, the company's net profit attributable to shareholders increased by 32% year-on-year, driven by strong performance in domestic and international markets, particularly in earthmoving and non-earthmoving machinery [2]. - The company's gross profit margin for Q1 2025 was 22.0%, a slight decrease of 0.8 percentage points year-on-year, while the net profit margin improved by 0.5 percentage points, reflecting ongoing enhancements in profitability [3]. - The completion of the mixed-ownership reform in 2022 has significantly boosted the company's growth potential, with share buybacks and increased holdings by major shareholders demonstrating confidence in long-term development [4]. Financial Performance Summary - For 2023A, total revenue is projected at 27,519 million yuan, with a year-on-year growth of 3.93%. By 2025E, revenue is expected to reach 35,012 million yuan, reflecting a growth rate of 16.46% [1]. - The net profit attributable to shareholders is forecasted to be 867.81 million yuan in 2023A, increasing to 2,071.69 million yuan by 2025E, representing a growth of 56.11% [1]. - The latest diluted EPS is expected to rise from 0.43 yuan in 2023A to 1.03 yuan in 2025E, indicating a strong upward trend in earnings per share [1].