Shanghai Liangxin Electrical (002706) 民生证券·2025-04-26 10:37Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Viewpoints - The company has returned to a growth trajectory in Q1 2025, achieving revenue of 1.089 billion yuan, a year-on-year increase of 15.53%, and a net profit attributable to shareholders of 103 million yuan, up 15.15% year-on-year [1]. - The company's profitability is recovering, with a gross margin of 31.56% and a net margin of 9.53% in Q1 2025, indicating improved cost control and operational efficiency [1]. - The company is positioned as a leader in the low-voltage electrical industry, with a clear market positioning and strong R&D capabilities, focusing on innovation in new energy and smart living solutions [2][3]. Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 5.193 billion yuan, 6.523 billion yuan, and 8.323 billion yuan, respectively, with growth rates of 22.5%, 25.6%, and 27.6% [3][4]. - Net profit attributable to shareholders is expected to be 503 million yuan in 2025, 649 million yuan in 2026, and 855 million yuan in 2027, with growth rates of 61.3%, 29.0%, and 31.7% [3][4]. - The report indicates a PE ratio of 18x for 2025, 14x for 2026, and 11x for 2027, suggesting a favorable valuation outlook [3][4].