FIRMACO(600967) 天风证券·2025-04-27 03:13Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company achieved significant revenue growth in Q1 2025, with a revenue of 2.731 billion yuan, representing a year-on-year increase of 19.6% and a quarter-on-quarter increase of 1.75% [2] - The company plans to achieve a main business revenue of 11 billion yuan in 2025, which is a 12.34% increase compared to 2024 [2] - The substantial increase in related party transactions, expected to reach 8.45 billion yuan in 2025, indicates a strong recovery in overall revenue [2] - The company is advancing in cutting-edge technologies such as unmanned systems and artificial intelligence, which is expected to enhance its growth trajectory [3] - The forecast for net profit attributable to the parent company for 2025-2027 has been slightly adjusted downwards, with expected figures of 911 million yuan, 1.051 billion yuan, and 1.241 billion yuan respectively [3] Financial Summary - In 2024, the company reported a revenue of 9.792 billion yuan, a decrease of 2.18% year-on-year, and a net profit of 499.51 million yuan, down 41.33% year-on-year [4] - The company’s EBITDA for 2024 is projected at 1.291 billion yuan, with a net profit margin of 5.10% [4] - The company’s financial ratios indicate a P/E ratio of 37.58 for 2024, expected to decrease to 20.61 in 2025 [4] - The total assets of the company are projected to reach 31.598 billion yuan by 2025, with a debt-to-equity ratio of 42.03% [10]