FIRMACO(600967) 天风证券·2025-04-27 06:23Investment 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 has been adjusted to 910.89 million yuan, reflecting a significant recovery from the previous year's decline [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 projected financials for 2025 include a revenue of 11.505 billion yuan, a net profit of 910.89 million yuan, and an EPS of 0.54 yuan [4] - The company’s P/E ratios for 2025, 2026, and 2027 are expected to be 20.61, 17.85, and 15.13 respectively [3][4]