WEIXING NBM(002372) 申万宏源证券·2025-04-27 07:44Investment Rating - The investment rating for the company is maintained at "Outperform" [1] Core Views - The company reported a decline in revenue and profit in Q1 2025, with total revenue of 895 million yuan, down 10.2% year-on-year, and a net profit of 114 million yuan, down 26.0% year-on-year [6] - Despite the short-term challenges, the long-term value of the company remains intact, focusing on enhancing its brand and service capabilities [6] - The company is committed to building a comprehensive water system product line while maintaining a strong cash flow and increasing dividend payouts [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 6,983 million yuan, with a year-on-year growth rate of 11.4% [2] - The net profit for 2025 is forecasted to be 1,203 million yuan, reflecting a growth rate of 26.3% [2] - The earnings per share (EPS) for 2025 is expected to be 0.76 yuan [2] - The gross margin is projected to be 40.6% in 2025, with a return on equity (ROE) of 22.5% [2] Market Data - As of April 25, 2025, the closing price of the stock was 12.26 yuan, with a market capitalization of 18,033 million yuan [3] - The stock has a dividend yield of 7.34%, indicating a strong return for shareholders [3] - The company has a price-to-earnings (P/E) ratio of 20 for 2024, which is expected to decrease to 16 in 2025 [2][3]