CCG(605099) 太平洋·2025-04-29 04:10Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [8][15]. Core Insights - The company reported excellent performance in Q1 2025, with significant revenue growth and deepening global capacity layout [1][10]. - In 2024, the company achieved a revenue of 2.952 billion yuan, representing a year-on-year growth of 19.92%, and a net profit of 511 million yuan, up 18.56% [4][9]. - The company plans to distribute a cash dividend of 6.40 yuan per 10 shares, totaling 257 million yuan, with a payout ratio of 50.28% [4]. Financial Performance - In Q1 2025, the company reported revenue of 793 million yuan, a 15.27% increase year-on-year, and a net profit of 156 million yuan, up 28.73% [4][6]. - The gross margin improved from 29.50% in Q4 2024 to 32.55% in Q1 2025, while the net margin increased from 16.98% to 19.67% in the same period [6]. - The company’s revenue from leisure grass, sports grass, and paving business in 2024 was 2.052 billion yuan, 594 million yuan, and 288 million yuan, respectively, with growth rates of 22.43%, 6.38%, and 37.18% [5]. Capacity Expansion - The company is expanding its production capacity with new projects in Vietnam and Mexico, aiming for a total annual capacity of 172 million square meters after completion [7]. - The Vietnam facility is expected to produce 40 million square meters of artificial turf annually, while the Mexico facility is projected to produce 16 million square meters [7]. Future Projections - The company forecasts net profits of 600 million yuan, 703 million yuan, and 812 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.49 yuan, 1.75 yuan, and 2.02 yuan [9][12]. - The projected revenue growth rates for the next few years are 16.10% for 2025, 14.60% for 2026, and 12.40% for 2027 [9].