坚朗五金（002791）：经营提质增效，现金流延续改善

Investment Rating - The investment rating for the company is "Recommended" (maintained) [1][3]. Core Views - The company reported a revenue of 1.21 billion yuan in Q1 2025, a year-on-year decline of 11.7%, with a net profit attributable to shareholders of -40.61 million yuan, an improvement from -45.87 million yuan in the same period last year [3][6]. - The operating cash flow and accounts receivable have shown improvement year-on-year, indicating a continuous enhancement in operational quality [6]. - Despite a downward revision in profit forecasts due to weak industry recovery, the company's stock price has adjusted significantly, and it maintains advantages in channels, product categories, and operations, suggesting substantial profit margin recovery potential in the future [6][7]. Financial Summary - Revenue projections for 2025-2027 are 2.0 billion yuan, 2.7 billion yuan, and 3.3 billion yuan respectively, with corresponding P/E ratios of 39.8, 30.1, and 24.4 [6][9]. - The company’s gross margin is expected to stabilize around 31.1% for the next few years, with net profit margins improving from 1.4% in 2024 to 4.5% by 2027 [9][10]. - The total assets are projected to grow from 10.07 billion yuan in 2024 to 11.43 billion yuan in 2027, while total liabilities are expected to increase from 3.92 billion yuan to 4.63 billion yuan over the same period [8][10].