CCG(605099) 开源证券·2025-04-29 08:06Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Insights - The company reported strong performance in Q1 2025, with revenue of 7.9 billion yuan (up 15.3% year-on-year) and net profit of 1.6 billion yuan (up 28.7% year-on-year). The overall revenue for 2024 was 29.5 billion yuan (up 19.9% year-on-year) and net profit was 5.1 billion yuan (up 18.6% year-on-year) [6]. - The company is expected to maintain its leading position in the industry due to its global capacity expansion, with projected net profits of 6.10 billion yuan, 6.94 billion yuan, and 7.75 billion yuan for 2025, 2026, and 2027 respectively [6]. Financial Performance - In 2024, the company achieved a gross margin of 30.0% (down 1.6 percentage points) and a net profit margin of 17.3% (down 0.2 percentage points). For Q1 2025, the gross margin improved to 32.5% (up 2.1 percentage points) and the net profit margin increased to 19.7% (up 2.1 percentage points) [7]. - The company sold 91.07 million square meters of artificial turf in 2024 (up 25.5%), with significant revenue contributions from leisure turf (20.5 billion yuan, up 22.4%) and sports turf (5.9 billion yuan, up 6.4%) [8]. Revenue Breakdown - The international market contributed 26.2 billion yuan in revenue in 2024 (up 20.9%), accounting for 88.9% of total revenue, while domestic revenue was 3.3 billion yuan (up 13.0%) [8]. - The company is focusing on refined operations in key regions and increasing new customer development to further enhance its global market share [8]. Financial Summary and Valuation Metrics - The company’s projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.52 yuan, 1.73 yuan, and 1.93 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 13.1, 11.5, and 10.3 [9]. - The financial metrics indicate a stable growth trajectory, with revenue expected to reach 33.83 billion yuan in 2025, reflecting a year-on-year growth of 14.6% [9].