BJLE(002392) 华泰证券·2025-05-14 08:03Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company has made strategic investments in AI chip technology, which aligns with its long-term growth strategy in emerging industries [1][2] - The company's Q1 2025 revenue increased by 10.5% year-on-year, and net profit attributable to shareholders rose by 49.4%, indicating stabilization in its core business operations [1][3] - The company plans to implement a second employee stock ownership plan to enhance long-term development momentum [4] Summary by Sections Investment Overview - The company invested 200 million RMB and 50 million RMB in Shanghai Zhenliang Intelligent Technology, acquiring 11.43% and 2.86% equity, respectively [1] - The investment is expected to accelerate the company's development in domestic AI chip sectors, despite limited short-term returns [1][2] Financial Performance - For 2024, the company anticipates revenue of 6.33 billion RMB, a 12% increase year-on-year, with net profit expected to be 318.59 million RMB, a decrease of 18.29% [7] - In Q1 2025, the company achieved revenue of 16.7 billion RMB, with a gross margin of 16.0%, reflecting an improvement in operational metrics [3] Employee Incentives - The second phase of the employee stock ownership plan involves 10 executives and 110 employees, with a share price set at 4.58 RMB [4] Profit Forecast and Valuation - The company has adjusted its revenue and net profit forecasts for 2025-2026, with expected EPS of 0.33 RMB for 2025 [5] - The target price is set at 7.59 RMB, based on a 23x PE ratio for 2025, reflecting an increase from the previous target of 3.71 RMB [5][9]