证券代码：603515 证券简称：欧普照明 公告编号：2025-024 欧普照明股份有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 股东大会召开日期：2025年5月28日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 28 日 14 点 00 分 召开地点：上海市闵行区吴中路 1799 号万象城 V2 栋公司会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 28 日至2025 年 5 月 28 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回 ...

Investment Rating - The investment rating for the light industry manufacturing sector is "Positive" [2] Core Viewpoints - The report suggests that the darkest period for the civil electrical engineering sector may have passed, with a focus on dividend value [2][3] - The domestic real estate market is stabilizing, leading to a narrowing decline in sector revenue [2][7] - Leading companies are demonstrating stronger resilience and are exploring new product and channel opportunities [2][9] Summary by Sections Civil Electrical Engineering Overview - In 2024, the sector faced a decline in revenue due to weakened real estate demand, particularly in Q2 and Q3, but began to stabilize in Q4 following the introduction of stimulus policies [2][7] - Bull Group's revenue grew by 7.3% in 2024 and 3.3% in Q1 2025, while its net profit increased by 10.4% and 4.9% respectively [2][9] - Opple Lighting experienced a revenue decline of 9.0% in 2024 and 5.9% in Q1 2025, but its net profit rose by 16.8% in Q1 2025 [2][10] Financial Performance - Gross margins are under pressure, with Bull Group and Opple Lighting's gross margins at 42.8% and 38.8% respectively in 2024, showing slight year-on-year changes [2][12] - The average payout ratio for key companies in the sector has been increasing, with Bull Group and Opple Lighting's payout ratios reaching 72.6% and 73.8% in 2024 [2][17] Investment Recommendations - The report recommends focusing on resilient core assets like Bull Group and high dividend yield companies like Opple Lighting [2][19]

Investment Rating - The investment rating for the light industry manufacturing sector is "Positive" [2] Core Viewpoints - The report suggests that the darkest period for the civil electrical engineering sector may have passed, with a focus on dividend value [7] - The income decline in the sector has narrowed as the real estate market stabilizes, particularly after the introduction of stimulus policies in late 2024 [7][9] - Leading companies in the sector exhibit stronger resilience and are exploring new product and channel opportunities [9][10] - Bull Group and Op Lighting have shown varying performance, with Bull Group achieving revenue growth of 7.3% and 3.3% year-on-year in 2024 and Q1 2025, respectively, while Op Lighting experienced a decline of 9.0% and 5.9% [9][10] - The gross profit margins of major companies are under pressure, with Bull Group and Op Lighting reporting margins of 41.0% and 36.3% in Q1 2025, respectively [12][13] - The dividend payout ratio is increasing, highlighting the sector's dividend value, with Bull Group and Op Lighting achieving payout ratios of 72.6% and 73.8% in 2024 [17] Summary by Sections Civil Electrical Engineering Overview - The civil electrical engineering sector is experiencing a stabilization in income as the real estate market shows signs of recovery following government stimulus measures [7][9] - Leading companies are leveraging their product and channel advantages to maintain performance above the industry average [9] Company Performance - Bull Group's revenue and net profit have shown positive growth despite market pressures, with a focus on innovation and new business areas [9][10] - Op Lighting is focusing on technological innovation and expanding its market presence, particularly in smart lighting solutions [10] Profitability and Margins - The overall profitability of the sector is under pressure, with many companies experiencing a decline in gross profit margins due to weakened demand and increased inventory costs [12][13] - The report highlights the need for companies to manage costs effectively while pursuing growth opportunities [12] Dividend Trends - The report emphasizes the increasing dividend payout ratios among leading companies, indicating a focus on returning value to shareholders [17]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a total revenue of 7.096 billion yuan for 2024, a year-on-year decrease of 8.96%, with a net profit attributable to shareholders of 903 million yuan, down 2.28% year-on-year [2][4]. - In Q4 2024, the company achieved revenue of 2.029 billion yuan, a year-on-year decline of 11.08%, but a quarter-on-quarter increase of 19.20% [10]. - The company plans to distribute a cash dividend of 9 yuan per 10 shares to all shareholders, which accounts for 73.80% of the net profit attributable to shareholders for 2024 [4]. Summary by Sections Financial Performance - For 2024, the company achieved a gross profit margin of 39.29%, a slight increase of 0.04 percentage points year-on-year [10]. - The total operating expenses for 2024 were 2.096 billion yuan, with a period expense ratio of 26.50%, an increase of 1.03 percentage points year-on-year [10]. - The company’s operating profit for 2024 was 765 million yuan, a decrease of 10.40% year-on-year [10]. Future Projections - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 976 million yuan, 1.030 billion yuan, and 1.113 billion yuan, respectively, with corresponding price-to-earnings ratios of 12.88, 12.20, and 11.29 [10].

Investment Rating - The investment rating for Opple Lighting (603515) is not explicitly stated in the provided documents, but the report emphasizes a positive outlook on shareholder returns and innovation in smart lighting [1]. Core Viewpoints - The report highlights that despite the challenges posed by the real estate downturn, Opple Lighting is committed to innovation in smart lighting products and multi-channel development to maintain its leading position in the market [1][2]. - The company is focusing on building a smart lighting ecosystem and enhancing user experience through diversified product offerings and solutions [2]. - The financial performance shows a slight decline in revenue for 2024, but a positive growth in net profit for Q1 2025, indicating resilience in profitability [1][5]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 7.096 billion yuan, a year-on-year decrease of 9.0%, and a net profit of 903 million yuan, down 2.3% year-on-year [1]. - For Q1 2025, revenue was 1.491 billion yuan, a decrease of 5.8% year-on-year, while net profit increased by 16.8% to 141 million yuan [1]. - The gross margin for 2024 was 39.29%, with a net profit margin of 12.72%, showing relative stability in profitability metrics [4]. Product and Market Strategy - The company is leading the industry transformation towards smart and healthy lighting, with a focus on technological innovation and diverse product matrices [2]. - Opple Lighting has upgraded its SDL smart spectrum technology and launched the "Opple Tianjing Ceiling Light" as a benchmark product in smart health lighting [2]. - The company is enhancing its retail channels by optimizing the user experience and expanding its market coverage through various strategies, including e-commerce and international markets [3]. Operational Efficiency - The company is leveraging AI to enhance operational efficiency across the supply chain, integrating data from product development to end-user services [3]. - The cash flow remains robust, with operating cash flow of 819 million yuan in 2024 and a dividend payout of 667 million yuan, reflecting a payout ratio of 73.8% [5]. Future Outlook - The forecast for net profit from 2025 to 2027 is projected to be 952 million yuan, 1.031 billion yuan, and 1.138 billion yuan, respectively, indicating a growth rate of 5.4%, 8.3%, and 10.4% [5].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report emphasizes a positive outlook on shareholder returns and innovation in smart lighting solutions [1]. Core Viewpoints - The company is focusing on exploring smart lighting ecosystems and enhancing shareholder returns through product innovation and multi-channel development despite industry challenges [1][2]. - The company has introduced advanced technologies such as SDL smart spectrum technology, which simulates natural light and has been applied in various fields, establishing a benchmark product in smart health lighting [2]. - The company is enhancing its operational quality and market coverage through a multi-channel strategy, optimizing retail channels, and expanding its presence in e-commerce and overseas markets [3]. - The company is leveraging AI to improve supply chain efficiency and is committed to digital transformation across its operations [3]. - The company's profitability remains stable, with a gross margin of 39.29% and a net profit margin of 12.72% in 2024, indicating robust operational performance [4]. - The company has maintained a strong cash flow, with operating cash flow of 819 million and a dividend payout of 667 million, reflecting a commitment to returning value to shareholders [5]. Financial Summary - In 2024, the company achieved a revenue of 7.096 billion (down 9.0% YoY) and a net profit of 903 million (down 2.3% YoY) [1]. - The projected net profits for 2025-2027 are 952 million, 1.031 billion, and 1.138 billion, respectively, with expected growth rates of 5.4%, 8.3%, and 10.4% [5]. - The company's gross margin is expected to improve slightly to 39.6% in 2025 and further to 40.1% by 2027 [7].

Summary of Opple Lighting Conference Call Company Overview - **Company**: Opple Lighting - **Fiscal Year**: 2024 - **Key Financials**: - Gross Margin: 39.3% - Net Profit: 903 million CNY, down 2% YoY - Revenue: 7.1 billion CNY, down 9% YoY [2][3] Core Insights and Arguments - **Business Performance**: - Home lighting business declined by 5%, while sales of whole-house smart lighting solutions grew over 40% [2][3] - Commercial lighting business faced a nearly 30% decline due to economic impacts, but project-type business maintained growth [2][3] - E-commerce sales saw a double-digit decline, while commercial lighting showed slight growth [2][4] - **Future Outlook**: - For Q1 2025, revenue slightly declined, but profit increased [4] - The company aims for a revenue growth of 5%-10% while maintaining gross and net profit margins [4] - Focus on technological and solution innovation, including new product launches [4] - **Government Subsidies**: - National subsidy policies had a limited but positive impact on sales due to diverse product categories and average transaction prices [2][5] - The company is exploring how offline distributors can leverage subsidies to boost sales [5] - **Gross Margin Pressure**: - Expected pressure on gross margin in H2 2024 and Q1 2025 due to terminal pricing factors [2][6] - Offline retail and commercial channels experienced margin declines, while other channels remained stable [6][7] - **Investment and Other Income**: - Other income increased due to government incentives and bank investment returns [2][8] - Investment income may decline slightly due to lower bank interest rates [8] Additional Important Insights - **Employee Count**: - Reduction in employee numbers due to macroeconomic pressures and AI applications replacing certain roles [3][10] - **Channel Performance**: - Revenue distribution: B2C offline (45%), B2B offline (25%), e-commerce (20%), overseas (10%) [3][14] - E-commerce faces intense competition, leading to a need for increased channel support [19] - **Inventory and Cash Flow**: - Inventory turnover days have increased due to slower payment speeds from major platforms [21] - Stock levels are expected to remain stable, with inventory turnover within 60 days [22] - **Market Trends**: - The recovery of the second-hand housing market is expected to positively impact sales of high-end products [23][24] - The company holds an estimated 8% market share in the home lighting sector, which is valued between 500 billion to 600 billion CNY [25] - **R&D and Innovation**: - Continued investment in R&D, focusing on smart lighting solutions and partnerships with universities [26] - The company aims to enhance its product offerings and market presence through innovation [26] - **M&A Strategy**: - The company is exploring M&A opportunities in the commercial lighting sector, focusing on acquiring benchmark enterprises with strong brands and solutions [27][31] This summary encapsulates the key points from the conference call, highlighting the company's performance, strategic outlook, and market dynamics.

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][16]. Core Views - The company experienced a revenue decline of 8.96% year-on-year in 2024, with total revenue reaching 7.096 billion yuan. However, the decline in revenue is showing signs of stabilization, with a smaller drop of approximately 5.83% in Q1 2025 compared to previous quarters [1][2]. - The company is focusing on enhancing its competitive advantage through channel expansion and product innovation, particularly in smart lighting solutions and e-commerce [2][4]. - The gross margin for 2024 was 39.3%, with a slight decrease to 36.3% in Q1 2025. The company is implementing digital transformation strategies to improve efficiency and stabilize margins in the future [3][4]. Financial Performance Summary - In 2024, the company reported a net profit of 9.03 billion yuan, a decrease of 2.28% year-on-year. The projected net profits for 2025, 2026, and 2027 are 9.62 billion yuan, 10.59 billion yuan, and 11.84 billion yuan, respectively [1][5][4]. - The company plans to distribute a cash dividend of 0.9 yuan per share, with a total payout of 6.66 billion yuan, resulting in a dividend payout ratio of 73.8%, up from 67.7% in the previous year [1][4]. - The company's financial metrics indicate a projected PE ratio of 12.5x for 2025, decreasing to 10.1x by 2027, reflecting a favorable valuation trend [5][4].

Group 1 - The company achieved a revenue of 7.096 billion yuan in 2024, a year-on-year decrease of 8.96%, and a net profit attributable to shareholders of 903 million yuan, a year-on-year decrease of 2.28% [1] - In Q1 2025, the company reported a revenue of 1.491 billion yuan, a year-on-year decrease of 5.83%, and a net profit attributable to shareholders of 141 million yuan, a year-on-year increase of 16.77% [1] - The company announced a cash dividend distribution plan for 2024, proposing a cash dividend of 0.9 yuan per share, totaling approximately 666.44 million yuan, which corresponds to 73.8% of the net profit attributable to shareholders, an increase from 47.5% in 2022 and 67.7% in 2023 [1] Group 2 - In the home furnishing sector, the company is optimizing retail channels with a focus on "scenario-based solutions" and expanding its presence in lower-tier markets through diversified product offerings [2] - In the commercial lighting sector, the company is establishing benchmark projects in logistics parks and renewable energy factories, and has formed deep collaborations with mainstream apparel brands [2] - The company is enhancing its e-commerce business by integrating "intelligent" and "high-efficiency" technologies with online content ecosystems, while also responding to "trade-in" subsidy policies [2] Group 3 - The company achieved a gross profit margin of 39.29% in 2024, a year-on-year decrease of 1.04 percentage points, while the net profit margin improved to 12.75%, a year-on-year increase of 0.82 percentage points [3] - In Q1 2025, the company reported a gross/net profit margin of 36.32% and 9.49%, respectively, with the net profit margin increasing by 1.83 percentage points year-on-year [3] - The company slightly raised its profit forecast for 2025-2026, expecting net profits of 949 million yuan and 1 billion yuan, representing year-on-year growth of 5.1% and 5.4% respectively [3]

Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company's Q1 2025 performance exceeded expectations, with a continuous increase in dividend payout ratio. For 2024, the company achieved total revenue of 7.096 billion yuan, a year-on-year decrease of 8.96%, and a net profit attributable to shareholders of 903 million yuan, a year-on-year decrease of 2.28%. In Q1 2025, the company reported total revenue of 1.491 billion yuan, a year-on-year decrease of 5.83%, and a net profit of 141 million yuan, a year-on-year increase of 16.77% [6] - The company announced a cash dividend of 0.9 yuan per share for 2024, totaling approximately 666.44 million yuan, which corresponds to a payout ratio of 73.8% of the net profit attributable to shareholders, an increase from 47.5% and 67.7% in 2022 and 2023 respectively, highlighting its strong dividend attributes [6] - The company is focusing on smart home trends and upgrading consumer scenarios, optimizing retail channels with "scenario-based solutions," and expanding its market presence through diversified product offerings and refined operations [6] - The company achieved a gross profit margin of 39.29% in 2024, with a net profit margin of 12.75%, reflecting a year-on-year increase of 0.82 percentage points [6] - The report slightly raises the profit forecast for 2025-2026, projecting net profits of 949 million yuan and 1 billion yuan for 2025 and 2026 respectively, with corresponding year-on-year growth rates of 5.1% and 5.4% [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 7.096 billion yuan, with a forecasted revenue of 7.454 billion yuan for 2025, reflecting a year-on-year growth of 5.0% [5] - The company expects to achieve a net profit of 949 million yuan in 2025, with a projected earnings per share of 1.27 yuan [5] - The gross profit margin is expected to improve to 39.7% in 2025, with a return on equity (ROE) of 13.5% [5]