Investment Rating - The investment rating for Yongxin Co., Ltd. is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance metrics and management changes. Core Insights - Yongxin Co., Ltd. reported a revenue of 3.525 billion yuan in 2024, representing a year-on-year increase of 4.3%, and a net profit attributable to shareholders of 468 million yuan, up 14.6% year-on-year [1] - The company achieved a cash dividend of 380 million yuan in 2024, with a dividend payout ratio of 81.2%, resulting in a rolling dividend yield of 5.4% based on the closing price on March 24, 2025 [2] - The new management team, led by Chairwoman Jiang Lei, is expected to drive innovation and market expansion, enhancing the company's growth trajectory [3] Revenue and Profitability - In Q4 2024, Yongxin Co., Ltd. achieved a revenue of 986 million yuan, a year-on-year increase of 9.6%, and a net profit of 163 million yuan, up 41.7% year-on-year [1] - The printing segment generated 2.477 billion yuan in revenue for 2024, with a gross margin of 26.3%, while the film segment saw a revenue increase of 37.9% to 724 million yuan, with a gross margin of 10.3% [2] - The overseas market contributed 452 million yuan in revenue, reflecting an 18.8% year-on-year growth, with a gross margin of 23.8% [3] Management Changes - The management team has undergone significant changes, with Jiang Lei taking over as Chairwoman and Pan Jian appointed as the new General Manager, both bringing extensive experience to the company [3] Financial Forecast - The forecast for net profit attributable to shareholders is projected to be 510 million yuan in 2025, 550 million yuan in 2026, and 601 million yuan in 2027, with corresponding P/E ratios of 13.9X, 12.7X, and 11.7X respectively [4][5]

Summary of Yongxin Co., Ltd. Conference Call Company Overview - **Company**: Yongxin Co., Ltd. - **Year**: 2024 - **Total Revenue**: Slight decline, with total revenue at 3.5 billion yuan, a 4% year-on-year increase [2][3] - **Profit Growth**: Approximately 15% year-on-year, driven by scale effects and product structure optimization [2][3] Key Business Segments - **Film Business**: - Revenue growth of nearly 37% year-on-year, accounting for 22% of total revenue [2][3] - Products include high barrier films, breathable films, label films, and protective films [4] - **International Business**: - Revenue of 450 million yuan, an 18% year-on-year increase [2][3] - Overseas market growth rate reached 19% in 2024, with optimistic expectations for 2025 [9] Strategic Focus - **2025 Goals**: - Emphasis on "strong transformation, promotion of upgrades, project expansion, and stable growth" [6] - Plans to expand domestic and international markets, accelerate project construction, and enhance production capacity [6] - **Product Quality and Sustainability**: - Focus on product quality stability and collaboration on material recycling and environmental friendliness [2][15] Market Dynamics - **Downstream Applications**: - Traditional applications include food packaging, daily chemical packaging, and medical product packaging [14] - New applications in high barrier breathable films and label films, with potential for growth [14] - **Customer Base**: - Growth driven by existing customers' new businesses, new customers, and new markets [12][13] Financial Outlook - **Capital Expenditure Plans**: - 2025 plans include production capacity for 22,000 tons and investments in smart printing factories [17][18] - **Profit Margin Improvement**: - Focus on high-margin products and optimization of production capacity to enhance overall gross margin [11][19] Challenges and Opportunities - **Global Expansion**: - Opportunities arise from international packaging companies reducing capacity due to high energy costs [10] - The company is actively pursuing a strategy for domestic enterprises to expand overseas [10] Future Projections - **Revenue and Profit Expectations for 2025**: - Facing significant pressure but confident in delivering satisfactory results under new leadership [25] - **Order Situation**: - Current orders are stable, with expectations for growth in Q1 2025 [26] Additional Insights - **Dividend Policy**: - Historically stable dividend policy with a payout ratio of 80% expected to continue [24] - **Mergers and Acquisitions**: - Establishment of a merger and acquisition committee to achieve rapid growth through external expansion and industry consolidation [23]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [4][6][17]. Core Insights - The company reported strong Q4 performance with revenue of 986 million, a year-on-year increase of 9.6%, and a net profit of 163 million, up 41.7% year-on-year. For the full year 2024, revenue reached 3.525 billion, a 4.3% increase, and net profit was 468 million, up 14.6% year-on-year [1][4]. - The company continues its high dividend policy, distributing 380 million in dividends, which represents 81% of its net profit [1]. - The company is focusing on product innovation and enhancing product value, particularly in emerging consumer packaging and new material segments, which has helped maintain stable gross margins despite increased competition [3]. Financial Performance Summary - In 2024, the company achieved a gross margin of 23.67%, a slight decrease of 0.99 percentage points year-on-year, while the net profit margin improved to 13.27%, an increase of 1.19 percentage points [3][12]. - The company’s revenue from color printing packaging materials was 2.477 billion, down 2.92% year-on-year, while plastic soft packaging film revenue surged to 724 million, a 37.9% increase [2][11]. - The company’s international market revenue grew by 18.84% to 452 million, reflecting successful overseas market expansion efforts [2][10]. Financial Projections - The company’s projected net profits for 2025, 2026, and 2027 are 510 million, 570 million, and 630 million respectively, with corresponding P/E ratios of 14, 13, and 12 [4][5]. - The expected revenue growth rates for the next few years are 10.45% in 2025, 10.15% in 2026, and 10.93% in 2027 [5][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% within the next six months [19]. Core Insights - The company reported a revenue of 3.525 billion yuan for 2024, representing a year-on-year increase of 4.34%, and a net profit of 468 million yuan, up 14.63% year-on-year [3][6]. - In Q4 2024, the company achieved a revenue of 986 million yuan, a 9.6% increase year-on-year, and a net profit of 163 million yuan, reflecting a significant growth of 41.7% year-on-year [3][6]. - The company continues to enhance quality and efficiency, leveraging scale and overall synergy in production, which has contributed to resilient operations [5]. Revenue Breakdown - The revenue from various product lines for 2024 includes: - Color printing packaging: 2.477 billion yuan (down 2.92%) - Plastic soft packaging film: 724 million yuan (up 37.9%) - Aluminum-plated packaging: 58 million yuan (up 31.56%) - Ink business: 155 million yuan (down 0.1%) [5]. - The company’s domestic and international sales were 2.963 billion yuan and 452 million yuan, respectively, with year-on-year growth of 2.3% and 18.84% [5]. Profitability and Cost Control - The company maintained a gross margin of 23.8% and a net margin of 13.4% for 2024, with improvements in Q4 to 25.9% and 16.7%, respectively [6]. - The company effectively managed expenses, reducing the overall expense ratio to 9.14%, down 0.95 percentage points from the previous year [6]. - A cash dividend of 6.2 yuan per 10 shares was declared, totaling 380 million yuan, which represents 81.18% of the annual net profit, yielding a dividend rate of 5.66% [6]. Future Earnings Forecast - The company expects revenue growth to reach 3.82 billion yuan in 2025, 4.1 billion yuan in 2026, and 4.36 billion yuan in 2027, with year-on-year growth rates of 8%, 7%, and 6%, respectively [6][8]. - Projected net profits for 2025, 2026, and 2027 are 520 million yuan, 570 million yuan, and 620 million yuan, reflecting growth rates of 12%, 10%, and 8% [6][8].

本次利润分配方案具体实施前，若公司享有利润分配权的股份总额发生变动 的，则以实施利润分配方案股权登记日时享有利润分配权的股份总额为基数，按 照每股分配比例不变的原则，相应调整分红总额，具体金额以实际派发情况为准。 特此公告。 黄山永新股份有限公司 证券代码：002014 证券简称：永新股份 公告编号：2025-020 关于 2024 年度利润分配方案的补充公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 黄山永新股份有限公司（以下简称"公司"）于 2025 年 3 月 21 日在《证券时报》、 《上海证券报》及巨潮资讯网 http://www.cninfo.com.cn 上披露了《2024 年度利润分配 方案》，现对该公告进行补充披露如下： 黄山永新股份有限公司 二〇二五年三月二十二日 董 事 会 ...

证券代码：002014 证券简称：永新股份 关于2025 年开展套期保值业务的可行性分析报告 一、开展套期保值业务的目的 黄山永新股份有限公司（以下简称"公司"，含下属子公司）主要从事生产 和销售彩印软包装、多功能薄膜等产品，主要原材料石油炼化产品，同时，公司 在境外业务逐步扩大，进口采购、国际融资等国际交易日益频繁，因国际政治、 经济环境等多重因素影响，各国货币波动的不确定性增强。为规避经营相关原材 料及其他相关产品的价格大幅波动给公司经营带来的不利影响，有效减少汇率 波动的影响，规避外汇市场的风险，合理降低财务费用，公司拟使用自有资金 开展商品期货套期保值和外汇套期保值业务。 公司开展套期保值业务是套期保值，规避风险，不以获取投资收益为目的， 不影响公司主营业务的正常进展。 二、套期保值业务的基本情况 （一）商品套期保值 1、主要涉及业务品种：商品期货交易所挂牌交易的聚丙烯（PP）/聚乙烯 （PE）期货及期权合约。 2、拟交易金额：根据公司2025年经营目标，预计2025年公司开展期货衍生 品业务所需保证金最高占用资金额不超过人民币500万元（不含期货标的实物交 割款项），有效期内可循环使用，期限内任一时 ...

黄山永新股份有限公司 HUANGSHAN NOVEL CO., LTD 2024 年可持续发展报告 时间范围： 2024 年 1 月 1 日至 2024 年 12 月 31 日。为增强报告可比性和 完整性，部分内容及数据超出此时间范围。 证券代码：002014 证券简称：永新股份 披露日期：2025 年 3 月 21 日 | 1 前言 3 | | | --- | --- | | 1.1 关于本报告 3 | | | 1.2 董事长致辞 5 | | | 1.3 关于永新股份 6 | | | 1.4 可持续发展管理 8 | | | 2 绿色运营 | 环境守护 11 | | 2.1 | 完善环境管理体系 11 | | 2.2 | 践行清洁生产 11 | | 2.3 | 提高能源效率 13 | | 2.4 | 应对气候变化 15 | | 2.5 | 促进循环经济 18 | | 3 | 以人为本 和谐职场 20 | | 3.1 守护安全健康 20 | | | 3.2 | 员工权益保障 22 | | 3.3 | 共筑幸福家园 27 | | 4 | 高效治理 责任先行 29 | | 4.1 | 规范公司治理 29 | | 4 ...

证券代码：002014 证券简称：永新股份 公告编号：2025-019 为了让广大投资者进一步了解公司2024年年度报告和经营情况，公司将于 2025年3月26日（星期三）下午15:00—17:00在全景网举办2024年度业绩说明会， 本次活动将在深圳市全景网络有限公司提供的网上平台采取网络远程的方式举 行，投资者可以登陆"全景·投资者关系互动平台"（http://rs.p5w.net）参与本次年 度业绩说明会。 参加本次说明会的有：公司董事长江蕾女士、总经理潘健先生、财务负责人 吴旭先生、独立董事林钟高先生、董事会秘书唐永亮先生。 为充分尊重投资者、提升交流的针对性，现就公司2024年度业绩说明会提前 向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于2025年3月 25日前访问https://ir.p5w.net/zj/，或扫描下方二维码，进入问题征集专题页面，公 司将在业绩说明会上对投资者普遍关注的问题进行回答。 欢迎广大投资者积极参与本次网上说明会。 特此公告。 黄山永新股份有限公司 黄山永新股份有限公司 关于举办 2024 年度业绩网上说明会的公告 董 事 会 本公司及董事会全体成员保证信 ...

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