WEIXING(SZ:002003) Xin Lang Cai Jing·2025-03-30 08:36Core Viewpoint - The company is expected to maintain stable growth in 2025, with a strong long-term growth logic likely to continue to materialize, despite potential impacts from U.S. tariffs on orders [1][3]. Financial Performance - In 2024, the company's revenue is projected to be 4.67 billion yuan, representing a year-on-year increase of 19.6%, while the net profit attributable to shareholders is expected to be 706 million yuan, up 26.4% year-on-year [2]. - The company's non-recurring net profit is forecasted at 690 million yuan, reflecting a 29.5% year-on-year growth, with a gross margin of 41.7%, an improvement of 0.8 percentage points [2]. - The dividend payout ratio for 2024 is set at 83% [2]. Product Performance - Revenue from buttons is expected to reach 1.95 billion yuan, a 22% increase year-on-year, with a gross margin of 42.96%, up 0.75 percentage points [2]. - Revenue from zippers is projected at 2.48 billion yuan, a 16% year-on-year increase, with a gross margin of 42.12%, an increase of 1.11 percentage points [2]. International Operations - The overseas gross margin is anticipated to decline by 1.56 percentage points to 42.16% in 2024, primarily due to losses from the Vietnam industrial park, which is expected to generate 32.1 million yuan in revenue but incur a loss of 58.32 million yuan [3]. - The company expects the losses from the Vietnam industrial park to narrow in 2025 as revenue increases [3]. Cost Management - For 2025, the company forecasts a decrease in sales and management expense ratios by 0.2 percentage points, while the R&D expense ratio is expected to increase by 0.5 percentage points [3]. - Financial expenses are projected to decrease due to increased interest income and foreign exchange gains [3]. Market Outlook - The company anticipates steady growth in order intake in 2025, driven by stable domestic and international apparel consumption [3]. - The company is focused on capturing market share from international leaders through advantages in delivery, design, and service [3].