驰宏锌锗(600497)：项目改造影响产量 维持高股息分配率

Core Insights - The company reported a revenue of 18.8 billion yuan for 2024, a year-on-year decrease of 14.8% [1] - Net profit attributable to shareholders was 1.29 billion yuan, down 14.2% year-on-year, while the non-recurring net profit was 1.4 billion yuan, a decrease of 9.6% [1] - The fourth quarter saw a revenue of 4.15 billion yuan, a significant decline of 25.5% year-on-year and 14.0% quarter-on-quarter [1] Production and Supply - The company's lead and zinc concentrate production for 2024 was 75,000 and 215,000 metric tons, respectively, down 15.1% and 14.9% year-on-year [1] - Lead and zinc product production was 166,000 and 485,000 tons, reflecting year-on-year decreases of 7.4% and 6.4% [1] - The decline in production was attributed to project renovations and safety system optimizations at mining sites [1] Profitability and Costs - The company experienced an increase in overall expense ratios, with total sales, management, R&D, and financial expense ratios at 7.66%, up 2.13 percentage points year-on-year [2] - Gross margin and net margin for 2024 were 17.71% and 6.87%, respectively, showing improvements of 1.64 and 0.35 percentage points year-on-year [2] - Average prices for lead and zinc in 2024 were 17,200 and 23,400 yuan per ton, up 10.1% and 8.2% year-on-year [2] Financial Health - The company's debt levels decreased, with short-term and long-term borrowings at 1.21 billion and 610 million yuan, down 11.6% and 1.0% year-on-year [3] - The asset-liability ratio was 28.8%, a reduction of 2.4 percentage points year-on-year, indicating improved financial stability [3] - The company plans to distribute a cash dividend of 660 million yuan, representing 51.2% of the net profit attributable to shareholders for 2024 [3] Future Outlook - The company has revised down its profit forecasts for 2025 and 2026, now expecting net profits of 1.75 billion and 2.0 billion yuan, respectively [3] - The long-term development trend for the company's lead, zinc, and germanium businesses remains positive, maintaining a "buy" rating [3]