GRI(SH:600894) Xin Lang Cai Jing·2025-04-09 10:57Core Viewpoint - The company reported its 2024 annual results, showing stable performance in its main business segments despite a slight decline in overall revenue compared to the previous year [1][3]. Financial Performance - In 2024, the company achieved revenue of 7.26 billion yuan, a year-on-year decrease of 1.68%, while net profit attributable to shareholders was 812 million yuan, an increase of 6.56% [1]. - The gross margin was 15.42%, up by 1.02 percentage points, and the net profit margin was 10.95%, up by 1.19 percentage points [1]. - For Q4 2024, the company reported revenue of 2.316 billion yuan, a year-on-year increase of 14.61%, and a net profit of 266 million yuan, up by 1.97% [2]. Business Segments - Hitachi Elevator: In 2024, Hitachi Elevator (China) generated revenue of 27.56 billion yuan, a slight increase of 0.1%, but net profit decreased by 4.5% to 3.32 billion yuan. The company’s investment income from Hitachi Elevator was 726 million yuan, down by 6.6% [3]. - Elevator Components and Logistics: Revenue for this segment was 3.96 billion yuan, a decrease of 0.5%, with a gross margin of 7.24%, down by 0.3 percentage points. The company made progress in expanding its customer base and product offerings [3]. - Complete Elevator Business: The company sold 28,700 elevators in 2024, a year-on-year increase of 1%, with revenue of 3.1 billion yuan, down by 2%. The gross margin improved to 25.08%, up by 2.19 percentage points [4]. - Aftermarket Business: The company benefited from policies promoting the installation of elevators in old buildings, with a 63% increase in renovation orders. The self-maintenance rate for elevators exceeded 20% [4]. Future Outlook - The company forecasts revenues of 7.623 billion yuan, 8.053 billion yuan, and 8.490 billion yuan for 2025-2027, with net profits of 871 million yuan, 947 million yuan, and 1.03 billion yuan respectively [5]. - The company plans to maintain a cash dividend payout ratio of no less than 60% from 2024 to 2026, having already achieved a 144% cash dividend ratio in 2024, resulting in a dividend yield of 9.25% [5]. - The company is considered a high-dividend asset with both cyclical and growth attributes being less pronounced, maintaining a "buy" rating [6].