Changhong Meiling (SZ:000521) Xin Lang Cai Jing·2025-04-09 12:07Core Viewpoint - In 2024, the company reported revenue of 28.6 billion yuan, a year-on-year increase of 17.32%, while net profit attributable to shareholders decreased by 4.97% to 700 million yuan, indicating challenges in profitability despite revenue growth [1] Financial Performance - 2024 revenue, net profit, and net profit excluding non-recurring items were 28.6 billion, 700 million, and 700 million yuan respectively, with year-on-year changes of +17.32%, -4.97%, and -7.28% [1] - Q4 2024 figures showed revenue of 5.8 billion, net profit of 170 million, and net profit excluding non-recurring items of 180 million yuan, with year-on-year changes of +12.15%, -28.78%, and -25.42% [1] - Gross margin for 2024 was 11.15%, down 2.79 percentage points year-on-year, with Q4 gross margin at 12.39%, down 3.43 percentage points [3] - Net profit margin for 2024 was 2.53%, down 0.66 percentage points year-on-year, with Q4 net profit margin at 3.10%, down 1.90 percentage points [3] Product Performance - Revenue from refrigerators, air conditioners, washing machines, small appliances, kitchenware, and other products in 2024 was 9.6 billion, 15.4 billion, 1.7 billion, 1.5 billion, 130 million, and 270 million yuan respectively, with year-on-year changes of +5.19%, +33.20%, +31.44%, -19.34%, -56.20%, and +6.69% [1] - In the air conditioning OBM business, the company launched key new products and strengthened brand promotion and service integration to support sales growth [1] - In the refrigerator and freezer OBM business, the company focused on technological innovation and product upgrades to meet diverse market demands [2] Regional Performance - Domestic and international revenue for 2024 was 18.1 billion and 10.2 billion yuan respectively, with year-on-year increases of +9.52% and +34.65% [3] - The company experienced significant revenue growth in overseas markets [3] Cost and Expense Management - The company maintained good control over expense ratios, with sales, management, R&D, and financial expense ratios for 2024 at 5.16%, 1.26%, 2.23%, and -0.59% respectively, showing year-on-year decreases [3] - The company faced rising raw material costs, impacting overall gross margins [3] Dividend Policy - The cash dividend proposal for 2024 is to distribute 3.30 yuan per 10 shares (including tax), with a dividend payout ratio of 48.6%, indicating an increase in the payout ratio [4] Investment Outlook - The company is expected to see revenue growth and improved profitability, with projected net profits for 2025, 2026, and 2027 at 800 million, 907 million, and 991 million yuan respectively [4]