伟星新材(002372)：实施大额分红回报股东 出海/拓品类探寻第二增长极

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, indicating challenges in the market and increased competition within the industry [1][2][3] Financial Performance - In 2024, the company achieved revenue of 6.267 billion yuan, a year-on-year decrease of 1.75% [1][2] - The net profit attributable to shareholders was 953 million yuan, down 33.49% year-on-year [1] - The fourth quarter of 2024 saw revenue of 2.494 billion yuan, a decline of 5.26% year-on-year, with net profit of 329 million yuan, down 41.09% [1] Product Performance - The company’s pipeline product sales reached 300,435 tons, an increase of 2.30% year-on-year, while production was 302,453 tons, nearly unchanged [2] - Revenue by product category showed declines: PPR series at 2.939 billion yuan (-1.72%), PE series at 1.423 billion yuan (-6.90%), PVC series at 0.827 billion yuan (-8.09%) [2] Market Strategy - The company is actively pursuing international expansion, with overseas revenue reaching 358 million yuan, a growth of 26.65% year-on-year [2] - The company is focusing on its "same circle" industry chain expansion to counteract pressures from the real estate and infrastructure sectors [1] Profitability and Costs - The gross profit margin for 2024 was 41.72%, a decrease of 2.59 percentage points year-on-year [3] - Total expenses increased to 1.389 billion yuan from 1.265 billion yuan in the previous year, leading to a rise in the expense ratio from 19.83% to 22.16% [3] Future Outlook - The company aims for a revenue target of 6.580 billion yuan in 2025, representing a 5% increase [4] - A significant cash dividend of 5.00 yuan per 10 shares is planned for 2024, totaling 786 million yuan, reflecting strong cash flow and low debt levels [4] Investment Perspective - The company is expected to achieve net profits of 1.025 billion yuan, 1.105 billion yuan, and 1.220 billion yuan for 2025-2027, with corresponding price-to-earnings ratios of 18.2, 16.9, and 15.3 [5]