GONGNIU(SH:603195) Xin Lang Cai Jing·2025-04-29 02:40Core Viewpoint - The company has demonstrated steady growth in revenue and profit despite significant industry pressure, with a focus on shareholder returns and employee incentive plans [1][2][5][6]. Financial Performance - In 2024, the company achieved revenue of 16.831 billion, a year-on-year increase of 7.24%, and a net profit attributable to shareholders of 4.272 billion, up 10.39% year-on-year [1]. - For Q4 2024, revenue was 4.227 billion, reflecting a 3.41% year-on-year increase, while net profit decreased by 4.55% to 1.009 billion [1][3]. - In Q1 2025, revenue reached 3.922 billion, a 3.14% year-on-year increase, with net profit of 0.975 billion, up 4.91% [1]. Business Segments - The electrical connection business accounted for 46% of total revenue in 2024, growing by 4% year-on-year, while the smart electrical lighting business made up 49% with a 5% increase [2]. - The new energy business saw significant growth, with a 105% year-on-year increase in 2024, and is expected to continue its rapid growth in Q1 2025 [2]. Profitability Metrics - In Q4 2024, the net profit margin decreased by 2.0 percentage points, and the gross profit margin fell by 3.1 percentage points year-on-year [3]. - For Q1 2025, the net profit margin improved slightly by 0.4 percentage points, while the gross profit margin decreased by 1.1 percentage points [3]. Shareholder Returns - The company plans to distribute a dividend of 2.4 per share (before tax), totaling 3.101 billion, with a dividend payout ratio of 73% [1]. - A share repurchase plan of 250-400 million is proposed to incentivize employees, with a maximum price of 107 per share [4][5]. Future Outlook - The company expects revenue growth of 9% for 2025-2027, with net profit growth of 8-9% during the same period, reaching 4.6 billion, 5.02 billion, and 5.44 billion respectively [6].