鹰美(02368.HK)年度纯利跌17.6%至2.172亿港元 末期息4港仙

Core Insights - The company reported an 18.0% increase in revenue to HKD 4.8079 billion for the fiscal year ending March 31, 2025, but experienced a decline in gross margin from 18.4% to 16.1% and a drop in net profit margin from 6.5% to 4.5% [1] - The board proposed a final dividend of HKD 0.04 per ordinary share [1] Group Performance - The company has focused on growth opportunities in the European and American markets while investing in production bases in Southeast Asia, significantly increasing capacity and sales in these regions [1] - The primary sales markets remain mainland China, the United States, and Europe, with sales to mainland China increasing by HKD 138.9 million (or 6.0%) to HKD 2.4713 billion [1] - The sales ratio from mainland China decreased by 5.8% to 51.4%, while total sales in the European and American markets rose by HKD 378.3 million (or 31.1%) to HKD 1.5952 billion, increasing their share of total sales from 29.9% to 33.2% [1] Production Capacity and Strategy - As of March 31, 2025, the company operates ten production bases strategically located in mainland China (including Guangdong, Jiangxi, and Hubei) and Southeast Asia (including Vietnam and Indonesia) [2] - The mainland production bases are mature and provide stable capacity for domestic demand, with one base serving as a major development center for high-end products and optimizing production technology to reduce labor needs [2] - The company is actively developing overseas production bases due to uncertainties related to trade negotiations and tariffs on products exported from mainland China to Europe and the U.S. [2] - The new land acquisition adjacent to the Indonesian factory is expected to commence production in 2026, while the Vietnam factory has already started operations, enhancing capacity and serving as another development center [2] - The acquisition of the Vietnam Ding Sen factory completed in July 2024 not only provides immediate capacity but also has potential for expansion [2]