MYS(SZ:002303) Xin Lang Cai Jing·2025-12-17 00:35Group 1 - Mexico's Congress approved a tariff bill on December 10, 2025, imposing additional tariffs on 1,463 products from non-free trade agreement countries, including China, India, Vietnam, Thailand, and South Korea, to protect local industries [1] - The tariff rates will increase from the original 0-20% to 10-50%, affecting approximately 17 industries, including textiles, steel, automotive parts, plastics, and appliances, with the law expected to be enacted by January 1, 2026 [1] Group 2 - The increase in import tariffs is expected to raise costs for imported goods and encourage local sourcing, while also accelerating the trend of local supply and supply chain expansion [2] - The company has established production capacities in Mexico, Vietnam, Thailand, and Malaysia, focusing on local or nearby sourcing for raw materials, which helps mitigate the impact of increased tariffs [2] - The company's overseas business has a significantly higher profitability compared to domestic operations, with projected foreign sales revenue of 1.104 billion yuan in 2024, a year-on-year increase of 34.5%, and a gross margin of 33%, which is 8.63 percentage points higher than domestic sales [2] Group 3 - The company emphasizes investor returns through a light asset expansion model, maintaining a high dividend payout ratio, with projected ratios of 75.1%, 101.5%, and 310.5% for 2022-2024 [3] - The company plans to distribute a total cash dividend of 874 million yuan in 2024, resulting in a dividend yield of 15.95% [3] - The company has maintained a net operating cash flow exceeding 400 million yuan over the past three years, ensuring strong cash flow quality to support ongoing dividends and business expansion [3] Group 4 - Revenue growth is projected at 7%, 15%, and 18% for 2025-2027, with net profit growth of 18%, 31%, and 22%, respectively, maintaining previous estimates [4] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.22 yuan, 0.28 yuan, and 0.35 yuan, respectively, with a current price-to-earnings (PE) ratio of 13.7X for 2026, indicating a high safety margin and significant dividend value [4]