WLY(SZ:000858) First Shanghai Securities·2024-11-05 07:12Investment Rating - The report assigns a "Buy" rating for the company [1]. Core Views - The company is experiencing a slowdown in revenue and profit growth, but is focusing on high-quality cash flow development [1]. - Despite a market slowdown, the company is proactively controlling its shipment pace and has a robust dividend plan, aiming for a cash dividend of no less than 20 billion RMB annually [1]. - The company is expected to maintain solid operational performance, with projected net profits of 32.99 billion RMB, 35.91 billion RMB, and 39.52 billion RMB for 2024, 2025, and 2026 respectively [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 67.92 billion RMB, a year-on-year increase of 8.6% [1]. - The net profit for the same period was 24.3 billion RMB, reflecting a year-on-year growth of 1.4% [1]. - The company’s cash flow from operations reached 16.37 billion RMB, a significant increase of 48.0% year-on-year [1]. Dividend Policy - The company has announced a shareholder return plan, with a commitment to distribute cash dividends amounting to at least 70% of the annual net profit, with a minimum of 20 billion RMB [1]. Future Projections - The company is projected to achieve net profits of 32.99 billion RMB in 2024, 35.91 billion RMB in 2025, and 39.52 billion RMB in 2026, with a target price set at 185.04 RMB [1][2].