TOSPO(603303) 国信证券·2025-03-10 14:50Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's revenue for 2024 was 4.43 billion, a decrease of 5.7% year-on-year, with a net profit attributable to shareholders of 0.35 billion, down 7.5%. However, the non-recurring net profit improved slightly by 0.8% to 0.30 billion. In Q4, revenue increased by 8.2% to 1.14 billion, while net profit decreased by 9.0% to 0.09 billion, and non-recurring net profit rose by 22.1% to 0.06 billion. The company plans to distribute a cash dividend of 0.74 yuan per share, resulting in a dividend payout ratio of 99.6%, corresponding to a dividend yield of 6.0% based on the closing price on March 7 [1][3][4]. Summary by Sections Financial Performance - The company experienced a decline in general lighting revenue by 5.0% to 3.67 billion, while revenue from lighting engineering construction fell by 36.5% to 0.11 billion. The total export revenue decreased by 3.1% to 3.63 billion, and domestic sales dropped by 16.7% to 0.78 billion. The car lighting segment saw a revenue decline of 4.4% to 0.60 billion, with the main contributor, the car lighting controller, increasing by 7.7% to 0.41 billion, while the Shanghai Liangqin's revenue decreased by 23.8% to 0.20 billion [2][3]. Profitability Metrics - The company's gross margin for 2024 was 19.2%, a decrease of 0.1 percentage points year-on-year. The gross margin for general lighting improved by 0.5 percentage points to 19.8%, while the car lighting gross margin decreased by 3.5 percentage points to 15.8%. The Q4 gross margin was 17.0%, down 6.7 percentage points year-on-year. The net profit margin for 2024 was 7.8%, with a non-recurring net profit margin of 6.7% [3][4]. Future Outlook - The company has adjusted its profit forecast, expecting net profits of 0.39 billion, 0.42 billion, and 0.45 billion for 2025-2027, representing year-on-year growth of 12%, 8%, and 6%, respectively. The corresponding price-to-earnings ratios are projected to be 15, 14, and 13 times [3][4].