Investment Rating - The report maintains a "Buy-A" rating for the company [1][7] Core Insights - In 2024, the company achieved revenue of $8.182 billion, a year-on-year increase of 3.7%, and a net profit attributable to shareholders of $392 million, up 42.8% year-on-year. The board proposed a final dividend of HKD 0.9 per share, combined with an interim dividend of HKD 0.4 per share, resulting in a total payout ratio of 69% [2][4] - The manufacturing business showed strong order growth in 2024, with revenue reaching $5.621 billion, a year-on-year increase of 11.1%. The production capacity utilization rate improved to 93%, up 14 percentage points year-on-year, contributing to a gross margin increase of 0.7 percentage points to 19.9% [4][5] - The retail business faced challenges, with revenue declining by 8.0% to $18.454 billion, primarily due to decreased foot traffic in physical stores and a reduction in the number of stores. However, the overall channel performance was robust, with a 16% growth in total sales, particularly driven by a doubling of sales through Douyin live streaming [5] Financial Performance Summary - For 2024, the company expects revenues of $8.493 billion, $9.003 billion, and $9.456 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 3.8%, 6.0%, and 5.0% [5][9] - The net profit attributable to shareholders is projected to be $465 million, $502 million, and $532 million for 2025, 2026, and 2027, with year-on-year growth rates of 18.5%, 8.0%, and 6.1% respectively [7][9] - The company's P/E ratios for 2025, 2026, and 2027 are estimated to be 6.1, 5.6, and 5.3 times, indicating a favorable valuation outlook [7][9]
裕元集团（00551）：2024年业绩弹性释放，2025年1-2月制造业务营收增长7%