Investment Rating - The report maintains a "Buy" rating for the company [3][7]. Core Views - The company reported better-than-expected performance for 2024, with revenue of 28.66 billion RMB, a year-on-year increase of 14.8%, and a net profit attributable to the parent company of 6.24 billion RMB, up 36.9% year-on-year [6]. - The gross margin is steadily recovering, with a year-on-year increase of 3.8 percentage points to 28.1% in 2024, despite a significant salary increase for frontline employees in the second half of the year [6]. - The company is expected to maintain a production output growth of no less than 10% in 2025, with stable average selling prices (ASP) and gross margins [6]. - The long-term competitive advantage of the company is attributed to its vertical integration business model, R&D innovation, and strong production management capabilities [6]. Financial Forecasts - The adjusted earnings per share (EPS) forecasts for 2024, 2025, and 2026 are 4.15 RMB, 4.46 RMB, and 5.10 RMB respectively [2][7]. - The discounted cash flow (DCF) target valuation is set at 93.18 HKD [2][7]. - Key financial metrics for 2024 include a gross margin of 28.1%, a net profit margin of 21.8%, and a return on equity (ROE) of 18.2% [6][10]. Company Performance - The company’s revenue for 2022 was 27.78 billion RMB, which decreased to 24.97 billion RMB in 2023, reflecting a decline of 10.1% [2][10]. - The company plans to distribute a dividend payout ratio of 55.9% for the year [6]. - The company’s market capitalization is approximately 83.13 billion HKD, with a total share capital of 150.32 million shares [3].
申洲国际（02313）：业绩超预期，期待2025年表现