supor(SZ:002032) Tianfeng Securities·2025-03-28 08:42Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Views - The company achieved a revenue of 22.43 billion yuan in 2024, representing a year-on-year growth of 5.27%, and a net profit attributable to the parent company of 2.24 billion yuan, up 2.97% year-on-year [1]. - The company plans to distribute a cash dividend of 28.10 yuan per 10 shares, with a dividend payout ratio of 100% and a dividend yield of 5.06% [1]. - The company has shown strong performance in external sales, with a year-on-year growth of 21.1%, while domestic sales faced slight pressure with a decline of 1.2% [2]. - The gross profit margin for 2024 was 24.65%, a decrease of 1.65 percentage points year-on-year, while the net profit margin was 10.01%, down 0.22 percentage points [3]. - The company is expected to maintain stable growth in domestic sales and has increased its associated transaction amount with SEB, ensuring revenue growth for the year [4]. Financial Summary - The company’s revenue is projected to grow from 21.30 billion yuan in 2023 to 26.13 billion yuan in 2027, with a compound annual growth rate of approximately 5% [5]. - The net profit attributable to the parent company is expected to increase from 2.18 billion yuan in 2023 to 2.74 billion yuan in 2027, reflecting a growth rate of 6.50% in 2027 [5]. - The earnings per share (EPS) is forecasted to rise from 2.72 yuan in 2023 to 3.42 yuan in 2027 [5]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 20.40 in 2023 to 16.21 in 2027, indicating a more attractive valuation over time [5].