Investment Rating - The investment rating for the company is "Buy" [1][3]. Core Views - The company's 2024 operating performance is stable, and the increase in dividend payout ratio reflects a strong commitment to shareholder returns [3]. - The company has maintained a "Buy" rating based on its 2024 performance and operational trends, with a downward adjustment in the EPS forecast for 2025-2026 [9]. Financial Summary - In 2024, the company achieved revenue of 13,087 million RMB, a year-on-year decline of 1.1%, while the net profit was 2,067 million RMB, showing a growth of 4.2% after excluding one-time impacts from 2023 [9]. - The orthopedic segment reported revenue of 1,440 million RMB, up 13.2%, with operating profit increasing by 196% [9]. - The drug packaging segment generated revenue of 2,280 million RMB, reflecting a growth of 12.6%, driven by high growth in pre-filled syringes and new product launches [9]. - The interventional segment's revenue was 1,980 million RMB, a modest increase of 2.5%, with domestic pressures offset by good overseas growth [9]. - The medical device and blood management segments faced revenue declines, with the medical device segment down 6.5% to 6,510 million RMB, while the blood management segment's revenue fell by 15.8% to 880 million RMB [9]. - The company plans to increase its cash dividend payout ratio to 50% by the end of 2024, with a proposed dividend of 0.1235 RMB per share, totaling 985 million RMB, a 29% increase year-on-year [9]. Growth Strategy - The company is actively developing nine new product series to create a second growth curve, focusing on the perioperative product portfolio and chronic disease management products [9]. - The company aims to leverage its sales channel advantages to ensure rapid market penetration of new products, contributing to revenue growth [9].
威高股份（01066）：2024年度业绩点评：业绩稳健，分红比例提升重视股东回报