M&G(603899) 浙商证券·2025-03-28 12:10Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a revenue of 24.228 billion yuan for 2024, a year-on-year increase of 3.8%, while the net profit attributable to shareholders was 1.396 billion yuan, a decrease of 8.6% year-on-year [1] - The company actively repurchased shares, demonstrating confidence, and plans to increase the dividend payout ratio, proposing a cash dividend of 1.0 yuan per share, which accounts for 65.6% of net profit [1] - The traditional core business revenue was 8.918 billion yuan, up 2.4% year-on-year, with significant growth in the technology segment [2] - The company is expanding its presence in the overseas market, achieving a revenue of 1.038 billion yuan, a year-on-year increase of 21% [2] - The company’s gross margin improved to 18.9% for 2024, with a notable increase in Q4 gross margin to 16.8% [5] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 24.228 billion yuan, with a year-on-year growth of 3.76% projected for 2025 [14] - The net profit attributable to shareholders for 2024 was 1.396 billion yuan, with a forecasted increase to 1.601 billion yuan in 2025, reflecting a growth of 14.70% [14] - The company’s comprehensive gross margin for 2024 was 18.9%, with a significant improvement in Q4 gross margin to 16.8% [5] Business Segments - The traditional core business generated a revenue of 8.918 billion yuan, with the writing tools segment showing a revenue of 2.429 billion yuan, up 6.9% year-on-year [2] - The company is actively developing its two-dimensional and IP products, which have received positive market feedback [2] - The retail segment, including the Jiuwu and lifestyle stores, reported a revenue of 1.479 billion yuan, with a growth of 11% year-on-year [4] Future Outlook - The company expects to achieve revenues of 26.875 billion yuan, 30.047 billion yuan, and 33.504 billion yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 10.93%, 11.80%, and 11.50% [14] - The net profit is projected to increase to 1.601 billion yuan in 2025, with continued growth expected in subsequent years [14] - The company’s proactive share repurchase and increased dividend distribution reflect a strong long-term growth confidence [12]