Fuling Zhacai(SZ:002507) Huachuang Securities·2025-03-31 03:43Investment Rating - The report maintains a "Recommendation" rating for Fuling Zhacai (002507) [1][5] Core Views - The company experienced a decline in revenue in Q4, impacting the overall annual performance, with a total revenue of 2,387 million yuan in 2024, down 2.6% year-on-year [5] - The company plans to increase its dividend payout, proposing a cash dividend of 4.20 yuan per 10 shares, resulting in a dividend yield of 2.97% [5] - The report highlights the company's strong brand position and cash flow, suggesting potential for recovery and growth if operational adjustments are effectively implemented [5] Financial Summary - 2024 Financial Performance: - Total Revenue: 2,387 million yuan, down 2.6% YoY - Net Profit: 799 million yuan, down 3.3% YoY - Q4 Revenue: 425 million yuan, down 14.8% YoY - Q4 Net Profit: 129 million yuan, down 23.1% YoY [5][6] - 2025 Financial Projections: - Expected Revenue: 2,478 million yuan, growth of 3.8% - Expected Net Profit: 843 million yuan, growth of 5.4% - EPS Forecast: 0.73 yuan [1][5] - Valuation Metrics: - P/E Ratio: 20 for 2024, decreasing to 17 by 2027 - P/B Ratio: 1.8 for 2024, decreasing to 1.6 by 2027 [1][5] Market Performance - The company's stock price as of March 28, 2025, is 13.82 yuan, with a target price set at 15.8 yuan, indicating a potential upside [2][5]