supor(SZ:002032) KAIYUAN SECURITIES·2025-03-31 06:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 224.27 billion yuan in 2024, representing a year-on-year increase of 5.27%. The net profit attributable to the parent company was 22.44 billion yuan, up by 2.97%. The fourth quarter of 2024 saw a revenue of 59.15 billion yuan, a slight decrease of 0.37%, and a net profit of 8.12 billion yuan, down by 0.73% [5] - The company is expected to benefit from policy-driven improvements in domestic demand in 2025, while maintaining stable operations and a high dividend payout ratio, with a 100% dividend rate in 2024, which exceeded expectations [5] - The company’s external sales showed robust growth, with a year-on-year increase of 21.07% in 2024, while internal sales faced challenges due to economic conditions [6] Financial Summary - The company’s revenue is projected to grow from 238.95 billion yuan in 2025 to 269.06 billion yuan in 2027, with corresponding net profits increasing from 24.43 billion yuan to 27.69 billion yuan [8] - The gross profit margin for 2024 was 24.65%, a decrease of 1.65 percentage points, primarily due to changes in sales structure and fluctuations in external sales margins [7] - The net profit margin for 2024 was 10.01%, reflecting stable profitability despite slight declines [7] Earnings Forecast - The earnings per share (EPS) is expected to rise from 3.05 yuan in 2025 to 3.46 yuan in 2027, with the price-to-earnings (P/E) ratio decreasing from 19.1 to 16.9 over the same period [8][9] - The company’s return on equity (ROE) is projected to decline from 27.4% in 2025 to 24.1% in 2027, indicating a gradual decrease in profitability efficiency [9][10]