supor(SZ:002032) EBSCN·2025-03-31 13:43Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 22.43 billion yuan in 2024, representing a year-over-year increase of 5.27%, and a net profit of 2.24 billion yuan, up 2.97% year-over-year [5][6] - The company plans to distribute a cash dividend of 28.1 yuan per 10 shares, with a total cash dividend payout ratio of 100% [5] - The company's foreign sales grew significantly by 21% year-over-year, while domestic sales faced short-term challenges, declining by 1.21% [6][7] - The gross profit margin for 2024 was 24.7%, a decrease of 1.65 percentage points year-over-year, primarily due to increased overseas OEM orders [7] - The company has successfully implemented cost control measures, with a sales expense ratio of 9.73%, down 1.06 percentage points year-over-year [7] Revenue Performance - The company reported a revenue of 22.43 billion yuan in 2024, with a breakdown showing domestic sales of 14.93 billion yuan and foreign sales of 7.50 billion yuan [5][6] - The revenue for Q4 2024 was 5.92 billion yuan, showing a slight decline of 0.37% year-over-year [5] Profitability Metrics - The net profit margin for 2024 was 10.0%, a decrease of 0.22 percentage points year-over-year [7] - The company’s return on equity (ROE) for 2024 was 34.9% [20] Future Projections - The company’s net profit forecasts for 2025 and 2026 have been adjusted to 2.39 billion yuan and 2.56 billion yuan, respectively, with a new forecast for 2027 set at 2.70 billion yuan [7][9] - The price-to-earnings (P/E) ratio is projected to be 20, 18, and 17 for the years 2025, 2026, and 2027, respectively [7][9] Market Position - The company maintains a leading position in core product categories, with online and offline market shares continuing to grow [6][7] - The company is actively expanding its product offerings in response to market demand, particularly in high-end segments [6]