WEIXING(SZ:002003) Guoxin Securities·2025-04-01 02:05Investment Rating - The investment rating for the company is "Outperform the Market" [6][30]. Core Views - The company is expected to achieve a revenue growth of 19.7% in 2024, reaching 4.674 billion yuan, with a net profit increase of 25.5% to 700 million yuan [1][4]. - The company maintains a strong growth momentum, with a projected compound annual growth rate of around 10% in the medium to long term, despite a conservative outlook for 2025 due to a weak domestic consumption environment and tariff uncertainties [4][29]. Financial Performance Summary - 2024 Financial Projections: Revenue is expected to grow to 4.674 billion yuan, with a net profit of 700 million yuan, and a non-recurring net profit of 688 million yuan [1][31]. - Fourth Quarter Performance: The fourth quarter saw a revenue increase of 9.2% to 1.094 billion yuan, with a significant net profit increase of 197.5% to 77 million yuan, primarily due to changes in performance bonus accrual timing [2][3]. - Product Category Performance: Revenue from buttons and zippers grew by 22.2% and 15.9% respectively, driven by both volume and price increases [3][28]. - Regional Performance: Domestic revenue increased by 14.7% to 3.094 billion yuan, while international revenue rose by 30.62% to 1.581 billion yuan [3][28]. Cost and Profitability Metrics - The gross margin improved by 0.81 percentage points to 41.73% due to a higher proportion of high-margin products and increased capacity utilization [1][4]. - Operating profit margin and net profit margin increased by 1.0 and 0.9 percentage points to 18.2% and 15.1% respectively [1][4]. - Inventory and accounts receivable turnover days decreased by 5 and 1 days to 86 and 38 days respectively, indicating improved operational efficiency [1][4]. Dividend Policy - The company plans to distribute a dividend of 3 yuan per 10 shares, resulting in an annual dividend payout ratio of 83.46% [1][4].