浙江龙盛（600352）：2024年报点评：主营产品销量提升，龙头优势持续强化

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's main products have seen an increase in sales, and its leading position in the industry continues to strengthen [6][9] - The company reported a revenue of 15.884 billion yuan in 2024, a year-on-year increase of 3.8%, and a net profit attributable to shareholders of 2.03 billion yuan, up 32.4% year-on-year [5][10] - The company is focusing on expanding its market share in the dye industry despite price declines, with a strategy to enhance its product offerings and control over the supply chain [9][10] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 15.884 billion yuan, with a net profit of 2.03 billion yuan, reflecting a significant increase in profitability [5][10] - The operating cash flow for 2024 was 9.265 billion yuan, indicating strong cash generation capabilities [10][24] - The fourth quarter of 2024 saw a revenue of 5.274 billion yuan, a year-on-year increase of 17.9% and a quarter-on-quarter increase of 44.3% [8][27] Product Segmentation - The dye segment generated revenue of 7.591 billion yuan in 2024, with a gross margin of 31.67%, while the intermediates segment brought in 3.282 billion yuan with a gross margin of 29.40% [6][13] - The real estate segment contributed significantly with a revenue of 2.482 billion yuan, marking an 87.26% increase year-on-year [6][13] Market Position and Strategy - The dye industry is currently experiencing intense competition, but the company has maintained its leading position by increasing sales volume, achieving a dye sales volume of 238,438 tons in 2024, up 7.17% year-on-year [7][9] - The company is implementing a vertical extension strategy, expanding from a single dye business to special chemicals, focusing on key intermediates [9][10] Future Outlook - Revenue projections for 2025, 2026, and 2027 are estimated at 16.350 billion yuan, 17.891 billion yuan, and 18.972 billion yuan respectively, with corresponding net profits of 2.171 billion yuan, 2.398 billion yuan, and 2.539 billion yuan [11][43] - The company plans to maintain a stable cash dividend policy, proposing a cash dividend of 2.50 yuan per 10 shares for 2024, totaling 813 million yuan [10][43]