BROS(SH:601339) Shenwan Hongyuan Securities·2025-04-16 09:44Investment Rating - The investment rating for the company has been adjusted from "Buy" to "Outperform" [2][7][22] Core Insights - The company's 2024 revenue reached 7.94 billion yuan, a year-on-year increase of 14.9%, while the net profit attributable to shareholders was 410 million yuan, a decline of 18.6% year-on-year [7][8] - The company has seen a significant divergence in profitability between domestic and overseas operations, with overseas capacity accounting for 77% of total capacity by the end of 2024 [7] - The company is actively reducing its debt ratio and maintaining a high dividend payout, with a proposed cash dividend of 0.26 yuan per share, resulting in a cash dividend ratio of 95% [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 7.67 billion yuan, with a projected net profit of 500 million yuan, reflecting a year-on-year growth of 22% [6][17] - The gross profit margin for 2024 was 10.2%, with a significant difference between domestic (2.3%) and overseas (11.6%) operations [7][10] - The company’s operating cash flow for 2024 was 1.38 billion yuan, a 71% increase year-on-year, indicating strong cash generation capabilities [7] Market Comparison - The company's current market capitalization is approximately 7.8 billion yuan, with a target market value of 8.7 billion yuan, indicating an upside potential of 11% [7][13] - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 16, 14, and 12 respectively, with a compound annual growth rate (CAGR) of approximately 15% expected over the next three years [7][13]