伟星新材（002372）：分红率进一步提高，长期经营久久为功

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [1]. Core Insights - The company achieved a stable revenue performance in a challenging market environment, with 2024 revenue at 6.27 billion yuan, a year-on-year decrease of 1.8%, and a net profit of 953 million yuan, down 33.5% year-on-year [6]. - The company plans to distribute a total cash dividend of 9.43 billion yuan for 2024, which represents 99% of its net profit, reflecting a strong commitment to shareholder returns [6]. - Despite a decrease in net profit due to increased sales expenses and reduced investment income, the company continues to invest in brand and channel development, which is expected to strengthen its market position over time [6]. Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 6.27 billion yuan in 2024 to 8.61 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 10.3% [5]. - The net profit is expected to recover from 953 million yuan in 2024 to 1.55 billion yuan in 2027, with corresponding price-to-earnings ratios of 16, 13, and 12 for the years 2025, 2026, and 2027 respectively [5][6]. - The gross margin is forecasted to stabilize around 41.6% to 41.7% from 2025 to 2027, indicating a consistent profitability outlook [5].