WEIXING NBM(002372) 华西证券·2025-04-17 14:32Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a slight decline in revenue for 2024, with total revenue of 6.267 billion yuan, down 1.75% year-on-year, and a net profit of 953 million yuan, down 33.49% year-on-year [1][6] - The company has a strong dividend policy, with nearly 100% cash dividends distributed to shareholders, indicating a commitment to returning value to investors [5] - The company aims for a revenue target of 6.580 billion yuan in 2025, representing a year-on-year increase of 4.99% [5] Revenue Breakdown - The revenue from PPR, PE, PVC, and other products for 2024 was 2.939 billion yuan, 1.423 billion yuan, 0.827 billion yuan, and 1.033 billion yuan respectively, with year-on-year changes of -1.72%, -6.90%, -8.09%, and +12.94% [2] - The gross profit margins for these products were 56.47%, 31.40%, 21.75%, and 31.50% respectively [2] Market Performance - The company achieved a sales volume of 300,000 tons for plastic pipes in 2024, reflecting a year-on-year increase of 2.3%, indicating an increase in market share [3] - The overseas revenue grew by 26.65% year-on-year, contributing to the overall revenue despite domestic challenges [2] Financial Metrics - The company’s operating cash flow for 2024 was 1.147 billion yuan, down 16.52% year-on-year, with a cash collection ratio maintained above 100% [4] - The projected earnings per share (EPS) for 2025 is 0.69 yuan, with a price-to-earnings (PE) ratio of 18.02 based on the closing price of 12.44 yuan [6][8]