SIRIO(SZ:300791) Huachuang Securities·2025-04-18 05:41Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 32.5 yuan [1]. Core Views - The company has shown a clear improvement path in response to adjustments, with a 2024 revenue of 4.211 billion yuan, representing a year-on-year increase of 17.6%, and a net profit of 325 million yuan, up 15.7% [1][5]. - The company plans to distribute a dividend of 0.65 yuan per share, with a dividend payout ratio of approximately 47% [1]. - The report highlights the company's strategic focus on enhancing its core business and expanding into new retail markets, particularly in response to challenges in the domestic market [5]. Financial Performance Summary - 2024 Financial Metrics: - Total revenue: 4,211 million yuan - Year-on-year growth: 17.6% - Net profit attributable to shareholders: 325 million yuan - Year-on-year growth: 15.7% - Earnings per share: 1.37 yuan - Price-to-earnings ratio: 18 times [1][6]. - Future Projections: - 2025E revenue: 4,746 million yuan (growth of 12.7%) - 2025E net profit: 404 million yuan (growth of 24.4%) - 2026E revenue: 5,377 million yuan (growth of 13.3%) - 2026E net profit: 502 million yuan (growth of 24.2%) - 2027E revenue: 5,962 million yuan (growth of 10.9%) - 2027E net profit: 588 million yuan (growth of 17.0%) [1][10]. Market Dynamics - The company is experiencing a mixed performance across different regions, with strong growth in the Americas and Europe, while facing challenges in the domestic market due to weak demand from traditional customers [5]. - The report emphasizes the company's ongoing efforts to enhance operational efficiency and adapt to market changes, particularly through organizational restructuring and team upgrades [5][6].