WEIXING NBM(002372)2025-04-19 10:23Investment Rating - The investment rating for the company is "Maintain Buy" [6] Core Views - The company achieved a revenue of 6.267 billion yuan in 2024, a year-on-year decline of 1.75%, and a net profit attributable to shareholders of 953 million yuan, down 33.49% year-on-year [1] - Despite the overall revenue decline, the retail segment showed resilience, with PPR series products generating 2.939 billion yuan in revenue, a slight decrease of 1.72%, while the company increased its market share in the retail sector [2] - The company plans to maintain high dividend payouts, with a total dividend of 943 million yuan for the year, achieving a payout ratio of 99% [4] Financial Performance - The company's comprehensive gross margin for 2024 was 41.72%, a decrease of 2.6 percentage points year-on-year, primarily due to price adjustments in response to intense competition [3] - Operating cash flow for 2024 was 1.147 billion yuan, with a net profit cash conversion ratio of 1.2, indicating strong cash flow performance [4] - The company expects net profits for 2025-2027 to be 1.018 billion yuan, 1.126 billion yuan, and 1.252 billion yuan, respectively, with corresponding P/E ratios of 19, 17, and 16 [4][5] Market Position - The company has expanded its market share in the retail pipeline sector despite a challenging external environment, with overseas revenue growing by 26.65% to 358 million yuan [2] - The engineering segment faced challenges due to macroeconomic conditions, with PE and PVC series products generating revenues of 1.423 billion yuan and 827 million yuan, down 6.9% and 8.09% year-on-year, respectively [2] Dividend Policy - The company has set a record high for dividend payouts, with a total of 943 million yuan for the year, reflecting its commitment to returning value to shareholders [4]