Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company is expected to experience significant growth driven by both existing and new customers, with a stable performance leading to valuation premiums. The short-term outlook suggests minimal impact from tariffs due to a strong competitive position, with anticipated revenue growth in 2025. The medium-term perspective indicates that the stabilization of existing customers and the continued growth of new customers will drive a new growth cycle, supported by capacity expansion [2][4]. Summary by Sections Financial Performance - In 2024, the company's revenue reached RMB 240.1 billion, representing a year-over-year increase of 19.4%, while the net profit attributable to shareholders was RMB 38.4 billion, up 20% year-over-year. The net profit margin increased by 0.09 percentage points to 16.0% [4]. - For Q4, revenue was RMB 65.0 billion, reflecting an 11.9% year-over-year growth, with a net profit of RMB 10.0 billion, a 9.2% increase year-over-year [4]. Dividend Policy - The company declared a dividend of RMB 26.8 billion for 2024, with a payout ratio of 70%, exceeding expectations, resulting in a dividend yield of approximately 4.1% [4]. Future Profit Projections - The projected net profit attributable to shareholders for 2025-2027 is RMB 42.7 billion, RMB 50.3 billion, and RMB 59.7 billion, respectively, with year-over-year growth rates of 11%, 18%, and 18%. The current price corresponds to a price-to-earnings ratio of 15, 13, and 11 times for the respective years [2][4].
华利集团（300979）：2024年报点评：分红超预期，强成长、稳定性带动溢价