STAR SHUAIER(SZ:002860) Xinda Securities·2025-04-28 01:23Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the context suggests a positive outlook based on performance metrics and future projections [1]. Core Insights - The company reported a revenue of 2.077 billion yuan in 2024, a decrease of 27.84% year-on-year, with a net profit attributable to the parent company of 144 million yuan, down 29.03% year-on-year [1]. - The white goods segment showed stable operations with a revenue increase of 21.04% in 2024, reaching 848 million yuan, and a gross margin of 34.07%, up 1.91 percentage points year-on-year [4]. - The photovoltaic segment faced challenges, with a revenue decline of 50.56% in 2024, totaling 974 million yuan, and a gross margin of 5.01%, down 3.80 percentage points year-on-year [4]. - The company has made sufficient impairment provisions in its financial statements, with total credit and asset impairment losses of 42.53 million yuan in 2024, including a significant fixed asset impairment loss of 22.12 million yuan [4]. - Future revenue projections for 2025-2027 are estimated at 2.23 billion, 2.47 billion, and 2.73 billion yuan, respectively, with corresponding net profits of 232 million, 267 million, and 302 million yuan, indicating growth rates of 61.7%, 14.8%, and 13.1% [4]. Financial Summary - Total revenue for 2023 was 2.879 billion yuan, with a year-on-year growth rate of 47.7%. The projected revenue for 2025 is 2.226 billion yuan, reflecting a growth rate of 7.2% [3]. - The gross margin is expected to improve from 16.6% in 2024 to 19.4% in 2025, indicating enhanced profitability [3]. - The return on equity (ROE) is projected to increase from 7.9% in 2024 to 10.0% in 2025 [3]. - The earnings per share (EPS) is forecasted to rise from 0.40 yuan in 2024 to 0.64 yuan in 2025 [3].