GREE(SZ:000651) HUAXI Securities·2025-04-28 12:54Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company reported a total revenue of 190.04 billion yuan for 2024, a year-on-year decrease of 7.31%, while the net profit attributable to shareholders was 32.18 billion yuan, an increase of 10.91% year-on-year [1] - In Q1 2025, the company achieved a total revenue of 41.64 billion yuan, representing a year-on-year increase of 13.78%, and a net profit of 5.90 billion yuan, up 26.29% year-on-year [1] - The company plans to distribute a dividend of 20 yuan for every 10 shares, resulting in a dividend payout ratio of 52%, up from 45% in the previous year [3] Revenue and Profit Analysis - In 2024, the company's revenue from various segments showed mixed results, with consumer electronics down 4.29% and other segments like smart equipment up 122.29% [2] - The net profit margin improved due to optimized expense ratios, with a net profit margin of 16.94% for 2024, up 2.78 percentage points year-on-year [2] - The company’s gross profit margin for 2024 was 29.43%, remaining stable year-on-year, while the gross profit margin for Q1 2025 was 27.36%, a decline of 1 percentage point [2] Financial Forecasts - The revenue forecasts for 2025-2027 have been adjusted to 205.4 billion yuan, 216.3 billion yuan, and 228.8 billion yuan, respectively, with year-on-year growth rates of 8.07%, 5.34%, and 5.76% [4] - Corresponding net profits for the same years are projected to be 35 billion yuan, 37.6 billion yuan, and 40.7 billion yuan, with year-on-year growth rates of 8.71%, 7.39%, and 8.23% [4] - The earnings per share (EPS) are expected to be 6.25 yuan, 6.71 yuan, and 7.26 yuan for 2025, 2026, and 2027, respectively [4]