美畅股份：成本优势显现，分红率大幅提升-20250430

Investment Rating - The report maintains a "Strong Buy" rating for Meichang Co., Ltd. [2][6] Core Views - The company has demonstrated significant cost advantages and a substantial increase in dividend payout ratio despite a challenging market environment [5][6] - The decline in revenue and profit margins is attributed to both volume and price decreases, particularly in the photovoltaic industry [4][5] - The company maintains a strong cash position, enhancing its risk resilience, with cash and financial assets accounting for 52.63% of total assets [5] - The company is expected to increase its market share during the industry's downturn, benefiting from its cost advantages [5] Financial Performance Summary - In 2024, the company reported a revenue of 2.271 billion yuan, a decrease of 49.66% year-on-year, and a net profit of 145.52 million yuan, down 90.84% [3][12] - For Q1 2025, revenue was 423 million yuan, a decline of 50.61% year-on-year, with a net profit of 26 million yuan, down 86.46% [3][12] - The average selling price of diamond wire decreased by 48.78% to 17.67 yuan/km in 2024, while sales volume fell by 5.37% to 1.22 billion km [4] - The company's gross margin for 2024 was 17.34%, a decrease of 34.29 percentage points year-on-year [4][12] Future Earnings Forecast - The projected net profits for 2025, 2026, and 2027 are 134 million yuan, 222 million yuan, and 293 million yuan, respectively, with corresponding EPS of 0.28, 0.46, and 0.61 yuan [6][12] - The PE ratios for 2025, 2026, and 2027 are expected to be 65.20, 39.26, and 29.74, respectively [6][12]