Tianfeng Securities·2025-05-02 12:49Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Insights - The company reported strong performance in Q1 2025, achieving revenue of 12.117 billion yuan, a year-on-year increase of 2.92%. Overseas revenue reached 6.568 billion yuan, up 15.17% year-on-year, accounting for 54.2% of total revenue, an increase of 5.77 percentage points [1]. - The net profit attributable to shareholders was 1.41 billion yuan, a significant increase of 53.98% year-on-year, with a net profit margin of 11.64%, up 3.86 percentage points [1]. - The company has a leading position in localizing its operations, with products and services covering over 170 countries and more than 430 overseas outlets [2]. - The company plans to distribute a cash dividend of 3 yuan per 10 shares, reflecting its strong shareholder return policy, which has included 25 dividend distributions totaling approximately 26.3 billion yuan since its listing [3]. - Profit forecasts for 2025-2027 project net profits of 4.84 billion, 6.03 billion, and 7.54 billion yuan, respectively, with corresponding PE ratios of 13.1, 10.6, and 8.4 times [4]. Financial Performance Summary - In Q1 2025, the company achieved a gross margin of 28.67%, a slight increase of 0.21 percentage points year-on-year, and a comprehensive collection rate of 91.57%, up 5.11 percentage points [1]. - The company’s total revenue for 2025 is projected to be 50.154 billion yuan, with a growth rate of 10.28% [5]. - The net profit attributable to the parent company for 2025 is estimated at 4.842 billion yuan, reflecting a growth rate of 37.56% [5]. - The company has maintained a historical overall dividend payout ratio of approximately 43% over the years [3].