OPPLE(SH:603515) Changjiang Securities·2025-05-06 08:13Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a total revenue of 7.096 billion yuan for 2024, a year-on-year decrease of 8.96%, with a net profit attributable to shareholders of 903 million yuan, down 2.28% year-on-year [2][4]. - In Q4 2024, the company achieved revenue of 2.029 billion yuan, a year-on-year decline of 11.08%, but a quarter-on-quarter increase of 19.20% [10]. - The company plans to distribute a cash dividend of 9 yuan per 10 shares to all shareholders, which accounts for 73.80% of the net profit attributable to shareholders for 2024 [4]. Summary by Sections Financial Performance - For 2024, the company achieved a gross profit margin of 39.29%, a slight increase of 0.04 percentage points year-on-year [10]. - The total operating expenses for 2024 were 2.096 billion yuan, with a period expense ratio of 26.50%, an increase of 1.03 percentage points year-on-year [10]. - The company’s operating profit for 2024 was 765 million yuan, a decrease of 10.40% year-on-year [10]. Future Projections - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 976 million yuan, 1.030 billion yuan, and 1.113 billion yuan, respectively, with corresponding price-to-earnings ratios of 12.88, 12.20, and 11.29 [10].