Luenmei Quantum (SH:600167) China Post Securities·2025-05-06 13:47Investment Rating - The report maintains an "Accumulate" rating for the company [5][11]. Core Views - The company reported a revenue of 3.51 billion yuan in 2024, representing a year-on-year increase of 2.9%, while the net profit attributable to shareholders decreased by 23.3% to 660 million yuan due to asset impairment losses and increased costs [3][4]. - For Q1 2025, the company achieved a revenue of 1.7 billion yuan, a year-on-year decrease of 1.1%, but the net profit attributable to shareholders increased by 9.6% to 620 million yuan [3][4]. - The company has a strong cash flow position with a net cash flow from operating activities of 1.3 billion yuan in 2024 and cash on hand of 7.48 billion yuan, leading to a total dividend payout of 910 million yuan, resulting in a dividend yield of 6.8% based on the closing price on April 30, 2025 [4]. Financial Performance Summary - The company’s revenue projections for 2025-2027 are 3.74 billion yuan, 4.03 billion yuan, and 4.40 billion yuan, respectively, with net profits of 780 million yuan, 860 million yuan, and 960 million yuan, corresponding to P/E ratios of 17, 15, and 14 times [5][9]. - The gross margin and net margin for Q1 2025 were 49.3% and 37.0%, respectively, showing improvements of 4.6 percentage points and 3.2 percentage points year-on-year [4][10]. - The company’s asset-liability ratio stands at 32.5%, indicating a stable financial structure [2][10].