华旺科技：高分红强化股东回报，盈利改善可期-20250509

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company is focusing on its core business development while actively responding to challenges and enhancing operational management to improve quality and efficiency. Short-term performance is under pressure due to a weak industry environment and intense competition, but profitability is expected to improve as raw material prices stabilize [1][4] - The company has a high dividend payout ratio of 86%, with a total cash dividend of 400 million yuan in 2024, which continues to reward investors [1] Financial Performance Summary - In Q1 2025, the company achieved revenue of 850 million yuan, down 10.9% year-on-year, and a net profit attributable to shareholders of 80 million yuan, down 45.1% year-on-year. The gross margin was 13.7%, a decrease of 6.5 percentage points [1] - For the year 2024, the company reported revenue of 3.77 billion yuan, a decline of 5.2% year-on-year, and a net profit of 470 million yuan, down 17.2% year-on-year. The gross margin was 15.8%, a decrease of 3.3 percentage points [1] - The company has shown resilience in operations despite adverse market conditions, with a focus on high-end decorative paper products and effective cost control [2] Cash Flow and Operational Efficiency - In 2024, the company improved its management of accounts receivable and inventory, resulting in a net cash flow from operating activities of 516 million yuan, an increase of 17.66% year-on-year, maintaining a healthy cash flow level [3] Earnings Forecast Adjustments - The earnings forecast has been adjusted, with expected net profits for 2025, 2026, and 2027 being 403 million yuan, 444 million yuan, and 503 million yuan respectively, reflecting a downward revision from previous estimates [4]