银都股份（603277）：业绩稳增持续分红，海外产能释放减少关税扰动

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved steady revenue growth in 2024, with total operating income of 2.753 billion yuan, a year-on-year increase of 3.77%, and a net profit attributable to shareholders of 541 million yuan, up 5.89% year-on-year [5] - In Q1 2025, the company reported revenue of 614 million yuan, a decrease of 2.81% year-on-year, but net profit increased significantly by 21.36% to 199.7 million yuan, primarily due to a substantial increase in fair value gains [5] - The company has adjusted its profit forecasts for 2025-2026 due to tariff impacts and weak U.S. demand, now expecting net profits of 609 million yuan, 674 million yuan, and 727 million yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth of 12.6%, 10.7%, and 7.8% [5] - The company is expanding its overseas production capacity, particularly in Europe, and has begun ramping up production at its new facility in Thailand [6] Financial Performance - The company’s revenue for 2024 is projected to be 2.983 billion yuan, with a year-on-year growth of 8.4% [9] - The gross profit margin is expected to be 41.8% in 2025, with a net profit margin of 20.4% [9] - The earnings per share (EPS) for 2025 is estimated at 1.43 yuan, with a price-to-earnings (P/E) ratio of 16.2 [9] Dividend Policy - The company announced a cash dividend plan for 2024, distributing 10.00 yuan per 10 shares, totaling 425 million yuan, which corresponds to a dividend yield of approximately 4.42% based on the current stock price [7] Product Development - The company is advancing its smart product line, with the 3.0 version of its French fry robot being tested in stores by several chain customers [7]