银都股份：公司信息更新报告：业绩稳增持续分红，海外产能释放减少关税扰动-20250509

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth and continues to distribute dividends, with overseas production capacity expansion reducing tariff impacts [1] - In 2024, the company achieved total operating revenue 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] - The company is expected to see net profits of 609 million yuan, 674 million yuan, and 727 million yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 12.6%, 10.7%, and 7.8% [5] Financial Performance - The company's revenue for Q1 2025 was 614 million yuan, a decrease of 2.81% year-on-year, but net profit increased significantly to 199.7 million yuan, up 21.36% year-on-year due to fair value changes [5] - The gross profit margin is projected to be 41.8% in 2025, with a net profit margin of 20.4% [9] - The company plans to distribute a cash dividend of 10.00 yuan per 10 shares for the 2024 fiscal year, totaling 425 million yuan, resulting in a dividend yield of approximately 4.42% based on the current stock price [7] Business Segments - The ODM sales revenue for 2024 was 698 million yuan, a year-on-year increase of 15.9%, contributing to 25.7% of the main business revenue [6] - The company's overseas sales revenue reached 2.579 billion yuan in 2024, a year-on-year increase of 7.79%, accounting for 94.9% of the main business revenue [6] - The company has established 20 self-built warehouses and 18 agency warehouses to enhance its overseas marketing network [6] Future Outlook - The company is expanding its overseas production capacity, with new production facilities in Thailand entering the ramp-up phase [6] - The collaboration with the company "越疆" on the French fries robot 3.0 has entered the trial phase in stores, indicating progress in product development [7] - The current stock price corresponds to a P/E ratio of 16.2 for 2025, 14.7 for 2026, and 13.6 for 2027, suggesting potential for future growth [5]