银都股份：2024年报及2025年一季报点评海外生产基地布局时间早，自主品牌全球化进程持续推进-20250509

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [7][17]. Core Views - The company achieved a revenue of 2.753 billion yuan in 2024, 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 [1]. - The company is actively expanding its global presence with early overseas production base layouts and ongoing globalization of its proprietary brand [1][6]. - The target price is set at 30.23 yuan, with the current price at 23.26 yuan, indicating significant upside potential [3][7]. Financial Performance Summary - In 2024, the company reported total revenue of 2,753 million yuan, with a year-on-year growth rate of 3.8% [8]. - The net profit attributable to shareholders for 2024 was 541 million yuan, reflecting a year-on-year growth of 5.9% [8]. - For Q1 2025, the company recorded a revenue of 614 million yuan, a decrease of 2.81% year-on-year, but a net profit of 200 million yuan, which is an increase of 21.36% year-on-year [1]. Future Projections - Revenue projections for 2025, 2026, and 2027 are 2.921 billion yuan, 3.300 billion yuan, and 3.659 billion yuan, respectively, with year-on-year growth rates of 6.1%, 13.0%, and 10.9% [7][8]. - The net profit attributable to shareholders is expected to be 642 million yuan in 2025, 679 million yuan in 2026, and 781 million yuan in 2027, with growth rates of 18.6%, 5.8%, and 15.1% respectively [7][8]. Strategic Initiatives - The company is enhancing its global distribution channels and product series, with a focus on intelligent equipment [6]. - The establishment of a production base in Thailand is expected to improve competitiveness in the U.S. market amid tariff changes [6]. - The company aims to leverage its high proportion of proprietary brands and expand its market share through global channel development and new product introductions [7].