OPPLE(SH:603515) Huachuang Securities·2025-05-21 13:30Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 22.7 yuan per share [1]. Core Views - The company reported a decline in revenue and net profit for 2024, with total revenue of 7.1 billion yuan, a year-on-year decrease of 9.0%, and a net profit of 903 million yuan, down 2.3% [1][4]. - In Q1 2025, the company achieved revenue of 1.49 billion yuan, a decrease of 5.8% year-on-year, but net profit increased by 16.8% to 140 million yuan [1]. - The company plans to distribute a cash dividend of 0.9 yuan per share, totaling 666 million yuan, which corresponds to a dividend payout ratio of 73.8% [1]. Financial Summary - For 2024, the company expects total revenue of 7.1 billion yuan, with a projected growth rate of -9.0% [4]. - The net profit for 2024 is estimated at 903 million yuan, with a growth rate of -2.3% [4]. - The earnings per share (EPS) for 2024 is projected to be 1.21 yuan, with a price-to-earnings (P/E) ratio of 16 times [4]. - The company anticipates a gradual recovery in revenue growth, with estimates of 7.6 billion yuan in 2025, representing a growth rate of 7.5% [4]. Business Strategy - The company is focusing on product platform development and enhancing product competitiveness through innovation in smart lighting solutions [1]. - It aims to optimize retail channels and improve coverage and store productivity by aligning with trends in smart home and consumer scenarios [1]. - The company is also expanding its overseas business, targeting markets in the Middle East, Southeast Asia, and Africa, with a goal of achieving 670 million yuan in foreign sales for 2024 [1].