OPPLE(603515) 国泰海通证券·2025-05-27 03:39Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 20.48 CNY [5][11]. Core Views - The company, as a leading player in the lighting industry, is expected to continue consolidating its market share due to its scale, technology, and brand advantages. High dividends are anticipated to provide ongoing returns to shareholders, supporting the recommendation to increase holdings [2][11]. Financial Summary - The company's projected revenues for 2024 are 7,096 million CNY, reflecting a year-on-year decrease of 9.0%. Net profit attributable to the parent company is expected to be 903 million CNY, down 2.3% year-on-year. The earnings per share (EPS) for 2025 is forecasted at 1.28 CNY, with a growth of 6% compared to the previous year [4][11]. - The company plans to distribute a cash dividend of 9 CNY per 10 shares for 2024, totaling 666 million CNY, which corresponds to a dividend payout ratio of 73.8% and a dividend yield of 5.02% [11]. Revenue Breakdown - In 2024, revenue from lighting application products and others is expected to be 7,033 million CNY, down 8.59% year-on-year. The gross margin for these products is projected at 39.08%, a decrease of 1.03 percentage points [11]. - Domestic revenue is anticipated to be 6,362 million CNY, down 8.57%, while international revenue is expected to be 671 million CNY, down 8.75% [11]. Profitability and Cost Structure - The company's gross margin for 2024 is projected at 39.29%, a decrease of 1.04 percentage points year-on-year. The net profit margin is expected to be 12.72%, an increase of 0.87 percentage points [11]. - The report details the expense ratios for sales, management, R&D, and financial costs, indicating slight variations compared to previous periods [11]. Market Performance - The current stock price is 18.29 CNY, with a 52-week price range of 13.82 to 20.30 CNY. The total market capitalization is 13,629 million CNY [6][11]. - The report notes the company's performance relative to the Shanghai Composite Index, indicating a 12-month absolute increase of 18% and a relative increase of 16% [10][11].