FIYTA(SZ:000026) Huafu Securities·2025-06-05 05:15Investment Rating - The report maintains a "Hold" rating for the company, with an expected revenue growth of 6% in 2025, 6% in 2026, and 7% in 2027, and corresponding net profit growth of 8%, 7%, and 10% for the same years [5][7]. Core Insights - The company has signed a share acquisition intention agreement to acquire all or part of the controlling stake in Shaanxi Changkong Gear, which is expected to enhance its technical strength and core capabilities in the precision technology sector [3][4]. - The company is focusing on transforming and upgrading its precision technology business, leveraging its key technologies in watch movements, component manufacturing, and aerospace watch development [4]. - The acquisition target, Changkong Gear, is a specialized enterprise within the Aviation Industry Group, with projected revenue of 372 million yuan and net profit of 22.97 million yuan in 2024, indicating its status as a national-level specialized and innovative small giant enterprise [4]. Financial Performance and Forecast - The company reported a revenue of 4,570 million yuan in 2023, with a projected decline to 3,941 million yuan in 2024, followed by a recovery to 4,164 million yuan in 2025 [7]. - The net profit is expected to decrease from 333 million yuan in 2023 to 220 million yuan in 2024, with a gradual increase to 237 million yuan in 2025 and 253 million yuan in 2026 [7]. - The earnings per share (EPS) are forecasted to be 0.54 yuan in 2024, increasing to 0.58 yuan in 2025 and 0.62 yuan in 2026 [7]. Dividend Policy - The company plans to distribute a cash dividend of 4 yuan for every 10 shares in 2024, amounting to a total cash dividend of 162 million yuan, which represents 73.66% of the annual net profit attributable to shareholders [5].