Investment Rating - The report maintains a "Buy" rating for the company with an expected relative return of over 20% within the next six months [6][17]. Core Views - The company reported a revenue of 1.8 billion yuan in Q1 2025, representing a year-on-year increase of 13%, and a net profit attributable to shareholders of 2.1 billion yuan, up 689% year-on-year [1]. - The significant increase in net profit in Q1 2025 is primarily attributed to a compensation gain of 2 billion yuan from the expropriation of land and buildings at the Xu Village factory [1]. - The company aims to consolidate its customer advantages along the Belt and Road Initiative, focusing on markets in the Middle East, North Africa, and South Africa, where there is a strong demand for heavy blankets [3]. Financial Performance Summary - In 2024, the company achieved a revenue of 880 million yuan, a decrease of 8% year-on-year, with a net profit of 76 million yuan, down 28% year-on-year [1][5]. - The gross margin for 2024 was 19%, a decrease of 3 percentage points compared to the previous year, while the net profit margin was 9%, down 2 percentage points [1]. - The company plans to distribute a cash dividend of 0.58 billion yuan, with a payout ratio of 76% [1]. Market Analysis - In 2024, the company generated 790 million yuan from international markets, accounting for 90% of total revenue, which saw a decline of 9% year-on-year, while domestic revenue was 90 million yuan, up 3% year-on-year [2]. - The average selling price per ton of blankets decreased by 18% year-on-year to 17,000 yuan/ton, despite a 4% increase in sales volume [2]. Earnings Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 257 million yuan, 82 million yuan, and 90 million yuan, respectively, with corresponding EPS of 1.78, 0.57, and 0.62 [4]. - The report anticipates a recovery in revenue growth starting in 2025, with an expected increase of 12.24% [5].
真爱美家：巩固一带一路客户优势-20250605