YLT(SH:600197) Shenwan Hongyuan Securities·2025-06-07 12:28Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company reported a revenue of 2.20 billion yuan in 2024, a year-on-year decrease of 1.27%, and a net profit of 286 million yuan, down 15.9% year-on-year. The first quarter of 2025 saw a revenue of 796 million yuan, a decline of 4.32%, with a net profit of 144 million yuan, down 9.29% year-on-year. The company aims for a revenue target of 2.30 billion yuan and a profit target of 405 million yuan for 2025 [8][9] - The company’s dividend proposal for 2024 includes a cash dividend of 4.50 yuan per 10 shares, resulting in a total cash dividend of 213 million yuan, with a payout ratio of 74.5% [8] - The company’s long-term outlook remains positive due to the recovery of demand for liquor in Xinjiang and ongoing marketing reforms [8] Financial Data and Profit Forecast - The total revenue forecast for 2025 is 2.20 billion yuan, with a projected net profit of 287 million yuan, reflecting a year-on-year growth of 0.3%. For 2026 and 2027, the net profit is expected to be 299 million yuan and 337 million yuan, respectively, indicating growth rates of 4.4% and 12.6% [7][8] - The gross profit margin for 2024 is reported at 52.3%, an increase of 4.06 percentage points year-on-year, while the net profit margin is 13.1%, down 2.44 percentage points year-on-year [9] - The company’s operating cash flow for 2024 was 87 million yuan, a significant decrease of 71.0% year-on-year, with cash received from sales declining by 2.23% [9]