皖新传媒（601801）：业绩稳中有增，持续践行高分红

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [8][12]. Core Views - The company has shown stable performance with a slight increase in gross margin despite a decrease in overall revenue. The gross margin improved by 0.76 percentage points to 22.17% in 2024, while total revenue decreased by 4.4% to 10.749 billion yuan [4][6]. - The company is committed to high dividend payouts, proposing a cash dividend of 0.1 yuan per share for 2024, totaling 196 million yuan, which represents a payout ratio of 77.71% [5][6]. - The company is focusing on its core business while exploring innovative paths, with projected revenues of 11.1 billion yuan, 11.4 billion yuan, and 11.8 billion yuan for 2025, 2026, and 2027 respectively [6][10]. Summary by Sections Company Overview - The latest closing price is 6.62 yuan, with a total market capitalization of 12.9 billion yuan. The company has a debt-to-asset ratio of 39.7% and a price-to-earnings ratio of 18.36 [2]. Financial Performance - In 2024, the company reported a revenue of 10.749 billion yuan, a decrease of 4.4% year-on-year, and a net profit of 705 million yuan, down 24.67% year-on-year. However, the net profit after deducting non-recurring items increased by 0.5% [3][4]. - For Q1 2025, the company achieved a revenue of 2.749 billion yuan, a decrease of 6.14% year-on-year, but the net profit rose by 31.63% to 386 million yuan due to a significant reduction in tax expenses [4]. Dividend Policy - The company plans to distribute a total of 548 million yuan in dividends for 2024, with a dividend yield of 4.22% based on the closing price as of June 23 [5][6]. Future Projections - The company anticipates stable growth in revenue and net profit over the next three years, with expected net profits of 832 million yuan, 897 million yuan, and 942 million yuan for 2025, 2026, and 2027 respectively [6][10].