Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in performance, with a focus on shareholder returns. The revenue for H1 2025 reached 13.03 billion yuan, representing a year-on-year increase of 23%, while the net profit attributable to shareholders was 1.21 billion yuan, up 27.6% year-on-year [6][5] - The company plans to distribute a dividend of 0.628 yuan per share, totaling approximately 546 million yuan, with a dividend payout ratio of 45% [6] - The company is enhancing its product portfolio with differentiated offerings targeting various consumer segments, which strengthens its market position [6] - The upcoming demand season in Q3 is expected to drive revenue growth, alongside the establishment of overseas factories to support export business [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2024: 21.606 billion yuan - 2025: 26.740 billion yuan (23.8% growth) - 2026: 31.175 billion yuan (16.6% growth) - 2027: 35.650 billion yuan (14.4% growth) [5][7] - Net profit forecasts are: - 2024: 1.988 billion yuan - 2025: 2.540 billion yuan (27.8% growth) - 2026: 3.064 billion yuan (20.7% growth) - 2027: 3.515 billion yuan (14.7% growth) [5][7] - The company’s gross margin for H1 2025 was 19.2%, an increase of 1.4 percentage points year-on-year, with a net profit margin of 9.5% [6]
爱玛科技(603529):业绩稳步增长,注重股东回报