XMGF(SZ:300770) AVIC Securities·2025-11-09 15:14Investment Rating - The report provides a positive investment rating for the company, indicating strong growth potential and confidence in profitability due to high dividend payouts [1]. Core Insights - The company's main business shows resilience in growth, supported by a high dividend payout ratio that reinforces profit confidence [1]. - Revenue projections for the upcoming years indicate a steady increase, with expected revenues of 1,653.67 million in 2025 and 1,787.17 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 4.74% [6][10]. - The report highlights a focus on IPTV and OTT services, with significant year-on-year growth rates projected for these segments [7][8]. Financial Summary - The company is expected to achieve a net profit of 699.90 million in 2025, with a gradual increase to 782.05 million by 2027 [10]. - The earnings per share (EPS) is projected to be 3.07 in 2025, increasing to 3.43 by 2027, indicating a positive trend in profitability [8][10]. - The report outlines a stable gross margin of around 50% over the forecast period, suggesting effective cost management and pricing strategies [10]. Growth Projections - The report anticipates a revenue growth rate of 6.64% for 2023, followed by 3.63% in 2024, and a slight recovery to 4.74% in 2025 [10]. - The operating profit is expected to remain stable, with a slight increase projected for the coming years, indicating operational efficiency [10]. - The company is also expected to maintain a healthy return on equity (ROE) of around 19% throughout the forecast period [10].