Investment Rating - The investment rating for the company is "Accumulate" [6]. Core Insights - In Q4 2025, the company's revenue grew by 0.8% year-on-year, with shipment volume remaining flat. The company is positioned for investment in 2026, maintaining its commitment to return value to shareholders [2][10]. - The company has faced initial challenges in increasing production capacity in Indonesia and the Philippines, but has made progress. Efficiency in the Indonesian factory is expected to improve, reaching approximately 95% by January 2026 [10]. - The company plans to return up to $60 million in additional cash to shareholders annually through share buybacks and special dividends, alongside maintaining a typical payout ratio of 70% for 2025-2026 [10]. Financial Summary - Total revenue projections for the company are as follows: - 2024: $1,545 million - 2025E: $1,568 million - 2026E: $1,567 million - 2027E: $1,661 million - Net profit estimates are: - 2024: $171 million - 2025E: $138 million - 2026E: $151 million - 2027E: $165 million - The company’s PE ratios are projected to be: - 2024: 9.30 - 2025E: 11.53 - 2026E: 10.54 - 2027E: 9.62 [4][12].
九兴控股（01836）：25Q4 产效仍处恢复，26 年定调投资年