Workflow
公司跟踪报告:分红位于计算机板块前列
XGDXGD(SZ:300130)2024-02-18 16:00

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 45.25 [14][15][29]. Core Insights - The company is expected to achieve a significant increase in net profit attributable to shareholders for 2023, estimated between RMB 0.7 billion and RMB 0.8 billion, representing a year-on-year growth of 1463.19% to 1686.50% [23][29]. - The dividend yield for 2023 is projected to be high, with various payout scenarios indicating a potential yield of 17.08% if the highest payout ratio from 2018-2022 is applied [52][45]. - The company has demonstrated strong past dividend capability, with annual dividend yields above 1.40% from 2018 to 2022, except for 2021 when no dividends were issued [28][20]. Financial Performance Summary - The company’s revenue is projected to grow from RMB 4.317 billion in 2022 to RMB 8.112 billion by 2025, with a compound annual growth rate (CAGR) of approximately 20.5% [22]. - Net profit is expected to increase significantly from RMB 0.45 billion in 2022 to RMB 1.294 billion by 2025, reflecting a CAGR of approximately 30.9% [22][29]. - Earnings per share (EPS) is forecasted to rise from RMB 0.08 in 2022 to RMB 2.38 by 2025, indicating strong profitability growth [22][29]. Dividend Analysis - The company’s dividend payout ratio for 2023 could reach as high as 262.85%, translating to cash dividends of RMB 1.978 billion and a dividend per share (DPS) of RMB 3.63 if the highest historical payout ratio is used [45][52]. - If the average payout ratio from 2018-2022 is considered, the expected DPS would be RMB 1.36, yielding a dividend yield of 6.36% [52][45]. Comparative Valuation - The report includes a comparative analysis of similar companies, indicating that the company’s price-to-earnings (P/E) ratio for 2024 is estimated at 25 times, which is competitive within its sector [25][22].