Up-shine Lighting (SZ:301362)2024-04-26 05:32Investment Rating - The report maintains an "Outperform" investment rating for the company [4][7]. Core Insights - The company's revenue for 2023 reached 1.529 billion yuan, representing a year-on-year growth of 4%. However, the net profit attributable to shareholders decreased by 7% to 230 million yuan [4]. - The company announced a cash dividend of 19.10 yuan per 10 shares, totaling 200 million yuan, which is 86.85% of the net profit attributable to shareholders [4]. - The commercial lighting segment achieved revenue of 868 million yuan, up 3.80% year-on-year, while the special lighting segment saw significant growth with an 85.85% increase in revenue to 815 million yuan [5]. - The gross margin for 2023 was 32.89%, an increase of 0.83 percentage points year-on-year, attributed to a higher proportion of revenue from industrial and special lighting products [6]. - The company has plans for shareholder returns, committing to distribute at least 50% of the distributable profits in cash annually from 2023 to 2025 [4]. Financial Summary - For 2023, total revenue was 1.529 billion yuan, with a net profit of 230 million yuan. The forecast for 2024 is a revenue of 1.783 billion yuan and a net profit of 270 million yuan, reflecting a growth rate of 16.6% [10]. - The earnings per share for 2023 was 2.20 yuan, with projections of 2.58 yuan for 2024 and 3.01 yuan for 2025 [10]. - The company’s net profit margin for 2023 was 14.93%, slightly down from the previous year, while the first quarter of 2024 showed a net profit margin of 14.48% [6].