OPPLE(SH:603515) 光大证券研究·2025-06-04 13:56Core Viewpoint - The company is focused on enhancing shareholder returns through increased cash dividends and optimizing its competitive channels while undergoing digital transformation to improve efficiency [3][4][5]. Group 1: Shareholder Returns - The company announced a cash dividend of 666 million yuan (including tax) for 2024, with a payout of 9.0 yuan per 10 shares, resulting in a cash dividend ratio of 73.8%, an increase of 6.1 percentage points year-on-year, marking the highest level since 2016 [3]. - The company plans to maintain a cash dividend ratio of no less than 40% annually from 2025 to 2027, with a potential increase to no less than 80% if the company reaches a mature development stage without significant capital expenditure [3]. Group 2: Revenue and Market Position - In Q1 2025, the company achieved operating revenue of 1.49 billion yuan, a year-on-year decrease of 5.8%; for the full year 2024, the operating revenue was 7.1 billion yuan, down 9.0% year-on-year, with Q4 2024 revenue at 2.03 billion yuan, a decline of 11.1% [4]. - The company is optimizing its channels and strengthening its overall competitiveness, focusing on trends in the lighting industry such as intelligence, energy efficiency, and health [4]. Group 3: Digital Transformation - In the home business segment, the company is enhancing digital capabilities to improve store solutions and increase productivity [5]. - In the commercial lighting segment, the company is standardizing key processes through digitalization to enhance project signing rates [5]. - The company is also building an internal task execution and control platform to improve operational management quality and marketing activity efficiency [5].