| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 40,624 | 41,906 | 44,552 | 47,706 | 50,406 | | 同比（%） | 7.71 | 3.16 | 6.32 | 7.08 | 5.66 | | 归母净利润（百万元） | 2,839 | 3,512 | 3,932 | 4,421 | 4,950 | | 同比（%） | 13.59 | 23.72 | 11.95 | 12.45 | 11.95 | | EPS-最新摊薄（元/股） | 1.62 | 2.00 | 2.24 | 2.52 | 2.82 | | P/E（现价&最新摊薄） | 28.21 | 22.80 | 20.37 | 18.12 | 16.18 | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司点评报告·化学制药 华东医药（000963） 2025 年中报点评：工业板块归母利润增速 14% ...

Financial Performance - In 2024, the company achieved an operating revenue of 1.221 billion RMB, a year-on-year increase of 8.63% [3] - The net profit attributable to shareholders reached 53.019 million RMB, up 308.51% compared to the previous year [5] - The overall gross margin for 2024 was 17.04%, with the precision structural components gross margin at 16.86%, an increase of 2.59% from the previous year [9] Market Expansion Strategy - Domestic sales increased by 76.49%, while overseas sales decreased by 15.27% year-on-year [3] - The company plans to enhance its international and domestic business capabilities, focusing on expanding into AI smart terminals, smart home appliances, and satellite communication sectors [3][11] - The Vietnam production base commenced operations in Q4 2023, with plans for phase two construction starting in 2025 to mitigate trade dispute uncertainties [3] Shareholder Returns - The proposed dividend for 2024 is 0.50 RMB per 10 shares, representing 39% of net profit [7] - Over the past three years, the company distributed a total of 186.021 million RMB in cash dividends, accounting for 85.33% of the total net profit [7] Future Growth Drivers - The company aims to strengthen customer communication and provide customized solutions to enhance strategic cooperation [6] - Plans to invest in new materials, technologies, and processes to improve product value and maintain sustainable development [10] - The company is committed to deepening its focus on the precision structural components sector, leveraging over 20 years of industry experience [10]