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Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][16]. Core Views - The company experienced a revenue decline of 8.96% year-on-year in 2024, with total revenue reaching 7.096 billion yuan. However, the decline in revenue is showing signs of stabilization, with a smaller drop of approximately 5.83% in Q1 2025 compared to previous quarters [1][2]. - The company is focusing on enhancing its competitive advantage through channel expansion and product innovation, particularly in smart lighting solutions and e-commerce [2][4]. - The gross margin for 2024 was 39.3%, with a slight decrease to 36.3% in Q1 2025. The company is implementing digital transformation strategies to improve efficiency and stabilize margins in the future [3][4]. Financial Performance Summary - In 2024, the company reported a net profit of 9.03 billion yuan, a decrease of 2.28% year-on-year. The projected net profits for 2025, 2026, and 2027 are 9.62 billion yuan, 10.59 billion yuan, and 11.84 billion yuan, respectively [1][5][4]. - The company plans to distribute a cash dividend of 0.9 yuan per share, with a total payout of 6.66 billion yuan, resulting in a dividend payout ratio of 73.8%, up from 67.7% in the previous year [1][4]. - The company's financial metrics indicate a projected PE ratio of 12.5x for 2025, decreasing to 10.1x by 2027, reflecting a favorable valuation trend [5][4].

Investment Rating - The report maintains a "Buy" investment rating for the company [3][6]. Core Viewpoints - The company is a well-known domestic lighting enterprise with advantages in brand and distribution channels, focusing on green energy-saving smart lighting solutions [1][2]. - The company's revenue performance for the first three quarters of 2024 shows a decline, with total revenue of 5.068 billion yuan, a year-on-year decrease of 8.09%, and a net profit of 621 million yuan, down 5.68% year-on-year [1]. - The gross margin improved by 1.05 percentage points to 40.19% in the first three quarters of 2024, while the net profit margin increased by 0.25 percentage points to 12.29% [2]. - The smart lighting industry is experiencing significant growth, with a retail market size of 42.5 billion yuan in 2023, particularly in the smart home segment [3]. Financial Performance Summary - For 2024, the company is expected to achieve a net profit of 871 million yuan, reflecting a year-on-year decrease of 5.7%, with projections of 945 million yuan and 1.016 billion yuan for 2025 and 2026, respectively [3][5]. - The company's revenue for 2024 is projected to be 7.093 billion yuan, a decrease of 9% compared to 2023 [5]. - The earnings per share (EPS) for 2024 is estimated at 1.17 yuan, with a gradual increase to 1.36 yuan by 2026 [5].