点击注册小程序 查看完整报告 ①现金分红比例持续提升：公司2024年度现金分红6.66亿元（含税），每10股派现9.0元（含税），全年现 金分红比例73.8%，同比+6.1pcts，创2016年以来历史新高。②分红比例仍有提升潜力：公司2024年股东大 会决议通过了《关于未来三年（2025-2027年）股东分红回报规划的议案》，公司规划在满足正常经营的 资金需求的前提下，25-27年每年度现金分红比例不低于40%，若公司发展阶段属成熟期且无重大资金支出 安排，则现金分红比例不低于80%。 渠道竞争力持续优化，营收降幅环比收窄 25Q1公司实现营业收入14.9亿元，YoY-5.8%；2024年公司实现营业收入71.0亿元，YoY-9.0%，其中24Q4 实现营业收入20.3亿元，YoY-11.1%。公司继续优化渠道，巩固综合竞争力。照明行业显现出智能化、节 能化、健康化发展趋势，公司家居业务以 "场景化解决方案" 优化零售渠道，构建标准化运营体系，创新 社区营销模式，开拓流通渠道网点，深耕下沉市场提升产出；商照业务在航运集团办公楼、商业连锁超市 等低碳节能改造项目中取得突破，在物流园区、新能源厂房等多个领域持续 ...

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].

Group 1 - The company achieved a revenue of 7.096 billion yuan in 2024, a year-on-year decrease of 8.96%, and a net profit attributable to shareholders of 903 million yuan, a year-on-year decrease of 2.28% [1] - In Q1 2025, the company reported a revenue of 1.491 billion yuan, a year-on-year decrease of 5.83%, and a net profit attributable to shareholders of 141 million yuan, a year-on-year increase of 16.77% [1] - The company announced a cash dividend distribution plan for 2024, proposing a cash dividend of 0.9 yuan per share, totaling approximately 666.44 million yuan, which corresponds to 73.8% of the net profit attributable to shareholders, an increase from 47.5% in 2022 and 67.7% in 2023 [1] Group 2 - In the home furnishing sector, the company is optimizing retail channels with a focus on "scenario-based solutions" and expanding its presence in lower-tier markets through diversified product offerings [2] - In the commercial lighting sector, the company is establishing benchmark projects in logistics parks and renewable energy factories, and has formed deep collaborations with mainstream apparel brands [2] - The company is enhancing its e-commerce business by integrating "intelligent" and "high-efficiency" technologies with online content ecosystems, while also responding to "trade-in" subsidy policies [2] Group 3 - The company achieved a gross profit margin of 39.29% in 2024, a year-on-year decrease of 1.04 percentage points, while the net profit margin improved to 12.75%, a year-on-year increase of 0.82 percentage points [3] - In Q1 2025, the company reported a gross/net profit margin of 36.32% and 9.49%, respectively, with the net profit margin increasing by 1.83 percentage points year-on-year [3] - The company slightly raised its profit forecast for 2025-2026, expecting net profits of 949 million yuan and 1 billion yuan, representing year-on-year growth of 5.1% and 5.4% respectively [3]