Up-shine Lighting (301362) 新浪财经·2025-04-01 10:53Core Insights - The company achieved a revenue of 1.641 billion RMB in 2024, representing a year-on-year increase of 7.35%, and a net profit attributable to shareholders of 231 million RMB, with a slight increase of 0.17% [1] - In Q4 2024, the company reported a revenue of 410 million RMB, showing a year-on-year growth of 5.16%, while the net profit attributable to shareholders was 43 million RMB, reflecting a decline of 1.1% [1] - The company declared a cash dividend of 18.95 RMB per 10 shares (including tax), with a payout ratio of 85% and a dividend yield of 4.6% [1] Business Performance - The core lighting business showed steady growth, with commercial, industrial, and special lighting revenues increasing by 8.2%, 7.8%, and decreasing by 4.6% respectively; plant lighting revenue saw a significant decline of 47.1% [2] - The gross margin for the company in 2024 was 30.16%, down by 2.72 percentage points year-on-year, while the net margin was 13.86%, down by 1.07 percentage points [2] - In Q4 2024, the gross margin was 27.57%, a decrease of 2.94 percentage points year-on-year, and the net margin was 10.4%, down by 0.69 percentage points [2] Expense Management - The company's sales, management, R&D, and financial expense ratios for 2024 were 6.01%, 4.02%, 7.29%, and -1.83% respectively, with year-on-year changes of 0, -0.87, +0.77, and -0.66 percentage points [3] - In Q4 2024, the expense ratios were 7.73%, 4.47%, 8.09%, and -2.78%, with year-on-year changes of +0.26, -2.2, -0.34, and -1.76 percentage points [3] - The decrease in management expense ratio was attributed to reduced share-based payment expenses and intermediary fees, while the financial expense ratio decreased due to increased interest income and exchange gains [3] Investment Outlook - The company is focused on the overseas LED commercial and industrial lighting sector, with strong profitability and expected benefits from increased penetration rates in these markets [3] - The company has adjusted its profit forecasts for 2025-2027, estimating net profits of 250 million, 280 million, and 300 million RMB respectively, with corresponding dynamic P/E ratios of 16.3x, 14.9x, and 13.6x [3]