DEHUA TB(002043) 新浪财经·2025-04-25 08:38Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a slight revenue increase but a significant decline in net profit for 2024, while Q1 2025 net profit improved due to higher gross margins. Financial Performance - In 2024, the company achieved revenue of 9.189 billion yuan, a year-on-year increase of 1.39%, while net profit attributable to shareholders was 585 million yuan, a decrease of 15.11% [1][2] - For Q1 2025, the company reported revenue of 1.271 billion yuan, a year-on-year decline of 14.30%, but net profit attributable to shareholders increased by 14.22% to 101 million yuan [1][4] - The company plans to distribute a cash dividend of 3.2 yuan per 10 shares, with a total cash dividend payout ratio of approximately 84.21% of the net profit for 2024 [1] Business Segments - The decorative materials segment generated revenue of 7.404 billion yuan in 2024, up 7.99% year-on-year, while the custom home segment saw revenue decline by 18.73% to 1.720 billion yuan [2] - The decline in the custom home segment was primarily due to a significant drop in revenue from the engineering side, which fell by 46.81% [2] Profitability Metrics - The overall gross margin for 2024 was 18.10%, with Q4 showing an improvement to 19.95% [3] - The net profit margin for 2024 was 6.48%, down 1.36 percentage points year-on-year, impacted by increased asset and credit impairments [3] Cash Flow and Expenses - Operating cash flow for 2024 was 1.152 billion yuan, a decrease of 39.68% year-on-year, primarily due to mismatched payment schedules [3] - The company’s expense ratio for 2024 was 5.99%, with a notable reduction in management expenses by 23.04% [3] Market Strategy - The company is focusing on expanding its presence in rural markets and furniture factories, with a total of 5,522 decorative materials stores by the end of 2024, including 2,152 in rural areas [5] - The custom home segment is optimizing its structure, with 848 dedicated stores by the end of 2024, including 341 comprehensive home stores [6] Future Outlook - The company is expected to achieve revenues of 9.981 billion yuan, 10.779 billion yuan, and 11.688 billion yuan for 2025-2027, with respective year-on-year growth rates of 8.62%, 8.00%, and 8.43% [6]