伟星新材(002372)：零售基本盘稳固 高分红进一步提升

Core Viewpoint - The company experienced a decline in net profit due to increased market investment and reduced investment income, despite relatively resilient revenue performance [1][2]. Revenue and Profit Summary - In 2024, the company achieved revenue of 6.27 billion yuan, a year-on-year decrease of 1.8%, with a net profit attributable to shareholders of 0.95 billion yuan, down 33.5% year-on-year [1]. - The fourth quarter alone saw revenue of 2.49 billion yuan, a decline of 5.26% year-on-year, while the first three quarters showed mixed results with growth in Q1 and Q2 but a decline in Q3 [1]. Product Performance - The company sold 300,000 tons of pipeline products in 2024, marking a 2.3% increase year-on-year, although revenue from PPR, PE, and PVC products declined [2]. - The revenue breakdown for these products was 2.94 billion yuan for PPR, 1.42 billion yuan for PE, and 0.83 billion yuan for PVC, with respective year-on-year declines of 1.7%, 6.9%, and 8.1% [2]. - The gross margin for these products also decreased, reflecting the impact of weak demand and intensified competition [2]. Marketing and Cash Flow - The company increased its marketing efforts, leading to a rise in sales expenses by 14% year-on-year, contributing to a comprehensive gross margin of 41.7% in 2024, down 2.6 percentage points [3]. - Operating cash flow was reported at 1.15 billion yuan, a decrease of 16.5% year-on-year, but the cash collection ratio remained healthy, supporting a high dividend payout of 0.943 billion yuan, representing a 99% payout ratio [3].