WEIXING NBM(002372) 申万宏源·2025-03-02 01:13Investment Rating - The report maintains an "Outperform" rating for the company [3][6]. Core Views - Despite a challenging market environment in 2024, the company achieved relatively stable revenue, with a slight decline of 1.7% year-on-year to 6.27 billion yuan. However, net profit decreased significantly by 33.4% to 955 million yuan due to reduced investment income and increased sales expenses [6][8]. - The company demonstrated strong operational resilience, with a revenue decline much smaller than the 27.7% drop in real estate completions, indicating effective management under pressure [6][8]. - Investment income decreased significantly in 2024, with a notable drop from 140 million yuan in the first three quarters of 2023 to a loss of 20 million yuan in the same period of 2024. Increased brand investment and marketing expenses are expected to impact profits in the short term but are seen as beneficial for long-term brand positioning [6][8]. Financial Data and Profit Forecast - Total revenue for 2023 is projected at 6.378 billion yuan, with a year-on-year decline of 8.3%. The forecast for 2024 is 6.270 billion yuan, with a slight recovery expected in 2025 at 6.983 billion yuan [2][8]. - The net profit for 2023 is estimated at 1.432 billion yuan, with a significant drop to 955 million yuan in 2024, followed by a recovery to 1.203 billion yuan in 2025 and 1.429 billion yuan in 2026 [2][8]. - The company's gross margin is expected to decline from 44.3% in 2023 to 38.5% in 2024, with a gradual recovery to 41.7% by 2026 [2][8]. Market Data - As of February 28, 2025, the company's closing price is 11.90 yuan, with a market capitalization of 17.503 billion yuan. The stock has a price-to-earnings ratio of 20 for 2024, decreasing to 16 in 2025 and 13 in 2026 [3][6]. - The company has a dividend yield of 7.56%, indicating a strong return on investment for shareholders [3][6].