FSM(002818) 国泰君安·2025-03-19 08:07Investment Rating - The investment rating for the company is "Accumulate" with a target price of 14.96, maintaining the previous rating of "Accumulate" [1][14]. Core Views - The company's main business is expected to stabilize and recover due to the rise in demand driven by policies such as "old-for-new" and the growth of smart home products, positioning the company as a regional leader [2][14]. - The company is committed to maintaining a high dividend policy, with a projected total dividend of 8.08 billion for the year, resulting in a dividend payout ratio exceeding 100% [14]. Financial Summary - Revenue for 2023 is reported at 1,524 million, with a forecasted decline to 1,430 million in 2024, followed by a recovery to 1,554 million in 2025, and further growth to 1,690 million in 2026 and 1,836 million in 2027 [4]. - Net profit attributable to the parent company is expected to decrease from 806 million in 2023 to 690 million in 2024, with a gradual recovery to 753 million in 2025, 833 million in 2026, and 907 million in 2027 [4]. - Earnings per share (EPS) is projected to decline from 1.08 in 2023 to 0.92 in 2024, with a recovery to 1.01 in 2025, 1.11 in 2026, and 1.21 in 2027 [4]. Market Data - The company's market capitalization is approximately 9,685 million, with a current price of 12.94 and a 52-week price range of 10.61 to 14.94 [5]. - The company has a total share capital of 748 million shares, with 298 million shares in circulation [5]. Balance Sheet Summary - Shareholder equity stands at 5,812 million, with a book value per share of 7.77 and a price-to-book ratio of 1.7 [6]. - The company has a net debt ratio of -20.30%, indicating a strong balance sheet position [6]. Strategic Initiatives - The company is focusing on three strategic areas: large market strategy, deep operational strategy, and exploring the feasibility of coexistence among leasing, joint ventures, and self-operated models [14]. - The company is actively promoting the Tianfu project, with ongoing efforts in leasing and operations expected to contribute to new revenue streams [14].