NOVEL(002014) 天风证券·2025-03-22 08:29Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [4][6][17]. Core Insights - The company reported strong Q4 performance with revenue of 986 million, a year-on-year increase of 9.6%, and a net profit of 163 million, up 41.7% year-on-year. For the full year 2024, revenue reached 3.525 billion, a 4.3% increase, and net profit was 468 million, up 14.6% year-on-year [1][4]. - The company continues its high dividend policy, distributing 380 million in dividends, which represents 81% of its net profit [1]. - The company is focusing on product innovation and enhancing product value, particularly in emerging consumer packaging and new material segments, which has helped maintain stable gross margins despite increased competition [3]. Financial Performance Summary - In 2024, the company achieved a gross margin of 23.67%, a slight decrease of 0.99 percentage points year-on-year, while the net profit margin improved to 13.27%, an increase of 1.19 percentage points [3][12]. - The company’s revenue from color printing packaging materials was 2.477 billion, down 2.92% year-on-year, while plastic soft packaging film revenue surged to 724 million, a 37.9% increase [2][11]. - The company’s international market revenue grew by 18.84% to 452 million, reflecting successful overseas market expansion efforts [2][10]. Financial Projections - The company’s projected net profits for 2025, 2026, and 2027 are 510 million, 570 million, and 630 million respectively, with corresponding P/E ratios of 14, 13, and 12 [4][5]. - The expected revenue growth rates for the next few years are 10.45% in 2025, 10.15% in 2026, and 10.93% in 2027 [5][12].