NOVEL(002014) 信达证券·2025-03-26 08:23Investment Rating - The investment rating for Yongxin Co., Ltd. is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance metrics and management changes. Core Insights - Yongxin Co., Ltd. reported a revenue of 3.525 billion yuan in 2024, representing a year-on-year increase of 4.3%, and a net profit attributable to shareholders of 468 million yuan, up 14.6% year-on-year [1] - The company achieved a strong performance in Q4 2024, with revenue of 986 million yuan, a 9.6% increase year-on-year, and a net profit of 163 million yuan, reflecting a significant 41.7% growth year-on-year [1] - The company declared a cash dividend of 380 million yuan for 2024, with a payout ratio of 81.2%, resulting in a rolling dividend yield of 5.4% based on the closing price on March 24, 2025 [2] Revenue Breakdown - The printing segment generated revenue of 2.477 billion yuan in 2024, down 2.9% year-on-year, with a gross margin of 26.3% [2] - The film segment saw a revenue increase of 37.9% year-on-year to 724 million yuan, with a gross margin of 10.3% [2] - The overseas market contributed 452 million yuan in revenue, marking an 18.8% increase year-on-year, with a gross margin of 23.8% [3] Management Changes - The management team has undergone significant changes, with Jiang Lei appointed as the new chairperson, bringing extensive brand management and strategic planning experience [3] - The new general manager, Pan Jian, has a solid technical background and management experience, which is expected to enhance the company's innovation and operational efficiency [3] Profitability and Operational Efficiency - The gross margin for Q4 2024 was reported at 25.9%, an increase of 1.6 percentage points year-on-year, while the net profit margin reached 16.5%, up 3.7 percentage points year-on-year [4] - The company maintained stable operational efficiency, with inventory turnover days at 45 and accounts receivable turnover days at 64 [4] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is 510 million yuan, 550 million yuan, and 601 million yuan, respectively, with corresponding P/E ratios of 13.9X, 12.7X, and 11.7X [4][5]