Up-shine Lighting (301362) 申万宏源证券·2025-04-01 03:21Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company reported a revenue of 1.641 billion yuan for 2024, representing a year-on-year increase of 7%. The net profit attributable to shareholders was 231 million yuan, remaining stable year-on-year, while the net profit after deducting non-recurring items decreased by 5% to 195 million yuan [4][7] - The company plans to distribute a cash dividend of 18.95 yuan per 10 shares, resulting in a high dividend payout ratio of 84.8%. When considering share buybacks, the total cash distribution and buyback amount exceeds 106.26% of the net profit attributable to shareholders [7] - The company's revenue growth outperformed the industry, with the commercial lighting segment achieving a revenue of 939 million yuan, up 8.18% year-on-year, and the industrial lighting segment reaching 623 million yuan, up 7.80% year-on-year [7] - The gross margin slightly decreased to 27.57% in Q4 2024, down 2.94 percentage points year-on-year, primarily due to price reductions at the beginning of 2024. However, the overall expense ratio improved slightly [7] Financial Data and Profit Forecast - The company is expected to achieve total revenue of 1.786 billion yuan in 2025, with a year-on-year growth rate of 8.9%. The net profit attributable to shareholders is projected to be 251 million yuan, reflecting a growth of 9.0% [6][9] - The earnings per share are forecasted to be 2.40 yuan in 2025, with a projected price-to-earnings ratio of 17 [6][9] - The company has been expanding into new markets such as street lighting, sports venues, and emergency lighting, which opens up long-term growth opportunities [7]