Up-shine Lighting (301362) 天风证券·2025-04-01 09:16Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company's core lighting business is steadily growing, with a projected revenue of 1.641 billion RMB in 2024, representing a year-on-year increase of 7.35%. The net profit attributable to the parent company is expected to be 231 million RMB, a slight increase of 0.17% year-on-year [1][4] - The company maintains a high dividend payout ratio of 85%, with a cash dividend of 18.95 RMB per 10 shares, resulting in a dividend yield of 4.6% [1] - The company is expected to benefit from the increasing penetration of LED in commercial and industrial scenarios in overseas markets, particularly in the U.S. post-pandemic [4] Financial Performance Summary - In 2024, the company's gross margin is projected to be 30.16%, down by 2.72 percentage points year-on-year, while the net margin is expected to be 13.86%, down by 1.07 percentage points year-on-year [3] - The revenue growth rates for different segments in 2024 are as follows: commercial lighting +8.2%, industrial lighting +7.8%, and special lighting -4.6%. Plant lighting revenue is expected to decline significantly by 47.1% [2] - The company’s financial expenses are expected to decrease due to increased interest income and foreign exchange gains [3] Financial Data and Valuation - The projected revenue for the company from 2023 to 2027 is as follows: 1.529 billion RMB (2023), 1.641 billion RMB (2024), 1.809 billion RMB (2025E), 1.988 billion RMB (2026E), and 2.177 billion RMB (2027E) [5] - The net profit attributable to the parent company is expected to grow from 230 million RMB in 2024 to 303 million RMB in 2027, with corresponding EPS increasing from 2.20 RMB to 2.90 RMB [5] - The dynamic PE ratios for 2025 to 2027 are projected to be 16.3x, 14.9x, and 13.6x respectively [4]