WEIXING NBM(002372) 银河证券·2025-04-17 06:27Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company has experienced a decline in revenue and net profit in 2024, with total revenue of 6.27 billion yuan, down 1.75% year-on-year, and a net profit of 0.95 billion yuan, down 33.49% year-on-year [5] - Despite the overall market downturn, the company has managed to increase its market share in the retail segment, with pipeline sales volume growing by 2.30% to 300,400 tons in 2024 [5] - The company's core business, PPR pipes, remains stable, while new business initiatives and overseas expansion have shown significant growth, with overseas revenue increasing by 26.65% to 0.36 billion yuan [5] - The company has a high dividend payout ratio of 99%, distributing a total of 0.78 billion yuan in cash dividends [5] Financial Summary - The company forecasts a gradual recovery in revenue, with expected revenues of 6.58 billion yuan in 2025, representing a growth rate of 4.96% [6] - Projected net profit for 2025 is 1.06 billion yuan, reflecting an increase of 11.55% [6] - The earnings per share (EPS) is expected to rise from 0.60 yuan in 2024 to 0.67 yuan in 2025 [6] - The company’s gross margin is projected to stabilize around 41.85% in 2025 [8] - The total assets are expected to grow from 66.32 billion yuan in 2024 to 67.63 billion yuan in 2025 [7]