Dongpeng Holdings(003012) 天风证券·2025-04-21 01:13Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7] Core Views - The company experienced a significant decline in revenue and profit in 2024, with operating income of 6.469 billion yuan, down 16.77% year-on-year, and a net profit attributable to shareholders of 328 million yuan, down 54.41% year-on-year [1] - The company has implemented an equity incentive plan, indicating confidence in its long-term growth potential, with profit growth targets for 2025-2026 set at no less than 0%, 10%, and 15% compared to 2023 [1] - The company is expected to improve its market share in the medium to long term, especially if the real estate sector recovers [4] Financial Performance - In 2024, the company’s gross margin was 29.7%, a decrease of 2.32 percentage points year-on-year, with a net profit margin of 5.04%, down 4.22 percentage points year-on-year [3] - The company’s revenue from tiles and sanitary ware in 2024 was 5.387 billion yuan and 916 million yuan, respectively, with year-on-year declines of 18.15% and 6.50% [2] - The company’s cash flow from operations (CFO) in 2024 was 859 million yuan, a decrease of 907 million yuan year-on-year, indicating room for improvement in cash flow management [3] Market Position and Strategy - The company’s direct sales and distribution revenue accounted for 37.24% and 61.44% of total revenue in 2024, respectively, with the distribution channel's share increasing, reflecting an optimization of the channel structure [2] - The report forecasts net profits for 2025, 2026, and 2027 to be 378 million yuan, 434 million yuan, and 513 million yuan, respectively, indicating a recovery trajectory [4][5]