DEHUA TB(002043) 申万宏源证券·2025-04-25 06:46Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company is benefiting from channel optimization and industry transformation, with a focus on enhancing its distribution network [6] - The company reported a total revenue of 9.19 billion yuan in 2024, a year-on-year increase of 1.39%, while the net profit attributable to shareholders decreased by 15.11% to 585 million yuan [6] - The company is expected to continue its high dividend payout, with a projected dividend of 263 million yuan for 2024, representing 84.21% of the net profit attributable to shareholders [6] Financial Data and Profit Forecast - Total revenue is projected to reach 9.99 billion yuan in 2025, with a year-on-year growth rate of 8.7% [5] - The net profit attributable to shareholders is expected to be 775 million yuan in 2025, reflecting a significant increase of 32.4% [5] - The company’s gross margin is forecasted to be 18.7% in 2025, with a return on equity (ROE) of 24.4% [5][6] - The company plans to achieve net profits of 945 million yuan and 1.086 billion yuan in 2026 and 2027, respectively, with corresponding price-to-earnings ratios of 10 and 8 [5][6]