DEHUA TB(002043) 天风证券·2025-04-25 07:47Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Views - The company achieved a revenue of 1.27 billion in Q1 2025, a year-on-year decrease of 14.3%, while the net profit attributable to the parent company increased by 14.22% to 101 million [1] - The company plans to distribute a cash dividend of 263 million for 2024, resulting in an annual cash dividend of 493 million, with a dividend payout ratio of 84% [1] - The projected net profit for the company from 2025 to 2027 is estimated at 750 million, 870 million, and 1 billion respectively, with corresponding P/E ratios of 12.2, 10.6, and 9.1 [1] Revenue and Profit Analysis - In 2024, the company reported revenues of 9.189 billion, a slight increase of 1.39% year-on-year, with a net profit of 585 million, down 15.11% [5] - The Q4 2024 revenue was 2.725 billion, a decrease of 18.2% year-on-year, with net profits showing a significant decline due to increased impairment losses [1][5] Business Segment Performance - The decorative materials and custom home business generated revenues of 7.4 billion and 1.7 billion respectively in 2024, with gross margins of 17% and 21.3% [2] - The engineering customization business saw a revenue drop of 46.81% to 610 million, indicating a strategic focus on risk management [2] Cost Management and Financial Health - The company effectively reduced its expense ratio to 5.99%, down 0.79 percentage points year-on-year, with a notable decrease in management expenses [4] - The net profit margin for 2024 was 6.48%, a decrease of 1.36 percentage points, while the Q1 2025 net profit margin improved to 7.98% [4] Market Expansion and Distribution - The company accelerated its market expansion in rural areas, increasing the number of decorative material stores to 5,522, with 2,152 located in rural towns [3] - The distribution network now includes over 20,000 cooperative furniture factory clients, enhancing the company's market presence [3]