Aupu(603551) 申万宏源证券·2025-04-26 12:43Investment Rating - The investment rating for the company is "Outperform" [4]. Core Views - The company's performance in 2024 met expectations, with a notable cash dividend payout exceeding 100% of net profit, resulting in a high dividend yield of 8.44% [7]. - The company has effectively integrated traditional and emerging e-commerce platforms, enhancing its marketing strategies and sales performance [7]. - The profitability remains stable, with a slight decrease in gross margin due to rising raw material costs, while net profit margin showed a slight increase [7]. - The earnings forecast for 2025-2027 has been slightly adjusted downwards, but the company is expected to maintain a high dividend payout ratio, indicating long-term investment value [7]. Financial Summary - In 2024, the company achieved total revenue of 1,866 million, a year-on-year decrease of 6.5%, and a net profit of 297 million, down 3.9% [3][9]. - For Q1 2025, total revenue was 346 million, a decrease of 9.3% year-on-year, with a net profit of 51 million, down 2.5% [3][9]. - The projected revenue for 2025 is 1,966 million, with a growth rate of 5.4%, and net profit is expected to reach 316 million, reflecting a growth of 6.4% [3][9]. - The company maintains a strong balance sheet with a debt-to-asset ratio of 30.81% and a price-to-earnings ratio of 12 for 2025 [4][9].