OPPLE(603515) 申万宏源证券·2025-04-29 09:50Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company's Q1 2025 performance exceeded expectations, with a continuous increase in dividend payout ratio. For 2024, the company achieved total revenue of 7.096 billion yuan, a year-on-year decrease of 8.96%, and a net profit attributable to shareholders of 903 million yuan, a year-on-year decrease of 2.28%. In Q1 2025, the company reported total revenue of 1.491 billion yuan, a year-on-year decrease of 5.83%, and a net profit of 141 million yuan, a year-on-year increase of 16.77% [6] - The company announced a cash dividend of 0.9 yuan per share for 2024, totaling approximately 666.44 million yuan, which corresponds to a payout ratio of 73.8% of the net profit attributable to shareholders, an increase from 47.5% and 67.7% in 2022 and 2023 respectively, highlighting its strong dividend attributes [6] - The company is focusing on smart home trends and upgrading consumer scenarios, optimizing retail channels with "scenario-based solutions," and expanding its market presence through diversified product offerings and refined operations [6] - The company achieved a gross profit margin of 39.29% in 2024, with a net profit margin of 12.75%, reflecting a year-on-year increase of 0.82 percentage points [6] - The report slightly raises the profit forecast for 2025-2026, projecting net profits of 949 million yuan and 1 billion yuan for 2025 and 2026 respectively, with corresponding year-on-year growth rates of 5.1% and 5.4% [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 7.096 billion yuan, with a forecasted revenue of 7.454 billion yuan for 2025, reflecting a year-on-year growth of 5.0% [5] - The company expects to achieve a net profit of 949 million yuan in 2025, with a projected earnings per share of 1.27 yuan [5] - The gross profit margin is expected to improve to 39.7% in 2025, with a return on equity (ROE) of 13.5% [5]