OPPLE(603515) 天风证券·2025-04-29 12:46Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][16]. Core Views - The company experienced a revenue decline of 8.96% year-on-year in 2024, with total revenue reaching 7.096 billion yuan. However, the decline in revenue is showing signs of stabilization, with a smaller drop of approximately 5.83% in Q1 2025 compared to previous quarters [1][2]. - The company is focusing on enhancing its competitive advantage through channel expansion and product innovation, particularly in smart lighting solutions and e-commerce [2][4]. - The gross margin for 2024 was 39.3%, with a slight decrease to 36.3% in Q1 2025. The company is implementing digital transformation strategies to improve efficiency and stabilize margins in the future [3][4]. Financial Performance Summary - In 2024, the company reported a net profit of 9.03 billion yuan, a decrease of 2.28% year-on-year. The projected net profits for 2025, 2026, and 2027 are 9.62 billion yuan, 10.59 billion yuan, and 11.84 billion yuan, respectively [1][5][4]. - The company plans to distribute a cash dividend of 0.9 yuan per share, with a total payout of 6.66 billion yuan, resulting in a dividend payout ratio of 73.8%, up from 67.7% in the previous year [1][4]. - The company's financial metrics indicate a projected PE ratio of 12.5x for 2025, decreasing to 10.1x by 2027, reflecting a favorable valuation trend [5][4].