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研報掘金丨海通國際:今世緣25年業績目標明確,維持“優於大市”評級
海通國際研報指出,今世緣營收利潤延續增長,25年業績目標明確。21-23年,公司連續三年營收/歸母淨利潤保持20%以上高增長,淨利潤增速高於營收增速,凸顯盈利能力優化。24年,因行業處於尋底階段,營收利潤仍維持正增長但增速放緩。面對當前環境,公司25年目標清晰,營收同比+5%至+12%,淨利潤增速略低於營收增速,強調利潤與經營質量動態平衡。24年公司分紅率爲43.9%,股息率爲3.1%,創近年新高,連續8年現金分紅。參考可比公司估值水平,給予公司25年18xPE,目標價52元。考慮公司現金流儲備充足,長期回報能力穩定,維持“優於大市”評級。
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