交银国际发表研究报告指，宝胜国际(03813.HK) 2024年全年销售额按年跌降8%至184.5亿元人民币。全年毛利率按年提升0.5个百分点至34.2%，经营利润率按年提升0.1个百分点至3.8%。净利润按年增长0.2%至41.9亿元人民币，利润率提升0.3个百分点至2.7%。宝胜派发末期股息每股1港仙，并继续派发特别股息每股1港仙，派息比率合计达60%(前年为30%)。
该行指，集团今年春节期间销售按年低个位数增长，首两个月销售按年增长亦类似，整体近期表现相对稳定。展望2025年，公司预计全年营收按年持平。其中，平均单价预期低个位数增长，订单量预期按年持平。公司将继续通过控制租金成本和费用率、提升管理效率保持稳定的利润率水平。
该行降其今年收入及纯利预测，将其宝胜由原先1.01元下调至0.9元，相当于预测今年市盈率8倍，维持其评级为“买入”。(ca/da)(港股报价延迟最少十五分钟。)
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