公司2024收入65.4亿/yoy+6.4%，归母净利润7.39亿/yoy-13.3%，低于我们预期(8.5亿)，主要受关联方下调采购价、营销推广投放力度变大和利润分派预扣税增加等因素扰动；对应2H24收入36.1亿元/yoy+2.3%，归母净利润4.44亿元/yoy-10.3%。公司宣派末期分派股息3.83亿元，全年分红率约95%。关联方采购量稳步增长，部分抵消采购单价下滑影响；“产品项目制”...
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