金吾财讯 | 中泰国际研报指，朝云集团(06601)FY24实现总收入18.2亿元（人民币，下同），同比增加12.7%。得益于品类和渠道结构持续优化，以及供应链改革效果显著，毛利率同比扩张4.6百分点至49.1%。公司在深耕淘系、京东、拼多多的基础上，实现新电商渠道的高速发展，线上渠道收入同比增加22.1%。线下渠道加强高毛利率产品的分销，巩固品牌形象，实现收入同比增长7.8%。FY24净利润2.0亿，同比增长16.2%，净利润率扩张至11.2%。全年派息0.134港元，派息率80%。公司并预计未来2年仍可保持高派息比率。该行指，公司FY24年底账上现金27.1亿元，无有息贷款。公司在驱蚊杀虫、空气护理和家具护理类行业中的龙头地位稳固，近年布局宠物行业，打造宠物新消费赛道，成为公司第二增长曲线。该行预计公司2025年收入20.7亿，净利润2.3亿，分别同比增长13.5%和11.3%。沿用除现金后估值，目标价调整至3.00港元，对应FY25E除现金后市盈率仅约4.5倍。公司维持高派息比率，股息率约7.7%。维持“买入”评级。
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