Everbright Securities: Maintains OPPLE "Buy" rating, high dividend attribute continues

Everbright Securities' research report points out that OPPLE Lighting actively focuses on shareholder returns, with a continuous increase in cash dividend ratio. If the company's development stage is in the mature phase and there are no significant capital expenditure plans, the cash dividend ratio will not be less than 80%. The external business focuses on key countries and continues to expand the coverage of smart lighting scenarios. In 2024, smart lighting solutions and systems have been promoted in the Middle East, Southeast Asia, Africa, and other regions. In the long term, the company maintains its leading position in the lighting and electrical field, consolidating its internal capabilities to drive gross margin growth and continuously expanding overseas business. The competition in the LED lighting market is quite fierce, and there is uncertainty in the real estate market. The forecast for the company's net profit attributable to the parent for 2025-2026 has been lowered to 930 million / 1.03 billion yuan, with a new forecast for 2027's net profit attributable to the parent set at 1.14 billion yuan, maintaining an "overweight" rating