证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 29 日 [Table_Title] Q1 业绩超市场预期，期待越南盈利能力进一 步提升 [Table_Title2] 百隆东方(601339) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 601339 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 6.36/4.26 | | 目标价格： | | 总市值(亿) | 72.58 | | 最新收盘价： | 4.84 | 自由流通市值(亿) | 72.58 | | | | 自由流通股数(百万) | 1,499.57 | [Table_Summary] 事件概述 2025Q1 公司收入/归母净利/扣非归母净利/经营性现金流分别为 17.31/1.73/1.47/-3.56 亿元、同比增长- 5.63%/115.95%/转正/-225.52%，业绩超市场预期，我们分析主要由于 1）越南盈利能力延续 24 年增长态势，24 年色纺纱占比已经提升至 55%，受益于产能利用率提升带动越南色纺纱毛利率 ...

证券代码：601339 证券简称：百隆东方 公告编号：2025-015 百隆东方股份有限公司关于召开 2024 年度暨 2025 年 第一季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 05 月 12 日 （星期一） 至 05 月 16 日 （星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 broseastern@bros.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 百隆东方股份有限公司（以下简称"公司"）已于 2025 年 4 月 16 日发布公 司 2024 年度报告；公司 2025 年第一季度报告于 2025 年 4 月 30 日披露，为便于 广大投资者更全面深入地了解公司 2024 年度及 2025 年第一季度经营成果、财务 状况，公司计划于 2025 年 05 月 19 日 （星期一） 16 ...

百隆东方股份有限公司 2024 年年度股东大会会议资料 百隆东方股份有限公司 二〇二四年年度股东大会 会议资料 二〇二五年五月 百隆东方股份有限公司 2024 年年度股东大会会议资料 2024 年年度股东大会会议须知 为了维护全体股东的合法权益，确保百隆东方股份有限公司（以下简称"公 司"）2024 年年度 股东大会的正常秩序和议事效率，保证本次会议的顺利进行，根 据中国证监会发布的《上市公司股东大会规则》，《公司章程》和公司《股东大会 议事规则》的规定，特制定本须知。 一、出席本次会议的股东或股东代表应准时到场签到并参加会议，应以维护全 体股东的合法权益和议事效率为原则，认真履行法定职责，自觉遵守大会纪律，不 得侵犯其他股东权益，以确保会议的正常秩序。 二、股东大会召开期间，只接受股东或股东代表发言或提问。股东或股东代表 要求在股东大会上发言的，应当在办理会议登记时向公司证券部登记，明确发言的 主题，并填写后附的《股东发言申请表》。 三、未在规定时间内完成登记的在册股东或股东代表，可列席会议，但不享有 本次会议的发言权和表决权。 四、本次股东大会安排股东或股东代表发言时间不超过半小时。股东或股东代 表临时要 ...

百隆东方股份有限公司2025 年第一季度报告 证券代码：601339 证券简称：百隆东方 百隆东方股份有限公司 2025 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 上年同期 | 本报告期比上年同期增 | | --- | --- | --- | --- | | | | | 减变动幅度(%) | | 营业收入 | 1,730,917,567.25 | 1,834,155,668.58 | -5.63 | | 归属于上市公司股东的净 | 173,468,411.67 | 80,326,874.88 | 11 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company achieved a record high revenue of 7.941 billion yuan in 2024, representing a year-on-year increase of 14.9%. However, the net profit attributable to shareholders decreased by 18.6% to 410 million yuan due to a high base of investment income in 2023. The non-recurring net profit turned positive at 220 million yuan, indicating significant improvement in core business profitability [1][5] - The sales volume of colored yarns was the main driver of growth, with a total yarn sales volume of 242,300 tons in 2024, up 11.8% year-on-year. The average selling price increased by 1.5% to 30,200 yuan per ton. The revenue from colored yarns reached 4.056 billion yuan, up 29.1% year-on-year, while the revenue from grey fabric decreased by 1.3% to 3.271 billion yuan [2] - The company's Vietnam base contributed all profits, while domestic operations still incurred losses. The gross profit margin improved to 10.2%, up 1.6 percentage points year-on-year, driven by a higher proportion of colored yarns with better margins. The net profit margin attributable to shareholders was 5.2%, down 2.1 percentage points year-on-year [3] - The company has sufficient overseas production capacity, and profit margins are expected to improve further. The ongoing expansion project in Vietnam aims to increase production capacity by 390,000 spindles, enhancing order-taking capabilities. The company is also investing in equipment upgrades to improve production efficiency [4] Financial Summary - The company is projected to achieve revenues of 8.148 billion yuan, 8.658 billion yuan, and 9.186 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 2.6%, 6.3%, and 6.1%. The net profit attributable to shareholders is expected to be 486 million yuan, 546 million yuan, and 609 million yuan for the same years, with growth rates of 18.4%, 12.5%, and 11.5% [10]

Core Viewpoint - The company's 2024 performance fell short of expectations, with revenue growth driven by increased sales volume, but net profit declined significantly due to domestic business challenges [1][2]. Financial Performance - In 2024, the company reported revenue of 7.941 billion, a year-on-year increase of 14.9%, while net profit attributable to shareholders was 410 million, a year-on-year decrease of 18.6%. The non-recurring net profit was 220 million, marking a return to profitability [1]. - For Q4 2024, revenue was 1.867 billion, a year-on-year increase of 2.5%, with a net profit of -2.49 million, showing a reduction in losses compared to the previous year [1]. - The company plans to distribute a cash dividend of 0.26 per share, with a payout ratio of 95.1% [1]. Revenue Breakdown - The company’s yarn sales volume increased by 11.8% to 242,300 tons, with an average price increase of 1.5% to 30,200 per ton [1]. - Revenue from colored yarn and grey fabric was 4.056 billion and 3.271 billion respectively, with year-on-year changes of +29.1% and -1.3% [1]. - Domestic and overseas revenues were 1.902 billion and 5.425 billion respectively, with year-on-year increases of 5.6% and 16.5% [1]. - Notably, revenue from the Vietnam operation increased by 13.0% to 5.997 billion, with net profit soaring by 299.9% to 504 million, significantly outperforming domestic operations [1]. Profitability Metrics - The gross margin improved by 1.6 percentage points year-on-year to 10.2% in 2024, driven by higher capacity utilization and an increased proportion of high-margin colored yarn [2]. - The gross margins for colored yarn and grey fabric were 11.2% and 6.6% respectively, while domestic and overseas gross margins were 2.3% and 11.6% [2]. - In Q4 2024, the gross margin was 6.3%, up 3.6 percentage points year-on-year but down 7.7 percentage points from Q3 2024 due to year-end inventory impairment and bonus payments [2]. Cost Management and Cash Flow - The company effectively controlled expenses, with sales, management, and financial expense ratios decreasing year-on-year to 0.5%, 3.7%, and 1.5% respectively [2]. - The financial expense ratio declined mainly due to a reduction in borrowing and increased foreign exchange gains [2]. - Operating cash flow net amount increased by 71.0% year-on-year to 1.383 billion, indicating strong cash flow performance [2]. Market Outlook - The uncertainty brought by U.S. tariff policies may impact terminal demand and create a wait-and-see attitude among downstream garment manufacturers, potentially affecting short-term orders for the company [3]. Earnings Forecast and Valuation - Due to uncertainties from U.S. tariff policies, the company’s 2025 earnings forecast was lowered by 29.5% to 451 million, with a new 2026 forecast of 497 million [4]. - The current stock price corresponds to P/E ratios of 16.2x and 14.7x for 2025 and 2026 respectively [4]. - The target price is maintained at 5.57, corresponding to P/E ratios of 18.5x and 16.8x for 2025 and 2026, indicating a potential upside of 14% from the current stock price [4].

Core Viewpoint - The company reported a mixed performance in 2024, with revenue growth but a decline in net profit, while also indicating improvements in operational efficiency and product quality through ongoing investments in equipment upgrades [1][3]. Financial Performance - In Q4 2024, the company achieved revenue of 1.9 billion yuan, a year-on-year increase of 2%, and a net profit attributable to shareholders of -0.02 billion yuan, marking a 95% reduction in losses [1]. - For the full year 2024, the company reported total revenue of 7.941 billion yuan, a year-on-year increase of 14.86%, with yarn sales reaching 242,300 tons, up 11.84%, both setting historical highs [1]. - The annual net profit attributable to shareholders was 410 million yuan, a decrease of 18.62% compared to the previous year, primarily due to a high investment income base in the prior year; however, the net profit after deducting non-recurring items was 220 million yuan, indicating a turnaround from losses [1]. Product Performance - In 2024, revenue from colored yarn reached 4.1 billion yuan, up 29% year-on-year, with a gross margin of 11.22%, down 1.60 percentage points; revenue from grey fabric was 3.3 billion yuan, down 1% year-on-year, with a gross margin of 6.60%, up 4.19 percentage points [1]. Dividend Policy - The company plans to distribute a cash dividend of 2.6 yuan per 10 shares (including tax), resulting in a cash dividend payout ratio of 95.05%. Additionally, the board plans to implement a mid-term dividend in 2025 [1]. Regional Performance - In 2024, domestic revenue was 1.9 billion yuan, a year-on-year increase of 6%, while overseas revenue reached 5.4 billion yuan, up 17% year-on-year [2]. - The global textile and apparel industry is recovering from the 2023 inventory destocking cycle, with increasing consumer demand, particularly in developed economies [2]. Equipment Upgrades - The company has invested over 200 million yuan in equipment upgrades, with approximately 30 million yuan allocated to domestic factories and about 188 million yuan to the Vietnam factory, enhancing production efficiency and product quality [3]. - The Vietnam factory achieved revenue of 5.997 billion yuan in 2024, a year-on-year increase of 13.03%, and a net profit of 504 million yuan, up 299.91% [3]. Earnings Forecast - Based on the 2024 performance, the company has adjusted its earnings forecast, expecting EPS of 0.30 yuan, 0.33 yuan, and 0.36 yuan for 2025-2027, down from previous estimates of 0.40 yuan for both 2025 and 2026 [4].

Investment Rating - The investment rating for the company is "Hold" [6] Core Views - The company reported a revenue of 7.94 billion yuan for 2024, representing a year-on-year growth of 14.86%. The annual yarn sales volume reached 242,300 tons, an increase of 11.84%, both achieving historical highs. The net profit attributable to the parent company was 410 million yuan, a decrease of 18.62% compared to the previous year, primarily due to a high base of investment income from the previous year. The net profit after deducting non-recurring items turned from a loss to a profit at 220 million yuan, indicating a significant improvement in the core business profitability [1][4] Revenue Breakdown - In 2024, the company achieved domestic revenue of 1.9 billion yuan, a year-on-year increase of 6%, while overseas revenue reached 5.4 billion yuan, up 17% year-on-year. The global textile and apparel industry is gradually emerging from the inventory destocking cycle of 2023, with consumer demand gradually releasing [2] Product Performance - The revenue from colored yarn in 2024 was 4.1 billion yuan, an increase of 29% year-on-year, with a gross margin of 11.22%, down 1.60 percentage points. The revenue from grey fabric was 3.3 billion yuan, a slight decrease of 1% year-on-year, but the gross margin improved by 4.19 percentage points to 6.60% [1] Dividend Policy - The company plans to distribute a cash dividend of 2.6 yuan per 10 shares (including tax), resulting in a cash dividend payout ratio of 95.05%. Additionally, the board plans to implement a mid-term dividend in 2025 [1] Equipment Upgrade Investment - The company has increased its investment in equipment upgrades, with total investments exceeding 200 million yuan. The investment in domestic factory upgrades was approximately 30 million yuan, while the investment in the Vietnam factory was about 188 million yuan, significantly enhancing production efficiency and product quality [3] Financial Forecast Adjustments - Based on the performance in 2024, the earnings per share (EPS) forecasts for 2025-2027 have been adjusted to 0.30 yuan, 0.33 yuan, and 0.36 yuan respectively, down from previous estimates of 0.40 yuan for both 2025 and 2026 [4]

Investment Rating - The investment rating for the company is "Hold" [6] Core Views - The company achieved a revenue of 7.94 billion yuan in 2024, representing a year-on-year growth of 14.86%. The annual yarn sales volume reached 242,300 tons, an increase of 11.84%, both hitting historical highs. The net profit attributable to the parent company was 410 million yuan, a decrease of 18.62% compared to the previous year, primarily due to a high base of investment income from the previous year. The net profit after deducting non-recurring items was 220 million yuan, indicating a significant improvement in the main business profitability [1][4] - The company plans to distribute a cash dividend of 2.6 yuan per 10 shares (including tax), resulting in a cash dividend payout ratio of 95.05%. Additionally, the board plans to implement a mid-term dividend in 2025 [1] - The company has increased its equipment renovation investment, with total investments exceeding 200 million yuan. The renovation in the domestic factory was about 30 million yuan, while the investment in the Vietnam factory was approximately 188 million yuan, effectively enhancing production efficiency and product quality [3] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 1.9 billion yuan, a year-on-year increase of 2%, while the net profit attributable to the parent company was a loss of 0.02 billion yuan, a reduction in loss of 95% [1] - The revenue from color-spun yarn reached 4.1 billion yuan, up 29% year-on-year, with a gross margin of 11.22%, down 1.60 percentage points. The revenue from grey fabric was 3.3 billion yuan, down 1% year-on-year, with a gross margin of 6.60%, up 4.19 percentage points [1] Regional Performance - The company generated 1.9 billion yuan in revenue domestically, a year-on-year increase of 6%, while overseas revenue was 5.4 billion yuan, a year-on-year increase of 17% [2] - The global textile and apparel industry is gradually emerging from the inventory reduction cycle of 2023, with consumer demand gradually releasing. For instance, U.S. apparel imports reached 93.96 billion USD, a year-on-year increase of 3.2% [2] Production Capacity and Investment - The company has continued to increase its investment in equipment renovation, with over 200 million yuan invested. The Vietnam factory's revenue reached 5.997 billion yuan, a year-on-year increase of 13.03%, with a net profit of 504 million yuan, a year-on-year increase of 299.91% [3] - As of the end of 2024, the production capacity of the Vietnam factory accounted for approximately 77% of the group's total capacity [3] Earnings Forecast - Based on the performance in 2024, the earnings forecast has been adjusted, with expected EPS for 2025, 2026, and 2027 being 0.30 yuan, 0.33 yuan, and 0.36 yuan respectively [4]

Event Overview - In 2024, the company's revenue, net profit attributable to shareholders, net profit excluding non-recurring items, and net operating cash flow are projected to be 7.941 billion, 410 million, 220 million, and 1.383 billion yuan respectively, with year-on-year growth of 14.86%, -18.62%, 1128.03%, and 70.98% [1] - The higher operating cash flow compared to net profit is mainly due to high depreciation and an increase in operating payables, with non-recurring gains from the disposal of non-current assets amounting to 124 million yuan [1] - Revenue exceeded expectations due to a rapid recovery in colored yarn, while net profit fell short of market expectations primarily due to losses in Q4 [1] Dividend and Financial Management - A cash dividend of 2.6 yuan per 10 shares is proposed for 2024, corresponding to a dividend payout ratio of 95% (up from 89% in 2023) and a dividend yield of 5% [2] - The company plans to limit the maximum margin for cotton futures trading to 990 million yuan for the next 12 months [2] Regional Performance - Revenue from Vietnam and domestic markets for 2024 is expected to be 5.997 billion and 1.902 billion yuan, with year-on-year growth of 13.03% and 5.6% respectively [3] - Vietnam's net profit is projected to be 504 million yuan, a year-on-year increase of 299.91%, with a net profit margin of 8.4% [3] - The company continues to invest in expanding production capacity in Vietnam, with a total capacity of 1.26 million spindles [3] Production and Sales Metrics - Total yarn production and sales are expected to be 254,200 and 242,300 tons, with year-on-year growth of 19.23% and 11.84% respectively [3] - The estimated capacity utilization rate is 104.6%, an increase of 16.9 percentage points year-on-year, with an average selling price of 32,400 yuan per ton [3] Profitability Analysis - The company's gross margin for 2024 is projected to be 10.2%, an increase of 1.55 percentage points year-on-year, driven by improved capacity utilization [4] - The net profit margin is expected to be 5.17%, a decrease of 2.12 percentage points year-on-year [4] - The company has seen a decrease in various expense ratios, with management expenses declining due to reduced employee compensation [4] Inventory and Receivables - As of the end of 2024, inventory is expected to be 4.243 billion yuan, a decrease of 10% year-on-year, with raw materials and in-transit goods accounting for 62% [6] - Accounts receivable are projected to be 690 million yuan, an increase of 12% year-on-year, while accounts payable are expected to rise by 75% to 387 million yuan [6] Investment Outlook - The company is expected to see improved profitability due to the increasing share of colored yarn and recovery in Vietnam's profitability [7] - Long-term growth prospects remain strong, with ongoing expansion in Vietnam and an attractive dividend yield of 5% [7] - Revenue and net profit forecasts for 2025-2026 have been adjusted downward, with new projections for 2027 introduced [7]