Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][35] Core Views - The company is expected to achieve a revenue growth of 15% in 2024, with a non-GAAP net profit turning positive [1] - The increase in the proportion of colored yarn and improved capacity utilization in Vietnam are key drivers for profit recovery [4][35] - Despite potential pressures from raw material price declines, the company anticipates that the increased share of colored yarn will help mitigate some negative impacts [4][35] Summary by Sections Financial Performance - In 2024, the company is projected to generate operating revenue of 79.41 billion yuan, reflecting a year-on-year increase of 14.9%, with yarn sales reaching 242,300 tons, up 11.8% [1] - The gross profit margin is expected to improve by 1.55 percentage points to 10.20% due to order recovery and increased colored yarn sales [1] - The company plans to distribute a dividend of 2.6 yuan per 10 shares, resulting in a payout ratio of 95.05% [1] Quarterly Performance - In Q4, the company reported revenue of 1.867 billion yuan, a 2.5% increase year-on-year, but faced a gross margin decline due to increased wage provisions [2] - The net profit for Q4 was a loss of 2.49 million yuan, although the loss was narrower compared to the previous year [2] Segment Analysis - Revenue from colored yarn increased by 29.1% to 4.056 billion yuan, accounting for 55% of total revenue, while gross margin for this segment was 11.22% [3] - The Vietnam base contributed 5.997 billion yuan in revenue, with a net profit of 504 million yuan, marking a significant improvement [3] Profit Forecast - The company has revised its profit forecasts downward due to uncertainties in tariff policies and declining cotton prices, projecting net profits of 460 million yuan, 540 million yuan, and 640 million yuan for 2025, 2026, and 2027 respectively [4][35] - The expected growth rates for net profit are 12.8%, 16.7%, and 19.1% for the years 2025, 2026, and 2027 [4][35] Valuation Metrics - The company’s earnings per share (EPS) for 2024 is projected at 0.27 yuan, with a price-to-earnings (P/E) ratio of 18.4 [5][36] - The return on equity (ROE) is expected to be 4.3% in 2024, with a gradual increase in subsequent years [5][37]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][35] Core Views - The company is expected to achieve a revenue growth of 15% in 2024, with a non-recurring net profit turning positive, reaching 2.20 billion yuan compared to a loss of 0.21 billion yuan in 2023 [1][4] - The company is the second-largest color-spun yarn manufacturer globally, benefiting from an increase in color-spun yarn sales and improved capacity utilization in Vietnam [1][4] - The gross margin is projected to improve by 1.55 percentage points to 10.20% in 2024, driven by order recovery and a higher proportion of color-spun yarn [1][4] Summary by Sections Financial Performance - In 2024, the company is expected to generate operating revenue of 79.41 billion yuan, an increase of 14.9%, with yarn sales reaching 242,300 tons, up 11.8% [1][4] - The gross profit margin is anticipated to rise to 10.20%, with a significant reduction in expense ratio by 2.01 percentage points to 7.05% [1][4] - The company plans to distribute a dividend of 2.6 yuan per 10 shares, with a payout ratio of 95.05% [1] Quarterly Performance - In Q4, the revenue was 1.867 billion yuan, a 2.5% increase year-on-year, but the gross margin decreased due to additional wage provisions for the Vietnam factory [2] - The net profit for Q4 was a loss of 2.49 million yuan, although the loss was narrower compared to previous periods [2] Business Segments - Color-spun yarn revenue increased by 29.1% to 40.56 billion yuan, accounting for 55% of total revenue, while gross margin for this segment was 11.22% [3] - The Vietnam base contributed significantly, with revenue of 59.97 billion yuan and a net profit of 5.04 billion yuan, reflecting a 299.9% increase [3] Future Outlook - The company expects continued improvement in profitability due to higher color-spun yarn sales and operational efficiency in Vietnam, despite potential short-term disruptions from tariff uncertainties [4][35] - The profit forecast for 2025-2027 has been adjusted to 4.6 billion, 5.4 billion, and 6.4 billion yuan respectively, reflecting a growth of 12.8%, 16.7%, and 19.1% [4][35]

Summary of Baolong Oriental Conference Call Company Overview - Baolong Oriental achieved a record yarn sales volume of 242,000 tons in 2024, but the net profit attributable to shareholders decreased by 18.62% to 410 million yuan, primarily due to the impact of subsidiary equity transfer gains, leading to pressure on core business profits [2][3][4] - The company reported a revenue of 7.941 billion yuan, a year-on-year increase of 14.86% [3] Financial Performance - The net profit after deducting non-recurring items was 220 million yuan, indicating a turnaround from losses, with the Vietnamese factory showing significant recovery in profitability [2][3] - The domestic sales gross margin was only 2.29%, while the overseas sales gross margin reached 11.6% [3] - The gross margin for colored yarn was 16.67%, and for grey fabric, it was 6.6% [3] Impact of Tariffs - The U.S. tariffs imposed in April significantly affected Baolong Oriental's order intake, with a cautious approach from downstream garment factories, limiting orders to essential needs [5][6] - 77% of the company's production capacity is located in Vietnam's bonded zone, minimizing direct tariff impacts, but U.S. market exports remain affected [5][6] - Downstream garment factories are seeking orders from Europe and Japan to compensate for potential losses in the U.S. market, leading to increased competition in these regions [6][7][8] Market Conditions - The textile and apparel industry in Vietnam is experiencing weak order feedback for Q2, with heavy customer hesitation [9] - If a trade agreement is reached between Vietnam and the U.S., average tariffs may stabilize around 10%, potentially releasing blocked orders [9] - The company anticipates that cost pressures will normalize based on commercial negotiations, with pricing power dependent on order saturation [12] Future Outlook - The company holds a bearish outlook on cotton prices, expecting a decline due to reduced imports of U.S. cotton in China [22] - The company plans to maintain a high cash dividend payout ratio of 95% and has announced additional interim dividends [22] - The company is also focused on optimizing domestic production capacity due to the uncertain tariff environment, potentially leading to further adjustments in domestic operations [15][16] Production and Capacity - The Vietnamese factory's production capacity is expected to remain at 1.26 million spindles by the end of 2024, with potential increases if orders normalize in 2025 [23][24] - The domestic colored yarn business is underperforming, with gross margins between 2% and 3%, while the Vietnamese subsidiary reported profits of 500 million yuan [4][14] Recommendations for Industry Development - The management suggests that improving domestic demand and consumption capacity is crucial for enhancing the overall industry landscape, especially in light of the significant impact of U.S. tariffs on global markets [26]

Investment Rating - The investment rating for the company has been adjusted from "Buy" to "Outperform" [2][7][22] Core Insights - The company's 2024 revenue reached 7.94 billion yuan, a year-on-year increase of 14.9%, while the net profit attributable to shareholders was 410 million yuan, a decline of 18.6% year-on-year [7][8] - The company has seen a significant divergence in profitability between domestic and overseas operations, with overseas capacity accounting for 77% of total capacity by the end of 2024 [7] - The company is actively reducing its debt ratio and maintaining a high dividend payout, with a proposed cash dividend of 0.26 yuan per share, resulting in a cash dividend ratio of 95% [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 7.67 billion yuan, with a projected net profit of 500 million yuan, reflecting a year-on-year growth of 22% [6][17] - The gross profit margin for 2024 was 10.2%, with a significant difference between domestic (2.3%) and overseas (11.6%) operations [7][10] - The company’s operating cash flow for 2024 was 1.38 billion yuan, a 71% increase year-on-year, indicating strong cash generation capabilities [7] Market Comparison - The company's current market capitalization is approximately 7.8 billion yuan, with a target market value of 8.7 billion yuan, indicating an upside potential of 11% [7][13] - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 16, 14, and 12 respectively, with a compound annual growth rate (CAGR) of approximately 15% expected over the next three years [7][13]

公募基金方面，本期较上一期持股增加的公募基金共计1个，即华泰柏瑞上证红利ETF，持股增加占比 达0.85%。本期较上一季度持股减少的公募基金共计3个，包括兴全商业模式混合(LOF)A、兴全新视野 定期开放混合型发起式、鹏扬景泽一年持有混合A，持股减少占比达2.20%。本期较上一季度新披露的 公募基金共计63个，主要包括华宝标普中国A股红利机会ETF、国泰金鹏蓝筹价值混合、泓德优质治理 混合、易方达港股通红利混合、华泰柏瑞量化先行混合A等。本期较上一季未再披露的公募基金共计5 个，包括新华积极价值灵活配置混合A、广发恒誉混合A、农银研究驱动混合、国泰君安远见价值混合 发起A、国泰君安君得盛债券A。 2025年4月16日，百隆东方(601339.SH)发布2024年年度报告。截至2025年4月15日，共有71个机构投资 者披露持有百隆东方A股股份，合计持股量达7.77亿股，占百隆东方总股本的51.83%。其中，前十大机 构投资者包括新国投资发展有限公司、三牛有限公司、招商银行股份有限公司-上证红利交易型开放式 指数证券投资基金、香港中央结算有限公司、中国光大银行股份有限公司-兴全商业模式优选混合型证 券投资基金( ...

4月15日百隆东方发布2024年度分配预案，拟10派2.6元（含税），预计派现金额合计为3.90亿元。派现 额占净利润比例为95.05%，以该股2024年度成交均价计算，股息率为4.80%。这是公司上市以来，累计 第14次派现。 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2024.12.31 | 10派2.6元（含税） | 3.90 | 4.80 | | 2023.12.31 | 10派3元（含税） | 4.47 | 4.97 | | 2022.12.31 | 10派5元（含税） | 7.41 | 8.39 | | 2021.12.31 | 10派5元（含税） | 7.37 | 9.08 | | 2020.12.31 | 10派2元（含税） | 2.95 | 4.81 | | 2019.12.31 | 10派0.6元（含税） | 0.90 | 1.29 | | 2018.12.31 | 10派0.88元（含税） | 1.32 | 1.64 | | 2017.12.31 | 10派1元（含税） | ...

| | | | | | | 二、附件……………………………………………………………… 第 | 3—7 | 页 | | --- | --- | --- | | （一）本所营业执照复印件……………………………………… | 第 | 3 页 | | （二）本所会计师事务所执业证书复印件……………………… | 第 | 4 页 | | （三）本所从事证券服务业务备案完备证明材料……………… | 第 | 5 页 | | （四）本所注册会计师证书复印件……………………………第 | 6—7 | 页 | 内部控制审计报告 天健审〔2025〕4906 号 百隆东方股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了百隆东方股份有限公司（以下简称百隆东方公司）2024 年 12 月 31 日 的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是百隆 东方公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的 ...

目 录 | 一、审计报告……………………………………………………… | 第 | 1—6 | | 页 | | --- | --- | --- | --- | --- | | 二、财务报表……………………………………………………… | 第 | 7—14 | | 页 | | （一）合并资产负债表…………………………………………… | | 第 | 7 | 页 | | （二）母公司资产负债表………………………………………… | | 第 | 8 | 页 | | （三）合并利润表………………………………………………… | | 第 | 9 | 页 | | （四）母公司利润表………………………………………………第 | | 10 | | 页 | | （五）合并现金流量表……………………………………………第 | | 11 | | 页 | | （六）母公司现金流量表…………………………………………第 | | 12 | | 页 | | （七）合并所有者权益变动表……………………………………第 | | 13 | | 页 | | （八）母公司所有者权益变动表…………………………………第 | | 14 | | 页 | | 三、财务报表附注… ...

百隆东方股份有限公司 董事会议事规则 二零二五年四月 1 百隆东方股份有限公司 董事会议事规则 （2025 年 4 月修订） 第一条 宗旨 为了进一步规范本公司董事会的议事方式和决策程序，促使董事和董事会有 效地履行其职责，提高董事会规范运作和科学决策水平，根据《公司法》、《证券 法》、《上市公司治理准则》、《上海证券交易所股票上市规则》（以下简称《上市 规则》）和《百隆东方股份有限公司章程》（以下简称《公司章程》）等有关规定， 制订本规则。 第二条 董事会办公室 董事会下设董事会办公室，处理董事会日常事务。 董事会秘书兼任董事会办公室负责人，保管董事会和董事会办公室印章。董 事会秘书可以指定证券事务代表等有关人员协助其处理日常事务。 第三条 定期会议 董事会会议分为定期会议和临时会议。 董事会每年应当至少在上下两个半年度各召开一次定期会议。 第四条 定期会议的提案 在发出召开董事会定期会议的通知前，董事会办公室应当逐一征求各董事的 意见，初步形成会议提案后交董事长拟定。 按照前条规定提议召开董事会临时会议的，应当通过董事会办公室或者直接 向董事长提交经提议人签字（盖章）的书面提议。书面提议中应当载明下列事项 ...

百隆东方股份有限公司 股东会议事规则 二零二五年四月 1 | 第一章 | 总 则 | | 3 | | --- | --- | --- | --- | | 第二章 | 股东会的召集 | | 4 | | 第三章 | 股东会的提案与通知 | | 5 | | 第四章 | 股东会的召开 | | 6 | | 第五章 | 附 则 | | 12 | 百隆东方股份有限公司 股东会议事规则 （2025 年 4 月修订） 第一章 总 则 第一条 为规范公司行为，保证公司股东会依法行使职权，根据《中华人民 共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证 券法》），参照《上市公司股东会规则》（以下简称《股东会规则》）等相关规定， 制定本规则。 第二条 公司严格按照法律、行政法规、《股东会规则》及《百隆东方股份 有限公司章程》（以下简称《公司章程》）的相关规定召开股东会，保证股东能够 依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当 勤勉尽责，确保股东会正常召开和依法行使职权。 第三条 股东会在《公司法》和《公司章程》规定的范围内行使职权。 第四条 股东会分为年度股东会和临 ...