证券代码：605003 证券简称：众望布艺 公告编号：2025-011 众望布艺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： 会议召开时间：2025 年 5 月 12 日(星期一) 上午 10:00-11:00 会议召开地点：上海证券交易所上证路演中心 （网址：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 4 月 30 日(星期三) 至 5 月 9 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 zw@zw-fabric.com 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。 众望布艺股份有限公司（以下简称"公司"）将于 2025 年 4 月 24 日发布公 司 2024 年度报告，为便于广大投资者更全面深入地了解公司 2024 年度和 2025 年第一季度的经营成果、财务状况，公司计划于 2025 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a 6-month target price of 17.57 RMB [7] Core Views - The company's overseas production capacity is accelerating, with the Vietnam factory expected to contribute significantly to growth by 2025 [4] - The company has been selected for the 2024 Zhejiang Province "Future Factory" list, indicating significant progress in digital intelligent manufacturing [2] - The company is expanding its global presence with new subsidiaries in Hong Kong and Singapore, aiming to enhance international competitiveness and service capabilities [3] Financial Performance - The company expects a net profit attributable to the parent company of 78-88 million RMB in 2024, a decrease of 71.97%-75.15% YoY, primarily due to the absence of one-time income from the demolition compensation of the Chongxian factory in the previous year [1] - The company's revenue is projected to grow from 536.45 million RMB in 2024E to 739.38 million RMB in 2026E, with a CAGR of 17.3% [6] - The EPS is forecasted to be 0.8, 1.0, and 1.2 RMB for 2024, 2025, and 2026, respectively [5] Operational Highlights - The Vietnam factory, with an annual production capacity of 8 million meters of high-end functional fabrics, began operations in August 2024 and is already fulfilling orders [4] - The company is actively developing markets in Australia, the Middle East, South Africa, and Europe, while also focusing on domestic sales [3] Valuation Metrics - The company's P/E ratio is expected to be 23X, 18X, and 15X for 2024, 2025, and 2026, respectively [5] - The EV/EBITDA ratio is projected to decrease from 9.65X in 2024E to 5.81X in 2026E, indicating improving valuation metrics [6] Industry Context - The company operates in the textile and apparel industry, specifically in the home textile sector, with its products primarily sold in the US market [5]

Summary of Conference Call for Zhongwang Fabric Company Overview - **Company**: Zhongwang Fabric - **Industry**: Textile and Home Furnishing Key Points and Arguments 2024 Performance Expectations - The company expects a net profit (excluding non-recurring items) between 75 million to 85 million yuan, representing a year-on-year growth of 14% to 29% [3] - Overall net profit is projected to be between 78 million to 88 million yuan, a decline compared to the previous year due to compensation received from land acquisition in 2023 [3] Sales Growth Factors - Anticipated revenue for 2024 is approximately 540 million yuan, up from 460 million yuan in 2023, marking a 17% increase [4] - Growth is attributed to the recovery of order demand from U.S. clients post-pandemic and expansion into global markets including Australia, the Middle East, and South Africa [4][5] - The company has shifted from an OEM/ODM model to self-owned brand sales, enhancing market share through design advantages and competitive pricing [4][11] Global Expansion Plans - In 2025, the company aims to continue its global expansion, focusing on the U.S. market and emerging markets like Australia, the Middle East, and South Africa [7] - A new production line in Vietnam is expected to be operational by October 2025, with a capacity of 8 million meters, primarily serving the U.S. market [4][8] Production Capacity and Market Coverage - The total production capacity will reach 40 million meters, with the new Vietnamese factory expected to cover 25% to 30% of U.S. market demand [9] - The company plans to gradually increase production capacity in Vietnam based on market demand [8] Cost Structure and Pricing Strategy - Current labor costs in the Vietnamese factory are approximately 3,500 yuan per month, providing a cost advantage over domestic operations [10] - The company does not plan to raise prices immediately despite potential cost increases, opting to adjust prices based on actual market conditions [10] Competitive Landscape in the U.S. Market - The U.S. market for home textiles is highly competitive, with many established players. The company holds a small market share but sees significant growth potential [12] - Key competitors include Sunbrella in the outdoor fabric sector, while the indoor decorative fabric market is more fragmented [12] Design and Branding Advantages - The company benefits from a dual design team in the U.S. and China, allowing for a diverse range of over 200 new designs annually, compared to local competitors who typically produce fewer designs [13] - Brand promotion relies on existing customer relationships and participation in trade shows to enhance visibility [14] Market Differentiation Strategies - Different consumer preferences in the U.S. and European markets necessitate tailored strategies, including compliance with varying quality standards [15][16] - The company primarily focuses on fabric production for sofas and seating, shifting away from lower-margin finished products [17] Future Revenue Growth Projections - The company targets a revenue growth of approximately 20% in 2025, supported by ongoing negotiations for larger orders [20] Additional Important Information - The company is exploring new product applications, including outdoor fabrics that are resistant to fading and mildew, suitable for outdoor furniture [19] - The U.S. customer base is predominantly furniture manufacturers, with a smaller proportion of retail clients [18]

Financial Performance Forecast - The company expects a net profit attributable to shareholders of the parent company for 2024 to be between 78 million and 88 million yuan, a decrease of 22.59 million to 23.59 million yuan compared to the previous year, representing a decline of 71.97% to 75.15%[3] - The net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, is expected to be between 75 million and 85 million yuan, an increase of 0.926 million to 1.926 million yuan compared to the previous year, reflecting a growth of 14.08% to 29.29%[3] - The total profit for the previous year was 367.5952 million yuan, with a net profit attributable to shareholders of the parent company of 313.9023 million yuan[6] - The net profit excluding non-recurring gains and losses for the previous year was 65.7436 million yuan, with earnings per share of 2.85 yuan[6] Factors Affecting Profit - The decrease in profit for the current period is primarily due to the absence of income from the demolition compensation for the Chongxian factory area, which contributed 245.9166 million yuan in the previous year[7] Performance Forecast Validity - The performance forecast data is based on preliminary estimates by the company's finance department and has not been audited by certified public accountants[8] - There are no significant uncertainties affecting the accuracy of this performance forecast[8] - The forecast data is preliminary and the specific accurate financial data will be disclosed in the company's officially audited 2024 annual report[9]

证券代码：605003 证券简称：众望布艺 公告编号：2024-025 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）的《众望 布艺关于设立境外子公司的公告》。 二、审议通过《关于终止注销全资子公司的议案》 众望布艺股份有限公司（以下简称"公司"）第三届董事会第五次会议于 2024 年 12 月 17 日以现场表决和通讯表决相结合的方式召开，本次会议通知于 2024 年 12 月 11 日以邮件送达方式向全体董事发出。本次会议应出席董事 5 名， 实际出席董事 5 名。会议由公司董事长杨林山先生主持会议，本次会议的召集、 召开符合《公司法》、《公司章程》的有关规定，会议合法有效。 经公司董事审议，会议表决通过了如下议案： 一、审议通过《关于设立境外子公司的议案》 本议案在提交董事会审议前已经董事会战略委员会审议通过。 表决情况：同意 5 票，反对 0 票，弃权 0 票。 众望布艺股份有限公司 第三届董事会第五次会议决议公告 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个别及连带责任。 本议案在提交董事会审议前 ...

众望布艺股份有限公司 关于设立境外子公司的公告 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个别及连带责任。 重要内容提示： 1、ZW 香港和 ZW 新加坡目前尚需履行当地投资许可和企业登记等审批或 登记程序，完成相关审批手续存在一定的不确定性。 证券代码：605003 证券简称：众望布艺 公告编号：2024-026 2、中国香港和新加坡当地的经济环境、法律法规、政策体系等与中国国内 存在一定差异性，可能存在一定的管理、运营及市场风险和汇率波动风险，公司 将积极适应当地商业环境，促使子公司规范运作，积极防范和降低风险。 一、对外投资概述 众望布艺股份有限公司（以下简称 "公司"）为加快公司产业布局，提升 国际竞争力和服务能力，完善公司整体业务布局和中长期战略发展规划，公司拟 分别出资 5 万港元和 100 新加坡元设立境外子公司 ZW HONGKONG INTERNATIONAL CO., LTD.（以下简称"ZW 香港"）和 ZWS PTE. LTD.（以 下简称"ZW 新加坡"）。 公司于 2024 年 12 月 17 日召开第三 ...

众望布艺股份有限公司 关于终止注销全资子公司的公告 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个别及连带责任。 众望布艺股份有限公司（以下简称"众望布艺"或"公司"）于 2024 年 4 月 25 日召开第三届董事会第二次会议，以 5 票同意、0 票反对、0 票弃权审议通过 了《关于注销全资子公司的议案》，同意注销子公司杭州众望化纤有限公司（以 下简称"众望化纤"），并授权公司管理层办理注销相关事宜。经公司董事会审慎 研究，2024 年 12 月 17 日召开第三届董事会第五次会议，审议通过了《关于终 止注销全资子公司的议案》，同意终止注销全资子公司众望化纤。 根据《上海证券交易所股票上市规则》及《公司章程》等相关法律法规的规 定，本次终止注销事项在董事会决策权限范围内，无需提交公司股东大会审议。 本次终止注销事项不涉及关联交易，亦不构成重大资产重组。 一、拟终止注销子公司基本情况 证券代码：605003 证券简称：众望布艺 公告编号：2024-027 7. 经营范围：涤纶低弹丝生产、销售 8. 公司性质：有限责任公司 9. 众望化 ...

证券代码：605003 证券简称：众望布艺 公告编号：2024-024 众望布艺股份有限公司 关于全资子公司增加注册资本并完成工商变更登记的公告 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个别及连带责任。 众望布艺股份有限公司（以下简称"公司"）的全资子公司 Z-WOVENS VIETNAM CO.,LTD.（以下简称"沃驰越南"）因经营发展需要，对注册资本进行了变更， 注册资本由 300 万元美元增加至 1000 万美元，本次增资完成后，沃驰越南仍为 公司全资子公司。公司于近日收到通知，沃驰越南已完成上述相关事项的工商变 更登记手续，并取得了由越南广义省投资计划局商业登记处换发的《营业执照》， 具体情况如下： 一、本次变更的具体内容如下： | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | | 注册资本 | 300 万美元 | 1000 万美元 | 除上述注册资本变更外，沃驰越南其他工商登记信息不变。 本次注册资本变更不会对沃驰越南的生产经营活动造成实质影响。 众望布艺股份有限公司董事会 2024 年 ...

证券代码：605003 证券简称：众望布艺 众望布艺股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------|------------------------------------------|----------------| | | R 特定对象调研 | £ 分析师会议 | | 投资者关 | □ 媒体采访 | □ 业绩说明会 | | 系活动类 | □ 新闻发布会 | □ 路演活动 | | 别 | □ 现场参观 | □ 一对一沟通 | | | □ 其他 | | | | 华创证券 刘一怡、周星宇 | | | | 农银汇理 周宇 | | | | 光大资管 何伟 | | | 参与单位 | 正圆投资 黄志豪 | | | 名称及人 | 甬兴资管 秦庆 | | | 员 | 长江自营 李昊明 | | | | 西部利得 林静 | | | | 东方自营 王树娟 | | | | 中泰资管 陈佳玲 | | | 时间 | 2024 年 11 月 11 日上午 10： | 00 | | 会议方式 | 电话会议 | | | --- | --- | |-------------------|- ...

公司报告 | 季报点评 客户及制造优势突出 公司发布三季报 公司 24Q3 收入 1.4 亿同增 16.5%，归母净利润 0.21 亿同增 15%，扣非后归 母净利润 0.2 亿同增 10%；24Q1-3 收入 3.9 亿同增 15%，归母净利润 0.7 亿同增 19%，扣非后归母净利润 0.6 亿同增 22%。 24Q1-3 公司毛利率 35.5%同增 2.1pct；净利率 17.6%同增约 0.6pct。 设计研发及制造工艺优势突出 一直以来公司秉承工匠精神，注重时尚敏锐性的培养，提升产品设计研发 能力。作为行业内较早开始自主设计的布艺企业，公司拥有实力强大、引 领行业、专业结构合理设计研发团队，团队成员具有多年设计研发经验、 丰富的专业知识和前沿的时尚敏锐性。 公司已全面、系统地对设计过程中的各关键点进行把控。做到对流行趋势 的精准把握，对消费偏好理解和应用；根据行业经验以及对市场需求的预 估，确定设计创意主题和创意设计目标。 经过多年发展，公司在布艺产品生产方面积累丰富经验，建立纺纱、织造、 后整理完整产业链，整体制造工艺在行业内处于先进水平。公司拥有几百 台从德国、比利时、意大利等地进口的织造设备和 ...