BROS(601339) 新浪财经·2025-04-17 08:29Event 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]