BROS(601339) 新浪财经·2025-04-17 10:28Core 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].