BROS(601339) 新浪财经·2025-04-22 10:25Core 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].