鲁泰A（000726）：分红率59%同比提升

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [6][19]. Core Views - The company reported a revenue of 1.7 billion in Q4 2024, a year-on-year increase of 4%, and a net profit attributable to the parent company of 120 million, up 79% year-on-year [1]. - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares, resulting in a payout ratio of 59.03% [1]. - The overall performance for 2024 is in line with expectations, driven by effective cost control and a reduction in non-operating losses [1]. Revenue and Profitability - For 2024, the company expects a total revenue of 6.1 billion, a 2% increase year-on-year, and a net profit of 410 million, also up 2% year-on-year [1]. - The gross margin for 2024 is projected to be 23.76%, an increase of 1 percentage point year-on-year, primarily due to improved capacity utilization in fabric production [3]. Business Segmentation - In terms of business segments, fabric revenue is expected to be 4.3 billion, accounting for 71% of total revenue, with a year-on-year increase of 3% [2]. - The company has seen a 10% year-on-year increase in inventory for fabrics within one year, indicating a rise in orders from new clothing clients [4]. Capacity and Utilization - The total fabric production capacity for 2024 is projected to be 28,400 meters, with a capacity utilization rate of 79%, up 5 percentage points year-on-year [2]. - The company has increased its production capacity in Southeast Asia, which is expected to enhance its international operational advantages [2]. Financial Forecast - The company has adjusted its profit forecast for 2025-2027, expecting net profits of 460 million, 520 million, and 580 million respectively, with corresponding EPS of 0.56, 0.64, and 0.71 yuan [5].