BROS(601339) 国信证券·2025-04-17 03:35Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][35] Core Views - The company is expected to achieve a revenue growth of 15% in 2024, with a non-GAAP net profit turning positive [1] - The increase in the proportion of colored yarn and improved capacity utilization in Vietnam are key drivers for profit recovery [4][35] - Despite potential pressures from raw material price declines, the company anticipates that the increased share of colored yarn will help mitigate some negative impacts [4][35] Summary by Sections Financial Performance - In 2024, the company is projected to generate operating revenue of 79.41 billion yuan, reflecting a year-on-year increase of 14.9%, with yarn sales reaching 242,300 tons, up 11.8% [1] - The gross profit margin is expected to improve by 1.55 percentage points to 10.20% due to order recovery and increased colored yarn sales [1] - The company plans to distribute a dividend of 2.6 yuan per 10 shares, resulting in a payout ratio of 95.05% [1] Quarterly Performance - In Q4, the company reported revenue of 1.867 billion yuan, a 2.5% increase year-on-year, but faced a gross margin decline due to increased wage provisions [2] - The net profit for Q4 was a loss of 2.49 million yuan, although the loss was narrower compared to the previous year [2] Segment Analysis - Revenue from colored yarn increased by 29.1% to 4.056 billion yuan, accounting for 55% of total revenue, while gross margin for this segment was 11.22% [3] - The Vietnam base contributed 5.997 billion yuan in revenue, with a net profit of 504 million yuan, marking a significant improvement [3] Profit Forecast - The company has revised its profit forecasts downward due to uncertainties in tariff policies and declining cotton prices, projecting net profits of 460 million yuan, 540 million yuan, and 640 million yuan for 2025, 2026, and 2027 respectively [4][35] - The expected growth rates for net profit are 12.8%, 16.7%, and 19.1% for the years 2025, 2026, and 2027 [4][35] Valuation Metrics - The company’s earnings per share (EPS) for 2024 is projected at 0.27 yuan, with a price-to-earnings (P/E) ratio of 18.4 [5][36] - The return on equity (ROE) is expected to be 4.3% in 2024, with a gradual increase in subsequent years [5][37]