BROS(601339) 天风证券·2025-04-17 09:43Investment Rating - The investment rating for the company is "Hold" [6] Core Views - The company achieved a revenue of 7.94 billion yuan in 2024, representing a year-on-year growth of 14.86%. The annual yarn sales volume reached 242,300 tons, an increase of 11.84%, both hitting historical highs. The net profit attributable to the parent company was 410 million yuan, a decrease of 18.62% compared to the previous year, primarily due to a high base of investment income from the previous year. The net profit after deducting non-recurring items was 220 million yuan, indicating a significant improvement in the main business profitability [1][4] - 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] - The company has increased its equipment renovation investment, with total investments exceeding 200 million yuan. The renovation in the domestic factory was about 30 million yuan, while the investment in the Vietnam factory was approximately 188 million yuan, effectively enhancing production efficiency and product quality [3] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 1.9 billion yuan, a year-on-year increase of 2%, while the net profit attributable to the parent company was a loss of 0.02 billion yuan, a reduction in loss of 95% [1] - The revenue from color-spun yarn reached 4.1 billion yuan, up 29% year-on-year, with a gross margin of 11.22%, down 1.60 percentage points. The 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] Regional Performance - The company generated 1.9 billion yuan in revenue domestically, a year-on-year increase of 6%, while overseas revenue was 5.4 billion yuan, a year-on-year increase of 17% [2] - The global textile and apparel industry is gradually emerging from the inventory reduction cycle of 2023, with consumer demand gradually releasing. For instance, U.S. apparel imports reached 93.96 billion USD, a year-on-year increase of 3.2% [2] Production Capacity and Investment - The company has continued to increase its investment in equipment renovation, with over 200 million yuan invested. The Vietnam factory's revenue reached 5.997 billion yuan, a year-on-year increase of 13.03%, with a net profit of 504 million yuan, a year-on-year increase of 299.91% [3] - As of the end of 2024, the production capacity of the Vietnam factory accounted for approximately 77% of the group's total capacity [3] Earnings Forecast - Based on the performance in 2024, the earnings forecast has been adjusted, with expected EPS for 2025, 2026, and 2027 being 0.30 yuan, 0.33 yuan, and 0.36 yuan respectively [4]