证券代码：601339 证券简称：百隆东方 公告编号：2024-020 百隆东方股份有限公司 2023 年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 34 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,131,905,529 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 75.9978 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事长杨卫新先生主持。本次股东大会采用现场投票与网络 (一) 股东大会召开的时间：2024 年 5 月 10 日 (二) 股东大会召开的地点：宁波市鄞州区甬江大道 188 号宁波财富中心 4 单 元 8 楼百隆东方股份有限公司会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 投票相结合的方式 ...

证券研究报告 | 2024年05月04日 公司经营情况健康，库存改善，现金流充足。第一季度公司实现经营活动现 金流净额 2.8 亿元，自由现金流 2.8 亿元。报表存货同比减少 16%，存货周 转天数同比下降 135 天至 244 天。 第一季度收入增长 23%，毛利率环比提升 展望：近期行业景气度回升，售价有望逐步提升，看好盈利水平修复。随着 海外品牌去库存进入尾声，行业景气度回升，公司在今年春节后逐步上调产 品售价，预计第二季度开始毛利率有望得到较明显改善，下半年盈利水平将 进一步好转。 投资建议：海外纱线产能竞争优势明显，短期关注盈利修复趋势。公司早期 在越南布局纱线产能，形成低成本和低贸易壁垒优势，未来将继续在越南扩 张，巩固竞争力。短期看，公司第一季度毛利率环比提升符合预期，随着行 业景气度好转、价格水平回升，业绩低谷期正逐步过去，今年第二季度开始 业绩有望得到较明显修复。维持盈利预测，预计 2024-2026 年归母净利润为 5.1/7.6/8.4 亿元，同比增长 1%/49%/10%，每股净资产 6.6、6.7、6.9 元。 维持目标价 6.2-6.8 元，对应 2024 年 0.95-1.0x ...

证 券 研 究 报 告 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 30 日 | | 收盘价（元） | 5.75 | | 一年内最高/最低（元） | 6.69/4.09 | | 市净率 | 0.9 | | 息率（分红/股价） | | | 流通 A 股市值（百万元） | 8625 | | 上证指数/深证成指 | 3104.83/9587.13 | | 注："息率"以最近一年已公布分红计算 | | 相关研究 财务数据及盈利预测 公司点评 图 2：2024Q1 归母净利润同比下降 4.5% 20 400% 亿元 15.6 300% 15 200% 10 100% 5.0 4.4 5 3.0 0% 0.8 0 -100% 2023 2024Q1 2018 2019 2020 2021 2022 归母净利润 ·YoY (右轴) 资料来源：Wind，申万宏源研究 请务必仔细阅读正文之后的各项信息披露与声明 资料来源：公司公告，申万宏源研究 【投资收益及其 ...

[Table_Title] 百隆东方（601339.SH） 盈利预测： 证券研究报告 [分析师： Table_Author]糜韩杰 [Table_Summary] 核心观点： [Table_Page] 季报点评|纺织制造 [Table_PicQuote] 相对市场表现 SAC 执证号：S0260516020001 SFC CE No. BPH764 mihanjie@gf.com.cn 百隆东方（601339.SH）:23 年保持高分红，看好 24 年业 绩拐点向上 百隆东方（601339.SH）:高 2024-01-30 分红率色纺纱龙头，看好 24 年业绩拐点向上 dongjianfang@gf.com.cn ⚫ 公司 2024Q1 盈利能力环比提升，营运能力改善。根据公司财报，公 司 2024Q1 毛利率/净利率为 5.89%/4.38%，环比 2023Q4 提升 3.11 pct/7.06pct，主要系 2024 年开年以来，海外市场需求逐渐复苏，产品 结构改善，毛利率较高的色纺纱产品占比回升（根据 2023 年报，色纺 纱/坯纱 2023 年毛利率分别为 12.82%/2.41%）。2024Q1 公 ...

Financial Performance - Diluted earnings per share for Q1 2024 was CNY 0.05, a decrease of 16.67% compared to the previous period[5] - The company's operating revenue for the first quarter reached ¥1,834,155,668.58, representing a year-on-year increase of 23.45%[21] - Net profit attributable to shareholders of the listed company was ¥80,326,874.88, a decrease of 4.51% compared to the same period last year[21] - The net profit after deducting non-recurring gains and losses was -¥7,495,827.93, reflecting a significant decline of 109.76% year-on-year[21] - The total profit was ¥108,994,501.03, an increase from ¥87,592,316.03 in the previous year[21] - The total comprehensive income attributable to the parent company's owners was -¥94,333,538.38, compared to -¥108,812,750.73 in the previous year[21] - The total revenue for Q1 2024 reached ¥1,834,155,668.58, an increase of 23.4% compared to ¥1,485,704,763.33 in Q1 2023[45] - Commission income for Q1 2024 was ¥1,882,504,032.65, up from ¥1,448,399,246.61 in Q1 2023, reflecting a growth of 30%[45] - The investment income for Q1 2024 was ¥46,040,318.40, down from ¥58,904,203.43 in Q1 2023, indicating a decline of 21.7%[45] - The total comprehensive income for Q1 2024 was -¥14,006,663.50, an improvement from -¥24,691,404.94 in Q1 2023[47] Assets and Liabilities - Total assets at the end of Q1 2024 amounted to CNY 16,321,300,347.97, reflecting a 1.47% increase from the end of the previous year[5] - The total liabilities increased to CNY 6,541,661,747.82 in Q1 2024 from CNY 6,290,806,955.67 in Q1 2023, reflecting a growth of 4.0%[44] - The total current assets reached CNY 8,547,978,247.88, compared to CNY 8,204,462,866.98 in the same period last year, indicating a growth of 4.2%[43] - The company's long-term equity investments increased to CNY 2,305,201,349.37 in Q1 2024 from CNY 2,269,018,228.92 in Q1 2023, showing a growth of 1.6%[43] Cash Flow - The net cash flow from operating activities was ¥283,252,627.84, indicating a turnaround from a net outflow in the same period last year[21] - The cash inflow from operating activities for Q1 2024 was CNY 1,922,403,157.39, an increase of 21.3% compared to CNY 1,584,721,175.76 in Q1 2023[36] - The net cash increase in cash and cash equivalents for Q1 2024 was CNY 330,583,460.04, contrasting with a decrease of CNY 236,219,232.50 in Q1 2023[39] - The cash received from tax refunds in Q1 2024 was CNY 12,127,571.00, significantly higher than CNY 1,635,764.63 in Q1 2023, marking a growth of 641.5%[36] - The cash paid for purchasing goods and services in Q1 2024 was CNY 1,346,370,371.38, up from CNY 1,274,843,706.87 in Q1 2023, reflecting a rise of 5.6%[36] Shareholder Information - Shareholders' equity attributable to the listed company was CNY 9,779,638,600.15, a decrease of 0.14% from the previous year[5] - The total number of shareholders at the end of the reporting period was 21,594[21] - The company did not report any significant changes in shareholder structure or financing activities during the reporting period[10] Non-Recurring Items - Non-recurring gains and losses for the period totaled CNY 87,822,702.81 after tax[6] - The company reported a non-operating income of CNY 3,781,612.73 from government subsidies closely related to its normal business operations[6] - The company has not identified any non-recurring gains and losses that are significant for this reporting period[25]

Shareholding and Remuneration - The company corrected the shareholding data for executives Li Xin and Zhang Kui in the annual report, specifically their shareholding changes and remuneration amounts[11] - Li Xin's shareholding increased by 450,000 shares, totaling 1,050,000 shares by the end of the reporting period, with a pre-tax remuneration of 45.07 million yuan[9] - Zhang Kui's shareholding remained unchanged, with a pre-tax remuneration of 126.48 million yuan during the reporting period[9] Information Disclosure - The company expressed apologies for the confusion caused by the data error and committed to improving the quality of information disclosure in the future[6]

Financial Performance - The company's operating revenue for 2023 was ¥6,913,888,269.68, a decrease of 1.08% compared to ¥6,989,064,221.79 in 2022[13] - The net profit attributable to the parent company for 2023 was ¥170,234,297.79, after deducting a statutory surplus reserve of ¥17,023,429.78[25] - The net profit for the third quarter was ¥279,782,597.95, while the fourth quarter showed a loss of ¥48,909,341.41[41] - The company reported a net profit of ¥76,801,092.47 after deducting non-recurring gains and losses in the first quarter[41] - The company reported a net profit of 525,396,991.92 yuan, with a significant increase in non-operating income of 18,024,829.90 yuan[44] - The net profit attributable to shareholders was 504.04 million RMB, representing a decline of 67.75% compared to the previous year[88] - The company's gross profit margin decreased by 18.53 percentage points to 7.47% due to lower product prices throughout the year[106] - The company's total assets at the end of 2023 were 16.08 billion RMB, a decrease of 0.75% from the end of 2022[88] - The net assets attributable to shareholders were 9.79 billion RMB, down 2.58% from the previous year[88] - The company experienced a basic earnings per share drop to -0.01 yuan after excluding non-recurring gains and losses, a decline of 101.85% from 0.54 yuan in 2022[62] - The company reported a basic earnings per share of 0.34 yuan, a decrease of 67.92% compared to 1.06 yuan in 2022[62] - The diluted earnings per share also stood at 0.34 yuan, reflecting a 67.62% decline from 1.05 yuan in the previous year[62] Cash Flow and Investments - The company's cash flow from operating activities showed a net outflow of ¥156,816,962.78 in the first quarter, followed by positive cash flows in subsequent quarters[41] - The net cash flow from operating activities surged by 228.62% to 808.85 million RMB, primarily due to a reduction in operating procurement costs[144] - The company reported a significant increase in investment cash flow by 83.93% to 413.09 million RMB, attributed to a decrease in capital expenditures[154] - The company's operating cash flow decreased due to a reduction in operating procurement expenses year-on-year[119] Product Development and Strategy - The company has intensified the development of new products, particularly focusing on environmentally friendly products to meet the demand from clothing brands[82] - The company aims to enhance its importance in the supply chain through continuous new product development, becoming a primary choice for downstream clothing brands seeking eco-friendly products[84] - The company launched new eco-friendly products, including "NEO-YARN SERIES STARDUST HEATHER" and "ECO-FRIENDLY HEATHER," focusing on green product design[108] - The company has developed high-end colored yarn products, including Eco FRESH Yarn series in collaboration with Dow Chemical, enhancing competitive advantage[178] - The company continues to invest in technological upgrades to enhance quality and efficiency[180] - The company’s strategic focus remains on technological innovation as a core competitive advantage, aiming to be a global leader in the color-spun yarn industry[137] Market and Sales Performance - The sales revenue from cotton yarn in Vietnam reached ¥3.315 billion during the reporting period[15] - The textile and apparel export value from Vietnam in 2023 was $33.33 billion, a year-on-year decrease of 11.4%[18] - In 2023, the company's revenue from its Vietnam operations reached RMB 5.305 billion, an increase of 11.90% year-on-year, while net profit decreased by 81.66% to RMB 126 million[133] - The company adjusted its sales strategy to increase production capacity utilization in response to reduced overseas orders[106] - The company achieved a total sales volume of 216,626.15 tons of yarn in 2023, generating a revenue of 6.914 billion RMB and a net profit of 504 million RMB[141] - The revenue from direct sales was 6.457 billion RMB, with a slight increase of 0.77% year-on-year[147] Operational Challenges and Risks - The company faces risks from macroeconomic fluctuations, high inflation, and geopolitical tensions affecting the textile industry[182] - The company reported a significant impact from rising raw material, energy, and labor costs on profitability[183] - The company has maintained a production model based on sales, with inventory adjustments made during off-peak sales seasons[78] - The company has seen an increase in overseas asset scale, which supports its international production and sales operations[184] Corporate Governance and Meetings - The company has conducted seven board meetings and five supervisory meetings during the reporting period, reviewing 28 and 16 proposals respectively[186][187] - The company plans to submit the profit distribution proposal to the 2023 annual general meeting for approval[26] Shareholder Information - The company plans to distribute a cash dividend of 3 yuan per 10 shares, totaling 446,817,898.80 yuan, based on a total share capital of 1,489,392,996 shares after buyback adjustments[48] - The company’s total share capital is 1,500,000,000 shares, with 10,607,004 shares held in the buyback account[48] - The company’s cumulative undistributed profits amounted to ¥1,481,569,749.34 as of the end of the reporting period[25] Production Capacity - The company’s total production capacity in Vietnam reached 1.26 million spindles by the end of 2023[133] - The company established a large production base in Vietnam, with a capacity of 126,000 spindles, enhancing its overseas order capabilities[140] - The company’s non-public issuance of A-shares to raise up to RMB 1 billion for the expansion of its 390,000 spindle project in Vietnam was not implemented within the approval period, which expired in March 2023[111]

| --- | --- | --- | --- | --- | --- | |----------------------------------------------|--------|--------|-------|-------|-------| | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 6989 | 6914 | 8317 | 9215 | 9752 | | 增长率（ % ） | -10.1% | -1.1% | 20.3% | 10.8% | 5.8% | | EBITDA （百万元） | 1864 | 667 | 1117 | 1695 | 1828 | | 净利润（百万元） | 1563 | 504 | 558 | 950 | 1042 | | 增长率（ % ） | 14.0% | -67.7% | 10.8% | 70.1% | 9.7% | | 每股收益（元） | 1.04 | 0.34 | 0.37 | 0.63 | 0.69 | | 市盈率（ P/E) | 5.47 | 14.4 ...

百隆东方（601339.SH） 买入 2023 年收入减少 1%，但单价、毛利率下滑明显，分红率 89%。公司是全球 第二大色纺纱龙头生产商。2023 年公司收入减少 1%至 69.1 亿元，公司通过 积极开拓市场，销量在低基数上增长 22%，但由于海外品牌去库存，订单需 求下降、行业竞争加剧，叠加棉价下行影响，公司产品售价同比下降 18%。 由于产品售价下降、开机率不足、消化高价原材料库存，公司毛利率同比大 幅下降 18.2 百分点至 8.6%。公司加强费用管控，费用率小幅下降 1 百分点， 归母净利率下降 15.1 百分点至 7.3%，归母净利润下降 68%至 5.0 亿元。2023 年公司经营活动现金流净额 8.1 亿元，资本开支 3.4 亿元，自由现金流 4.7 亿元，2023 年公司现金分红占归母净利润比重为 88.7%。 2023 第四季度收入低基数上大幅增长，毛利率承压。2023 第四季度，公司 收入增长 44%至 18.2 亿元，主要是 2022 第四季度受品牌去库存影响，收入 基数低。但由于行业竞争仍然激烈，价格仍处于低位，因此第四季度毛利率 只有 2.8%，若剔除存货减值后转销的影响，Q4 ...

目 录 | | | | 二、附件……………………………………………………………… 第 | 3—7 | 页 | | --- | --- | --- | | （一）本所营业执照复印件……………………………………… | 第 | 3 页 | | （二）本所会计师事务所执业证书复印件……………………… | 第 | 4 页 | | （三）本所从事证券服务业务备案完备证明材料……………… | 第 | 5 页 | | （四）本所注册会计师证书复印件……………………………第 | 6—7 | 页 | 内部控制审计报告 天健审〔2024〕1895 号 百隆东方股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了百隆东方股份有限公司（以下简称百隆东方公司）2023 年 12 月 31 日 的财务报告内部控制的有效性。 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是百隆 东方公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意 ...