Investment Rating - The report maintains a "Buy" rating for the company [3][10]. Core Views - The company has shown a strong performance in Q3 2024 with a revenue of 2.09 billion yuan, representing a year-on-year growth of 11.4%. The net profit attributable to shareholders was 180 million yuan, a decline of 35.7%, while the non-recurring net profit was 150 million yuan, indicating a turnaround from losses [2][3]. - The company is expected to continue its recovery in profitability as a leading player in the colored yarn sector, leveraging its international layout and gradually increasing market share [3][4]. - The report has adjusted the profit forecasts for 2024-2026, reducing the net profit estimates by 17% for 2024, 17% for 2025, and 15% for 2026, with corresponding EPS estimates of 0.39, 0.51, and 0.59 yuan, and PE ratios of 14, 11, and 9 times respectively [3][4]. Financial Performance Summary - In the first three quarters of 2024, the company achieved a total revenue of 6.07 billion yuan, a year-on-year increase of 19.3%. The net profit attributable to shareholders was 410 million yuan, down 25.4%, while the non-recurring net profit surged by 138.6% to 250 million yuan [4][5]. - The gross margin improved by 0.6 percentage points to 11.4% in the first three quarters, with a quarterly recovery trend observed [5][6]. - Inventory as of September 2024 decreased by 12.1% from the beginning of the year to 4.14 billion yuan, with inventory turnover days reduced by 84 days to 222 days [3][4]. - Accounts receivable also saw a reduction of 4.0% to 590 million yuan, with turnover days decreasing by 2 days to 27 days [3][4]. - Operating cash flow for the first three quarters was 1.24 billion yuan, reflecting a significant year-on-year growth of 98.8% [3][4].

Financial Performance - Total revenue for Q3 2024 reached ¥2,085,172,207.32, an increase of 11.39% year-over-year[2] - Net profit attributable to shareholders decreased by 35.71% to ¥179,870,478.22 in Q3 2024[2] - Net profit excluding non-recurring gains and losses increased by 138.59% to ¥147,797,234.90 year-to-date[7] - Basic and diluted earnings per share for Q3 2024 were both ¥0.12, down 36.84% compared to the same period last year[3] - The company reported a year-to-date net profit of ¥412,666,002.04, down 25.37% compared to the previous year[2] - Net profit for the first three quarters of 2024 was ¥451,236,939.06, a decline of 25.3% compared to ¥603,914,576.82 in 2023[15] - Net profit for Q3 2024 was CNY 412,666,002.04, a decrease of 25.4% compared to CNY 552,952,905.15 in Q3 2023[16] - Total comprehensive income for Q3 2024 was CNY 300,152,140.30, down from CNY 698,712,686.19 in Q3 2023, reflecting a decline of 57.0%[16] Assets and Liabilities - Total assets as of the end of the reporting period were ¥14,746,529,809.35, a decrease of 8.32% from the previous year-end[3] - Total assets decreased to ¥14,746,529,809.35 from ¥16,084,452,219.32, reflecting a decline of 8.3%[13] - Total liabilities decreased to ¥5,071,392,212.88, down 19.4% from ¥6,290,806,955.67 in the previous year[13] - Non-current liabilities totaled ¥1,398,481,124.33, a decrease of 5.9% from ¥1,485,672,257.58[13] Cash Flow - Cash flow from operating activities year-to-date increased by 98.78% to ¥1,244,337,263.78[7] - Cash flow from operating activities for the first three quarters of 2024 was CNY 1,244,337,263.78, significantly up from CNY 625,977,376.58 in the same period of 2023, an increase of 98.6%[17] - Cash inflow from investment activities in the first three quarters of 2024 was CNY 595,921,727.29, down from CNY 1,254,954,129.53 in the same period of 2023, a decrease of 52.5%[19] - Cash flow from financing activities showed a net outflow of CNY 1,676,994,986.05 in Q3 2024, compared to a net inflow of CNY 557,358,125.37 in Q3 2023[19] - The company reported cash and cash equivalents at the end of Q3 2024 of CNY 2,043,868,863.29, down from CNY 2,862,295,674.75 at the end of Q3 2023, a decrease of 28.6%[19] Shareholder Information - The total number of common shareholders at the end of the reporting period was 21,429[8] - The largest shareholder, New National Investment Development Co., Ltd., holds 445,799,814 shares, representing 29.72% of the total shares[9] - The second-largest shareholder, Yang Weixin, owns 273,852,704 shares, accounting for 18.26%[9] - The top three shareholders collectively hold 74.41% of the company's equity, indicating a high level of ownership concentration[9] - There were no changes in the participation of the top shareholders in margin trading or securities lending activities during the reporting period[10] Operating Performance - Total operating revenue for the first three quarters of 2024 reached ¥6,074,297,911.51, an increase of 19.4% compared to ¥5,091,871,908.50 in the same period of 2023[15] - Total operating costs for the same period were ¥5,873,915,514.70, up 16.7% from ¥5,031,320,610.53 in 2023[15] - Operating profit decreased to ¥445,899,066.44, down 25.3% from ¥596,772,610.39 in the previous year[15] Research and Development - Research and development expenses increased to ¥87,644,641.04, up 32.6% from ¥66,114,615.15 in the same period last year[15] - The company continues to focus on expanding its market presence and investing in new technologies, as indicated by the increase in R&D spending[15] Other Financial Metrics - The weighted average return on equity decreased by 0.91 percentage points to 1.90% for Q3 2024[3] - Non-recurring gains and losses for the current period amounted to ¥32,073,243.33, significantly impacting net profit[6] - The company's cash and cash equivalents as of September 30, 2024, were approximately RMB 2.07 billion, down from RMB 2.65 billion at the end of 2023, a decrease of about 22%[11] - Accounts receivable amounted to RMB 591.79 million, slightly down from RMB 616.24 million, a decrease of approximately 4%[11] - Inventory decreased to RMB 4.14 billion from RMB 4.71 billion, reflecting a reduction of about 12%[11] - The total current assets as of September 30, 2024, were RMB 7.05 billion, down from RMB 8.20 billion, a decrease of approximately 14%[11] - The company's long-term equity investments increased to RMB 2.31 billion from RMB 2.27 billion, an increase of about 2%[11] - The company experienced a significant increase in tax refunds received, amounting to CNY 29,855,714.64 in 2024 compared to CNY 3,150,417.77 in 2023[17] - The company’s cash outflow for operating activities in the first three quarters of 2024 was CNY 5,198,911,575.24, an increase of 12.5% from CNY 4,621,654,655.87 in the same period of 2023[17]

证券代码：601339 证券简称：百隆东方 公告编号：2024-038 https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 25 日(星期一) 至 11 月 29 日(星期 五)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 broseastern@bros.com.cn 进行提问。公司将在说明会 上对投资者普遍关注的问题进行回答。 百隆东方股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入 地了解公司 2024 年前三季度经营成果、财务状况，公司计划于 2024 年 12 月 02 日 下午 15:00-16:00 举行 2024 年第三季度业绩说明会， 就投资者关心的问题进行交流。 一、 说明会类型 百隆东方股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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个别及连带责任。 证券代码：601339 证券简称：百隆东方 公告编号：2024-037 百隆东方股份有限公司 关于实施注销回购股份暨股本变动的公告 重要内容提示： 一、股份回购情况概述 公司于2020年7月22日召开了第四届董事会第六次会议，审议通过了《关于 以集中竞价交易方式回购股份预案》。2020年7月29日，公司披露了《关于以集 中竞价交易方式回购股份的报告书》，本次回购股份的方案为：公司使用自有资 金以集中竞价交易方式回购公司股份，回购资金总额不低于人民币7,500.00万元 （含）且不超过人民币15,000.00万元（含），回购价格为不超过人民币5.40元/ 股（含），回购股份的实施期限为自董事会审议通过本次回购股份方案之日起不 超过12个月。本次回购的股份将用于实施员工持股计划及/或股权激励。公司如 未能在股份回购实施完成之后36个月内使用完毕已回购股份，尚未使用的已回购 股份将予以注销。详见公司于2020年7月22日披露的《关于以集中竞价交易方式 回购股份预案的公告》（公告编 ...

证券代码：601339 证券简称：百隆东方 公告编号：2024-036 百隆东方股份有限公司 根据《中华人民共和国公司法》《上市公司股份回购规则》《上海证券交 易所上市公司自律监管指引第7号——回购股份》等法律法规规定以及《公司章 程》、公司股份回购方案的规定，公司回购的股份拟用于实施员工持股计划及/ 或股权激励，公司如未能在发布回购结果暨股份变动公告之后36个月内实施上 述用途的，未使用的已回购股份将予以注销。考虑到上述期限届满，公司决定 将注销回购专用证券账户中尚未使用的431,000.00股公司股份，并减少注册资 本。 回购注销完成后，公司总股本将由150,000万股减少至149,956.90万股，公 司注册资本因此由150,000万元减少至149,956.90万元。最终的股本变动情况以 中国证券登记结算有限责任公司上海分公司确认的数据为准。公司将向中国证 券登记结算有限责任公司上海分公司申请该部分股票的注销，并依法履行相应 的减资程序。 二、需债权人知悉的信息 根据《中华人民共和国公司法》等相关法律、法规的规定，公司特此通知 债权人，自本公告披露之日起45日内，有权依据有效的债权相关文件及相关凭 证要 ...

(一) 股东大会召开的时间：2024 年 9 月 12 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： 国公司法》、《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等法 律法规和本公司章程的有关规定，会议合法有效。 (五) 公司董事、监事和董事会秘书的出席情况 证券代码：601339 证券简称：百隆东方 公告编号：2024-035 百隆东方股份有限公司 2024 年第一次临时股东大会决议公告 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 | 118 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,134,902,147 | | 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 ...

关 于 法律意见书 致：百隆东方股份有限公司 国浩律师（杭州）事务所 百隆东方 2024 年第一次临时股东大会法律意见书 国浩律师（杭州）事务所 百隆东方股份有限公司 2024 年第一次临时股东大会 国浩律师（杭州）事务所（以下简称"本所"）接受百隆东方股份有限公司 （以下简称"公司"）委托，指派律师出席公司 2024 年第一次临时股东大会（以 下简称"本次股东大会"），并依据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、中国证券监督管 理委员会（以下简称"中国证监会"）发布的《上市公司股东大会规则》（以下简 称"《股东大会规则》"）、《上市公司治理准则》（以下简称"《治理准则》"）等法 律、行政法规、规范性文件及现行有效的《百隆东方股份有限公司章程》（以下 简称"《公司章程》"）、《百隆东方股份有限公司股东大会议事规则》（以下简称"《股 东大会议事规则》"）的规定，就本次股东大会的召集、召开程序、出席会议人员 资格、召集人资格、会议的表决程序、表决结果等事宜出具法律意见书。 为出具本法律意见书，本所律师出席了公司本次股东大会，审查了公司提供 的本次 ...

证券研究报告 | 公司点评 | 纺织制造 | --- | --- | |------------------------------------|------------------------------------------| | 百隆东方 (601339) | 报告日期： 2024 年 09 月 10 日 | | 销量及毛利率环比修复，期待棉价拐点 | | | ——百隆东方点评报告 | | 投资要点 ❑ 24H1 收入恢复增长，扣非净利环比扭亏 24H1 实现收入 39.89 亿元（同比+23.9%），归母净利润 2.33 亿元（同比14.8%），扣非后归母净利润 1.07 亿元（同比-46.7%）；单 Q2 收入 21.55 亿元（同 比+24.3%），归母净利润 1.52 亿元（同比-19.3%），扣非后归母净利润 1.15 亿元 （同比-7.7%）。收入复苏性增长，扣非净利润环比 23H2 扭亏为盈，同比下滑较 大主要系 23H1 存货减值准备转销较多。 ❑ 销量为主要增长驱动，越南占比持续提升 量价拆分：24H1 纱线收入 36.71 亿元（同比+22.1%），其中销量/ASP 同比分别 +2 ...

公司报告 | 半年报点评 基本数据 A 股总股本(百万股) 1,500.00 流通 A 股股本(百万股) 1,500.00 A 股总市值(百万元) 6,495.00 流通 A 股市值(百万元) 6,495.00 每股净资产(元) 6.23 资产负债率(%) 37.50 一年内最高/最低(元) 5.98/4.09 百隆东方（601339） 证券研究报告 2024 年 08 月 28 日 投资评级 行业 纺织服饰/纺织制造 6 个月评级 持有（调低评级） 当前价格 4.33 元 目标价格 元 越南子公司表现亮眼 公司发布 2024 中期报告 24Q2 营收 21.55 亿，同增 24.3%；归母净利 1.52 亿，同减 19.4%；扣非后 归母净利 1.1 亿，同减 7.7%；24H1 营收 39.9 亿，同增 23.9%，系销量同增 23.8%；归母净利 2.3 亿，同减 14.8%；扣非后归母净利 1.1 亿，同减 46.7%。 2024 年全球经济仍面临地缘政治冲突、多国货币贬值、贸易保护主义加剧 等多重挑战。百隆凭借自身在产能布局上的优势，以及在销售生产上快速 响应能力，牢牢抓住当前下游服装品牌去库存趋于 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥3,989,125,704.19, representing a 23.89% increase compared to ¥3,219,856,486.69 in the same period last year[13]. - Net profit attributable to shareholders decreased by 14.78% to ¥232,795,523.82 from ¥273,170,307.20 year-on-year[13]. - The net profit after deducting non-recurring gains and losses fell by 46.70% to ¥107,183,090.50 compared to ¥201,083,129.30 in the previous year[13]. - The net cash flow from operating activities significantly increased by 470.89% to ¥886,001,781.13 from ¥155,195,247.75 in the same period last year[13]. - Basic earnings per share decreased by 11.11% to ¥0.16 from ¥0.18 in the same period last year[13]. - The weighted average return on net assets decreased by 0.27 percentage points to 2.40% from 2.67% year-on-year[13]. - The company reported a total comprehensive income of -¥40,194,680.74 for the first half of 2024, compared to ¥97,554,107.12 in the same period of 2023, highlighting a challenging financial environment[80]. - The company reported a net loss of 740,880,497.00 RMB for the first half of 2024, indicating ongoing financial challenges[91]. Assets and Liabilities - The total assets of the company decreased by 7.10% to ¥14,942,566,551.91 from ¥16,084,452,219.32 year-on-year[13]. - The total liabilities were CNY 5,603,260,150.88, a decrease of 10.95% from CNY 6,290,806,955.67[68]. - Current liabilities totaled CNY 4,046,428,908.03, down 15.77% from CNY 4,805,134,698.09[68]. - The total owner's equity at the end of the first half of 2024 was 9,888,771,454.04 RMB, showing a decrease from the previous period[92]. - The total amount of guarantees provided during the reporting period (excluding guarantees to subsidiaries) is 0 billion RMB[56]. Cash Flow - Cash flow from operating activities amounted to ¥4,201,030,127.53, an increase from ¥3,311,623,984.42 in the first half of 2023, indicating improved cash generation[80]. - The company's cash and cash equivalents at the end of the period amounted to ¥2,095,478,812.57, a decrease from ¥2,649,523,257.09 at the beginning of the period[157]. - The total cash inflow from operating activities was CNY 1,457,110,978.50, up from CNY 1,160,931,501.66 in the first half of 2023, marking an increase of approximately 25.5%[83]. Research and Development - The company invested significantly in R&D, with expenses rising by 29.18% to CNY 58.71 million, focusing on eco-friendly product development[24]. - Research and development expenses increased to ¥58,709,561.95 from ¥45,446,467.85, representing a growth of about 29%[75]. Market and Competitive Position - The company maintains a competitive edge through its innovative development strategy, focusing on product differentiation and quality standardization[19]. - The company aims to be a global leader in the color-spun yarn industry, leveraging its technological innovations as a core competitive advantage[19]. - The company’s operational model emphasizes "small batch, multiple varieties, and quick response," catering to market demands[16]. Environmental and Regulatory Compliance - Ningbo Haide has a wastewater treatment capacity of 12,000 tons per day, with a well-functioning treatment process that meets legal requirements[43]. - The company has established a comprehensive environmental risk emergency mechanism, ensuring efficient response to pollution incidents[45]. - There were no administrative penalties related to environmental issues during the reporting period[47]. Shareholder and Governance - The largest shareholder, New National Investment Development Co., Ltd., holds 29.72% of the shares[61]. - The actual controllers, Yang Weixin and Yang Weiguo, together with Yang Weiguo's spouse Zheng Yafei, hold a total of 74.41% of the company's shares[62]. - The company has implemented stock option incentive plans, with adjustments made to the exercise prices for the first and second phases of the 2021 stock option incentive plan[39]. Risks and Challenges - The company faced risks from macroeconomic fluctuations, geopolitical tensions, and trade disputes affecting the textile industry[33]. - The company is facing rising costs in labor and energy, which could impact profitability if product prices do not adjust accordingly[34]. - Approximately 70% of the company's production costs are attributed to cotton, which has seen significant price volatility due to climate change and commodity price fluctuations[34]. Investment and Expansion - The company has established an overseas production base in Vietnam, contributing to its sustainable development strategy[23]. - The company is expanding its overseas operations, which may introduce management challenges due to differing legal and economic environments[35]. - The company is planning to engage in cotton futures trading in 2024 to manage price risks[36].