Investment Rating - The investment rating for the company is "Hold" [6] Core Views - The company reported a revenue of 7.94 billion yuan for 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 achieving 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 turned from a loss to a profit at 220 million yuan, indicating a significant improvement in the core business profitability [1][4] Revenue Breakdown - In 2024, the company achieved domestic revenue of 1.9 billion yuan, a year-on-year increase of 6%, while overseas revenue reached 5.4 billion yuan, up 17% year-on-year. The global textile and apparel industry is gradually emerging from the inventory destocking cycle of 2023, with consumer demand gradually releasing [2] Product Performance - The revenue from colored yarn in 2024 was 4.1 billion yuan, an increase of 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, a slight decrease of 1% year-on-year, but the gross margin improved by 4.19 percentage points to 6.60% [1] Dividend Policy - 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] Equipment Upgrade Investment - The company has increased its investment in equipment upgrades, with total investments exceeding 200 million yuan. The investment in domestic factory upgrades was approximately 30 million yuan, while the investment in the Vietnam factory was about 188 million yuan, significantly enhancing production efficiency and product quality [3] Financial Forecast Adjustments - Based on the performance in 2024, the earnings per share (EPS) forecasts for 2025-2027 have been adjusted to 0.30 yuan, 0.33 yuan, and 0.36 yuan respectively, down from previous estimates of 0.40 yuan for both 2025 and 2026 [4]

Investment 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]

Event Overview - In 2024, the company's revenue, net profit attributable to shareholders, net profit excluding non-recurring items, and net operating cash flow are projected to be 7.941 billion, 410 million, 220 million, and 1.383 billion yuan respectively, with year-on-year growth of 14.86%, -18.62%, 1128.03%, and 70.98% [1] - The higher operating cash flow compared to net profit is mainly due to high depreciation and an increase in operating payables, with non-recurring gains from the disposal of non-current assets amounting to 124 million yuan [1] - Revenue exceeded expectations due to a rapid recovery in colored yarn, while net profit fell short of market expectations primarily due to losses in Q4 [1] Dividend and Financial Management - A cash dividend of 2.6 yuan per 10 shares is proposed for 2024, corresponding to a dividend payout ratio of 95% (up from 89% in 2023) and a dividend yield of 5% [2] - The company plans to limit the maximum margin for cotton futures trading to 990 million yuan for the next 12 months [2] Regional Performance - Revenue from Vietnam and domestic markets for 2024 is expected to be 5.997 billion and 1.902 billion yuan, with year-on-year growth of 13.03% and 5.6% respectively [3] - Vietnam's net profit is projected to be 504 million yuan, a year-on-year increase of 299.91%, with a net profit margin of 8.4% [3] - The company continues to invest in expanding production capacity in Vietnam, with a total capacity of 1.26 million spindles [3] Production and Sales Metrics - Total yarn production and sales are expected to be 254,200 and 242,300 tons, with year-on-year growth of 19.23% and 11.84% respectively [3] - The estimated capacity utilization rate is 104.6%, an increase of 16.9 percentage points year-on-year, with an average selling price of 32,400 yuan per ton [3] Profitability Analysis - The company's gross margin for 2024 is projected to be 10.2%, an increase of 1.55 percentage points year-on-year, driven by improved capacity utilization [4] - The net profit margin is expected to be 5.17%, a decrease of 2.12 percentage points year-on-year [4] - The company has seen a decrease in various expense ratios, with management expenses declining due to reduced employee compensation [4] Inventory and Receivables - As of the end of 2024, inventory is expected to be 4.243 billion yuan, a decrease of 10% year-on-year, with raw materials and in-transit goods accounting for 62% [6] - Accounts receivable are projected to be 690 million yuan, an increase of 12% year-on-year, while accounts payable are expected to rise by 75% to 387 million yuan [6] Investment Outlook - The company is expected to see improved profitability due to the increasing share of colored yarn and recovery in Vietnam's profitability [7] - Long-term growth prospects remain strong, with ongoing expansion in Vietnam and an attractive dividend yield of 5% [7] - Revenue and net profit forecasts for 2025-2026 have been adjusted downward, with new projections for 2027 introduced [7]

Investment 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]

Investment 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-recurring net profit turning positive, reaching 2.20 billion yuan compared to a loss of 0.21 billion yuan in 2023 [1][4] - The company is the second-largest color-spun yarn manufacturer globally, benefiting from an increase in color-spun yarn sales and improved capacity utilization in Vietnam [1][4] - The gross margin is projected to improve by 1.55 percentage points to 10.20% in 2024, driven by order recovery and a higher proportion of color-spun yarn [1][4] Summary by Sections Financial Performance - In 2024, the company is expected to generate operating revenue of 79.41 billion yuan, an increase of 14.9%, with yarn sales reaching 242,300 tons, up 11.8% [1][4] - The gross profit margin is anticipated to rise to 10.20%, with a significant reduction in expense ratio by 2.01 percentage points to 7.05% [1][4] - The company plans to distribute a dividend of 2.6 yuan per 10 shares, with a payout ratio of 95.05% [1] Quarterly Performance - In Q4, the revenue was 1.867 billion yuan, a 2.5% increase year-on-year, but the gross margin decreased due to additional wage provisions for the Vietnam factory [2] - The net profit for Q4 was a loss of 2.49 million yuan, although the loss was narrower compared to previous periods [2] Business Segments - Color-spun yarn revenue increased by 29.1% to 40.56 billion yuan, accounting for 55% of total revenue, while gross margin for this segment was 11.22% [3] - The Vietnam base contributed significantly, with revenue of 59.97 billion yuan and a net profit of 5.04 billion yuan, reflecting a 299.9% increase [3] Future Outlook - The company expects continued improvement in profitability due to higher color-spun yarn sales and operational efficiency in Vietnam, despite potential short-term disruptions from tariff uncertainties [4][35] - The profit forecast for 2025-2027 has been adjusted to 4.6 billion, 5.4 billion, and 6.4 billion yuan respectively, reflecting a growth of 12.8%, 16.7%, and 19.1% [4][35]

Summary of Baolong Oriental Conference Call Company Overview - Baolong Oriental achieved a record yarn sales volume of 242,000 tons in 2024, but the net profit attributable to shareholders decreased by 18.62% to 410 million yuan, primarily due to the impact of subsidiary equity transfer gains, leading to pressure on core business profits [2][3][4] - The company reported a revenue of 7.941 billion yuan, a year-on-year increase of 14.86% [3] Financial Performance - The net profit after deducting non-recurring items was 220 million yuan, indicating a turnaround from losses, with the Vietnamese factory showing significant recovery in profitability [2][3] - The domestic sales gross margin was only 2.29%, while the overseas sales gross margin reached 11.6% [3] - The gross margin for colored yarn was 16.67%, and for grey fabric, it was 6.6% [3] Impact of Tariffs - The U.S. tariffs imposed in April significantly affected Baolong Oriental's order intake, with a cautious approach from downstream garment factories, limiting orders to essential needs [5][6] - 77% of the company's production capacity is located in Vietnam's bonded zone, minimizing direct tariff impacts, but U.S. market exports remain affected [5][6] - Downstream garment factories are seeking orders from Europe and Japan to compensate for potential losses in the U.S. market, leading to increased competition in these regions [6][7][8] Market Conditions - The textile and apparel industry in Vietnam is experiencing weak order feedback for Q2, with heavy customer hesitation [9] - If a trade agreement is reached between Vietnam and the U.S., average tariffs may stabilize around 10%, potentially releasing blocked orders [9] - The company anticipates that cost pressures will normalize based on commercial negotiations, with pricing power dependent on order saturation [12] Future Outlook - The company holds a bearish outlook on cotton prices, expecting a decline due to reduced imports of U.S. cotton in China [22] - The company plans to maintain a high cash dividend payout ratio of 95% and has announced additional interim dividends [22] - The company is also focused on optimizing domestic production capacity due to the uncertain tariff environment, potentially leading to further adjustments in domestic operations [15][16] Production and Capacity - The Vietnamese factory's production capacity is expected to remain at 1.26 million spindles by the end of 2024, with potential increases if orders normalize in 2025 [23][24] - The domestic colored yarn business is underperforming, with gross margins between 2% and 3%, while the Vietnamese subsidiary reported profits of 500 million yuan [4][14] Recommendations for Industry Development - The management suggests that improving domestic demand and consumption capacity is crucial for enhancing the overall industry landscape, especially in light of the significant impact of U.S. tariffs on global markets [26]

Investment Rating - The investment rating for the company has been adjusted from "Buy" to "Outperform" [2][7][22] Core Insights - The company's 2024 revenue reached 7.94 billion yuan, a year-on-year increase of 14.9%, while the net profit attributable to shareholders was 410 million yuan, a decline of 18.6% year-on-year [7][8] - The company has seen a significant divergence in profitability between domestic and overseas operations, with overseas capacity accounting for 77% of total capacity by the end of 2024 [7] - The company is actively reducing its debt ratio and maintaining a high dividend payout, with a proposed cash dividend of 0.26 yuan per share, resulting in a cash dividend ratio of 95% [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 7.67 billion yuan, with a projected net profit of 500 million yuan, reflecting a year-on-year growth of 22% [6][17] - The gross profit margin for 2024 was 10.2%, with a significant difference between domestic (2.3%) and overseas (11.6%) operations [7][10] - The company’s operating cash flow for 2024 was 1.38 billion yuan, a 71% increase year-on-year, indicating strong cash generation capabilities [7] Market Comparison - The company's current market capitalization is approximately 7.8 billion yuan, with a target market value of 8.7 billion yuan, indicating an upside potential of 11% [7][13] - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 16, 14, and 12 respectively, with a compound annual growth rate (CAGR) of approximately 15% expected over the next three years [7][13]

公募基金方面，本期较上一期持股增加的公募基金共计1个，即华泰柏瑞上证红利ETF，持股增加占比 达0.85%。本期较上一季度持股减少的公募基金共计3个，包括兴全商业模式混合(LOF)A、兴全新视野 定期开放混合型发起式、鹏扬景泽一年持有混合A，持股减少占比达2.20%。本期较上一季度新披露的 公募基金共计63个，主要包括华宝标普中国A股红利机会ETF、国泰金鹏蓝筹价值混合、泓德优质治理 混合、易方达港股通红利混合、华泰柏瑞量化先行混合A等。本期较上一季未再披露的公募基金共计5 个，包括新华积极价值灵活配置混合A、广发恒誉混合A、农银研究驱动混合、国泰君安远见价值混合 发起A、国泰君安君得盛债券A。 2025年4月16日，百隆东方(601339.SH)发布2024年年度报告。截至2025年4月15日，共有71个机构投资 者披露持有百隆东方A股股份，合计持股量达7.77亿股，占百隆东方总股本的51.83%。其中，前十大机 构投资者包括新国投资发展有限公司、三牛有限公司、招商银行股份有限公司-上证红利交易型开放式 指数证券投资基金、香港中央结算有限公司、中国光大银行股份有限公司-兴全商业模式优选混合型证 券投资基金( ...

4月15日百隆东方发布2024年度分配预案，拟10派2.6元（含税），预计派现金额合计为3.90亿元。派现 额占净利润比例为95.05%，以该股2024年度成交均价计算，股息率为4.80%。这是公司上市以来，累计 第14次派现。 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2024.12.31 | 10派2.6元（含税） | 3.90 | 4.80 | | 2023.12.31 | 10派3元（含税） | 4.47 | 4.97 | | 2022.12.31 | 10派5元（含税） | 7.41 | 8.39 | | 2021.12.31 | 10派5元（含税） | 7.37 | 9.08 | | 2020.12.31 | 10派2元（含税） | 2.95 | 4.81 | | 2019.12.31 | 10派0.6元（含税） | 0.90 | 1.29 | | 2018.12.31 | 10派0.88元（含税） | 1.32 | 1.64 | | 2017.12.31 | 10派1元（含税） | ...

目 录 | 一、审计报告……………………………………………………… | 第 | 1—6 | | 页 | | --- | --- | --- | --- | --- | | 二、财务报表……………………………………………………… | 第 | 7—14 | | 页 | | （一）合并资产负债表…………………………………………… | | 第 | 7 | 页 | | （二）母公司资产负债表………………………………………… | | 第 | 8 | 页 | | （三）合并利润表………………………………………………… | | 第 | 9 | 页 | | （四）母公司利润表………………………………………………第 | | 10 | | 页 | | （五）合并现金流量表……………………………………………第 | | 11 | | 页 | | （六）母公司现金流量表…………………………………………第 | | 12 | | 页 | | （七）合并所有者权益变动表……………………………………第 | | 13 | | 页 | | （八）母公司所有者权益变动表…………………………………第 | | 14 | | 页 | | 三、财务报表附注… ...