证券代码：601339 证券简称：百隆东方 公告编号：2025-001 百隆东方股份有限公司关于对外担保的进展公告 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: 一、担保情况概述 （一）担保事项基本情况 近日，本公司之控股子公司澳门百隆与招商银行股份有限公司宁波分行签署 《授信协议》（编号：1199241204 号）。为了担保以上《授信协议》项下的债务履 行，公司向债权人招商银行股份有限公司宁波分行提供保证并签署《最高额不可 撤销担保书》（编号：1199241204-1 号），为澳门百隆与招商银行发生的授信业务 提供不超过 25,000 万元的连带责任保证担保。 （二）担保决策程序 公司分别于 2024 年 4 月 12 日、2024 年 5 月 10 日召开了第五届董事会第十 次会议、第五届监事会第十次会议，及 2023 年年度股东大会，审议通过了《关 于 2024 年度对子公司提供担保的议案》，同意公司于 2024 年度为控股子公司提 1 被担保人名称：百隆澳门离岸商业服务有限公司（以下简称"澳门百隆"） ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 5.96 CNY per share, corresponding to a PE ratio of 16 times for 2024 [4][3]. Core Insights - The company reported a significant increase in its non-recurring net profit for Q3 2024, with a year-on-year growth of 138.59%, despite a decline in net profit attributable to shareholders by 25.37% for the first three quarters of 2024 [2][3]. - The gross profit margin improved to 14.04% in Q3 2024, an increase of 10.47 percentage points year-on-year, indicating healthy operational quality [3]. - The company is expected to continue its strong performance in Q4 2024, driven by a recovery in downstream demand and planned capacity expansion in Vietnam [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 6.074 billion CNY, a year-on-year increase of 19.29%, while the net profit attributable to shareholders was 413 million CNY, down 25.37% [2]. - The company’s gross profit margin for the first three quarters was 11.39%, up 0.64 percentage points year-on-year, and the expense ratio decreased to 7.80%, down 1.35 percentage points [3]. - The operating cash flow for the first three quarters was 1.244 billion CNY, reflecting a year-on-year growth of 98.78% [3]. Earnings Forecast - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.37 CNY, 0.63 CNY, and 0.69 CNY respectively, indicating a positive growth trajectory [3][8].

关于完成工商变更登记并换发营业执照的公告 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个别及连带责任。 百隆东方股份有限公司（以下简称"公司"）2024年8月26日召开第五届董 事会第十三次会议，2024年9月12日召开2024年第一次临时股东大会，分别审议 通过了《百隆东方股份有限公司关于注销回购股份并减少注册资本的议案》《关 于变更公司注册资本、修订<公司章程>并办理工商变更登记的议案》。具体内容 详见公司于2024年8月27日披露的《百隆东方股份有限公司关于注销回购股份减 少注册资本的公告》（公告编号：2024-031），及公司于2024年9月13日披露的 《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》（公告编号： 2024-035）。 近日，公司完成了工商变更登记手续，并取得了宁波市市场监督管理局换发 的《营业执照》，变更后相关信息如下： 证券代码：601339 证券简称：百隆东方 公告编号：2024-039 百隆东方股份有限公司 公司住所：浙江省宁波市镇海区骆驼街道南二东路1号 法定代表人：杨卫新 注册资本：壹 ...

Investment Rating - The report maintains a "Hold" rating for the company [6] Core Views - The company's Q3 2024 revenue reached 2.1 billion, up 11% YoY, while net profit attributable to the parent company was 180 million, down 36% YoY [1] - For Q1-Q3 2024, the company's revenue was 6.1 billion, up 19% YoY, with net profit attributable to the parent company at 400 million, down 25% YoY [1] - The company's gross margin for Q1-Q3 2024 was 11.39%, up 0.64 percentage points YoY, while the net margin was 6.79%, down 4.07 percentage points YoY [1] - The company is leveraging its production capacity layout and sales responsiveness to capitalize on the economic recovery opportunity [3] - The company is focusing on eco-friendly product development, including ecological cotton, regenerated cellulose fiber, and biodegradable fiber, which have been well-received in the market [2] - The company has adjusted its profit forecast, with expected EPS for 2024-2026 at 0.3, 0.4, and 0.4 yuan respectively, with corresponding P/E ratios of 17X, 14X, and 12X [2] Financial Performance and Forecast - The company's revenue for 2024E is projected to be 8.61 billion, with a growth rate of 24.5% YoY [5] - EBITDA for 2024E is expected to be 1.33 billion, down 12.2% YoY [5] - Net profit attributable to the parent company for 2024E is forecasted to be 459.69 million, down 8.8% YoY [5] - The company's EPS for 2024E is projected to be 0.31 yuan, with a P/E ratio of 16.96X [5] - The company's P/B ratio for 2024E is expected to be 0.85, and the P/S ratio is projected to be 0.91 [5] Industry and Market Position - The company operates in the textile and apparel manufacturing industry [6] - The company is deepening its brand partnerships and strengthening its market position by responding quickly to market trends and releasing color cards for the 2025/26 spring-summer and autumn-winter seasons [3] - The company is benefiting from the recovery in consumer demand as downstream apparel brands reduce inventory [3] Financial Ratios and Metrics - The company's gross margin for 2024E is expected to be 11.8%, up from 8.65% in 2023 [11] - The net profit margin for 2024E is projected to be 5.34%, down from 7.29% in 2023 [11] - The company's asset-liability ratio for 2024E is forecasted to be 43.24%, up from 39.11% in 2023 [11] - The current ratio for 2024E is expected to be 1.58, down from 1.71 in 2023 [11] - The quick ratio for 2024E is projected to be 0.32, down from 0.73 in 2023 [11]

百隆东方（601339.SH） 优于大市 第三季度收入增长 11%，毛利率进一步修复 第三季度收入增长 11%，毛利率进一步修复。公司是全球第二大色纺纱龙头 生产商。海外品牌去库存基本结束后，今年订单回暖，2024 第三季度收入同 比增长 11.4%至 20.9 亿元。三季度进入生产淡季，整体订单量收缩，收入环 比下降 3.2%。2023 年下游客户订单需求减少，产品价格下降，毛利率被压 缩，2024 年订单修复以来，毛利率持续改善，同时受益于三季度棉价回暖， 第三季度毛利率同比+10.5 百分点至 14.0%，环比+0.5 百分点。受益于毛利 率及费用率同比改善，扣非归母净利润较去年同期扭亏至 1.5 亿元；归母净 利润主要受投资收益影响，同比下降 35.7%至 1.8 亿元。 扣非净利率同环比均有提升，盈利趋势逐季向好。第三季度除财务费用率外， 其他费用率均较为稳定。财务费用率同比-2.4 百分点、环比+1.5 百分点至 2.5%，主要系期内美元兑人民币、美元兑越南盾贬值造成的汇兑损失所致。 盈利能力改善，扣非净利率同比、环比分别+12.1/1.8 百分点至 7.1%，今年 以来呈现逐季改善的趋势。归母净 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance relative to the market [4][7][8]. Core Insights - The company reported a sequential increase in net profit for Q3 2024, aligning with expectations, with revenue reaching 6.07 billion yuan for the first three quarters, a year-on-year increase of 19.3% [4][6]. - The gross margin showed signs of recovery, with Q3 2024 gross margin at 14.0%, up from 5.9% in Q1 and 13.5% in Q2, driven by improved capacity utilization and reduced price discounts [5][6]. - The company has demonstrated improved operational quality, with inventory turnover accelerating and significant cash flow growth, leading to a reduction in the debt-to-asset ratio to 34.4% [6][7]. - The report anticipates a continued upward trend in profitability, projecting net profits of 601 million yuan, 783 million yuan, and 1.02 billion yuan for 2024, 2025, and 2026, respectively [8][12]. Summary by Sections Market Data - Closing price as of October 31, 2024, was 5.32 yuan, with a market capitalization of 7,978 million yuan and a dividend yield of 5.64% [2][3]. Financial Performance - For Q3 2024, the company achieved revenue of 2.09 billion yuan, a year-on-year increase of 11.4%, with a net profit of 1.8 billion yuan, reflecting a decline of 35.7% year-on-year [4][6]. - The company’s earnings per share for 2024 are projected to be 0.40 yuan, with a PE ratio of 13 [8][12]. Future Outlook - The report suggests that the company is entering a recovery phase, with expectations of continued improvement in profitability and a stable high dividend policy supported by strong cash flow [6][7]. - The company is well-positioned in the Southeast Asian market, with approximately 77% of its production capacity located in Vietnam, enhancing its competitive advantage [7][8].

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 ...