盛泰集团(605138)：持续建设内外循环生产基地

Core Viewpoint - The company reported a decline in revenue and profit for 2024, with significant impacts from external market conditions and asset impairments [1][2][5]. Financial Performance - In Q4 2024, revenue was 1 billion, down 4% year-on-year, while net profit attributable to shareholders was 0.07 billion, up 130% year-on-year [1]. - For the full year 2024, revenue totaled 3.7 billion, down 21% year-on-year, and net profit attributable to shareholders was 0.47 billion, down 55% year-on-year [1]. - The non-recurring gains significantly influenced profits, with a decrease in asset disposal gains from 0.894 billion in 2023 to 0.5 billion in 2024 [2]. Product Performance - In 2024, the ready-to-wear segment generated 2.3 billion in revenue, down 31% year-on-year, with sales volume down 24% and prices down 9% [3]. - Fabric revenue was 0.9 billion, up 7% year-on-year, with knitted fabric sales volume up 29% and woven fabric sales volume down 27% [3]. - Yarn revenue was 0.2 billion, down 44% year-on-year, with sales volume down 55% but prices up 24% [3]. Regional Performance - Domestic revenue (including Hong Kong, Macau, and Taiwan) was 1.3 billion, down 27% year-on-year, while overseas revenue was 2.1 billion, down 22% year-on-year [4]. Profitability Analysis - The gross margin for 2024 was 16%, up 0.19 percentage points year-on-year, while the net profit margin was 1.10%, down 0.99 percentage points year-on-year, primarily due to asset impairments [5]. - Inventory impairment losses amounted to 0.078 billion, and fair value losses from investments totaled 0.056 billion [5]. Strategic Developments - The company is advancing its internal and external production base construction, establishing a complete industrial chain from cotton planting to garment manufacturing [6]. - A new project in Henan aims to enhance the production chain, while an investment agreement with the Moroccan government will support global business expansion [6]. Earnings Forecast - Based on 2024 performance, the company adjusted its earnings forecast for 2025-2027, expecting revenues of 4 billion, 4.4 billion, and 4.8 billion respectively [7][8]. - Projected net profits for 2025-2027 are 0.67 billion, 0.81 billion, and 1.01 billion respectively, with EPS of 0.12, 0.15, and 0.18 [8].