鲁泰A：中期分红率约71%，推进降本增效

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6]. Core Insights - The company reported a mid-year dividend payout ratio of approximately 71% and is focused on cost reduction and efficiency improvement [1]. - For the first half of 2024, the company's revenue was 2.83 billion, a year-on-year decrease of 0.4%, while the net profit attributable to the parent company was 170 million, down 23.5% year-on-year [4]. - The company is implementing a performance management model and enhancing its production processes to maintain its competitive edge in the cotton textile industry [2]. - The company is expanding its global marketing network and advancing research and development innovations [3]. Financial Performance - In the first half of 2024, the company's gross profit margin was 24.7%, an increase of 3.3 percentage points year-on-year, while the net profit margin was 6%, a decrease of 1.8 percentage points year-on-year [1]. - The company plans to distribute a dividend of 120 million, with a dividend payout ratio of approximately 70.5% [4]. - The company's revenue from shirt fabrics was 2.01 billion, up 3.9% year-on-year, while shirt product revenue was 620 million, down 11.9% year-on-year [1]. - The company’s financial expenses increased by 107.5% year-on-year to 4.25 million, primarily due to a decrease in foreign exchange gains [1]. Regional Performance - In the first half of 2024, domestic revenue was 1.06 billion, up 1.5% year-on-year, while revenue from Southeast Asia was 810 million, down 2.2% year-on-year [4]. - The gross profit margin for domestic sales was 22.7%, an increase of 4.2 percentage points year-on-year, while the gross profit margin for Southeast Asia was 26.3%, up 3.9 percentage points year-on-year [4]. Future Projections - The company has adjusted its profit forecast, expecting net profits attributable to the parent company to be 390 million, 450 million, and 520 million for 2024, 2025, and 2026 respectively [5]. - The report indicates a decrease in expected earnings per share (EPS) for the next three years, with projections of 0.48, 0.54, and 0.63 yuan per share for 2024, 2025, and 2026 respectively [10].