BROS(601339) 天风证券·2025-04-17 10:20Investment 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]