众望布艺（605003）：建设越南工厂加快全球化

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company is accelerating its globalization efforts by constructing a factory in Vietnam, which is expected to enhance its market presence in Southeast Asia [3]. - The financial performance for Q1 2025 shows a revenue of 120 million yuan, a year-on-year increase of 7%, while the net profit attributable to the parent company decreased by 2% to 23 million yuan [1]. - The company plans to distribute a cash dividend of 0.41 yuan per share, with a dividend payout ratio of 56% [1]. Financial Performance Summary - For the year 2024, the company reported a revenue of 550 million yuan, a year-on-year increase of 19%, and a net profit of 80 million yuan, a decrease of 74% [4]. - The gross margin for 2024 was 34%, down 2 percentage points from the previous year, while the gross margin for Q1 2025 was 31%, down 5 percentage points [2]. - The company’s revenue from decorative fabrics in 2024 was 550 million yuan, accounting for 99.8% of total revenue, with a year-on-year increase of 21% [2]. Regional Performance - In 2024, revenue from China was 120 million yuan, accounting for 22% of total revenue, with a year-on-year increase of 45% [2]. - Revenue from the United States was 150 million yuan, accounting for 28% of total revenue, with a year-on-year increase of 2% [2]. - Revenue from Vietnam was 200 million yuan, accounting for 37% of total revenue, with a year-on-year increase of 6% [2]. Future Projections - The company has adjusted its profit forecasts for 2025 to 80 million yuan, with expected earnings per share (EPS) of 0.8 yuan [4]. - The projected net profits for 2026 and 2027 are 90 million yuan and 110 million yuan, respectively, with corresponding EPS of 0.9 yuan and 1 yuan [4]. - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 26x, 23x, and 21x, respectively [4].