众望布艺：建设越南工厂加快全球化-20250428

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 company reported a revenue of 1.2 billion yuan in Q1 2025, a year-on-year increase of 7%, while the net profit attributable to the parent company was 0.23 billion yuan, a decrease of 2% year-on-year [1] - The company plans to distribute a cash dividend of 0.41 yuan per share, with a payout ratio of 56% [1] Financial Performance Summary - For the year 2024, the company achieved a revenue of 5.5 billion yuan, a year-on-year increase of 19%, while the net profit attributable to the parent company was 0.80 billion yuan, a decrease of 74% [1] - The gross margin for 2024 was 34%, a decrease of 2 percentage points year-on-year, and for Q1 2025, it was 31%, a decrease of 5 percentage points year-on-year [2] - The company’s revenue from decorative fabrics in 2024 was 5.5 billion yuan, accounting for 99.8% of total revenue, with a year-on-year increase of 21% [2] Regional Performance Summary - In 2024, revenue from China was 1.2 billion yuan, accounting for 22% of total revenue, with a year-on-year increase of 45% [2] - Revenue from the United States was 1.5 billion yuan, accounting for 28% of total revenue, with a year-on-year increase of 2% [2] - Revenue from Vietnam was 2.0 billion yuan, accounting for 37% of total revenue, with a year-on-year increase of 6% [2] Project Development Summary - The company is constructing a high-end functional fabric production project in Vietnam, which is expected to be completed by July 2025 [3] - The project aims to enhance production capacity and better serve local and regional markets [3] Profit Forecast Adjustment - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 0.8 billion, 0.9 billion, and 1.1 billion yuan respectively [4] - The earnings per share (EPS) for the same period is projected to be 0.8 yuan, 0.9 yuan, and 1.0 yuan respectively [4]