盛泰集团：期待24年产业复苏

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [1][32]. Core Views - The company's revenue and performance in 2023 have decreased due to high global inflation, rising US interest rates, and a challenging international environment, leading to a decline in overseas markets while the domestic market is gradually recovering [1]. - The company aims to optimize its asset structure and enhance its industry chain layout to focus on core business development [3]. - The company has successfully advanced its convertible bond fundraising projects as planned [4]. Financial Performance - In 2023, domestic revenue (including Hong Kong, Macau, and Taiwan) was 1.811 billion yuan, a decrease of 17.8%, with a gross margin of 8.2%, down 8.7 percentage points; overseas revenue was 2.684 billion yuan, down 26.6%, with a gross margin of 20.1%, up 1.8 percentage points [2]. - The company achieved cost reduction and efficiency improvement, with a total expense ratio of 14.65%, an increase of 3.67 percentage points [9]. - The company reported a net profit margin of 2.1% in 2023, a decrease of approximately 4.35 percentage points [31]. Product Performance - In 2023, the revenue from ready-made garments was 3.3 billion yuan, down 29.6%, with a gross margin of 17.3%, down 1.4 percentage points; fabric revenue was 888.7 million yuan, down 0.9%, with a gross margin of 11.3%, down 4.6 percentage points; yarn revenue was 301 million yuan, up 8.6%, with a gross margin of 3.8%, down 5.9 percentage points [9]. Future Outlook - The company expects a recovery in the industry in 2024, with adjusted profit forecasts indicating net profits of 150 million yuan, 220 million yuan, and 260 million yuan for 2024-2026, respectively [35]. - The company plans to utilize its Australian farm to enhance resource utilization and is actively seeking opportunities to establish raw material bases for hemp products [32].