LTTC(SZ:000726) 光大证券研究·2025-04-11 09:02Core Viewpoint - The company reported a modest growth in revenue and net profit for 2024, with a focus on maintaining a high dividend payout ratio of 50% [2][3]. Financial Performance - In 2024, the company achieved a revenue of 6.09 billion yuan, representing a year-on-year increase of 2.2%, while the net profit attributable to shareholders was 410 million yuan, up 1.7% year-on-year [2]. - The non-recurring net profit attributable to shareholders was 480 million yuan, showing a significant growth of 24.9% year-on-year [2]. - The earnings per share (EPS) stood at 0.50 yuan, with a proposed cash dividend of 0.10 yuan per share [2]. Revenue Breakdown - The textile and apparel segment generated a revenue of 5.71 billion yuan, accounting for 93.7% of total revenue, with a year-on-year growth of 2.7% [3]. - Revenue from fabric and clothing increased by 2.6% and 3.2% respectively, while domestic sales declined by 2.5% and exports grew by 5.2% [3]. - The company’s domestic revenue accounted for 37.4% of total revenue, with a year-on-year decline of 2.5%, while export revenue saw a growth of 5.2% [3]. Production Capacity - The total fabric production capacity for 2024 was 284 million meters, a decrease of 4.5% year-on-year, while clothing production capacity increased by 7.0% to 23.85 million pieces [4]. - The capacity utilization rates for fabric and clothing were 79% and 86% respectively, with fabric utilization increasing by 5 percentage points and clothing by 2 percentage points year-on-year [4]. Profitability and Cash Flow - The gross margin improved by 0.8 percentage points to 23.8%, with fabric and clothing gross margins at 24.7% and 24.9% respectively [5]. - The operating cash flow for 2024 was 1.24 billion yuan, reflecting a significant increase of 45.5% year-on-year [7]. - The company experienced a decrease in inventory by 4.9% to 2.02 billion yuan, with inventory turnover days reduced by 5 days [7].