公司發佈2023年年報及24年一季報
24Q1收入39.24億同減13.4%；歸母淨利0.13億元，同減74%； 23Q4收入26.11億元，同增125.4%；歸母淨利-0.18億元，同增97.2%；扣非歸母-2.72億元；23A收入136.63億元，同減5.5%；歸母淨利0.67億元，同增119%；扣非歸母-2.5億元。
RMB13m net profit in 24Q1E; RMB250m ex-nonrecurring net loss in 2023
Huafu Fashion released its final 2023 earnings report and unaudited 24Q1E results:
•24Q1E revenue came to RMB3.92bn (down 13.4% yoy) and net profit slumped 74% yoy to RMB13m.
•23Q4 revenue was RMB2.61bn (up 125.4% yoy), with net loss of RMB18m (up 97.2% yoy) and ex-nonrecurring net loss of RMB272m.
•2023 revenue was RMB13.66bn (down 5.5%) and net profit was RMB67m (up 119%), with ex-nonrecurring net loss at RMB250m.
收入及業績減少
系紡織行業面臨的外部環境複雜嚴峻，國內疫後消費復甦乏力，地緣政治衝突、大國博弈加劇等導致原料價格波動、海外需求萎縮、內生動力不足、國際訂單轉移，行業運營質效承壓。公司積極攻堅克難，抓住市場結構性增長的機會，創新求變，整體出現邊際改善。
Key factors: challenging macro-economy amid geographical competitive shifts
We would attribute the revenue and profit downtrends to the difficult and complex macro environment faced by the textile industry even after the pandemic. China’s consumption market is struggling to recover against the backdrop of geopolitical conflicts and intensifying competition among major economies. The factors include fluctuating raw material prices, shrinking export demand, insufficient endogenous growth momentum, along with geographical shifts in international orders, all of which affected the quality and efficiency of industry operations. Huafu Fashion managed marginal improvements overall by tapping structural growth opportunities in the market as it innovated for change.
分品類，
紗線收入58.44億元，同減2.23%，毛利率6.03%，同減0.83pct；網鏈收入74億元，同減7.86%，毛利率1.65%，同減0.69pct；襪製品收入3.75億元，同增8.04%，毛利率21.41%，同減5.32pct。
分地區，
境外收入16.39億元，同增3.01%，毛利率10.06%，同減6.3pct；境內收入119.8億元，同減6.15%，毛利率3.25%，同減0.13pct。
23年毛利率4.2%，同減0.97pct；淨利率0.51%，同增3.04pct。
23年總費率5.6%，同減0.42pct。其中，銷售費率0.8%，同減0.03pct；管理費率2.6%，同減0.05pct；財務費率1.3%，同減0.42pct；研發費率0.83%，同增0.07pct。
We look at Huafu’s revenue streams in 2023:
Business categories
•Yarn: revenue amounted to RMB5.84bn (down 2.23%), with gross margin at 6.03% (down 0.83ppt).
•Network chain business: revenue came to RMB7.4bn (down 7.86%) and gross margin was 1.65% (down 0.69ppt).
•Hosiery: revenue was RMB375m (up 8.04%) and gross margin was 21.41% (down 5.32ppt).
Market regions
•Exports: revenue was RMB1.64bn (up 3.01%) and gross margin was 10.06% (down 6.3 ppt).
•China: revenue was RMB11.98bn (down 6.15%) and gross margin was 3.25% (down 0.13ppt).
Profitability:
•Gross margin fell 0.97ppt to 4.2%, while net margin expanded 3.04ppt to 0.51%.
•Total expense ratio was at 5.6% (down 0.42ppt): sales at 0.8% (down 0.03ppt), admin at 2.6% (down 0.05ppt), financial at 1.3% (down 0.42ppt) and R&D at 0.83% (up 0.07ppt).
繼續實施“堅持主業、共享產業、發展新業”戰略主題
2024年，國內經濟有望延續回升向好態勢，國內外市場需求改善將有利於市場回升，進一步促進行業營收和利潤修復。同時，公司2024年會繼續實施“堅持主業、共享產業、發展新業”的戰略主題，在穩健發展紗線主業的同時，深化推進前端網鏈，加速發展後端網鏈，同時，算力作爲新業，公司將着力打造上虞 AIGC 智算中心項目及阿克蘇城市公共算力平臺項目，建成後將通過加強與高校、科研院所、行業各領域優勢企業合作，提供算力租賃服務。
Three-pronged strategy: main business; industry integration; new businesses
We expect market improvements will come through as the Chinese economy continues to recover. Returning Chinese and export demand would aid the market recovery and boost industry revenues and profits. Huafu on its part will continue to drive a three-pronged strategy: building out the core yarn business, while driving industry integration as well as developing new businesses in 2024E. In integrating the industry value chain, it aims to add traction in the frontend network chain, while pacing up the backend network chain. The new businesses include the Shangyu AIGC intelligent computing center project and the Aksu City public computing power platform project. When the projects are completed and commence operation, Huafu will provide computing power leasing services and strengthen cooperation with universities, research institutes and leading companies in various segments of the industry.
