长江证券承销保荐有限公司 关于青岛三祥科技股份有限公司 预计 2024 年日常性关联交易的核查意见 长江证券承销保荐有限公司（以下简称"长江保荐"或"保荐机构"）作为 青岛三祥科技股份有限公司（以下简称"三祥科技"或"公司"）向不特定合格 投资者公开发行股票并在北京证券交易所上市的保荐机构，根据《北京证券交易 所上市公司持续监管办法（试行）》《北京证券交易所证券发行上市保荐业务管理 细则》《北京证券交易所股票上市规则（试行）》等有关规定，对公司预计 2024 年 日常性关联交易事项进行了核查，具体情况如下： 一、日常性关联交易预计情况 （一）预计情况 单位：元 | 关联交易 | | 预计 | 2024 年发 | 年与关联 2023 | 预计金额与上 年实际发生金 | | --- | --- | --- | --- | --- | --- | | 类别 | 主要交易内容 | | 生金额 | 方实际发生金 | | | | | | | | 额差异较大的 | | | | | | 额 | 原因（如有） | | | 从 关 联 方 购买 | | | | | | 购买原材料、 | 检具、原材料、 | | | | | | 燃 ...

（一） 预计情况 单位：元 | 关联交易类别 | 主要交易内容 | 预计 | 2024 | 年发 | 2023 年与关联方 | | 预计金额与上年实 际发生金额差异较 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 生金额 | | 实际发生金额 | | | | | | | | | | | 大的原因 | | 购买原材料、 | 从关联方购买检具、 原材料、木制品、水 | | 15,400,000 | | 15,197,690.41 | | - | | 燃料和动力、 | 电、通讯、劳务、维 | | | | | | | | 接受劳务 | 修等,租赁关联方厂 房 | | | | | | | | 销售产品、商 | 向关联方销售胶管、 总成、混炼胶、水电、 | | 3,060,000 | | 3,096,233.23 | | - | | 品、提供劳务 | 餐费、三包服务等， | | | | | | | | | 向关联方出租厂房 | | | | | | | | 委托关联方销 | - | | | - | | - | - | | 售产品、商品 | | | | ...

（一）会议召开情况 5.会议主持人：监事会主席周辉东 证券代码：831195 证券简称：三祥科技 公告编号：2024-004 青岛三祥科技股份有限公司 第五届监事会第四次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 监事郝宁因在国外以通讯方式参与表决。 6.召开情况合法、合规、合章程性说明： 本次会议出席人数、召开和表决方式符合《公司法》等法律、法规及《公司 章程》的相关规定，合法、有效。 （二）会议出席情况 会议应出席监事 3 人，出席和授权出席监事 3 人。 二、议案审议情况 （一）审议通过《关于预计公司 2024 年日常性关联交易的议案》 1.议案内容： 根据公司 2023 年日常性关联交易实际发生情况，结合公司的经营计划，预 计公司及子公司 2024 年度日常关联交易事项。 具体内容详见公司在北京证券交易所信息披露平台（www.bse.cn）上披露的 1.会议召开时间：2024 年 3 月 21 日 2.会议召开地点：公司会议室 3.会议召开方式：现场会议 ...

证券代码：831195 证券简称：三祥科技 公告编号：2024-003 3.会议召开方式：现场会议结合通讯方式 第五届董事会第六次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2024 年 3 月 21 日 2.会议召开地点：公司会议室 4.发出董事会会议通知的时间和方式：2024 年 3 月 18 日以邮件方式发出 5.会议主持人：公司董事长魏增祥 青岛三祥科技股份有限公司 根据公司 2023 年日常性关联交易实际发生情况，结合公司的经营计划，预 计公司及子公司 2024 年度日常关联交易事项。 具体内容详见公司在北京证券交易所信息披露平台（www.bse.cn）上披露的 《青岛三祥科技股份有限公司关于预计 2024 年日常性关联交易的公告》。 2.回避表决情况 6.会议列席人员：公司监事及高级管理人员 7.召开情况合法、合规、合章程性说明： 本次董事会的召集、召开和议案审议程序符合《公司法》及《公司章程》的 有关规定，表决 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][11]. Core Insights - The company, Sanxiang Technology, reported a revenue of 832 million yuan for 2023, representing a year-on-year growth of 14.78%. This growth is attributed to increased production projects from main engine customers, growth in after-sales orders, and enhanced product development for air conditioning and fuel pipe customers [3]. - The net profit attributable to shareholders reached 84 million yuan, a year-on-year increase of 29.86%, primarily due to non-operating income from tax credits in the U.S. [3]. - The company’s earnings per share (EPS) for 2023 was 0.86 yuan, reflecting a growth of 30.30% year-on-year [4]. Financial Performance - The total assets of the company increased to 1.211 billion yuan, a growth of 10.94% year-on-year, mainly due to increased retained earnings from profits [4]. - The equity attributable to shareholders rose to 683 million yuan, with a year-on-year growth of 11.93% [4]. - The company’s revenue projections for 2023-2025 are 840 million yuan, 970 million yuan, and 1.12 billion yuan, with respective year-on-year growth rates of 15.7%, 15.4%, and 15.4% [11]. Market Dynamics - The after-sales market for automotive hoses shows significant growth potential, with the automotive hose market in China valued at 209 billion yuan in 2021, and the after-sales segment estimated at around 1 billion yuan [6]. - The company has established strong relationships with major automotive manufacturers and aftermarket clients, positioning itself well for sustained growth [10]. - The gross margin for the after-sales market is significantly higher at 46.5% compared to 21.6% for the main engine market, indicating a strategic advantage [7][10]. Profitability Metrics - The company’s net profit margin is projected to improve from 9.2% in 2022 to 11.8% by 2025, reflecting enhanced operational efficiency [15]. - The return on equity (ROE) is expected to increase from 10.5% in 2022 to 13.6% in 2025, indicating improved profitability [15].

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [21] Core Views - The company is expected to achieve a revenue of 832 million yuan in 2023, representing a year-on-year growth of 14.78%, and a net profit attributable to shareholders of 84.2 million yuan, which is a 29.86% increase [23] - The growth in revenue and profit is attributed to increased production projects from main customers, growth in after-sales orders, and enhanced development of air conditioning pipes and fuel filler pipes [23] - The company has reduced its profit forecast for 2023-2025 due to the changing trade environment and the sustainability of market demand in the automotive sector [23] - The company is well-positioned to benefit from the increasing penetration of new energy vehicles [23] Financial Summary - The company's projected financials for 2023-2025 are as follows: - Revenue (million yuan): 832 (2023E), 979 (2024E), 1,164 (2025E) - Net profit (million yuan): 84 (2023E), 105 (2024E), 133 (2025E) - EPS (yuan): 0.86 (2023E), 1.07 (2024E), 1.35 (2025E) - P/E ratios: 13.2 (2023E), 10.6 (2024E), 8.4 (2025E) [25]

Financial Performance - The company achieved operating revenue of ¥832,009,942.21, a year-on-year increase of 14.78%[4] - Net profit attributable to shareholders reached ¥84,202,190.83, reflecting a year-on-year growth of 29.86%[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥62,608,096.32, up 3.18% year-on-year[5] - Basic earnings per share increased to ¥0.86, representing a growth of 30.30% compared to the previous year[4] Assets and Equity - Total assets at the end of the reporting period amounted to ¥1,210,846,214.18, a 10.94% increase from the beginning of the year[4] - Shareholders' equity attributable to the company reached ¥682,597,743.04, up 11.93% from the start of the year[4] - The net asset value per share attributable to shareholders was ¥6.96, reflecting an increase of 11.90% year-on-year[4] Revenue Drivers - The increase in operating revenue was primarily driven by the growth in production projects from main customers and increased after-sales orders[5] - Non-operating income increased due to the receipt of employee retention tax credits from the U.S. subsidiary[5] Cautionary Note - The company warns that the financial data presented is preliminary and has not been audited, advising investors to exercise caution[6]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment [1][12]. Core Insights - The company, Sanxiang Technology, specializes in automotive hoses and has been in the industry for 20 years, establishing itself as a "specialized and innovative" leader in the sector [1]. - The company has shown consistent revenue growth from 2021 to Q3 2023, with revenues of 610 million, 720 million, and 620 million yuan respectively, reflecting year-on-year growth rates of 8.0%, 18.4%, and 18.9% [1]. - The automotive hose market is substantial, with a market size of approximately 20.9 billion yuan in 2021, and significant growth potential in the aftermarket segment [1]. - The company has expanded into the North American market through the acquisition of Harco, enhancing its profitability in the aftermarket sector [11]. Summary by Sections Company Overview - Sanxiang Technology was founded in 2003 and focuses on the research, production, and sales of automotive hoses and assemblies [1]. - The company has a total market capitalization of 1.2 billion yuan and a current stock price of 12.25 yuan [1]. Financial Performance - The company forecasts revenues of 895 million, 1.087 billion, and 1.311 billion yuan for 2023, 2024, and 2025 respectively, with corresponding EPS of 0.92, 1.22, and 1.54 yuan [12][30]. - The projected growth rates for revenue are 23.5%, 21.5%, and 20.6% for the same years [13]. Market Potential - The automotive aftermarket is expected to grow significantly, with a projected market size increase from 14.2 trillion yuan in 2020 to 17.4 trillion yuan by 2025, representing a CAGR of 4.1% [1]. - The company has established strong relationships with major automotive manufacturers and aftermarket retailers, positioning itself well for future growth [11][26]. Investment Strategy - The company plans to raise 180 million yuan through a public offering to expand production capacity, which includes the addition of 25 million meters of hydraulic brake hoses and other products [4]. - The report emphasizes the company's deep customer resource accumulation and its strategic focus on both front-end and aftermarket clients [26].

证券代码：831195 证券简称：三祥科技 公告编号：2024-001 青岛三祥科技股份有限公司 关于子公司相关情况的说明公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担 个别及连带法律责任。 美国当地时间 2024 年 1 月 18 日（北京时间 2024 年 1 月 19 日），美国有关 执法部门对青岛三祥科技股份有限公司（以下简称"公司"）的全资子公司三祥 北美办公场所进行了现场搜查。截至本公告披露日，公司尚未收到美国有关执法 机关出具的关于此事项的相关进展文件。 截至本公告披露日，公司已聘请专业律师应对相关程序。公司正在全面评估 此事件对公司造成的潜在影响，并将积极与相关部门沟通，做好应对工作。 公司将持续关注和跟进前述相关事宜，根据该事项的进展情况，严格遵守相 关规则，及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 青岛三祥科技股份有限公司 董事会 2024 年 1 月 22 日 ...

青岛三祥科技股份有限公司 第五届董事会第五次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2023 年 12 月 19 日 证券代码：831195 证券简称：三祥科技 公告编号：2023-125 董事魏杰因在国外以通讯方式参与表决。 二、议案审议情况 2.会议召开地点：公司会议室 3.会议召开方式：现场会议结合通讯方式 4.发出董事会会议通知的时间和方式：2023 年 12 月 14 日以邮件方式发出 5.会议主持人：公司董事长魏增祥 6.会议列席人员：公司监事及高级管理人员 7.召开情况合法、合规、合章程性说明： 本次董事会的召集、召开和议案审议程序符合《公司法》及《公司章程》的 有关规定，表决结果合法有效。 （二）会议出席情况 会议应出席董事 6 人，出席和授权出席董事 6 人。 （一）审议通过《关于制定<内部审计制度>的议案》 1.议案内容： 为了提高内部审计工作质量、加大审计工作力度、明确审计工作职责以及规 范审计工作 ...