Investment Rating - The report maintains a rating of "Buy" for the company [6][15]. Core Views - The company has shown a significant increase in its core business, with a 45% growth in non-recurring profit in Q3, indicating a promising outlook [3][4]. - The revenue for the first three quarters was 86.94 billion yuan, a decrease of 9.5%, while the net profit attributable to shareholders was 1 billion yuan, an increase of 12% [4]. - The report has adjusted the earnings per share (EPS) forecast for 2024-2026 to 0.87, 0.96, and 1.05 yuan, reflecting a growth rate of 10%, 10.4%, and 9.8% respectively [4]. Financial Performance Summary - Q3 revenue was 31 billion yuan, down 1.7%, with a net profit of 431 million yuan, up 11.9% [4]. - The gross profit margin for the first three quarters was 6.57%, an increase of 1.47 percentage points, while the net profit margin was 2.95%, up 0.45 percentage points [4]. - Operating cash flow increased by 1043% to 3.98 billion yuan, primarily due to an increase in sales prepayments and optimized payment methods [4]. Business Development and Strategy - The company plans to acquire quality assets, which is expected to enhance its core business in shipbuilding and other sectors [4]. - The advanced manufacturing sector has seen exports exceeding 97 million USD, a growth of 244%, and new export orders for outdoor power products increased by 27% [4]. - The company is actively expanding its domestic and international markets, with total import and export volume reaching 9.9 billion USD, an increase of 8% [4]. Valuation and Target Price - The target price is maintained at 10.42 yuan, with the current price at 8.69 yuan [6][7]. - The company has a market capitalization of 11.356 billion yuan and a price-to-earnings (P/E) ratio of 11.03 [7][8].

Investment Rating - The report suggests a "Hold" rating for the company, indicating that the stock is expected to perform in line with the market over the next six months [12]. Core Views - The company achieved a revenue of 869.4 billion yuan in the first three quarters of 2024, a decrease of 9.5% year-on-year, while the net profit attributable to shareholders increased by 12% to 1 billion yuan [1][5]. - The company is expanding its product offerings and improving its supply chain business layout, focusing on high-growth and high-margin categories such as grains, pulp, and new energy materials [1][5]. - The company is a leading supply chain operator in China, with a compound annual growth rate (CAGR) of over 26% in its industrial chain segment over the past three years, and the profit contribution from this segment increased from 53% in 2021 to 63% in 2023 [1][5]. - The company is leading in the construction of green energy vessels, with a backlog of 84 ships as of September 2024, and has received orders for 31 new vessels [1][5]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 310.1 billion yuan and a net profit of 4.3 billion yuan, reflecting an 11.9% year-on-year growth in net profit [1]. - The company expects its industrial chain business to grow by 6.3%, 6%, and 6.9% in 2024, 2025, and 2026, respectively, with gross margins improving to 18%, 18.8%, and 19.4% [5][6]. Business Strategy - The company is implementing a diversified development strategy, focusing on the integration of industry and finance, and aims to fill key gaps in its existing industrial chain through investments [2][5]. - The supply chain business is expected to stabilize, with projected revenue changes of -12%, +8%, and +10% over the next three years [5][6]. Market Position - The company ranks 97th in the 2023 Fortune China 500 list, highlighting its significant market presence [1]. - The company is actively seizing opportunities in strategic emerging industries such as clean energy and ecological protection [1].

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company has shown significant growth in its supply chain business, with a notable increase in non-recurring profit in Q3 2024, reflecting a strong operational performance [1]. - The company is positioned as a pioneer in mixed ownership reform and a benchmark for dual circulation development, focusing on advanced manufacturing, environmental protection, and textile sectors [1]. - The projected net profit for 2024-2026 is expected to grow steadily, with estimates of 10.88 billion, 11.68 billion, and 12.32 billion respectively, indicating a positive growth trajectory [1][2]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 86.941 billion yuan, a year-on-year decrease of 9.50%, while the net profit attributable to shareholders was 1.001 billion yuan, an increase of 12.03% [1]. - The gross profit margin improved by 1.47 percentage points year-on-year, reaching 6.57% for the first three quarters of 2024, driven by the growth in high-margin businesses [1]. - The company’s operating cash flow saw a remarkable increase of 1042.98% year-on-year, amounting to 3.982 billion yuan [1]. Business Segment Performance - The shipbuilding and large diesel engine businesses performed exceptionally well, with shipbuilding orders scheduled until 2028 and a 44% increase in large diesel engine exports [1]. - The textile and apparel segment also showed strong performance, with new export contracts totaling 1.09 billion dollars, a year-on-year increase of 20.8% [1]. - The environmental protection segment secured multiple projects domestically and internationally, contributing to the overall growth of the company [1]. Future Projections - Revenue is projected to decline in 2024 but is expected to recover in subsequent years, with growth rates of 5.3% and 3.9% in 2025 and 2026 respectively [2][4]. - The company’s earnings per share are forecasted to increase from 0.79 yuan in 2023 to 0.94 yuan in 2026, reflecting a positive outlook for profitability [2][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [4]. Core Insights - The company reported a revenue of 86.94 billion yuan for the first three quarters of 2024, a year-on-year decrease of 9.5%, while the net profit attributable to shareholders was 1.00 billion yuan, reflecting a year-on-year increase of 12.03% [4]. - The shipbuilding segment is showing signs of profit recovery, with the company expected to deliver 7 vessels in the fourth quarter, contributing to revenue growth [4]. - The report highlights the company's strong position in the dry bulk shipping sector, with a projected 17% increase in ship deliveries in 2024 compared to 2023 [4]. Financial Data Summary - As of September 30, 2024, the company had a net asset value per share of 5.74 yuan and a debt-to-asset ratio of 75.19% [3]. - The projected net profit for 2024 is estimated at 1.16 billion yuan, with a corresponding price-to-earnings ratio of 10 times [5]. - The company’s total revenue is expected to grow from 134.14 billion yuan in 2024 to 169.60 billion yuan by 2026, with a compound annual growth rate of approximately 11.7% [6].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a 27% year-on-year increase in net profit excluding non-recurring items for Q3 2024, indicating strong performance in the industrial chain segment and a potential recovery in the supply chain [2] - The industrial chain business is the main driver of the company's performance, with approximately 80% of revenue coming from the supply chain but over 60% of profits generated from the industrial chain [2] - The company has shown a narrowing decline in revenue growth rate in Q3 2024, suggesting a recovery in the supply chain business, which is closely linked to domestic demand [2] - The company has a high dividend yield, with a payout ratio exceeding 40% from 2021 to 2023, and is recognized as a benchmark for employee stock ownership in state-owned enterprises [2] - The profit forecast for 2024-2026 has been slightly adjusted upwards, with expected net profits of 11.5 billion, 12.3 billion, and 13.0 billion respectively, reflecting a year-on-year growth of 12%, 7%, and 5% [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 86.9 billion, down 9.5% year-on-year, while the net profit attributable to shareholders was 1.0 billion, up 11.8% year-on-year [2] - In Q3 2024, the company reported a revenue of 31.0 billion, a decrease of 1.7% year-on-year, with a net profit of 4.3 billion, an increase of 12.5% year-on-year [2] - The gross margin and net profit margin for Q3 2024 were 6.73% and 3.25%, respectively, showing improvements compared to the previous year [2] - The company's total revenue for 2024 is projected to be 114.1 billion, with a year-on-year decline of 7.23%, followed by a recovery in 2025 and 2026 [2][9]

苏美达：前三季度净利润10.01亿元 同比增长12.03% 财联社10月24日电，苏美达发布2024年第三季度报 告，公司前三季度实现营业收入869.41亿元，同比下降9.50%；归属于上市公司股东的净利润10.01亿 元，同比增长12.03%。 查看公告原文 ...

Financial Performance - The company's operating revenue for Q3 2024 was CNY 3,101,258.13 million, a decrease of 1.73% compared to the same period last year[3] - Net profit attributable to shareholders was CNY 43,068.65 million, an increase of 11.91% year-on-year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 39,977.20 million, up 45.22% from the previous year[5] - The basic earnings per share for the period was CNY 0.77, reflecting a 13.79% increase compared to the same period last year[3] - Total operating revenue for the first three quarters of 2024 was CNY 86.94 billion, a decrease of 9.1% compared to CNY 96.06 billion in the same period of 2023[15] - Net profit for the first three quarters of 2024 reached CNY 2.56 billion, an increase of 7.1% from CNY 2.39 billion in the same period of 2023[17] - The total comprehensive income for the first three quarters of 2024 was CNY 2.66 billion, an increase of 22.4% from CNY 2.17 billion in the same period of 2023[18] - The net profit for the third quarter of 2024 was CNY 1,881,784.59, an increase from CNY 1,189,032.35 in the same quarter of 2023, representing a growth of approximately 58.2%[29] Assets and Liabilities - The total assets at the end of the reporting period were CNY 5,708,507.78 million, representing a 9.12% increase from the previous year[3] - Total current assets increased to CNY 47.82 billion as of September 30, 2024, up from CNY 42.51 billion at the end of 2023, representing a growth of approximately 12.9%[11] - The total liabilities increased to CNY 42.92 billion in Q3 2024, up from CNY 39.13 billion in Q3 2023, reflecting a growth of 7.1%[15] - The total equity attributable to shareholders of the parent company rose to CNY 7.50 billion, an increase of 8.9% from CNY 6.88 billion in the previous year[15] - The total assets as of September 30, 2024, were CNY 4.47 billion, a decrease from CNY 4.90 billion at the end of December 2023[25] - The total liabilities of the company as of the third quarter of 2024 were CNY 79,200.00 million, reflecting a stable financial position[29] - The total equity of the company decreased to CNY 4,472,779,196.53 from CNY 4,902,124,725.16 year-over-year[29] Cash Flow and Investments - Cash flow from operating activities increased significantly due to higher sales and optimized payment methods, resulting in a net cash flow increase of 1,042.98% year-to-date[7] - The company reported a significant increase in cash received from investment recoveries, totaling CNY 4.15 billion in 2024, compared to CNY 1.28 billion in 2023, indicating a growth of 224.5%[21] - The total cash inflow from operating activities was CNY 102.86 billion, a decrease of 10.6% compared to CNY 115.04 billion in the same period of 2023[21] - The net cash flow from operating activities for the first three quarters of 2024 was CNY 3.98 billion, significantly higher than CNY 348.38 million in the same period of 2023[21] - The cash inflow from investment activities in the first three quarters of 2024 was CNY 4.26 billion, compared to CNY 2.14 billion in 2023, marking an increase of 99.3%[21] - The net cash flow from investment activities was negative CNY 420.15 million in 2024, an improvement from negative CNY 883.56 million in 2023[21] - The total cash inflow from financing activities in the first three quarters of 2024 was CNY 6.00 billion, a decrease of 45.6% from CNY 11.05 billion in 2023[21] - The net cash flow from financing activities was negative CNY 2.79 billion in 2024, compared to a positive CNY 865.34 million in 2023[22] - The cash and cash equivalents at the end of September 2024 amounted to CNY 11.40 billion, slightly down from CNY 11.52 billion at the end of December 2023[22] Operational Efficiency and R&D - The company reported a significant increase in net profit due to reduced non-recurring losses, indicating improved operational efficiency[7] - Research and development expenses for the first three quarters of 2024 were CNY 400.05 million, an increase of 23.5% compared to CNY 323.77 million in the same period of 2023[15] - The company continues to focus on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[11] Shareholder Information - The company maintains a strong shareholder base, with the top ten shareholders holding a combined 77.5% of shares[10] - The company has not engaged in any share lending or borrowing activities during the reporting period[11] Other Financial Metrics - The company completed the acquisition of 聚恒美工程技术 (Ningbo) Co., Ltd. in November 2023, which will be included in the consolidated financial statements[4] - Non-recurring gains and losses for the period totaled CNY 30,914,557.50 million, with significant contributions from government subsidies and asset disposals[5] - The weighted average return on equity increased by 0.08 percentage points to 13.79%[3] - The company reported a foreign exchange gain of CNY 8.69 million in Q3 2024, compared to a gain of CNY 23.03 million in Q3 2023[17] - The company’s investment income for the first three quarters of 2024 was CNY 2,321,717.23, slightly down from CNY 2,322,830.93 in the same period of 2023[27] - The company’s financial expenses showed a significant reduction, with a financial cost of -CNY 483,435.49 compared to CNY 111,447.19 in the previous year[27]

本公司监事会及全体监事保证本公告内容不存在任何虚假记载、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法律责任。 苏美达股份有限公司（以下简称"公司"）第十届监事会第九次会议通知及 相关资料于 2024 年 10 月 14 日分别以书面、电子邮件方式向全体监事发出，会 议于 2024 年 10 月 24 日以现场结合通讯方式召开。会议应到监事 3 人，实到监 事 3 人（其中以通讯方式出席的监事 2 人，无委托出席监事）。本次会议由监事 会主席刘小虎先生主持，会议的通知、召开、表决程序符合相关法律法规及《公 司章程》的规定，会议合法有效。会议审议并通过了以下议案： 一、关于《公司 2024 年第三季度报告》的议案 监事会对公司董事会编制的 2024 年第三季度报告进行了书面审核，认为： 苏美达股份有限公司 （一）公司 2024 年第三季度报告由公司董事会组织编制，并已经提交公司 第十届董事会第十次会议、第十届监事会第九次会议审议通过。公司的编制和审 议程序符合法律、法规、《公司章程》和公司内部管理制度的各项规定； 证券代码：600710 证券简称：苏美达 公告编号：2024-043 苏美达股 ...

苏美达股份有限公司 苏美达股份有限公司董事会 二、关联交易进展情况 近日，公司接到通知，吉润置业已完成本次股权转让事项的工商变更登记手 续，公司现持有吉润置业 52%股权。 三、备查文件 《登记确认通知书》 特此公告。 证券代码：600710 证券简称：苏美达 公告编号：2024-045 苏美达股份有限公司 关于子公司受让上海吉润置业有限公司 52%股权 暨关联交易的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 一、关联交易基本情况 苏美达股份有限公司（以下简称"公司"）于 2024 年 6 月 21 日召开第十届 董事会第七次会议、第十届监事会第六次会议，审议通过了《关于子公司受让上 海吉润置业有限公司 52%股权暨关联交易的议案》，为进一步整合公司在沪资源， 打造上海区域总部、发挥协同作用，共同开发区域市场，同意公司全资子公司江 苏苏美达集团有限公司以自有资金 169,858,442.70 元，以非公开协议方式受让 中国浦发机械工业股份有限公司全资子公司上海浦进企业发展有限公司所持上 海吉润置业有限公司（以下简 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 苏美达股份有限公司（以下简称"公司"）第十届董事会第十次会议通知及 相关资料于 2024 年 10 月 14 日分别以书面、电子邮件方式向全体董事发出，会 议于 2024 年 10 月 24 日下午以现场结合通讯方式召开。本次会议应出席董事 9 人，实际出席董事 9 人（其中以通讯方式出席董事 3 人，无委托出席董事），公 司部分监事及高级管理人员列席了会议。本次会议的通知、召开及表决程序符合 《中华人民共和国公司法》等有关法律、行政法规、部门规章、规范性文件和《公 司章程》的有关规定，决议合法有效。 苏美达股份有限公司 本次会议由董事长杨永清先生主持，审议通过了以下议案： 证券代码：600710 证券简称：苏美达 公告编号：2024-042 苏美达股份有限公司 第十届董事会第十次会议决议公告 2024 年 10 月 25 日 1 具体内容请见同日在上海证券交易所网站（www.sse.com.cn）披露的《公司 2024 年第三季度报告》。本议案在董事会审议前已经公司董事会审计与 ...