北京市金杜（南京）律师事务所（以下简称本所）接受苏美达股份有限公 司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券 法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督 管理委员会（以下简称中国证监会）《上市公司股东大会规则（2022 年修订）》 （以下简称《股东大会规则》）等中华人民共和国境内（以下简称中国境内， 为本法律意见书之目的，不包括中国香港特别行政区、中国澳门特别行政区和 中国台湾地区）现行有效的法律、行政法规、规章和规范性文件和现行有效的 公司章程有关规定，指派律师出席了公司于 2024 年 5 月 9 日召开的 2023 年年 度股东大会（以下简称本次股东大会），并就本次股东大会相关事项出具本法 律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限 于： 1.经公司 2021 年年度股东大会审议通过的《苏美达股份有限公司章程》（以 下简称《公司章程》）； 2.公司 2024 年 4 月 13 日刊登于上海证券交易所网站的《苏美达股份有限 公司第十届董事会第五次会议决议公告》《苏美达股份有限公司第十届监事会 第四次会议决议公告》； 3. ...

苏美达股份有限公司 关于股东股份解质押的公告 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。 重要内容提示: 苏美达股份有限公司 中国福马机械集团有限公司（以下简称"福马集团"）持有苏美达股份 有限公司（以下简称"公司"）股份 14,305,840 股，占公司总股本 1.09%。本 次解质押后，福马集团质押公司股份数量为 0。 本次解除质押后，公司控股股东中国机械工业集团有限公司（以下简称 "国机集团"）及一致行动人均未质押公司股份。 一、解除质押情况 公司于 2024 年 5 月 6 日接到福马集团的通知，获悉其将质押给国机财务有 限责任公司的无限售流通股 7,000,000 股解除质押，具体情况如下： | 股东名称 | 中国福马机械集团有限公司 | | | | | | --- | --- | --- | --- | --- | --- | | 本次解除质押股份（股） | | | 7,000,000 | | | | 占其所持股份比例（%） | 48.93 | | | | | | 占公司总股本比例（%） | | | 0.54 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a reasonable value estimate of 9.29 CNY per share, while the current price is 8.49 CNY per share [5]. Core Insights - The company is expected to achieve net profits attributable to shareholders of 1.11 billion, 1.23 billion, and 1.35 billion CNY for the years 2024 to 2026, representing year-on-year growth rates of 8.1%, 10.4%, and 10.2% respectively. The sustained improvement in the influence of the company's proprietary brands across various segments and the expected benefits from the Belt and Road Initiative are key factors supporting this outlook [3][4]. Financial Summary - **Revenue Forecast**: The company's revenue is projected to decline from 141.15 billion CNY in 2022 to 122.98 billion CNY in 2023, followed by a recovery to 133.6 billion CNY in 2024, with growth rates of -16.3%, -12.9%, and 8.6% respectively [4]. - **EBITDA**: Expected to increase from 4.86 billion CNY in 2022 to 5.34 billion CNY in 2024, indicating a recovery trend [4]. - **Net Profit**: The net profit is forecasted to grow from 913 million CNY in 2022 to 1.11 billion CNY in 2024, with growth rates of 19.0%, 12.8%, and 8.1% for the respective years [4]. - **Earnings Per Share (EPS)**: EPS is expected to rise from 0.70 CNY in 2022 to 0.85 CNY in 2024 [4]. - **Return on Equity (ROE)**: Projected to remain stable around 14.6% to 15.0% from 2022 to 2023, with slight improvements thereafter [4]. Quarterly Performance - In Q1 2024, the company reported a revenue of 23.74 billion CNY, a year-on-year decline of 23.4%, while the net profit increased by 5.1% to 270 million CNY. The decline in revenue is attributed to pressures from commodity demand [12]. - The gross margin for Q1 2024 was 6.1%, an increase of 1.5 percentage points year-on-year, indicating improved profitability due to business structure optimization [12]. - Operating cash flow showed a net outflow of 2.32 billion CNY in Q1 2024, which is a significant increase from the 1.03 billion CNY outflow in Q1 2023, primarily due to inventory buildup in response to market conditions [12]. Business Outlook - The shipbuilding segment has a robust order backlog, with 65 vessels on order as of April 3, 2024, indicating strong demand in this area [12]. - The company is enhancing collaboration with its parent company, which is expected to strengthen its operational capabilities and market position [12].

Investment Rating - The report maintains an "Increase" rating for the company, indicating an expected relative performance of the industry index to the benchmark of 5% or more over the next six months [2][7]. Core Views - The company's Q1 2024 performance shows a 5.1% year-on-year increase in net profit attributable to shareholders, aligning with expectations, while total revenue decreased by 23.4% year-on-year [3][6]. - The business structure is improving, with the industrial chain segment becoming a core growth driver, while the supply chain segment faces challenges [6][7]. - The company is characterized as undervalued with high dividends and growth potential, maintaining a dividend payout ratio above 40% from 2020 to 2023 [7]. Financial Performance Summary - In Q1 2024, the company achieved total revenue of 23.74 billion yuan, a decrease of 23.4% year-on-year, while net profit attributable to shareholders was 266 million yuan, an increase of 5.1% year-on-year [3]. - The company’s revenue forecast for 2024 is 11.74 billion yuan, with a projected year-on-year growth rate of 7.54% [2][6]. - The earnings per share (EPS) for 2024 is estimated at 0.85 yuan, with a price-to-earnings (P/E) ratio of 9.95 based on the latest diluted EPS [2][7]. Business Segment Analysis - The company’s revenue composition in 2023 was 25% from the industrial chain and 75% from the supply chain, with profit contributions of 63% and 37% respectively [6]. - The industrial chain segment is expected to continue its strong growth momentum, driven by significant projects in clean energy and shipbuilding, as well as partnerships in the consumer textile sector [6][7].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 10.89, while the current price is 8.67 [3][4]. Core Views - The report highlights that the company's Q1 performance shows steady revenue growth and improved profitability, with a focus on undervalued high-dividend central enterprises and accelerated shipbuilding business [9][11]. - The report maintains the earnings per share (EPS) forecast for 2024-2026 at 0.83, 0.93, and 1.00 respectively, indicating a positive outlook for profitability [9][11]. Summary by Sections Financial Performance - Q1 revenue was 23.74 billion, down 23.4% year-on-year, while net profit attributable to shareholders was 2.66 billion, up 5.09% [9][11]. - The report anticipates a recovery in revenue due to business structure optimization and an increase in the proportion of industrial chain business [9][11]. Business Developments - The company secured significant new shipbuilding contracts, which are expected to enhance profit margins and contributions [9][11]. - A strategic cooperation agreement was signed with Hong Kong shipowner Huaguang Shipping for two new vessels, indicating strong future order visibility [9][11]. Valuation Metrics - The company is currently trading at a low valuation of 10.4 times PE, suggesting it remains undervalued [9][11]. - The report projects a dividend payout of 4.31 billion for 2023, with a dividend rate of 41.9% [9][11]. Market Position - The company is positioned as a benchmark central enterprise with strong resource advantages and employee incentives, which supports its operational resilience and profitability [9][11]. - The report emphasizes the company's dual-chain development strategy, which is expected to enhance operational resilience and profitability [9][11].

苏美达股份有限公司 2023 年年度股东大会 会议材料 2024 年 5 月 2023 年年度股东大会议程 时 间：2024 年 5 月 9 日 15 点 00 分 地 点：南京市长江路 198 号苏美达大厦会议室 议 程： 一、主持人宣布会议开幕 二、相关人员介绍议案，与会股东审议 三、听取独立董事年度述职报告 四、会议主持人提议《监票人、计票人名单》 五、会议工作人员向与会股东及代理人发放现场表决票 六、与会股东及代理人现场投票表决 七、计票人统计现场表决结果，监票人监督（会间休息） 八、统计网络投票和现场投票合并结果 九、总监票人宣读投票表决结果 十、律师事务所发表法律意见 十一、形成大会决议 十二、主持人宣布会议闭幕 2023 年年度股东大会议案清单 | 序号 | 议案名称 | 投票股东类型 | | --- | --- | --- | | | | A 股股东 | | | 非累积投票议案 | | | 1 | 关于《公司 2023 年年度报告及摘要》的议案 | √ | | 2 | 关于《公司 2023 年度财务决算报告》的议案 | √ | | 3 | 关于公司 2023 年度利润分配方案的议案 | √ | ...

Investment Rating - The report maintains a "Buy" rating for the company [22][22][22] Core Views - The company's Q1 2024 performance met expectations, with revenue of 23.74 billion yuan, a year-on-year decline of 23.4%, and a net profit attributable to shareholders of 2.66 billion yuan, reflecting a growth of 5.1% year-on-year [22][22][22] - The stability of the company's performance is validated despite the decline in revenue due to the drop in commodity prices, with the manufacturing segment contributing 63% to total profits [22][22][22] - The shipbuilding segment is expected to see a gradual release of profits, with a projected increase in performance for 2024-2025 [22][22][22] Financial Summary - Total revenue for 2023 was 122.98 billion yuan, with an expected increase to 133.98 billion yuan in 2024, representing a year-on-year growth of 8.9% [3][9] - The net profit attributable to shareholders is projected to grow from 1.03 billion yuan in 2023 to 1.11 billion yuan in 2024, reflecting a growth rate of 7.8% [3][9] - The company's earnings per share are expected to rise from 0.79 yuan in 2023 to 0.85 yuan in 2024 [3][9] Shipbuilding Segment Insights - The shipbuilding segment is highlighted as a strong performer, with the company holding a leading market share in the global flexible bulk carrier segment [22][22][22] - The company has seen an increase in its order backlog from 225,000 CGT in 2018 to 1,028,000 CGT as of March 2024, indicating strong future revenue potential [22][22][22] - The report emphasizes that the shipbuilding sector is entering a long-term improvement cycle, with 2024 marking the beginning of significant profit releases [22][22][22]

Financial Performance - The company's operating revenue for Q1 2024 was approximately ¥23.74 billion, representing a decrease of 23.41% compared to the same period last year[2]. - The net profit attributable to shareholders was approximately ¥265.87 million, an increase of 5.09% year-over-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥231.24 million, reflecting a growth of 4.85% compared to the previous year[2]. - The basic and diluted earnings per share were both ¥0.20, with a year-over-year increase of 5.26%[2]. - The net profit for Q1 2024 was CNY 672,799,973.90, an increase of 4.9% compared to CNY 641,591,011.82 in Q1 2023[14]. - The operating profit for Q1 2024 was CNY 2,021,218.21, compared to CNY 1,883,466.05 in the same period last year, indicating a growth of about 7.34%[24]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at approximately -¥2.32 billion, indicating a significant cash outflow[2]. - The net cash flow from operating activities was -CNY 2,315,324,161.27, worsening from -CNY 1,033,724,874.54 in Q1 2023[16]. - Cash and cash equivalents at the end of Q1 2024 were CNY 8,641,058,521.86, down from CNY 11,696,936,520.05 at the end of Q1 2023[17]. - The cash flow from operating activities showed a net outflow of CNY -64,058.65, an improvement from CNY -378,622.73 in Q1 2023[26]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥56.25 billion, an increase of 7.54% from the end of the previous year[2]. - Current assets increased to CNY 46.56 billion in Q1 2024, up from CNY 42.51 billion in Q4 2023, representing an increase of 9.6%[9]. - Total liabilities increased to CNY 42.53 billion in Q1 2024, up from CNY 39.13 billion in Q4 2023, reflecting a growth of 6.1%[10]. - The company's total assets reached CNY 56.25 billion in Q1 2024, up from CNY 52.31 billion in Q4 2023, an increase of 7.7%[11]. - The equity attributable to shareholders was approximately ¥7.11 billion, up by 3.20% compared to the previous year[2]. - The equity attributable to shareholders increased to CNY 7.11 billion in Q1 2024, compared to CNY 6.88 billion in Q4 2023, a rise of 3.3%[11]. Operating Costs and Expenses - Total operating costs for Q1 2024 were CNY 23.04 billion, down 24.1% from CNY 30.33 billion in Q1 2023[13]. - The company reported a decrease in research and development expenses to CNY 117.21 million in Q1 2024 from CNY 116.67 million in Q1 2023, a slight reduction[13]. - The management expenses increased to CNY 379,641.51 from CNY 370,849.43 in Q1 2023, reflecting a rise of approximately 2.14%[24]. Other Income and Gains - Non-recurring gains and losses totaled approximately ¥34.63 million for the period, with significant contributions from government subsidies and asset disposals[4]. - The company reported other income of CNY 150,695.07, an increase from CNY 118,602.23 in Q1 2023[24]. - The investment income for Q1 2024 was CNY 2,080,960.07, slightly down from CNY 2,113,092.29 in the same quarter last year[24]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 28,379[6]. - The company incurred a net cash outflow from investing activities of -CNY 183,429,409.69, compared to a net inflow of CNY 120,971,928.71 in the previous year[17].

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"）第十届监事会第五次会议通知及 相关资料于 2024 年 4 月 22 日分别以书面、电子邮件方式向全体监事发出，于 2024 年 4 月 25 日下午在公司会议室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（以通讯方式出席监事 1 人）。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 年第一季度报告》的议案 监事会对公司董事会编制的 2024 年第一季度报告进行了书面审核，认为： 苏美达股份有限公司 证券代码：600710 证券简称：苏美达 公告编号：2024-023 苏美达股份有限公司 第十届监事会第五次会议决议公告 2.公司 2024 年第一季度报告的内容和格式符合中国证监会和上海证券交易 所的各项规定，所包含的信息能从各个方面真实地反映出公司当年度的经营管理 和财务状况等事项； 3.公司董事会及 ...

苏美达股份有限公司 证券代码：600710 证券简称：苏美达 公告编号：2024-022 苏美达股份有限公司 苏美达股份有限公司董事会 2024 年 4 月 26 日 1 一、 关于《公司 2024 年第一季度报告》的议案 本议案在董事会审议前已经公司董事会审计与风险控制委员会审议通过。 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 年第一季度报告》。 表决结果：赞成票 9 票，反对票 0 票，弃权票 0 票，通过本议案。 特此公告。 第十届董事会第六次会议决议公告 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。 苏美达股份有限公司（以下简称"公司"）第十届董事会第六次会议通知及 相关资料于 2024 年 4 月 22 日分别以书面、电子邮件方式向全体董事发出，会议 于 2024 年 4 月 25 日下午在公司会议室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（其中现场出席 5 人，以通讯方式出席董事 4 人，无委托出席董事），公司部分监事及高级管理人 ...