我们作为苏美达股份有限公司（以下简称"公司"）的 独立董事，根据中国证券监督管理委员会《上市公司独立 董事管理办法》等相关规定，对公司第十届董事会第十二 次会议审议的《关于公司 2025 年日常关联交易预计的议案》 进行了审阅，基于独立判断的立场，发表如下审核意见： 公司对 2025 年日常关联交易的预计是基于公司业务发 展情况的合理预测，是为满足公司日常生产经营的需要， 提高决策效率，符合公司和股东的利益，不会损害公司及 全体股东尤其是中小股东的合法利益。根据《公司章程》， 董事会在审议上述议案时，关联董事在表决时应予以回避。 苏美达股份有限公司第十届董事会 全体独立董事同意《关于公司 2025 年日常关联交易预 计的议案》，同意将该议案提交公司董事会审议。 独立董事专门会议 2024 年第五次会议审核意 独立董事：茅宁、李东、应文禄 见 2024 年 12 月 12 日 ...

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：2024-048 苏美达股份有限公司 关于公司2025年日常关联交易预计的公告 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： ⚫ 该事项需提交至苏美达股份有限公司（以下简称"公司"）股东大会审 议。 （二）前次日常关联交易的预计和执行情况 | | | | | 单位：万元 本次预计金 | | --- | --- | --- | --- | --- | | 关联 | | 2024 年度 | 2024 年度实 | 额与上年实 | | 交易 | 关联人及其子公司 | 预计发生金 | 际发生额 | 际发生金额 | | 类别 | | 额 | （1-11 月） | 差异较大的 | | | | | | 原因 | | | 中国机械工业建设集团有限公司 | 20,000.00 | 7,742.91 | 当 期 实 际 发 生业务较少 | | | 中恒纺织交易市场（广东）有限 | 15,000.00 | | 当 期 未 发 生 | | 销售 | 公司 | | ...

Core Viewpoint - Sumida is actively pursuing its annual target for Q4 2024, with a focus on supporting domestic clients in their overseas ventures through strategic partnerships and equipment supply [1] Group 1: Project and Equipment Details - Sumida's technical company has collaborated with Nanjing Kesi Chemical Co., Ltd. on a project in Malaysia, which aims to produce 10,000 tons of sunscreen products annually [1] - The first batch of production equipment has been shipped, including storage tanks, reactors, distillation towers, and dryers, with a total volume of nearly 80,000 cubic meters [1] Group 2: Business Growth and Market Trends - The technical company has aligned its services with the trend of Chinese enterprises expanding overseas, providing comprehensive service solutions for these clients [1] - In the first three quarters of this year, the technical company achieved a shipment value of electromechanical equipment that increased by 363% year-on-year [1]

Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 86.941 billion CNY, with a net profit attributable to shareholders of 1.001 billion CNY, representing a year-on-year growth of 12.03% [2] - The net profit after deducting non-recurring gains and losses was 0.893 billion CNY, showing a year-on-year increase of 27.28% [2] - Basic earnings per share reached 0.77 CNY, with a return on equity (ROE) of 13.79% [2] Dividend Policy - Since its restructuring and listing, the company has distributed a total of 1.823 billion CNY in dividends, significantly exceeding the amount raised from private placements [2] - The dividend amount for the previous year was 0.431 billion CNY, with a payout ratio of 42% and a dividend yield of 4.63% [2] - The company has established a three-year shareholder return plan, committing to distribute at least 40% of the annual distributable net profit in cash as long as it maintains positive retained earnings [2] Business Structure and Strategy - The company has evolved from import-export trade to a diversified business model, focusing on the synergy between its industrial and supply chains [3] - It has maintained a professional approach, avoiding unrelated sectors like real estate and finance, while ensuring each business segment is managed by experienced teams with over 30 years of expertise [3] - The company emphasizes high-quality development, focusing on cash flow and profit growth to enhance intrinsic value [2] Shipbuilding and Orders - As of September 2024, the company had a total of 84 ships on order, with production scheduled through 2028, primarily consisting of bulk carriers [3] - In the first three quarters of 2024, the company delivered 19 ships and received new orders for 37 vessels, including from clients like Japan's Kasuga Shipping [3] Textile and Apparel Sector - The textile and apparel segment generated a total profit of 1.076 billion CNY last year, with a year-on-year growth of 21.68% [3] - In the first three quarters of this year, the segment saw a further increase of 15% compared to the previous high base [3] - New export contracts in this sector amounted to 1.09 billion USD, reflecting a year-on-year growth of 20.8% [3] Environmental Engineering - The company is committed to domestic environmental engineering, focusing on water pollution governance and solid waste disposal, while also expanding into biodegradable plastic engineering [4]

Group 1: Financial Performance - The company distributed cash dividends of 3.30 CNY per 10 shares in 2023, totaling 4.31 billion CNY, with cumulative dividends since restructuring amounting to 18.23 billion CNY, exceeding the raised funds [1] - In the first three quarters of 2024, the net profit attributable to shareholders reached 1.001 billion CNY, a year-on-year increase of 12.03% [1] - The company achieved a total revenue of 11.26 billion CNY from large diesel generator sets in 2023, marking a year-on-year growth of 89% [2] Group 2: Business Segments and Growth - The consumer goods sector's total profit reached 1.076 billion CNY in 2023, reflecting a 22% increase year-on-year, with clothing and home textile profits growing by 28% and 19% respectively [2] - The shipbuilding business has 84 vessels on order, with delivery schedules extending to 2028, and achieved a record number of deliveries in 2023 [2] - The company’s large diesel generator sets business is expanding into new markets, with over 7 million USD in new export contracts signed in the first half of 2024, a 237% increase year-on-year [3] Group 3: Strategic Initiatives - The company has updated its shareholder return plan for 2024-2026, committing to distribute at least 40% of the net profit attributable to shareholders annually [1] - The company emphasizes a diversified development strategy while focusing on enhancing core competencies in existing business segments [3] - To protect investor interests, the company has implemented measures such as optimizing business structure and enhancing transparency in information disclosure [3]

Group 1: Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 86.941 billion CNY, a year-on-year decrease of 1.73% [1] - The net profit attributable to shareholders was 1.001 billion CNY, a year-on-year increase of 10.01% [1] - The non-recurring net profit attributable to shareholders reached 893 million CNY, up 27.28% year-on-year [1] - The basic earnings per share were 0.77 CNY, with a return on equity (ROE) of 13.79% [1] Group 2: Quarterly Breakdown - In Q3 2024, the company reported operating revenue of 31.013 billion CNY, an increase of 11.91% year-on-year [1] - The net profit attributable to shareholders for Q3 was approximately 400 million CNY, reflecting a year-on-year increase of 45.22% [1] - The quarterly revenue growth rates for the first three quarters were -23.4%, -1.7%, and +11.9% respectively, while the net profit growth rates were +5.1%, +19.1%, and +11.9% [1] Group 3: Business Segments - The shipbuilding segment delivered 19 vessels in the first three quarters and received orders for 37 additional vessels, totaling 84 vessels in hand as of September 2024 [2] - The textile and apparel segment achieved a total profit of 1.076 billion CNY in 2023, a year-on-year increase of 22%, with clothing profits growing by 28% and home textiles by 19% [2] - The company’s textile and apparel business saw a new export order value of 1.09 billion USD, a year-on-year increase of 20.8% [2] Group 4: Trade Performance - The total import and export value for the first three quarters of 2024 was 9.9 billion USD, reflecting an 8% year-on-year growth [2] - Exports grew by 16%, while imports increased by 3% during the same period [2]

Investment Rating - The report initiates coverage on SUMEC (600710) with an "Overweight" rating, indicating a positive outlook on the stock's performance relative to the market [5][7] Core Views - SUMEC has demonstrated steady growth driven by its dual-wheel strategy of industrial chain and supply chain operations, with a diversified business model covering environmental protection, advanced manufacturing, and consumer sectors [1][3] - The company's advanced manufacturing segment, particularly shipbuilding, is benefiting from industry tailwinds, with a significant increase in orders and a robust order book extending to 2028 [4][5] - SUMEC's supply chain operations, while impacted by commodity price fluctuations, remain a key revenue driver, contributing 74% of total revenue in 2023 [1][3] - The company has maintained a consistent dividend policy, with a payout ratio of 42% in 2023, reflecting its commitment to shareholder returns [3][7] Business Segments Summary Industrial Chain Operations - The industrial chain segment, comprising environmental protection, advanced manufacturing, and consumer businesses, contributed 21% of total revenue and 68% of gross profit in 2023 [1][3] - Advanced manufacturing, particularly shipbuilding, saw a 94% YoY increase in orders in H1 2024, with 82 vessels in the order book as of H1 2024 [4][5] - The environmental protection segment, focused on clean energy and ecological projects, accounted for 5% of revenue and 16% of gross profit in 2023 [1][3] - The consumer segment, including apparel, home textiles, and branded school uniforms, contributed 9% of revenue and 33% of gross profit in 2023 [1][3] Supply Chain Operations - Supply chain operations, primarily involving commodity trading and electromechanical equipment import/export, accounted for 74% of revenue and 26% of gross profit in 2023 [1][3] - Despite a 19% YoY decline in supply chain revenue in H1 2024, the segment remains a critical component of SUMEC's business, with efforts to optimize product and customer structures [3][5] Financial Performance and Forecast - In H1 2024, SUMEC reported revenue of RMB 55.9 billion, down 13.3% YoY, but net profit attributable to shareholders increased by 12.12% YoY to RMB 570 million [3][5] - The company is expected to achieve revenue of RMB 120.4 billion, RMB 132 billion, and RMB 139.2 billion in 2024, 2025, and 2026, respectively, with net profit growth of 9.41%, 8.45%, and 10.44% over the same period [5][7] - SUMEC's valuation multiples (PE ratios of 10.94x, 10.09x, and 9.13x for 2024-2026) are below the industry average, suggesting potential undervaluation [5][7] Industry and Competitive Position - SUMEC's shipbuilding business, particularly its "Crown" series of bulk carriers, has gained a strong reputation in the market, with its subsidiary New Dayang Shipbuilding ranking first globally in handymax bulk carrier orders [4][5] - The company's supply chain operations benefit from its integration of upstream and downstream resources, with a focus on digital transformation to enhance efficiency and mitigate risks [47][49] - SUMEC's diversified business model and strong market position in multiple sectors provide resilience against industry cyclicality [1][3]

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].