Summary of Conference Call Notes on Su Mei Da Company Overview - Su Mei Da was established in 1978, originally as Jiangsu Mechanical Equipment Export Company, focusing on industrial product exports. The company underwent mixed ownership reform in 1998 and was listed in 2017 after restructuring with Changling Co. [2] Industry and Business Segments 1. Company Performance and Growth Points - The company reported a revenue growth of approximately 5% with a stable growth trend. The shipbuilding business generated revenue of 4.6 billion, contributing over 10% to total profits despite accounting for less than 4% of total revenue. Expected revenue and profit growth for 2024 is over 30%. The company commits to distributing 40% of net profit as dividends, with a consistent dividend payout ratio of around 40% from 2020 to 2023, exceeding 40% in 2023. Profit forecasts for 2024 to 2026 are 1.082 billion, 1.132 billion, and 1.174 billion respectively [1][10][17]. 2. Advanced Manufacturing Business - This segment includes outdoor power equipment, diesel generators, and shipbuilding. The shipbuilding orders extend to the first half of 2028, with 82 vessels ordered, ranking first globally in a specific category. Expected growth for the shipbuilding business is 30% in 2024, with subsequent growth stabilizing [3][11]. 3. Consumer Business - The consumer segment includes clothing exports, textile blankets, and branded school uniforms. The clothing export business consistently contributes over 10 billion in revenue, with the school uniform business exceeding 1 billion, collaborating with over 5,000 schools and benefiting from high gross margins [4][12]. 4. Environmental Business - The environmental segment encompasses clean energy and ecological protection. The company is involved in major wastewater treatment projects, contributing approximately 1.9 billion in revenue in 2023. Future developments will align with the Belt and Road Initiative, focusing on clean energy projects [5][13]. 5. Supply Chain Business - The supply chain primarily involves bulk commodity trading, with a low market concentration indicating growth potential. However, revenue from bulk commodities declined by 21.33% in 2022 due to demand fluctuations. The import business for electromechanical equipment remains stable, contributing around 15 billion in revenue [6][14][15]. Financial Status and Forecast - In 2023, total revenue exceeded 120 billion, with a stable net profit margin of 2.52%. The dividend payout ratio increased from 26.38% in 2019 to 42.80% in 2023, with future ratios expected to remain above 40%. Revenue growth is projected to decline from 7% in 2024 to 5% in 2026, while profit growth is expected to decrease from 5% to 3.7% [7][16][18]. Valuation and Market Outlook - The current valuation is around 9 to 10 times earnings, with a potential increase to 12 times by 2025, suggesting a market value between 12 billion and 13 billion. Compared to industry peers like CITIC Metal and Yulong Co., which have valuations of 16, 14, and 13 times, Su Mei Da's valuation is considered advantageous [19][20]. Key Takeaways - The primary growth driver for the company is the shipbuilding sector, while other segments are more susceptible to macroeconomic conditions. The company maintains a stable long-term dividend ratio above 40%, providing a reliable return for shareholders [20].

Investment Rating - The report gives a "Recommend" rating for the company, with an initial coverage [1][3] Core Views - The company's main business includes two major sectors: the industrial chain sector and the supply chain sector The industrial chain sector achieved revenue of 31 318 billion yuan in 2023, with a 3-year CAGR of 8 75%, and a profit of 2 505 billion yuan, with a 3-year CAGR of 24 26% [1] - The company's "dual circulation" strategy has shown significant results, with a focus on both domestic and international markets, reducing reliance on a single market The company has completed over 50 projects in more than 20 countries along the "Belt and Road" initiative [1] - The company has a strong shareholder background, with the largest shareholder being the state-owned China National Machinery Industry Corporation (Sinomach), which provides extensive overseas operational experience and channel resources [1] - The company has a high and stable dividend payout ratio, with the dividend rate increasing from 30 23% in 2019 to 41 88% in 2023, and the dividend yield rising from 1 84% to 4 65% over the same period [1] - The company is expected to achieve net profits attributable to the parent company of 1 082 billion yuan, 1 132 billion yuan, and 1 174 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 5 1%, 4 6%, and 3 7% [1] Business Overview - The company's industrial chain sector includes three main businesses: environmental protection (clean energy, ecological protection), advanced manufacturing (outdoor power tools, diesel generator sets, shipbuilding and shipping), and consumer goods (clothing, home textiles, school uniforms) [1] - The supply chain sector focuses on high-margin products such as petrochemicals, with the petrochemical sector's operating volume increasing by 146% year-on-year in 2023 [1] - The company has a diversified market structure, with significant contributions from both domestic and international markets The domestic market accounted for 57 16% of revenue in 2023, while the international market accounted for 42 62% [24][25] Financial Performance - The company's revenue in 2023 was 122 981 billion yuan, with a year-on-year decrease of 12 9%, while net profit attributable to the parent company was 1 030 billion yuan, with a year-on-year increase of 12 8% [2] - The company's revenue from the supply chain sector was 913 93 billion yuan in 2023, accounting for 74 32% of total revenue, while the industrial chain sector contributed 313 18 billion yuan, accounting for 25 68% [23] - The company's gross profit margin and net profit margin remained stable, with gross profit margin at 5 69% and net profit margin at 2 52% in 2023 [30][31] Advanced Manufacturing Sector - The advanced manufacturing sector includes outdoor power equipment, diesel generator sets, and shipbuilding and shipping The outdoor power equipment business achieved revenue of 3 468 billion yuan in 2023, with a gross profit margin of 21 37% [39] - The diesel generator set business achieved revenue of 1 126 billion yuan in 2023, with a year-on-year increase of 88 79%, and a gross profit margin of 12 43% [42][43] - The shipbuilding and shipping business achieved revenue of 4 44 billion yuan in 2023, with a year-on-year increase of 21 74%, and a gross profit margin of 9 94% [44][45] Consumer Goods Sector - The consumer goods sector includes clothing, home textiles, and branded school uniforms The clothing business achieved revenue of 6 74 billion yuan in 2023, with a gross profit margin of 16 20% [48] - The home textiles business achieved revenue of 3 225 billion yuan in 2023, with a year-on-year increase of 15 35%, and a gross profit margin of 23 3% [49][50] - The branded school uniform business achieved revenue of 1 109 billion yuan in 2023, with a year-on-year increase of 16 94%, and a gross profit margin of 34 43% [50][51] Environmental Protection Sector - The environmental protection sector includes clean energy (photovoltaic products, engineering construction, operation and maintenance) and ecological protection (sewage treatment, garbage treatment, soil remediation, etc ) The clean energy business achieved revenue of 7 5 billion yuan in 2023, with a gross profit margin of 15 5% [52][53] - The ecological protection business achieved revenue of 2 2 billion yuan in 2023, with a year-on-year increase of 28%, and a gross profit margin of 15% [53][54] Supply Chain Sector - The supply chain sector includes bulk commodity operations and mechanical and electrical equipment imports The bulk commodity business achieved revenue of 913 93 billion yuan in 2023, with a year-on-year decrease of 17 41%, and a gross profit margin of 1 96% [62] - The mechanical and electrical equipment import business focuses on textile production equipment, mechanical processing equipment, and other high-end equipment, with a comprehensive service model that includes technology introduction, resource supply, product distribution, and logistics services [63][64]

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company has undergone significant transformation phases, evolving from a domestic-focused entity to an international conglomerate with operations in over 150 countries and nearly 40 overseas branches [1] - The company has established a diversified business model, focusing on clean energy, advanced manufacturing, and large-scale consumption, with a strong emphasis on supply chain operations [2][49] - The company has shown robust growth in its clean energy sector, particularly in photovoltaic projects, with a significant increase in global installed capacity and new international orders [49] - The company has maintained stable profitability, with gross and net profit margins showing resilience despite external pressures [24][37] Summary by Sections Business Overview - The company operates in multiple sectors including clean energy, advanced manufacturing, and large consumer goods, with a focus on integrating trade, industry, and technology [1][2] - The clean energy segment includes photovoltaic component production, project development, and comprehensive energy management solutions [2][49] - The advanced manufacturing sector focuses on outdoor power equipment and diesel generator sets, with a strong market presence in both domestic and international markets [2][29] Financial Performance - The company has demonstrated stable financial performance with gross margins around 5.69% and net margins at 2.52% in 2023, reflecting effective cost control and operational efficiency [24][37] - The revenue from the supply chain segment has been the highest contributor, accounting for approximately 80% of total revenue [2] Market Position and Strategy - The company has positioned itself as a leader in the supply chain operations for bulk commodities, leveraging long-term procurement contracts and a global resource network [70] - The company is actively expanding its international footprint, particularly in regions aligned with the Belt and Road Initiative, enhancing its competitive edge [77] Shareholder Returns - The company has a strong commitment to shareholder returns, with a dividend payout ratio increasing from 30.23% in 2019 to 41.88% in 2023, reflecting its focus on sharing growth with investors [40]

Summary of Conference Call Minutes Company or Industry Involved - The document does not specify a particular company or industry, but it emphasizes the confidentiality of the conference call content. Core Points and Arguments - The conference call content is strictly for internal reference among participants, and any disclosure to external parties is prohibited [1] - Participants are warned against requesting, leaking, disseminating, or forwarding the conference call minutes, as such actions are considered infringement [1] - The company reserves the right to pursue legal action against individuals who violate the confidentiality of the conference call minutes [1] Other Important but Possibly Overlooked Content - The emphasis on confidentiality indicates the sensitivity of the information discussed during the call, suggesting that it may involve strategic insights or financial data that could impact market perception if disclosed [1]

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：2024-032 苏美达股份有限公司 关于 2024 年二季度获得政府补助情况的公告 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： 2024 年 4-6 月，苏美达股份有限公司（以下简称"公司"）及子公司累计 收到各类政府补助资金共计人民币 3,884.33 万元（未经审计），占公司最近一 期经审计归属于上市公司股东净利润的 3.77%。具体情况如下： | 序号 | 获得时间 | 补助 类型 | 补助金额 （万元） | 占公司最近一期经审计 净利润比例（%） | | --- | --- | --- | --- | --- | | 1 | 2024 年 4 月 | 与收益相关 | 1,395.91 | 1.35 | | 2 | 2024 年 5 月 | 与收益相关 | 1,882.04 | 1.83 | | 3 | 2024 年 6 月 | 与收益相关 | 606.38 | 0.59 | | | 合计 | | 3,884.33 | 3.77 ...

Summary of Conference Call Minutes Company or Industry Involved - The document does not specify a particular company or industry, but it emphasizes the confidentiality of the conference call content. Core Points and Arguments - The conference call content is strictly for internal reference among participants, and any disclosure to external parties is prohibited [1] - Participants are warned against requesting, leaking, disseminating, or forwarding the conference call minutes, as such actions are considered infringement [1] - The organization reserves the right to pursue legal action against individuals who violate the confidentiality of the conference call minutes [1] Other Important but Possibly Overlooked Content - The emphasis on confidentiality indicates a sensitive nature of the information discussed, suggesting that the content may involve strategic insights or financial data that could impact market perceptions [1]

Investment Rating - The report assigns a "Buy" rating for the company, with a current price of 8.09 CNY and a fair value of 9.29 CNY [14]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 11.1 billion CNY, 12.3 billion CNY, and 13.7 billion CNY for the years 2024 to 2026, representing year-on-year growth rates of 8.1%, 10.8%, and 10.8% respectively [38]. - The company has seen a significant increase in its domestic trade orders, with a reported 37% growth in the textile and garment sector [13]. - The company has successfully entered the Central and Eastern European markets, with a substantial backlog of orders in the shipbuilding sector [24]. Financial Summary - Revenue for 2022 was 141,148 million CNY, with a decline of 16.3% expected in 2023, followed by a projected recovery with growth rates of 4.9%, 7.8%, and 6.2% for 2024, 2025, and 2026 respectively [2]. - The EBITDA for 2023 is projected at 4,578 million CNY, with an expected increase to 5,312 million CNY in 2024 [2]. - The net profit attributable to shareholders is forecasted to be 1,030 million CNY in 2023, increasing to 1,113 million CNY in 2024 [2]. - The earnings per share (EPS) is expected to rise from 0.79 CNY in 2023 to 0.85 CNY in 2024 [2]. Operational Performance - The company reported a 12.04% increase in net profit for the first half of 2024, despite a 13.30% decline in revenue [26]. - The second quarter of 2024 showed a revenue decrease of 3.94% year-on-year, but net profit increased by 17.37% [26]. - The company continues to enhance its operational quality and focus on mainstream customers, leading to improved financial performance [13].

Investment Rating - The report maintains a rating of "Buy" for the company [8][24]. Core Views - The report highlights that the company's H1 revenue is approximately 55.93 billion yuan, a decrease of 13.3%, while the net profit attributable to shareholders is 570 million yuan, an increase of 12% [2][7]. - The report anticipates EPS growth of 6%, 11%, and 8% for the years 2024, 2025, and 2026, respectively, with a target price set at 10.42 yuan [2][8]. - The company has shown improved performance in Q2, with a revenue of approximately 32.18 billion yuan, down 3.9%, and a net profit of 305 million yuan, up 17.4% [2][7]. Financial Performance Summary - H1 revenue decreased by 13.3% to approximately 55.93 billion yuan, while net profit increased by 12% to 570 million yuan [2][7]. - The report estimates that the net profit margin for H1 is approximately 1.02%, an increase of 0.23 percentage points [2][7]. - The company has a projected net profit of 1.087 billion yuan for 2024, reflecting a growth of 5.6% [10]. Business Segment Performance - The report indicates that the shipbuilding and shipping, ecological environment, and textile and apparel sectors have performed well, contributing to the overall profit growth [2][7]. - The company has secured multiple orders in the shipbuilding sector, with a total of 94 vessels ordered, indicating strong future growth potential [2][7]. - The report notes that the supply chain segment has seen a narrowing revenue decline and further optimization of profit margins [2][7]. Valuation and Dividend - The company is characterized as a low-valuation, high-dividend central enterprise, with a dividend payout of 431 million yuan and a dividend rate of 41.9% [2][7]. - The current PE ratio is noted to be 8.9 times, indicating that the stock is undervalued [2][7].

[Important Notice](index=1&type=section&id=Important%20Notice) This announcement contains preliminary, unaudited financial data, subject to the final semi-annual report, with the board guaranteeing its accuracy and completeness - The financial data in this express report are preliminary and unaudited, potentially differing from the final semi-annual report[13](index=13&type=chunk)[17](index=17&type=chunk) - The company's board of directors and all directors ensure the truthfulness, accuracy, and completeness of this announcement and assume corresponding legal responsibilities[1](index=1&type=chunk)[7](index=7&type=chunk) [Major Financial Data and Indicators](index=1&type=section&id=%E4%B8%80%E3%80%812024%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E6%8C%87%E6%A0%87) In H1 2024, total operating revenue decreased by 13.30% to **RMB 55.93 billion**, while net profit attributable to shareholders grew **12.04%** to **RMB 570 million** 2024 Semi-Annual Major Financial Data (Unit: RMB 10,000) | Item | Current Period | Prior Period (Adjusted) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | 5,592,811.13 | 6,450,483.44 | -13.30% | | **Operating Profit** | 193,078.87 | 176,901.69 | 9.14% | | **Total Profit** | 200,305.37 | 187,333.46 | 6.92% | | **Net Profit Attributable to Shareholders** | 57,040.78 | 50,911.84 | 12.04% | | **Net Profit Attributable to Shareholders (Excluding Non-recurring Items)** | 49,561.81 | 42,662.24 | 16.17% | | **Basic EPS (RMB)** | 0.44 | 0.39 | 12.82% | | **Total Assets** | 5,801,076.57 | 5,231,164.72 (Beginning of Period) | 10.89% | | **Shareholders' Equity Attributable to Listed Company** | 697,325.94 | 688,448.14 (Beginning of Period) | 1.29% | - The company retrospectively adjusted prior year financial data due to a common control business combination with Juhengmei Engineering Technology (Ningbo) Co., Ltd. in November 2023[3](index=3&type=chunk)[16](index=16&type=chunk) [Explanation of Operating Performance and Financial Condition](index=2&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) Despite macroeconomic challenges, the company achieved robust profit growth through its dual-driven strategy, with core segments driving performance and strategic focus on five key 'certainties' - Net profit attributable to shareholders reached **RMB 570 million**, growing **12.04%** year-on-year, primarily due to continuous optimization of market and customer structures[2](index=2&type=chunk) - Profit growth is primarily driven by the 'industry chain + supply chain' dual-driven model, with strong performance in shipbuilding and shipping, ecological environmental protection, and textile and apparel segments[2](index=2&type=chunk) - The company's strategy focuses on five 'certainties' to build core competitiveness: dual circulation development, digital transformation, technological innovation, green and low-carbon, and brand building[16](index=16&type=chunk) [Risk Warning](index=2&type=section&id=%E4%B8%89%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company explicitly warns that the preliminary financial data in this report may differ from the final audited semi-annual report, advising investors to be aware of investment risks - Investors should note that the preliminary data in this announcement may differ from the final audited 2024 semi-annual report, and should be aware of investment risks[10](index=10&type=chunk)[17](index=17&type=chunk)

苏美达股份有限公司 2023 年年度权益分派实施公告 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： A 股每股现金红利 0.33 元 证券代码：600710 证券简称：苏美达 公告编号：2024-030 相关日期 苏美达股份有限公司 每股分配比例 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/7/4 | － | 2024/7/5 | 2024/7/5 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 5 月 9 日的 2023 年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2023 年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股 东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本 1,306 ...