Company and Industry Summary Company Overview - The conference call was led by the General Manager of Sumida Corporation, Zhao Weilin, who expressed gratitude towards the Shanghai Stock Exchange and the participants of the meeting for their support and engagement [1] Key Points and Arguments - The company discussed its operational performance, indicating a focus on sharing insights regarding its financial results and business strategies [1] Additional Important Content - The call emphasized the importance of communication with investors, analysts, and media, highlighting the company's commitment to transparency and stakeholder engagement [1]

苏美达股份有限公司 会议召开方式：上证路演中心视频直播和网络互动 证券代码：600710 证券简称：苏美达 公告编号：2024-026 苏美达股份有限公司 关于召开 2023 年度暨 2024 年第一季度业绩说明会的公告 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： 会议召开时间：2024 年 6 月 6 日(星期四)14:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 投资者可于 2024 年 5 月 30 日(星期四)至 6 月 5 日(星期三)16:00 前登录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 tzz@sumec.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 苏美达股份有限公司（以下简称"公司"）已于 2024 年 4 月 13 日发布公司 2023 年年度报告、于 2 ...

证券代码：600710 证券简称：苏美达 公告编号：2024-025 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 5 月 9 日 （二） 股东大会召开的地点：公司 201 会议室 （三） 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情 况： 苏美达股份有限公司 2023 年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 （五） 公司董事、监事和董事会秘书的出席情况 1. 公司在任董事 9 人，出席 5 人，董事长杨永清先生、副董事长金永传先 生、董事刘耀武先生，独立董事应文禄先生因公务未出席本次会议； 2. 公司在任监事 3 人，出席 2 人，监事顾宏武先生因公务未出席本次会议； 3. 公司副总经理、董事会秘书王健先生及部分高管列席本次会议。 | 1.出席会议的股东和代理人人数 | 37 | | --- | --- | | 2.出席会议的股东所持有表决权的股份总数（股） | 775,590,754 | | 3.出席会议的股东所 ...

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]