证券代码：603208 证券简称：江山欧派 江山欧派投资者关系活动记录表（2024 年 11 月） 编号：2024-011 | --- | --- | --- | |------------|---------------------|-------------------------------------------------------------| | | √ 特定对象调研 | □分析师会议 | | 投资者关系 | | □媒体采访 □业绩说明会 | | 活动类别 | □ | 新闻发布会 □路演活动 | | | | √现场参观交流 √其他： 线下策略会、线上 交流 | | | | 鹏华基金、国寿安保基金、建信基金、恒越基金、融通基金、银华 | | | | 基金、国泰基金、光大保德信基金、交银施罗德基金、中信保诚基 | | | | 金、国联安基金、华泰柏瑞基金、博时基金、平安养老保险、光大 | | | | 证券自营、上海勤辰私募基金、 Point72 、上汽颀臻资管、澄明资 | | 参与单位名 | | 产、拾贝投资、中欧瑞博投资、量利资本、青榕资产、西藏信托、 | | 称 | | 华夏未来资管、合晟资产 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating an expected return of over 20% within the next six months [5][17]. Core Insights - The company reported a revenue of 800 million yuan in Q3 2024, a decrease of 26% year-on-year, with a net profit attributable to the parent company of 60 million yuan, down 61% [1]. - For the first three quarters of 2024, the total revenue was 2.3 billion yuan, a decline of 17%, and the net profit attributable to the parent company was 160 million yuan, down 44% [1]. - The company has seen growth in its agency channel, with revenue increasing by 5% to 895 million yuan, while other channels such as direct engineering and distribution experienced declines [1][2]. Financial Performance Summary - The gross profit margin for the company in Q1-3 2024 was 20%, a decrease of 4 percentage points compared to the previous year [1]. - The net profit margin for the same period was 7.3%, down 3.4 percentage points year-on-year [4]. - The company has adjusted its earnings per share (EPS) forecast for 2024-2026 to 1.5, 1.7, and 1.9 yuan respectively, reflecting the impact of the macroeconomic environment and real estate sales pressure [3]. Revenue Breakdown - In Q1-3 2024, the revenue from the agency channel was 895 million yuan, while the direct engineering channel generated 580 million yuan, both showing significant declines [1]. - The revenue from various product categories included 1.27 billion yuan from laminated doors, 375 million yuan from solid wood composite doors, and 149 million yuan from cabinet products [1]. Market Position and Strategy - The company has approximately 1,000 agents and is expanding its service offerings to new sectors such as hotels, schools, hospitals, and apartments, contributing to the growth of the agency channel [2]. - The company has a total of 57,895 franchise dealers as of September 30, 2024, having added 21,000 new dealers in the first three quarters of the year [4].

Investment Rating - The investment rating for Jiangshan Oupai is "Buy" and is maintained [8] Core Views - The company reported a revenue of 22.57 billion yuan and a net profit attributable to shareholders of 1.64 billion yuan for the first three quarters of 2024, representing declines of 17% and 44% year-on-year, respectively. In Q3 2024, the figures were 8.15 billion yuan and 0.59 billion yuan, reflecting declines of 26% and 61% [3][4] - The revenue structure continues to optimize, with an increasing proportion of non-residential demand and cash-clearing business. The company is actively expanding its retail channels and promoting new models to unlock growth potential [4][5] - The company is focusing on quality strategic clients and accelerating the transformation of its marketing strategy, with new growth points gradually emerging [5][6] Summary by Sections Financial Performance - For Q3 2024, the company experienced a revenue decline of 26%, with significant drops in bulk and distribution revenues, while other income saw a 32% increase. The number of distributors increased significantly, with a net addition of 15,801 distributors in H1 2024, reaching a total of 52,368 [4][5] - The gross profit margin decreased by 2.9 percentage points in Q3, attributed to the decline in revenue scale and the structural impact of lower-margin direct engineering business [6] Growth Strategy - The company is expanding its retail end and promoting the AAM and brand cooperation models, which enhance the variety of products offered and strengthen channel potential. The non-main business income saw a 52% year-on-year increase in Q2 [5][6] - The company aims to reduce reliance on new residential demand by actively exploring non-residential clients such as hotels and schools, thereby enhancing revenue resilience [6] Future Outlook - The projected net profit attributable to shareholders for 2024 and 2025 is estimated at 2.48 billion yuan and 2.54 billion yuan, respectively, with corresponding price-to-earnings ratios of 15x and 14x [5][6]

下 天册律师事务所 法律意见书 浙江天册律师事务所 关于江山欧派门业股份有限公司 2024 年第一次临时股东大会的 法律意见书 编号:TCYJS2024H1696 号 致:江山欧派门业股份有限公司 浙江天册律师事务所(以下简称"本所")接受江山欧派门业股份有限公司 (以下简称"江山欧派"或"公司")的委托,指派本所律师参加公司 2024年第 一次临时股东大会,并根据《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》")和《上市公司股东大会 规则(2022年修订)》(以下简称"《股东大会规则》")等法律、法规和其他 有关规范性文件的要求出具本法律意见书。 在本法律意见书中,本所律师仅对本次股东大会召集、召开程序、出席人员 的资格、召集人的资格、表决程序及表决结果的合法有效性发表意见,不对会议 所审议的议案内容和该等议案中所表述的事实或数据的真实性和准确性发表意见。 本法律意见书仅供公司 2024年第一次临时股东大会之目的使用。本所律师同 意将本法律意见书随江山欧派本次股东大会其他信息披露资料一并公告,并依法 对本所在其中发表的法律意见承担法律责任。 本所律师根据 ...

| 证券代码：603208 | 证券简称：江山欧派 | 公告编号：2024-086 | | --- | --- | --- | | 债券代码：113625 | 债券简称：江山转债 | | (一) 股东大会召开的时间：2024 年 11 月 7 日 (二) 股东大会召开的地点：浙江省衢州市江山市贺村镇淤头村淤达山自然村 8 号江山欧派二楼一号会议室 (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： 江山欧派门业股份有限公司 2024 年第一次临时股东大会决议公告 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 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 186 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 118,515,095 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的 | 67.3844 | | 比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定， ...

| 证券代码：603208 | 证券简称：江山欧派 | 公告编号：2024-087 | | --- | --- | --- | | 债券代码：113625 | 债券简称：江山转债 | | 江山欧派门业股份有限公司 关于向下修正"江山转债"转股价格暨转股停复牌 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： 证券停复牌情况：适用 因"江山转债"按照转股价格向下修正条款调整转股价格, 江山欧派门业股 份有限公司（以下简称"公司"）的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113625 | 江山转债 | 可转债转股停牌 | 2024/11/8 | 全天 | 2024/11/8 | 2024/11/11 | ●修正前转股价格：53.27 元/股。 ●修正后转股价格：20.03 元/股。 根据《江山欧派门业股份有限公司公开发行可转 ...

Investment Rating - The report does not specify a clear investment rating for Jiangshan Oupai (603208) but suggests continuous attention due to the company's manufacturing advantages and ongoing revenue structure optimization [3]. Core Views - The company reported a revenue of 2.26 billion yuan for the first three quarters of 2024, a year-on-year decrease of 16.6%, and a net profit attributable to shareholders of 160 million yuan, down 43.9% year-on-year. The third quarter alone saw a revenue of 820 million yuan, down 26.1% year-on-year, and a net profit of approximately 58.6 million yuan, down 60.8% year-on-year [1][2]. - The overall gross margin for the first three quarters of 2024 was 22.8%, a decrease of 2 percentage points year-on-year, with the third quarter gross margin at 23.8%, down 2.9 percentage points year-on-year. The increase in expense ratios has put pressure on profitability [2][3]. - The number of distributors has continued to grow significantly, with 57,895 franchise distributors as of the end of September 2024, an increase of 21,328 from the beginning of the year. The company’s sales model shows a decline in revenue from the distributor channel but an increase in the agent channel [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 2.26 billion yuan, a decrease of 16.6% year-on-year, and a net profit of 160 million yuan, down 43.9% year-on-year. The third quarter revenue was 820 million yuan, down 26.1% year-on-year, with a net profit of approximately 58.6 million yuan, down 60.8% year-on-year [1]. - The gross margin for the first three quarters was 22.8%, down 2 percentage points year-on-year, while the third quarter gross margin was 23.8%, down 2.9 percentage points year-on-year [2]. Sales Channels - The revenue from the distributor channel for the first three quarters was 520 million yuan, down 29.2% year-on-year, while the bulk channel achieved 1.55 billion yuan, down 15.6%. The agent channel saw a revenue increase of 4.6% year-on-year [3]. - The company’s product revenue for the first three quarters included 1.27 billion yuan from laminated doors (down 21.4%), 370 million yuan from solid wood composite doors (down 31.9%), and 150 million yuan from cabinets (down 14%) [3]. Profit Forecast and Investment Suggestions - The forecast for EPS from 2024 to 2026 is 1.31 yuan, 1.84 yuan, and 2.23 yuan, respectively, with corresponding PE ratios of 15x, 11x, and 9x. The report suggests continuous attention to the company due to its strong manufacturing advantages and ongoing revenue structure optimization [3][4].

Group 1: Company Overview - Jiangshan Oupai is a comprehensive door manufacturing enterprise located in Jiangshan, known as the "capital of wooden doors" in China, focusing on solid wood composite doors and laminated doors, among other products [2][3] - In the first three quarters of 2024, the company achieved operating revenue of CNY 225,708.38 million and a net profit attributable to shareholders of CNY 16,357.02 million [3] Group 2: Market Position and Competition - The market share of Jiangshan Oupai in wooden door revenue has increased from 0.67% in 2017 to 2.42% in 2023, indicating a trend of market concentration towards leading enterprises [3] - In 2023, the combined market share of the bottom nine listed companies in the wooden door segment was less than 3% [3] Group 3: Revenue Sources - Revenue sources include both new housing and renovation projects, with a focus on residential business as well as new business from hotels, schools, hospitals, and apartments [4] - For the period of January to September 2024, revenue from various channels was as follows: - Distributor channel: CNY 5.16 billion - Direct engineering channel: CNY 5.78 billion - Agent channel: CNY 8.95 billion - Foreign trade export channel: CNY 0.78 billion [4][5] Group 4: Product Performance - Revenue from different product categories for January to September 2024 was: - Laminated doors: CNY 12.67 billion - Solid wood composite doors: CNY 3.75 billion - Cabinet products: CNY 1.49 billion - Other products: CNY 2.76 billion [5] Group 5: Challenges and Strategies - The decline in net profit is attributed to decreased revenue and changes in revenue structure leading to lower gross margins, along with increased credit impairment losses due to longer accounts receivable aging [5] - The company plans to enhance the proportion of cash-cleared business in its sales channels, focusing on distributors and agents [5][6] Group 6: Future Outlook - Jiangshan Oupai is executing an "outward" strategy, focusing on mainstream markets and channels, particularly in the Middle East and North America, to develop localized business and large-scale projects [6] - The company does not anticipate significant capital expenditures in the near future [7]

Investment Rating - The investment rating for Jiangshan Oupai is "Outperform the Market" and is maintained [2] Core Views - The company reported a revenue of 2.26 billion yuan for the first three quarters of 2024, a decrease of 16.56% year-on-year, with a net profit attributable to the parent company of 160 million yuan, down 43.86% [5] - In Q3 2024, the company achieved a revenue of 820 million yuan, a decline of 26.14% year-on-year, and a net profit of 60 million yuan, down 60.77% [5] - The gross margin for the first three quarters of 2024 was 22.81%, a decrease of 2.0 percentage points [5] - The company opened 21,416 new franchise dealers in the first nine months of 2024, totaling 57,895 franchise dealers by the end of Q3 2024 [6] - The forecasted net profits for 2024 and 2025 are 280 million yuan and 310 million yuan, respectively, with a year-on-year change of -27% and +10% [6] Financial Performance Summary - For the first three quarters of 2024, the revenue from plywood doors, solid wood composite doors, and cabinet products was 1.27 billion yuan, 370 million yuan, and 150 million yuan, respectively, with year-on-year declines of 21.35%, 31.92%, and 13.98% [5] - The gross margins for these products were 22.59%, 18.27%, and 16.41%, showing declines of 3.89 percentage points, 3.81 percentage points, and 4.64 percentage points, respectively [5] - The company’s revenue from distributors and bulk channels was 520 million yuan and 1.55 billion yuan, down 29.24% and 15.61% year-on-year [6] - The gross margins for these channels were 20.25% and 19.79%, with decreases of 3.25 percentage points and 3.98 percentage points, respectively [6] Valuation and Forecast - The company is expected to have a reasonable valuation range of 20.84 to 24.04 yuan based on a PE ratio of 13-15 times for 2024 [6] - The average PE ratios for comparable companies in the industry for 2024E and 2025E are 14.38 and 13.24, respectively [8]

| 证券代码：603208 | 证券简称：江山欧派 | 公告编号：2024-084 | | --- | --- | --- | | 债券代码：113625 | 债券简称：江山转债 | | 江山欧派门业股份有限公司 关于子公司欧派木制品公司和花木匠公司完成工商变 更登记的公告 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。 江山欧派门业股份有限公司（以下简称"公司"）分别收到全资子公司江山 欧派木制品有限公司（以下简称"欧派木制品公司"）和江山花木匠家居有限公 司（以下简称"花木匠公司"）报告，欧派木制品公司和花木匠公司根据经营发 展需要，分别对其经营范围进行变更。本次工商变更登记手续完成后，欧派木制 品公司和花木匠公司仍为公司全资子公司。 法定代表人：陆建辉 注册资本：伍仟万元整 成立日期：2016年11月22日 经营范围：一般项目：门窗制造加工；门窗销售；建筑装饰材料销售；人力 资源服务（不含职业中介活动、劳务派遣服务）；劳务服务（不含劳务派遣）（除 依法须经批准的项目外，凭营业执照依法自主开展经营活动）。许可项目：职业 中 ...