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江山欧派:江山欧派关于向下修正“江山转债”转股价格暨转股停复牌的公告
2024-11-07 09:49
| 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 ...
江山欧派:经销商数量保持高增,盈利能力暂时承压
Southwest Securities· 2024-11-06 10:26
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].
江山欧派(603208) - 江山欧派投资者关系活动记录表(2024年10月)
2024-11-04 07:34
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]
江山欧派:公司季报点评:24Q3收入同减26%,代理商渠道逆势增长
Haitong Securities· 2024-11-03 07:21
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]
江山欧派:江山欧派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
2024-11-01 08:53
| 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 ...
江山欧派:江山欧派关于2024年第三季度业绩说明会召开情况的公告
2024-11-01 08:53
证券代码:603208 证券简称:江山欧派 公告编号:2024-085 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2024年第三季度业绩说明会召开情况的公告 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。 江山欧派门业股份有限公司(以下简称"公司")于2024年11月01日(星期 五 ) 上 午 11:00-12:00 在 上 海 证 券 交 易 所 上 证 路 演 中 心 ( 网 址 : https://roadshow.sseinfo.com/)以网络文字互动的方式召开"2024年第三季 度业绩说明会"。关于本次业绩说明会的召开事项,公司已于2024年10月25日在 上海证券交易所网站(www.sse.com.cn)及公司其他指定信息披露媒体披露了《江 山欧派关于召开2024年第三季度业绩说明会的公告》(公告编号:2024-081)。 现将本次说明会召开情况公告如下: 一、本次说明会召开情况 2024年11月01日,公司总经理王忠先生、财务负责人吴水燕女士、独立董事 陈志杰先生、董事会秘书郑 ...
江山欧派:江山欧派关于2024年前三季度主要经营情况的公告
2024-10-30 10:42
| 证券代码:603208 | 证券简称:江山欧派 | 公告编号:2024-082 | | --- | --- | --- | | 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 2024 年前三季度主要经营情况的公告 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。 根据上海证券交易所《上市公司行业信息披露指引第十五号——家具制造 (2022 年修订)》的有关规定,江山欧派门业股份有限公司(以下简称"公司) 现将 2024 年前三季度主要经营情况报告如下: 一、报告期经营情况 (一)2024 年前三季度主营业务分产品情况 注:上述表中数据尾差系因四舍五入所致。 (二)2024 年前三季度主营业务分渠道情况 单位:人民币万元 单位:人民币万元 分产品 营业收入 营业成本 毛利率 (%) 营业收入同 比增减(%) 营业成本同 比增减(%) 毛利率同比 增减(%) 夹板模压门 126,728.31 98,106.03 22.59 -21.35 -17.19 -3.89 实木复合门 37,464 ...
江山欧派:江山欧派关于控股子公司欧派安防公司完成工商变更登记的公告
2024-10-30 10:38
控股子公司欧派安防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。 2024年10月,江山欧派安防科技有限公司(以下简称"欧派安防公司")少 数股东郑堃自愿将其持有的欧派安防公司2.9963%的股权转让给江山欧派门业股 份有限公司(以下简称"公司")。 公司本次股权受让事宜无需提交董事会和股东大会审议,不构成关联交易, 也不构成《上市公司重大资产重组管理办法》规定的重大资产重组。 2024年10月30日,本次股权受让及工商变更登记手续已完成,并取得了江山 市市场监督管理局换发的《营业执照》。变更后的《营业执照》将类型由"有限 责任公司(自然人投资或控股)"变更为"有限责任公司(自然人投资或控股的 法人独资)",其他内容均未变更。本次股权受让完成后,欧派安防公司变更为 公司全资子公司。 | 证券代码:603208 | 证券简称:江山欧派 公告编号:2024-083 | | --- | --- | | 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 | 序号 | 股东名称 ...
江山欧派:江山欧派2024年第一次临时股东大会会议资料
2024-10-28 07:37
江山欧派门业股份有限公司 2024 年第一次临时股东大会会议资料 江山欧派门业股份有限公司 2024 年第一次临时股东大会会议资料 (股票代码:603208) 会议时间:二〇二四年十一月七日 1 | 2024 | 年第一次临时股东大会会议须知 | 3 | | --- | --- | --- | | 2024 | 年第一次临时股东大会会议议程 | 5 | | 2024 | 年第一次临时股东大会会议议案 | 7 | | | 议案:关于向下修正"江山转债"转股价格的议案 7 | | 江山欧派门业股份有限公司 2024 年第一次临时股东大会会议资料 2024 年第一次临时股东大会会议须知 为了维护全体股东的合法权益,确保股东大会的正常秩序和议事效率,保证 大会的顺利进行,根据《中华人民共和国公司法》《中华人民共和国证券法》、中 国证监会《上市公司股东大会规则》以及《公司章程》《股东大会议事规则》的 相关规定,特制定 2024 年第一次临时股东大会会议须知: 一、本次会议设立股东大会会务组,具体负责会议期间的组织及相关会务工 作。 二、为保证本次大会的严肃性和正常秩序,切实维护股东的合法权益,请出 席大会的股东或股东代 ...
江山欧派:江山欧派关于召开2024年第三季度业绩说明会的公告
2024-10-24 08:51
| 证券代码:603208 | 证券简称:江山欧派 公告编号:2024-081 | | --- | --- | | 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 关于召开 2024 年第三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 11 月 01 日(星期五)上午 11:00-12:00 (三)会议召开方式:上证路演中心网络文字互动 一、 说明会类型 本次投资者说明会以网络文字互动形式召开,公司将针对 2024 年第三季度 的经营情况、财务状况及发展战略等问题与投资者进行互动交流和沟通,在信息 披露允许的范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 (一)会议召开时间:2024 年 11 月 01 日 上午 11:00-12:00 ( 二 ) 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/) 三、 ...