| 证券代码：603208 | 证券简称：江山欧派 | 公告编号：2024-064 | | --- | --- | --- | | 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 关于公司使用闲置自有资金进行现金管理到期赎回的 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、准确性和完整性依法承担法律责任。 江山欧派门业股份有限公司(以下简称"公司")于 2024 年 4 月 23 日召开了 第五届董事会第四次会议、第五届监事会第三次会议，于 2024 年 5 月 15 日召开 2023 年年度股东大会，审议通过了《关于公司及子公司使用闲置自有资金进行 现金管理的议案》，同意公司及子公司使用最高额度不超过人民币 100,000.00 万 元的闲置自有资金进行现金管理，闲置自有资金用于购买安全性高，流动性好， 风险低的理财产品。在上述额度内，资金可循环滚动使用。有效期自 2023 年年 度股东大会审议通过之日起到 2024 年年度股东大会召开之日止，并提请公司股 东大会授权董事长行使该项投资决策权，财务部门负责具体办理 ...

| 证券代码：603208 | 证券简称：江山欧派 公告编号：2024-065 | | --- | --- | | 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"江山转债" 预计满足转股价格修正条件的提示性公告 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： ●目前转股价格：53.27 元/股 ●转股时间：2021 年 12 月 20 日至 2027 年 6 月 10 日 ●相关风险提示：本次触发转股价格修正条件的期间从 2024 年 8 月 20 日起 算，截至 2024 年 8 月 26 日收盘，江山欧派门业股份有限公司（以下简称"公 司"）股票已有五个交易日的收盘价低于当期转股价的 90%（即 47.95 元/股）。 若公司股票收盘价在未来连续十五个交易日内有五个交易日仍继续保持在当期 转股价格 53.27 元/股的 90%以下，将可能触发"江山转债"的转股价格修正条 款。 一、可转债发行上市概况 经中国证券监督管理委员会《关于核准江山欧派门业股份有限公司公开发行 可转 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a revenue of 1.44 billion yuan for the first half of 2024, a year-on-year decrease of 9.95%, and a net profit attributable to shareholders of 100 million yuan, down 26.06% year-on-year [5] - The comprehensive gross margin for the first half of 2024 was 22.23%, a decrease of 1.3 percentage points [5] - The company added 15,860 new franchise dealers, bringing the total to 52,368 as of the first half of 2024 [5] - The forecast for net profit for 2024 and 2025 has been revised down to 280 million yuan and 310 million yuan, respectively, reflecting a year-on-year change of -27% and +10% [5] Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 1.44 billion yuan, with a net profit of 100 million yuan and a net profit excluding non-recurring items of 80 million yuan [5] - In the second quarter of 2024, the revenue was 820 million yuan, a decrease of 11.28% year-on-year, with a net profit of 80 million yuan, down 8.71% year-on-year [5] - The revenue from different product categories showed a decline, with panel doors, solid wood composite doors, and cabinet products generating 810 million yuan, 250 million yuan, and 90 million yuan, respectively, reflecting decreases of 13.73%, 23.52%, and 21.06% year-on-year [5] - The revenue from distribution and bulk channels was 330 million yuan and 1 billion yuan, respectively, with year-on-year decreases of 24.66% and 7.96% [5] Profitability and Valuation - The company’s price-to-earnings ratio (PE) for 2024 is projected to be 11 times, with a reasonable valuation range of 20.84 to 24.04 yuan based on a PE of 13-15 times [5] - The gross margin for the first half of 2024 was 22.23%, down from the previous year [5] - The net profit margin for 2024 is expected to be 8.2%, with a return on equity of 15.6% [8]

Investment Rating - The investment rating for the company is maintained as "Buy" [1][3]. Core Views - The company's performance in H1 2024 is under pressure, with a revenue of 1.44 billion yuan, down 9.95% year-on-year, and a net profit of 105 million yuan, down 26.06% year-on-year. The second quarter saw a revenue of 820 million yuan, down 11.3%, and a net profit of 80 million yuan, down 8.7% [3]. - Due to the ongoing adjustment in the real estate market, the profit forecasts for 2024-2026 have been revised downwards, with expected net profits of 386 million, 418 million, and 460 million yuan respectively [3]. - The company's diversified channel development and strong brand influence support the "Buy" rating despite current challenges [3]. Revenue Breakdown - In H1 2024, revenue from various product categories was as follows: 808 million yuan from laminated doors, 253 million yuan from solid wood composite doors, and 93 million yuan from cabinet products, with year-on-year changes of -13.73%, -23.52%, and -21.06% respectively [4]. - The gross margins for these products were 21.39%, 18.85%, and 15.09%, reflecting year-on-year declines of 3.36, 2.87, and 7.29 percentage points [4]. - Revenue from distribution and bulk channels was 330 million and 1 billion yuan respectively, with year-on-year changes of -24.66% and -7.96% [4]. - The engineering direct and factory agency channels showed strong performance, generating 400 million and 550 million yuan in revenue, with year-on-year changes of -33.75% and +27.63% respectively [4]. Profitability - The gross margin for H1 2024 was 22.2%, down 3.8 percentage points, while the net profit margin was 7.2%, down 3.2 percentage points [5]. - In Q2 2024, the gross margin was stable at 24.9%, and the net profit margin improved to 9.3%, up 0.3 percentage points [5]. Financial Forecast Summary - The company is projected to have revenues of 3.68 billion, 3.98 billion, and 4.35 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of -1.5%, 8.2%, and 9.2% [6]. - The expected diluted EPS for the same years is 2.18, 2.36, and 2.59 yuan, with corresponding P/E ratios of 7.6, 7.0, and 6.4 [6].

Investment Rating - The report maintains a "Buy" rating for the company [5][11]. Core Views - The company's performance is under short-term pressure due to downstream demand, but channel structure is continuously improving, and the expansion of agency channels and non-real estate business is expected to drive steady growth in performance [3][4]. - The company achieved revenue of 1.442 billion yuan in H1 2024, down 10.0% year-on-year, and a net profit attributable to the parent company of 105 million yuan, down 26.1% year-on-year [4]. - The revenue for Q2 2024 was 816 million yuan, a decrease of 11.3%, with a net profit of 76 million yuan, down 8.7% [4]. - The forecast for net profit attributable to the parent company for 2024-2026 has been revised down to 298 million, 344 million, and 398 million yuan, respectively [4]. - The target price has been adjusted to 25.20 yuan from the previous 29.74 yuan, based on comparable company valuations [4][11]. Financial Summary - The company reported a revenue of 3.209 billion yuan in 2022, which increased to 3.738 billion yuan in 2023, but is expected to decrease to 3.557 billion yuan in 2024, followed by growth to 3.913 billion yuan in 2025 and 4.304 billion yuan in 2026 [5]. - The net profit attributable to the parent company was -299 million yuan in 2022, turning positive to 390 million yuan in 2023, but is projected to decrease to 298 million yuan in 2024 [5]. - The earnings per share (EPS) is expected to be 1.68 yuan in 2024, increasing to 1.94 yuan in 2025 and 2.25 yuan in 2026 [5]. Market Position and Strategy - The company is actively adjusting its channel structure, aiming to reduce the proportion of direct engineering business to 20-25% from over 30% in 2023, while increasing the construction of distribution and agency channels [4]. - The number of franchise distributors increased by 7,809 in Q2 2024, a growth of 155.8%, indicating a rapid expansion of income scale from agency channels [4].

Investment Rating - The investment rating for Jiangshan Oupai (603208) is "Buy" with a maintained rating [1]. Core Views - The company is experiencing channel expansion against the trend, with continuous optimization of its structure [1]. - Despite a challenging market environment, the company's profitability remains relatively stable, and it is actively pursuing cost reduction measures [1]. - The company is focusing on expanding its overseas market and optimizing its engineering channel structure [1]. Financial Performance Summary - In Q2 2024, the revenue was 820 million yuan, a year-on-year decrease of 11.28%, and the net profit attributable to the parent company was 76 million yuan, down 8.71% year-on-year [1]. - For the first half of 2024, the total revenue was 1.442 billion yuan, a decrease of 9.95% year-on-year, with a net profit of 105 million yuan, down 26.06% year-on-year [1]. - The revenue from the panel-pressed doors in H1 2024 was 808 million yuan, down 13.73% year-on-year, while the revenue from solid wood composite doors was 253 million yuan, down 23.52% year-on-year [1]. Channel and Market Strategy - The company has rapidly expanded its dealer network, with the number of franchise dealers reaching 52,000 by mid-2024, an increase of 16,000 from the beginning of the year [1]. - The company is optimizing its engineering channel structure and has established strategic partnerships with major engineering clients [1]. - The company is focusing on mainstream regions and developing overseas markets, particularly in the Middle East and North America [1]. Profitability and Cost Management - The gross profit margin for H1 2024 was 22.23%, a decrease of 1.27 percentage points year-on-year [1]. - The company is implementing cost reduction measures, including centralized procurement of production materials and optimizing production line layouts [1]. - The company expects to maintain controllable cash flow risks while expanding its agency channel development [1]. Financial Forecast - The company has adjusted its profit forecast, expecting net profits attributable to the parent company to be 300 million yuan, 330 million yuan, and 370 million yuan for 2024, 2025, and 2026, respectively [1]. - The corresponding price-to-earnings ratios (PE) are projected to be 10, 9, and 8 times for the respective years [1].

Investment Rating - The report maintains a "Buy" rating for Jiangshan Oupai (603208.SH) [3] Core Views - The company reported a revenue of 1.442 billion yuan for H1 2024, a year-on-year decrease of 10.0%, and a net profit attributable to shareholders of 105 million yuan, down 26.1% year-on-year [1] - The overall industry is experiencing a downturn, with the company's Q2 revenue and profit continuing to decline, while the diversification of channels is being actively pursued [1] - The AAM business continues to contribute incremental growth [1] Financial Performance Summary - For Q2 2024, the company achieved revenues of 816 million yuan, a decrease of 11.3% year-on-year, and a net profit of 76 million yuan, down 8.7% year-on-year [1] - The revenue from distribution, engineering, and agency channels for Q2 2024 was 200 million yuan, 220 million yuan, and 300 million yuan respectively, with year-on-year changes of -25.2%, -31.2%, and +15.7% [1] - The gross profit margins for these channels were 19.8%, 27.5%, and 19.1% respectively [1] Business Segment Performance - The wood door business is under pressure, with revenues for Q2 2024 from various product lines being 440 million yuan for laminated doors, 160 million yuan for solid composite doors, 40 million yuan for cabinets, and 100 million yuan for others, showing year-on-year changes of -22.5%, -1.8%, -17.9%, and +16.1% respectively [1] - The company is expanding into multiple categories such as windows, wall panels, flooring, bathroom products, and hardware, with other product revenues continuing to grow [1] Profitability and Efficiency - The gross margin for Q2 2024 was 24.9%, remaining stable year-on-year, while the net profit margin was 9.34%, an increase of 0.3 percentage points year-on-year [1] - The company’s accounts receivable turnover days increased to 112 days, up 28 days year-on-year, while accounts payable turnover days increased to 82 days, up 11 days year-on-year [1] Earnings Forecast - The net profit forecasts for 2024, 2025, and 2026 have been adjusted to 350 million yuan, 390 million yuan, and 430 million yuan respectively, with corresponding P/E ratios of 8.4X, 7.6X, and 6.9X [1]

| 证券代码：603208 | 证券简称：江山欧派 公告编号：2024-062 | | --- | --- | | 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 关于公司使用闲置自有资金进行现金管理的进展公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 投资种类：委托理财； 投资金额：5,000 万元； 履行的审议程序：江山欧派门业股份有限公司(以下简称"公司") 第五 届董事会第四次会议、第五届监事会第三次会议、2023 年年度股东大会，审议通 过了《关于公司及子公司使用闲置自有资金进行现金管理的议案》。公司监事会 发表了明确同意意见。 特别风险提示：尽管公司及子公司购买的产品为安全性高，流动性好， 风险低的理财产品，属于低风险投资产品，但金融市场受宏观经济、金融政策的 影响较大，不排除该项投资受到市场波动风险、利率风险、流动性风险、政策风 险、信息传递风险以及不可抗力风险等因素的影响。公司将根据经济形势以及金 融市场的变化适时适量介入，因此短期投资的实际收益不可预期。 ...

| 证券代码：603208 | 证券简称：江山欧派 公告编号：2024-063 | | --- | --- | | 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年半年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8月21日（星期三） 上 午 10:00-11:00 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年半年度 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8月15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年半年度业绩说明会的公告》（公告编号：2024-059）。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8月21日，公司总经理王忠先生、财务负责人吴水燕女士 ...

Summary of Conference Call Company/Industry Involved - The conference call pertains to a specific company, but the name is not explicitly mentioned in the provided content. Core Points and Arguments - The company expresses gratitude to participants for attending the meeting and acknowledges the organization of the conference by Guohai [1]. Other Important but Possibly Overlooked Content - The company references its mid-year report, indicating that it has been shared with the attendees [1].