法律意见书 浙江天册律师事务所 关于 浙江仙通橡塑股份有限公司 2024 年年度股东大会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所（以下简称"本所"）接受浙江仙通橡塑股份有限公司（以 下简称"浙江仙通"或"公司"）的委托，指派本所律师参加公司 2024 年年度股 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《上市公司股东会规则》（以 下简称"《股东会规则》"）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 年年度股东大会之目的使用。本所律师同意将本 法律意见书随浙江仙通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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for 2024 reached 1.225 billion yuan, a year-on-year increase of 14.90%, with a net profit attributable to shareholders of 172 million yuan, up 13.70% year-on-year [4][5] - In Q1 2025, the company achieved a revenue of 343 million yuan, representing a year-on-year growth of 27.28%, and a net profit of 67 million yuan, up 28.38% year-on-year [4] - The company is expected to maintain steady growth, with projected net profits for 2025-2027 at 238 million yuan (-0.63), 282 million yuan (-0.88), and 332 million yuan, respectively [4][5] Financial Performance - The company reported a gross margin of 29.74% and a net margin of 14.02% for 2024, with a slight increase in gross margin and a slight decrease in net margin compared to the previous year [5] - The revenue breakdown for 2024 shows rubber sealing strips generating 985 million yuan (up 20.83%), plastic sealing strips at 199 million yuan (down 4.68%), and metal roller parts at 7 million yuan (up 13.08%) [5] - The company has maintained good cost control, with sales, management, R&D, and financial expense ratios showing slight decreases [5] Market Position and Growth Drivers - The company has doubled its new order acquisition, with over 42 new project models in development, significantly increasing its project count compared to 2023 [6] - The company is enhancing its customer base by deepening cooperation with key clients such as Geely, Chery, and Chang'an, which is expected to further increase market share [6] - The company is expanding its advanced production capacity, with investments in smart manufacturing and new production lines, creating approximately 2 billion yuan in advanced capacity [6] Financial Summary and Valuation Metrics - The projected revenue for 2025 is 1.484 billion yuan, with a year-on-year growth of 21.2%, and net profit is expected to reach 238 million yuan, reflecting a growth of 38.5% [7] - The company's earnings per share (EPS) for 2025 is projected at 0.88 yuan, with corresponding price-to-earnings (P/E) ratios of 14.9, 12.6, and 10.7 for 2025, 2026, and 2027, respectively [7][9]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company achieved a revenue of 1.225 billion in 2024, representing a year-on-year growth of 14.9%. The net profit attributable to shareholders was 172 million, up 13.7% year-on-year, while the non-recurring profit was 167 million, increasing by 13.6% [2][4] - In Q1 2025, the company reported a revenue of 343 million, a year-on-year increase of 27.3%. The net profit attributable to shareholders was 67 million, growing by 28.4%, and the non-recurring profit was 66 million, up 28.9% [2][4] - The company’s gross margin for 2024 was 29.7%, an increase of 0.4 percentage points year-on-year, benefiting from high-priced orders and the ramp-up of higher-margin products [10] - The company has a strong cost advantage, with over 90% of its tooling molds self-manufactured, leading to significant cost savings compared to outsourcing [10] - The company has a robust project pipeline, with 42 new vehicle models under development and more than double the number of new projects compared to 2023, supporting sustainable growth [10] Financial Summary - For 2024, total revenue is projected at 1.225 billion, with a gross profit of 364 million, resulting in a gross margin of 30% [14] - The net profit for 2024 is estimated at 172 million, with an EPS of 0.63 [14] - The company expects net profits of approximately 240 million and 300 million for 2025 and 2026, respectively, corresponding to PE ratios of 15 and 12 times [10]

Core Viewpoint - Zhejiang Xiantong Rubber and Plastic Co., Ltd. is set to hold an earnings briefing for the fiscal year 2024 and the first quarter of 2025 on April 29, 2025, to enhance investor understanding of its financial performance and operational results [2][3]. Group 1: Meeting Details - The earnings briefing will take place on April 29, 2025, from 15:00 to 16:00 [4]. - The location for the meeting is the Shanghai Stock Exchange Roadshow Center, and it will be conducted in an interactive online format [4][5]. - Investors can submit questions from April 22 to April 28, 2025, through the Roadshow Center website or via the company's email [5]. Group 2: Participants and Contact Information - Key participants in the meeting will include Chairman Ye Weiliang, Secretary of the Board Xiang Qingfeng, and Chief Financial Officer Liu Ling [4]. - For inquiries, investors can contact the Securities Affairs Department at 0576-87684158 or via email at zjxtzqb@163.com [5].

证券代码：603239 证券简称：浙江仙通 公告编号：2025-015 浙江仙通橡塑股份有限公司 关于召开 2024 年度暨 2025 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：2025 年 04 月 29 日 （星期二） 15:00-16:00 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/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 04 月 22 日 （星期二） 至 04 月 28 日 （星 期一）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 zjxtzqb@163.com 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。 浙江仙通橡塑股份有限公司（以下简称"公司"）已于 2025 年 4 月 18 日发布公司 2024 年度报告、2025 年第一季度报告，为便于广 大投资者更全面深入地了解公司2024年度以及2025年第一季度经营 ...

Summary of Conference Call for Xiantong Co., Ltd. Company Overview - **Company**: Xiantong Co., Ltd. - **Industry**: Automotive sealing products Key Points Financial Performance - **Q1 Revenue Growth**: Revenue increased by 25% year-on-year, with a significant improvement in net profit margin due to a 2.1 times increase in new project numbers compared to the previous year, expected to start mass production in the next 18-24 months [1][3][5] - **Profitability Outlook**: Gross margin is expected to remain between 28%-29% in 2024 due to customer rebates, but profitability is anticipated to improve in Q1 2025 as rebates are not affecting the current quarter [1][9] Strategic Initiatives - **Project Acquisition**: The company plans to secure more projects over the next 2-3 years to solidify its leading position in the industry, with a focus on high-quality projects [1][5][12] - **Investment Plans**: Xiantong intends to invest 800 million yuan to build first-class production capacity, including logistics, production equipment, and R&D center upgrades, aiming for a 4.5 billion yuan industry scale [1][5][6] Market Position and Competition - **Competitive Landscape**: The company is enhancing its technical capabilities and product quality through collaborations with high-end automakers such as FAW Hongqi, BYD, and Mercedes-Benz. Competitors like Cooper Standard have shown signs of business divestment, indicating Xiantong's competitive strength in the sealing strip sector [1][6][8] - **Market Share**: Xiantong holds approximately 45% market share with key clients like Geely and Chery, focusing on new energy vehicles [3][21][23] Future Growth and Development - **New Orders**: The company has secured a significant number of new orders, primarily from Geely and Chery, with a focus on new energy vehicles. The total number of projects for Chery is around 678 [21][22] - **Long-term Strategy**: Xiantong aims to become the largest automotive sealing strip supplier in China, with plans to expand its production capacity and continue acquiring new projects [7][24] Risk Management and Challenges - **Market Pressures**: The automotive industry is facing intense competition, with upstream pressures such as project rebates and price reductions affecting revenue and net profit. However, Xiantong has managed to maintain a strong performance despite these challenges [3][9][36] - **Cash Flow and Financing**: The company is considering refinancing options for its 800 million yuan investment, with a focus on repairing its stock price before proceeding with financing [18][19] Additional Insights - **Raw Material Prices**: The price of nitrile rubber remains high due to supply chain issues, although a long-term decrease is expected as oil prices stabilize [26] - **Product Development**: Xiantong is exploring opportunities in the humanoid robotics sector to ensure long-term growth and technological innovation [34][35] Conclusion Xiantong Co., Ltd. is positioned for growth in the automotive sealing products industry, with a strong focus on project acquisition, strategic partnerships, and investment in production capacity. Despite facing competitive pressures, the company is optimistic about its profitability and market share expansion in the coming years.

Core Viewpoint - Zhejiang Xiantong (603239) has demonstrated strong growth in 2024, achieving record highs in both revenue and net profit despite increasing competition in the automotive parts industry [2][3]. Financial Performance - The company reported a revenue of 1.225 billion yuan, a year-on-year increase of 14.90% - Net profit reached 172 million yuan, reflecting a growth of 13.70% [2] - In Q1 2024, revenue was 343 million yuan, up 27.28%, and net profit was approximately 66.69 million yuan, increasing by 28.38% [4] R&D and Technological Advancements - Zhejiang Xiantong invested 49.69 million yuan in R&D in 2024, accounting for 4.06% of revenue - The company holds 26 core technology patents, including 9 invention patents, and maintains a leading position in rubber vulcanization and seamless interface technologies [2][3] Market Position and Client Network - As a leader in the domestic automotive sealing strip industry, the company has established a robust client network, including major automakers like FAW-Volkswagen and SAIC General - In 2024, the top five clients accounted for 86.72% of total sales [3] Production and Cost Control - The company produced 109 million meters of rubber sealing strips in 2024, a 14.81% increase from the previous year - Cost control measures, including over 90% self-manufacturing of tooling and optimized procurement processes, led to a gross margin of 28.49%, up 1.05 percentage points from the previous year [3] Shareholder Returns - Zhejiang Xiantong plans to distribute 2.10 yuan per 10 shares in cash dividends for 2024, totaling 56.85 million yuan - Cumulatively, the company has distributed over 860 million yuan in dividends since its listing, with an average payout ratio of 70% [3] Future Outlook - The company is planning to acquire approximately 87 acres of land for advanced production lines to meet future growth demands - It aims to leverage resources from its controlling shareholder for mergers and acquisitions to cultivate a second growth curve, targeting a total production capacity of 2.5 billion yuan within two years [3]

Group 1 - In 2024, the company achieved operating revenue of 1.225 billion yuan, a year-on-year increase of 14.9%, and a net profit attributable to shareholders of 172 million yuan, up 13.7% [2] - For Q1 2025, the company reported revenue of 343 million yuan, a growth of 27.28%, and a net profit of approximately 66.69 million yuan, increasing by 28.38% [2] - The company plans to distribute a cash dividend of 0.21 yuan per share for 2024, totaling over 860 million yuan in dividends since its listing, with an average annual dividend payout ratio of 70% [2] Group 2 - The automotive sealing strip industry is experiencing intensified competition and market reshuffling, with some companies facing losses and exiting the market [2] - The company is focusing on project acquisition, supported by rich customer resources and strong cost control capabilities, with 42 new project models under research as of the end of 2024, more than double the number of projects in 2023 [2] - The company has completed the debugging of its second-phase mixing rubber production line, expected to be operational in the first half of 2025, and has added multiple rubber extrusion production lines with increased automation [3] Group 3 - In 2024, the company invested 49.69 million yuan in R&D, a 13.52% increase, representing 4.06% of its revenue, focusing on breakthroughs in new materials, structures, and processes [3] - The company has made significant progress in self-research of equipment, achieving multiple equipment R&D and production, and obtaining two equipment invention patents, with over 90% of molds being self-made [3] - The company is expected to enhance its market position in the automotive sealing industry by focusing on high-value products and leveraging resources from its controlling shareholder, Taizhou Kechuang Group, to cultivate a second growth curve [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 14.77 yuan, indicating a potential upside from the current price of 12.82 yuan over a six-month period [4][7]. Core Insights - The company reported a revenue of 1.225 billion yuan for 2024, a year-on-year increase of 14.90%, and a net profit attributable to shareholders of 172 million yuan, up 13.70% year-on-year. For Q1 2025, revenue reached 343 million yuan, reflecting a 27.28% year-on-year growth, with net profit increasing by 28.38% to 67 million yuan [1][4]. Summary by Sections Company Performance - The company achieved a revenue of 1.225 billion yuan in 2024, representing a 14.90% increase year-on-year. The net profit attributable to shareholders was 172 million yuan, up 13.70% year-on-year. In Q1 2025, the company reported a revenue of 343 million yuan, a 27.28% increase year-on-year, and a net profit of 67 million yuan, reflecting a 28.38% growth [1]. Industry Context - The automotive sealing strip industry in China is experiencing intense competition and a rapid reshuffle, with many companies facing losses. In this environment, the company is leveraging its customer resources and cost advantages to accelerate project acquisition, significantly increasing its project pipeline [2]. Future Growth Strategy - The company aims to maintain high-value growth in its core business while leveraging resources from its state-owned platform to explore new growth avenues. It plans to focus on high-value products such as frameless sealing strips and aluminum alloy bright strips, which are expected to enhance revenue and profit margins [3]. Financial Projections - Revenue projections for the company are set at 1.485 billion yuan for 2025, 1.804 billion yuan for 2026, and 2.134 billion yuan for 2027. Corresponding net profits are expected to be 241 million yuan, 286 million yuan, and 331 million yuan for the same years, respectively. The estimated earnings per share are projected to be 0.89 yuan for 2025, 1.05 yuan for 2026, and 1.22 yuan for 2027 [4][6].

Investment Rating - The investment rating for Zhejiang Xiantong (603239) is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics and growth projections [2]. Core Viewpoints - The company reported a revenue of 1.23 billion yuan in 2024, representing a year-on-year growth of 14.9%, and a net profit attributable to shareholders of 172 million yuan, up 13.7% year-on-year. In Q1 2025, revenue reached 340 million yuan, a 27.3% increase year-on-year, with a net profit of 67 million yuan, growing 28.4% year-on-year [2]. - The company is experiencing steady growth due to the continuous release of industry dividends from its core business, with 42 new vehicle models under development and a doubling of new project numbers compared to 2023 [2]. - The company has established itself as a leading domestic automotive sealing strip manufacturer, with a strong customer base including major automotive brands. It is actively expanding its production capacity and enhancing its manufacturing capabilities [2][3]. - A planned investment of approximately 1 billion yuan for land acquisition and the establishment of an intelligent manufacturing and R&D center is expected to significantly increase production capacity [2]. Financial Summary - The total revenue for 2023 was 1.066 billion yuan, with projections of 1.225 billion yuan for 2024, 1.473 billion yuan for 2025, and further growth to 2.2 billion yuan by 2027, reflecting a compound annual growth rate of approximately 22.1% [4]. - The net profit attributable to shareholders is projected to grow from 151 million yuan in 2023 to 345 million yuan by 2027, with corresponding EPS increasing from 0.56 yuan to 1.27 yuan [4]. - The gross margin is expected to improve gradually from 28.7% in 2023 to 30.5% in 2027, indicating enhanced profitability [4].