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 Insights - 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% [2]. - In Q1 2025, the company achieved a revenue of 340 million yuan, reflecting a 27.3% increase year-on-year, with a net profit of 67 million yuan, which is a 28.4% growth [2]. - The company has a robust pipeline with 42 new projects under development, which is more than double the number of projects from 2023, indicating strong future revenue support [2]. - The gross profit margin for 2024 was 29.7%, slightly up by 0.4 percentage points, while the net profit margin was 14.02%, down by 0.15 percentage points [2]. - The company is expanding its production capacity with a planned investment of approximately 1 billion yuan to establish a smart manufacturing and R&D center, expected to produce 2 million sets of frameless automotive sealing strips annually [2][3]. Financial Summary - Total revenue is projected to grow from 1.06 billion yuan in 2023 to 2.2 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 22.1% [4]. - The net profit attributable to shareholders is expected to increase from 151 million yuan in 2023 to 345 million yuan in 2027, with a CAGR of about 24.2% [4]. - The earnings per share (EPS) is forecasted to rise from 0.56 yuan in 2023 to 1.27 yuan in 2027, indicating strong profitability growth [4]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 22.98 in 2023 to 10.06 by 2027, suggesting an attractive valuation as earnings grow [4].

Core Viewpoint - The company Zhejiang Xiantong has released its quarterly report, ensuring the accuracy and completeness of the financial information presented, with all responsible parties affirming their legal accountability for the report's content [1][2]. Financial Data Summary - The quarterly financial statements for the first quarter of 2025 are unaudited, with the company confirming that there were no significant profits or losses from mergers under common control [3][5]. - The financial reports include the consolidated balance sheet, income statement, and cash flow statement for the period from January to March 2025, all prepared in Renminbi [5][6]. Shareholder Information - The report includes details on the total number of ordinary shareholders and the top ten shareholders, although there were no changes reported in the lending or borrowing of shares among major shareholders [4][5]. Other Important Information - The company has not identified any additional significant information regarding its operational performance during the reporting period that requires investor attention [5].

Financial Performance - The company's operating revenue for 2024 reached RMB 1,224,518,519.90, representing a 14.90% increase compared to RMB 1,065,755,563.97 in 2023[23]. - The net profit attributable to shareholders for 2024 was RMB 171,726,960.02, up 13.70% from RMB 151,036,619.47 in the previous year[23]. - The total assets of the company as of the end of 2024 were RMB 1,520,245,474.05, reflecting a 6.31% increase from RMB 1,430,035,612.52 in 2023[23]. - The net assets attributable to shareholders increased by 8.05% to RMB 1,159,124,211.03 at the end of 2024, compared to RMB 1,072,808,360.44 in 2023[23]. - Basic earnings per share for 2024 were RMB 0.63, a 12.50% increase from RMB 0.56 in 2023[24]. - The weighted average return on equity for 2024 was 15.49%, an increase of 0.86 percentage points from 14.63% in 2023[24]. - The gross profit margin for automotive sealing parts increased by 1.05 percentage points to 28.49%[47]. - The production of rubber sealing strips reached 10,851.25 million meters, a year-on-year increase of 14.81%[49]. - The sales volume of rubber sealing strips was 10,511.11 million meters, up 13.00% year-on-year[49]. Cash Flow and Expenses - The net cash flow from operating activities decreased significantly by 62.06%, totaling RMB 71,106,556.12 compared to RMB 187,431,789.90 in 2023[23]. - Total operating costs for automotive parts reached ¥851,772,550.51, an increase of 13.95% compared to the previous year[50]. - Rubber sealing strips accounted for 84.61% of total costs, with a cost of ¥720,714,258.05, reflecting a 17.12% increase year-on-year[50]. - Research and development expenses increased by 13.52% to CNY 49,693,385.96, indicating a focus on innovation[44]. - Sales expenses increased by 34.63% to ¥51,887,253.41 compared to the previous year[53]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 2.10 per 10 shares, totaling RMB 56,851,200.00, based on a total share capital of 270,720,000 shares[6]. - The company has maintained a high dividend payout ratio of 70% on average, demonstrating its commitment to returning value to shareholders[32]. - The cash dividend for the 2023 fiscal year represents 33.11% of the net profit attributable to ordinary shareholders, which was RMB 171,726,960.02[105]. - The cumulative cash dividend over the last three fiscal years amounts to RMB 230,112,000.00, with an average cash dividend ratio of 153.76%[108]. Research and Development - The company has actively participated in the formulation of two national standards, enhancing its research and development capabilities[32]. - The company holds 26 patents related to core technologies, including 9 invention patents, and has achieved domestic leadership in high-hardness rubber and low-density sponge production technology[38]. - The company has implemented measures to optimize management systems and control operating costs, enhancing profitability and operational quality[32]. - The company has developed and produced several new equipment, including a new grinding wheel docking machine and a rubber extrusion precision cutting machine, achieving two equipment invention patents, enhancing production quality and efficiency[35]. Market Position and Competition - The automotive sealing strip industry is experiencing intensified competition, with many companies facing losses, yet the company is positioned to benefit from domestic high-end customer engagements and increased market share[34]. - The company aims to establish an advanced production capacity of CNY 2.5 billion within the next two years, focusing on high-end customer needs[71]. - The company plans to enhance its market position by deepening cooperation with high-quality clients and increasing its market share in the automotive sector[72]. - The company recognizes the challenges posed by intensified market competition and aims to leverage innovation and differentiation strategies to seize opportunities[69]. Governance and Compliance - The company has established a governance structure with clear responsibilities among the shareholders, board of directors, and management, ensuring independent operation of the board and supervisory committee[75]. - The company has committed to enhancing information disclosure transparency, adhering to principles of fairness and accuracy, and improving communication with investors[76]. - The company’s supervisory board effectively monitors major transactions and financial conditions, safeguarding the rights of shareholders[76]. - The company has not experienced any significant differences in governance compared to regulatory requirements, maintaining compliance with the Corporate Governance Code[77]. Environmental Responsibility - The company invested 1.38 million RMB in environmental protection during the reporting period[113]. - The company reduced carbon emissions by 1,204.93 tons through the establishment of a photovoltaic power generation base[116]. - The company has established a comprehensive environmental protection mechanism and complies with national environmental laws and regulations[114]. - The company has implemented a third-party monitoring scheme for wastewater and air emissions, with all indicators meeting standards[115]. Audit and Financial Reporting - The audit opinion confirmed that the financial statements fairly reflect the financial position and operating results of Zhejiang Xiantong as of December 31, 2024[152]. - Key audit matters included revenue recognition due to its significance as a performance indicator, with a focus on internal controls and sales contracts[154]. - The financial statements were prepared in compliance with Chinese accounting standards, ensuring fair representation of transactions and events[159]. - The audit report was issued by Tianjian Accounting Firm, with the audit partner being Song Xin[161].

4月17日，浙江仙通（603239）发布2024年年报，公司全年实现营业总收入12.25亿元，同比增长 14.90%；归属于上市公司股东的净利润为1.72亿元，同比增长13.70%。尽管公司在营收和利润方面均实 现了双位数增长，但经营活动产生的现金流量净额为负值，显示出公司在运营资金管理方面面临一定压 力。 投资者关系维护良好，现金流压力显现 浙江仙通在2024年继续保持与券商、公募、私募等投资机构的密切沟通，积极向市场传递公司价值。公 司全年参加了200多场机构调研和路演电话会议，与国内十多家券商汽车行业研究员建立了良好的互动 关系，维护了公开透明的资本市场形象。 主营业务持续深耕，新项目助力未来增长 2024年，浙江仙通在汽车密封条行业竞争加剧的背景下，依然保持了稳健的增长态势。公司依托丰富的 客户资源和成本控制能力，加大项目获取力度，全年新接项目总数超过2023年的两倍，达到42个。这些 新项目为公司未来的可持续发展提供了强有力的支撑。 随着部分外资密封条企业亏损加剧，浙江仙通凭借强大的成本控制和技术开发优势，积极对接国内高端 客户，进一步扩大了市场份额。公司有望通过承接更多高毛利项目，成为行业国产替代 ...

证券代码：603239 证券简称：浙江仙通 公告编号：2025-005 浙江仙通橡塑股份有限公司 第五届监事会第十四次会议决议公告 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个别及连带责任。 一、监事会会议召开情况 浙江仙通橡塑股份有限公司（以下简称"公司"）第五届监事会第十四次会议于 2025 年 4 月 17 日在公司办公楼五楼会议室以现场表决方式召开。本次监事会会议 通知于 2025 年 4 月 7 日以电子邮件和电话形式发出。本次会议由监事会主席崔伟 燕女士召集并主持，会议应出席监事 3 名，实际出席监事 3 名。会议召集及召开 方式符合《公司法》和《公司章程》等有关规定，所形成的决议合法有效。 二、监事会会议审议情况 （一）审议通过《公司 2024 年度监事会工作报告》 具体内容详见上海证券交易所网站（www.sse.com.cn）。 表决结果：同意 3 票；不同意 0 票；弃权 0 票 本议案尚需提交公司 2024 年年度股东大会审议。 3、在 2024 年年度报告的编制过程中，未发现公司参与年度报告编制和审议的 人员有 ...

证券代码：603239 证券简称：浙江仙通 公告编号：2025-004 浙江仙通橡塑股份有限公司 第五届董事会第十五次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 浙江仙通橡塑股份有限公司（以下简称"公司"）第五届董事会第十五次会议于 2025 年 4 月 17 日在浙江省仙居县现代工业集聚区浙江仙通办公楼五楼会议室以 现场结合通讯表决方式召开。本次董事会会议通知于 2025 年 4 月 7 日以邮件及 电话形式送达全体董事。本次会议由董事长叶未亮先生召集并主持，会议应出席董 事 9 人，实际出席董事 9 人。公司监事及高级管理人员列席会议。本次董事会议的 召开符合《公司法》及《公司章程》的有关规定，会议决议合法有效。 二、董事会会议审议情况 （一）审议通过了《公司 2024 年度董事会工作报告》 表决结果：9 票同意，0 票反对，0 票弃权，同意的票数占全体董事所持的有表 决权票数的 100%。 该议案尚需提交公司 2024 年年度股东大会审议通过。 （二）审议通过了《公司 20 ...

证券代码：603239 证券简称：浙江仙通 公告编号：2025-006 浙江仙通橡塑股份有限公司 关于公司 2024 年度利润分配预案的公告 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个别及连带责任。 重要内容提示: 一 、 利润分配方案内容 根据天健会计师事务所（特殊普通合伙）审计确认的本公司 2024 年度经营 成果，公司 2024 年度实现净利润 171,726,960.02 元（其中母公司实现净利润 157,091,277.92 元），按照规定提取 10%法定盈余公积 15,709,127.79 元（按母 公司的净利润计提）。 公司截至 2024 年 12 月31 日累计未分配利润总额共计 453,899,857.53 元（其 中母公司累计未分配利润为 236,604,400.54 元），鉴于公司当前稳健的经营状 况，在保证公司正常经营和长远发展的前提下，公司充分考虑了广大投资者的利 益，让广大投资者参与和分享公司发展的经营成果，现提出公司利润分配方案如 下： 以截至 2024 年 12 月 31 日公司总股本 27072 ...

| | | | 一、审计报告……………………………………………………… 第 1—5 | 页 | | --- | --- | | 二、财务报表……………………………………………………… 第 6—13 | 页 | | （一）合并资产负债表…………………………………………… 第 6 | 页 | | （二）母公司资产负债表………………………………………… 第 7 | 页 | | （三）合并利润表………………………………………………… 第 8 | 页 | | （四）母公司利润表……………………………………………… 第 9 | 页 | | （五）合并现金流量表……………………………………………第 10 | 页 | | （六）母公司现金流量表…………………………………………第 11 | 页 | | （七）合并所有者权益变动表……………………………………第 12 | 页 | | （八）母公司所有者权益变动表…………………………………第 13 | 页 | | 三、财务报表附注……………………………………………… 第 14—76 | 页 | | 四、附件……………………………………………………… 第 77—80 | 页 | | ...

| 二、附件············································第 3—6 | 页 | | --- | --- | | （一）本所营业执照复印件····························第 | 3 页 | | （二）本所执业证书复印件····························第 | 4 页 | 内部控制审计报告 天健审〔2025〕3872 号 浙江仙通橡塑股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了浙江仙通橡塑股份有限公司（以下简称浙江仙通公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是浙江 仙通公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性， ...

浙江仙通橡塑股份有限公司 2024 年度独立董事述职报告 作为浙江仙通橡塑股份有限公司（以下简称"公司"）独立董事，本人本着 对全体股东负责的态度，切实维护广大中小股东利益，严格按照《上市公司独立 董事管理办法》《上市公司治理准则》《上海证券交易所股票上市规则》和《公司 章程》的有关规定，诚实、勤勉、独立地履行独立董事的职责，及时了解公司各 项运营情况，积极参加相关会议，认真审议各项议案，独立客观地发表意见，审 慎行使表决权，在促进公司规范运作，维护公司及股东，尤其是中小股东合法权 益等方面做出了积极努力。现将 2024 年度本人履职情况汇报如下： 一、独立董事的基本情况 （一）个人背景 林素燕，女，1974 年 4 月出生，中国国籍无境外永久居留权，现任浙江工业 大学 MPAcc（会计专硕）教育中心副主任，会计系副主任，会计系党支部书记， 博士，副教授，硕士生导师。曾任浙江星华新材料集团股份有限公司、杭州和顺 科技股份有限公司、杭州英普环境技术股份有限公司独立董事，现任台州水务集 团公司、浙矿重工股份有限公司独立董事。现任公司独立董事。 二、独立董事年度履职概况 （一）独立董事履职情况 2024 年度，公司 ...