Xiantong Stock(603239)

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浙江仙通:密封条国资龙头,产销两旺价值稳健
Shanghai Securities· 2024-11-08 06:24
Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [6][48]. Core Insights - The company has been deeply engaged in the automotive sealing strip sector for thirty years, establishing itself as a domestic leader with a stable shareholding structure that supports steady development [6][14]. - In the first three quarters of 2024, the company achieved a total revenue of 842 million yuan, representing a year-on-year increase of 14.61%, and a net profit attributable to shareholders of 129 million yuan, up 33.24% year-on-year [6][18]. - The company has a significant technical advantage, achieving 90% self-manufactured molds and becoming the first domestic enterprise to mass-produce frameless sealing strips [6][14]. - The company has a robust order backlog, primarily consisting of new energy vehicle orders, which is expected to contribute to steady revenue growth [6][18]. Summary by Sections 1. Domestic Automotive Sealing Strip Industry Leader with Strong R&D Capability - The company is recognized as a domestic leader in the automotive sealing strip industry, with a focus on innovation and R&D [14][18]. - In 2023, the company’s revenue reached 1.066 billion yuan, a year-on-year increase of 13.81%, with a net profit of 151 million yuan, up 19.68% [18][45]. - The company has established partnerships with major automotive manufacturers, enhancing its market position [14][18]. 2. Acceleration of Domestic Substitution and Frameless Design Leading New Trends - The automotive sealing strip market in China is approximately 20 billion yuan, with the rise of frameless doors increasing the unit value of sealing strips [35][36]. - The company is positioned to benefit from the growing demand for frameless sealing strips, which require higher technical standards [36][37]. 3. Excellent Customer Base and Expected Doubling of New Project Approvals in 2024 - The company has a diverse and high-quality customer base, including major automotive manufacturers, which enhances customer loyalty and brand recognition [40][41]. - The company anticipates that the number of new project approvals in 2024 will double compared to the total for 2023, primarily driven by new energy vehicle projects [41][42]. 4. Profitability and Cost Control Advantages - The company maintains a gross profit margin of 31.14% in the first half of 2024, significantly higher than the industry average [43][44]. - The company’s self-manufactured molds and strict cost control measures contribute to its leading profitability metrics in the industry [42][43]. 5. Financial Forecast and Investment Recommendations - The company is expected to achieve net profits of 189 million yuan, 241 million yuan, and 304 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 25.08%, 27.65%, and 26.20% [48][45]. - The report projects revenues of 1.226 billion yuan, 1.468 billion yuan, and 1.759 billion yuan for the same years, with corresponding growth rates of 15.00%, 19.80%, and 19.81% [45][46].
浙江仙通20241031
浙江海港· 2024-11-03 17:14
Key Points Company Overview 1. **Industry and Company**: Zhejiang Xiantong, a manufacturer of sealing strips, listed on the Shanghai Stock Exchange in 2016. 2. **Establishment and History**: Founded in 1994, specializing in the production of sealing strips for 30 years. 3. **Ownership and Recognition**: Acquired by the Taipei City Government in 2022, recognized as a "Hiddent Champion" and a "Patent Privileged Enterprise" in Zhejiang Province. 4. **Product Description**: Sealing strips are essential components for vibration reduction, water resistance, noise insulation, and comfort enhancement, serving both aesthetic and functional purposes. 5. **Market Application**: Primarily used in four doors, two hoods, front and rear windshields, and sunroofs in the automotive industry. Financial Performance 1. **Revenue Growth**: Achieved revenue of 8.42 billion yuan in the first three quarters of the year, a year-on-year increase of 14.61%. 2. **Profit Growth**: Net profit increased by 33.24% year-on-year, with a significant growth rate of nearly 70% in the first half of the year. 3. **Reason for Slower Growth in the Second Half**: Due to changes in regulations by car manufacturers and increased expenses related to the new project development. New Project Development 1. **R&D Expenditure**: Increased due to the expansion of new project development, with the total number of projects reaching about 80% of the full year in 2022. 2. **Key Projects**: Collaborations with Geely, Chongqing Changan, Shanghai Auto, and Volkswagen, focusing on new energy vehicles and high-end models. Future Outlook 1. **Revenue Growth**: Expected to continue growing due to the acceleration of domestic substitution, explosive growth in profits from joint-venture customers, and the expansion of high-margin product orders from leading new energy vehicle customers. 2. **Production Capacity**: Upgrading production lines and introducing advanced equipment to achieve a 2.5 billion yuan advanced production capacity. 3. **Capital Support**: Strong support from the controlling shareholder, Taizhou Kejiao Group, and potential acquisition of industry resources. 4. **New Energy Vehicle Market**: Significant increase in orders for frameless sealing strips, with 98% of orders coming from new energy vehicles, particularly blue-energy vehicles, accounting for over 70% of revenue. Competitive Advantages 1. **Customer Resources**: Strong customer relationships and partnerships. 2. **Cost Control**: Excellent cost control and cost-effectiveness. 3. **Mold Development**: Strong mold development capabilities. 4. **Government Resources**: Leveraging government resources for industry development.
浙江仙通:浙江仙通股东减持计划公告
2024-10-29 09:51
证券代码:603239 证券简称:浙江仙通 公告编号:2024-035 浙江仙通橡塑股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东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: 1 李起富先生持有浙江仙通橡塑股份有限公司(以下简称"浙江仙通" 或"公司")64,129,873 股无限售条件流通股(占公司总股本的 23.69%)。 2024 年 6 月 6 日,公司股东李起富先生、金桂云先生以及邵学军先生 与台州五城产业发展有限公司签署《补充协议》。根据前期交易协议约 定,李起富先生应于 2024 年 6 月 7 日前完成相关股票减持事宜;《补 充协议》约定将李起富先生的股票减持期限延长至 2024 年 12 月 7 日, 表决权放弃的期限亦相应延长至李起富先生按照该等约定完成股票减 持之日。李起富先生将在 2024 年 12 月 7 号前完成所持公司 14,377,500 股股份(对应上市公司股份比例为 5.31%)的减持工作。 截止 2024 年 8 月 8 日,公司股东李起富先生已完成所持公司 7,757, ...
关于对李起富采取出具警示函措施的决定
2024-10-25 11:35
索 引 号 bm56000001/2024-00013363 分 类 发布机构 发文日期 1729822800000 名 称 关于对李起富采取出具警示函措施的决定 文 号 主 题 词 2024年10月18日 【打印】 【关闭窗口】 李起富: 经查,你作为浙江仙通橡塑股份有限公司(以下简称浙江仙通)持股5%以上的股东,于2024年8月1日至2024年 8月7日通过集中竞价交易和大宗交易方式减持浙江仙通股票,持股比例由26.55%减少至23.69%,累计减少比例为 2.86%。期间,分别于2024年8月1日、2024年8月5日持股比例变动累计达到1%。你在持股比例变动达到1%的次日,未 及时告知浙江仙通,导致浙江仙通迟至2024年9月4日才披露《持股5%以上股东权益变动超过1%的提示性补充公 告》,构成信息披露不及时。该行为违反了《上市公司收购管理办法》(证监会令第166号)第十三条第三款的规 定。 根据《上市公司收购管理办法》(证监会令第166号)第七十五条的规定,我局决定对你采取出具警示函的监 督管理措施,并记入证券期货市场诚信档案。你应认真吸取教训,加强证券法律法规学习,严格规范交易行为,杜绝 此类违规行为 ...
浙江仙通:浙江仙通关于收到中国证券监督管理委员会浙江证监局行政监管措施决定书的公告
2024-10-25 09:17
行政监管措施决定书的公告 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。 浙江仙通橡塑股份有限公司(以下简称"浙江仙通"或"公 司")近日收到中国证券监督管理委员会浙江监管局(以下简称"浙 江证监局")出具的行政监管措施决定书([2024]227 号)《浙江证 监局关于对李起富采取出具警示函措施的决定》(以下简称"《警示 函》"),现将具体内容公告如下: 证券代码:603239 证券简称:浙江仙通 公告编号:2024-034 浙江仙通橡塑股份有限公司 关于收到中国证券监督管理委员会浙江证监局 如对本监督管理措施不服,可在收到本决定书之日起 60 日内向 中国证券监督管理委员会提出行政复议申请,也可在收到本决定书之 日起 6 个月内向有管辖权的人民法院提起诉讼。复议与诉讼期间,上 述监督管理措施不停止执行。" 二、其他情况说明 公司及相关人员收到上述行政监管措施决定书后高度重视,公司 及相关责任人引以为戒,认真汲取教训,积极落实整改,加强相关责 任人及业务人员对证券法律法规的学习,强化规范运作意识,督促相 关责任人忠实、勤勉履行 ...
浙江仙通:浙江仙通关于召开2024年第三季度业绩说明会的公告
2024-10-23 07:35
证券代码:603239 证券简称:浙江仙通 公告编号:2024-033 浙江仙通橡塑股份有限公司 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: https://roadshow.sseinfo.com/) 会议召开方式:上证路演中心视频直播和网络互动 (一) 会议召开时间:2024 年 10 月 31 日 上午 10:00-11:30 (二) 会议召开地点:上证路演中心 (三) 会议召开方式:上证路演中心视频直播和网络互动 三、 参加人员 董事长:叶未亮 投资者可于 2024 年 10 月 24 日(星期四) 至 10 月 30 日(星期 三)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 2024 年 10 月 17 日发布公司 2024 年第三季度报告,为便于广大投资者更全 面深入地了解 ...
浙江仙通:2024年三季报点评:供应链降价压力传导,Q3盈利有所承压
Southwest Securities· 2024-10-22 02:30
Investment Rating - The report maintains a "Buy" rating for Zhejiang Xiantong (603239) with a target price of 17.40 CNY over the next six months [1][6]. Core Insights - In Q3 2024, the company reported revenue of 287 million CNY, a year-on-year increase of 3% and a quarter-on-quarter increase of 0.5%. However, the net profit attributable to the parent company was 38 million CNY, down 12.5% year-on-year and 4.2% quarter-on-quarter [1]. - The gross margin for Q3 2024 was 28.9%, a decrease of 2 percentage points year-on-year, while the net margin was 13.2%, down 2.3 percentage points year-on-year [1]. - The company has seen a significant increase in its revenue from new energy vehicles, which accounted for approximately 15.3% of total revenue in H1 2024, up 5 percentage points from the previous year [1]. - The company is advancing its smart manufacturing capabilities and expanding its high-end production capacity, including the introduction of a new high-end rubber production line in Germany [1]. Summary by Sections Financial Performance - For Q1-Q3 2024, total revenue reached 842 million CNY, representing a year-on-year growth of 14.6%, while net profit attributable to the parent company increased by 33.2% to 129 million CNY [1]. - The report forecasts revenue for 2024-2026 to be 1.065 billion CNY, 1.237 billion CNY, and 1.468 billion CNY, respectively, with corresponding growth rates of 16.11% and 18.60% [3][5]. Profitability Metrics - The report projects the company's EPS for 2024, 2025, and 2026 to be 0.73 CNY, 0.87 CNY, and 1.04 CNY, respectively, with a corresponding PE ratio of 18, 15, and 13 [2][5]. - The net profit margin is expected to improve, with projections of 30.11% CAGR for net profit from 2024 to 2026 [2][5]. Market Position and Competitive Advantage - The company has secured over 120% of the total projects it undertook last year, primarily in the new energy vehicle sector, enhancing its competitive edge [1]. - The introduction of advanced production equipment and the expansion of production lines are expected to create approximately 1.8 billion CNY in advanced production capacity [1].
浙江仙通:Q3增长放缓,看好中期成长
Changjiang Securities· 2024-10-18 06:37
Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 842 million with a year-on-year growth of 14.6% for the first three quarters of 2024, and a net profit attributable to shareholders of 129 million, up 33.2% [4]. - In Q3 alone, the company achieved a revenue of 287 million, reflecting a growth of 3.0%, while the net profit attributable to shareholders decreased by 12.5% to 38 million [4]. - The company has shown strong performance compared to the automotive industry, which saw a sales increase of 2.4% during the same period [4]. - The gross margin improved by 1.4 percentage points to 30.4% due to revenue growth and new projects, despite a decline in Q3 gross margin by 2.0 percentage points to 28.9% [4]. - The company has a significant cost advantage, with over 90% of its molds self-manufactured, a high product yield rate of over 95%, and a low labor cost due to its location [5]. - The customer base has been expanding, with major domestic automotive manufacturers as clients, and the company is the only domestic enterprise capable of mass-producing frameless sealing strips [5]. - Future projections estimate net profits of approximately 190 million and 250 million for 2024 and 2025, respectively, corresponding to PE ratios of 19 and 15 [5]. Financial Summary - For 2023, the total revenue is projected at 1,066 million, with a gross profit of 313 million, leading to a net profit of 151 million [8]. - The company expects to see a steady increase in revenue and profit margins over the next few years, with total revenue forecasted to reach 1,668 million by 2026 [8]. - The earnings per share (EPS) is anticipated to grow from 0.56 in 2023 to 1.15 by 2026 [8].
浙江仙通:浙江仙通关于设立分公司的公告
2024-10-16 08:07
证券代码:603239 证券简称:浙江仙通 公告编号:2024-032 浙江仙通橡塑股份有限公司 关于设立分公司的公告 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。 浙江仙通橡塑股份有限公司(以下简称"公司")于 2024 年 10 月 16 日召开了第 五届董事会第十三次会议,审议并通过了《关于设立公司仙居县城区分公司的议 案》。现将相关情况公告如下: 一、拟设立分公司的基本情况 1、拟设立机构名称:浙江仙通橡塑股份有限公司仙居分公司 2、分支机构类型:股份有限公司分公司 3、营业场所:仙居县东区南峰街道大卫世纪城 4、分支机构负责人:沈丹青 公司本次设立仙居分公司,便于公司招引人才,同时为人才和骨干创造良好的 工作环境,以及开展会议、交流以及商业活动。 2、对公司的影响及存在的风险 本次设立分公司,符合公司整体发展规划,不存在损害公司及股东利益的情 形。上述设立分公司事宜经公司董事会审议通过后,按规定程序办理工商登记手 续,不存在法律、法规限制或禁止的风险。 特此公告。 浙江仙通橡塑股份有限公司 董事会 2024 ...
浙江仙通:浙江仙通第五届监事会第十三次会议决议公告
2024-10-16 08:07
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")第五届监事会第十三次会议于 2024 年 10 月 16 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 2024 年 10 月 11 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 年第三季度报告》 经审核,公司监事会认为: 1、公司 2024 年第三季度报告的编制和审议程序符合法律、法规、《公司章 程》和公司内部管理制度的各项规定; 2、公司 2024 年第三季度报告的内容和格式符合中国证券监督管理委员会和上 海证券交易所的相关规定,报告真实地反映了公司的财务状况和经营成果等事项; 证券代码:603239 证券简称:浙江仙通 公告编号:2024-031 浙江仙通橡塑股份有限公司 第五届监事会第十三次会议决议公告 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、 ...