| 证券代码：603305 | 证券简称：旭升集团 公告编号：2024-074 | | --- | --- | | 债券代码：113685 | 债券简称：升 24 转债 | 宁波旭升集团股份有限公司 2024 年 11 月 15 日，公司董事长兼总经理徐旭东先生、董事会秘书罗亚华 女士、财务总监卢建波先生、独立董事李圭峰先生出席了本次网上业绩说明会， 与投资者进行了互动交流和沟通，在信息披露允许的范围内就投资者关注的问题 进行了回复。 二、投资者提出的主要问题及公司回复情况 公司就投资者在本次说明会上提出的问题给予了回答，主要问题及回答整理 如下： Q1: 请问一下公司三季度营收下滑幅度较小，净利润同比下滑较大的原因 是什么？ 回复：公司 2024 年第三季度净利润较上年同期下滑较大的原因主要为铝锭 原材料价格上升等因素使得毛利率有所下降、可转债利息支出增加所致。 Q2: 旭升集团目前已覆盖了国内外新势力车企有哪些？ 回复：公司已成功开拓并构建了全球客户资源体系，全球新能源汽车领域极 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 ...

Investment Rating - The report maintains a "Buy" rating for Xusheng Group (603305 SH) [7] Core Views - Xusheng Group achieved Q3 revenue of 1 13 billion yuan, a year-on-year decrease of 7 4% but a quarter-on-quarter increase of 11 4% [4] - Q3 net profit attributable to the parent company was 60 million yuan, a year-on-year decrease of 66 0% and a quarter-on-quarter decrease of 45 9% [4] - The company's Q3 gross margin was 18 2%, a year-on-year decrease of 7 1 percentage points and a quarter-on-quarter decrease of 3 4 percentage points, likely due to market competition and customer price reductions [5] - The company is expected to achieve net profits of 420 million, 640 million, and 850 million yuan in 2024, 2025, and 2026, respectively, with corresponding P E ratios of 29 0X, 19 1X, and 14 5X [6] Financial Performance - Q3 revenue growth was driven by increased production and sales from major customers and the industry, with Tesla's global sales reaching 463,000 units, a year-on-year increase of 6 4% [4] - Q3 operating expenses were 10 3%, a year-on-year increase of 0 8 percentage points but a quarter-on-quarter decrease of 0 9 percentage points [5] - The company's net profit margin in Q3 was 5 2%, a year-on-year decrease of 8 9 percentage points and a quarter-on-quarter decrease of 5 5 percentage points [5] Strategic Development - Xusheng Group is transforming into a global lightweight platform enterprise, with aluminum extrusion products expected to drive a second growth curve [6] - The company has started construction of a production base in Mexico in 2023, which will enhance its global supply chain flexibility and support services in North America [6] - The company has diversified its customer base and expanded into the energy storage sector, further solidifying its position as a platform enterprise [6] Industry Outlook - The decline in raw material prices such as aluminum, coupled with the scaling of new orders, is expected to improve the company's revenue and profitability in the future [5] - The rapid growth of the North American new energy market is creating significant demand for lightweight components, benefiting Xusheng Group's global expansion [6]

| 证券代码：603305 | 证券简称：旭升集团 公告编号：2024-072 | | --- | --- | | 债券代码：113685 | 债券简称：升 24 转债 | 宁波旭升集团股份有限公司 关于控股股东终止筹划控制权变更事项暨复牌公告 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 因宁波旭升集团股份有限公司（以下简称"公司"） 控股股东、实际控制人 徐旭东先生及其一致行动人宁波梅山保税港区旭晟控股有限公司(以下简称"旭晟 控股")终止本次筹划控制权变更事项,本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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603305 | 旭升集团 | A 股 | 复牌 | | | 2024/11/5 | 2024/11/6 | | 113685 | 升 24 转债 | 可转债债券复 牌 | | ...

Investment Rating - The report maintains a "Buy" rating for the company [1][5]. Core Views - The company's performance in Q3 2024 was below expectations, with revenue declining by 8.4% year-on-year to 3.27 billion yuan, and net profit down 42.8% to 323 million yuan [1]. - The decline in performance is attributed to pressure on gross margins and increased interest expenses from convertible bonds [1]. - The company is expected to gradually recover its profitability by 2025, driven by customer diversification and accelerated capacity expansion [1]. Summary by Sections Financial Performance - Q3 2024 revenue was 1.13 billion yuan, down 7.4% year-on-year but up 11.4% quarter-on-quarter; net profit for the same period was 58 million yuan, down 66.0% year-on-year and down 45.9% quarter-on-quarter [1]. - Gross margin for the first three quarters of 2024 was 21.2%, a decrease of 3.9 percentage points year-on-year; Q3 2024 gross margin was 18.2%, down 7.1 percentage points year-on-year [1]. Customer Diversification - The company has successfully diversified its customer base, reducing the revenue contribution from major clients from 34.4% in 2022 to 27.9% in 2023 [1]. - New partnerships have been established with major players like CATL and ZF, and the company has secured projects with BMW in Germany [1]. Capacity Expansion - The company plans to raise 2.8 billion yuan through a convertible bond issuance to fund projects related to new energy vehicle powertrains and lightweight automotive components [1]. - The Mexican factory is expected to be completed by the end of 2024, pending clarity on overseas tariff policies [1]. Profitability Forecast - The net profit estimates for 2024, 2025, and 2026 have been revised down by 21%, 7%, and 1% to 430 million yuan, 620 million yuan, and 830 million yuan respectively [1]. - The long-term outlook remains positive due to the company's technological advantages in die-casting, forging, and extrusion processes [1].

停牌期间，交易各方就相关事项进行进一步沟通，鉴于相关细节仍需充分协 商敲定，公司预计无法在 2024 年 11 月 1 日（星期五）上午开市起复牌。根据《上 海证券交易所股票上市规则》、《上海证券交易所上市公司自律监管指引第 4 号——停复牌》等有关规定，经公司向上海证券交易所申请，公司股票（证券代 码：603305，证券简称：旭升集团）、转债（债券代码：113685，债券简称：升 24 转债）自 2024 年 11 月 1 日（星期五）上午开市起继续停牌，预计继续停牌 时间不超过三个交易日。 | 证券代码：603305 | 证券简称：旭升集团 公告编号：2024-071 | | --- | --- | | 债券代码：113685 | 债券简称：升 24 转债 | 宁波旭升集团股份有限公司 关于控股股东筹划控制权变更继续停牌的公告 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个别及连带责任。 宁波旭升集团股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日接 到控股股东、实际控制人徐旭东先生通知，徐旭东先生及其一致行动 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Views - The company experienced revenue of 3.274 billion yuan in the first three quarters of 2024, a year-on-year decrease of 8.4%, and a net profit attributable to the parent company of 323 million yuan, down 42.8% year-on-year [1]. - The actual controller is planning to transfer shares, which may lead to a change in control of the company [1]. - The company's Q3 2024 performance was impacted by weak customer sales, rising raw material prices, and increased convertible bond interest expenses [1][2]. - The company has a strong order backlog and is well-positioned in the lightweight manufacturing sector with capabilities in die-casting, forging, and extrusion [2]. Financial Performance Summary - In Q3 2024, the company achieved revenue of 1.13 billion yuan, with a year-on-year decrease of 7.4% and a quarter-on-quarter increase of 11.4%. The net profit for the quarter was 58 million yuan, down 66% year-on-year and 46% quarter-on-quarter [1]. - The gross margin for Q3 2024 was 18.2%, a decrease of 7.1% year-on-year and 3.4 percentage points quarter-on-quarter, primarily due to raw material price increases [2]. - The total revenue forecast for 2024-2026 is 4.695 billion yuan, 5.681 billion yuan, and 6.761 billion yuan respectively, with net profits of 452 million yuan, 568 million yuan, and 680 million yuan, corresponding to P/E ratios of 26.8, 21.4, and 17.9 [2][4]. Market Position and Strategy - The company is strategically positioned to benefit from the growing demand in the energy storage sector and its global expansion efforts, particularly in North America and Europe [2]. - Key clients include major automotive manufacturers such as Tesla, Li Auto, NIO, and XPeng, as well as Tier 1 suppliers like ZF and Valeo [2].

Investment Rating - The report maintains a "Recommend" rating for Xusheng Group (603305 SH) [1][3] Core Views - Xusheng Group's Q3 2024 performance was under pressure, with revenue declining 7 40% YoY to 1 125 billion yuan, and net profit attributable to shareholders dropping 65 96% YoY to 58 million yuan [1] - The company's profitability declined significantly due to rising raw material prices, convertible bond interest expenses, and impairment losses [1] - Xusheng Group is accelerating capacity expansion and advancing overseas production layout, with a 2 8 billion yuan convertible bond issuance in June 2024 to fund lightweight automotive components and new energy vehicle powertrain projects [1] - The company's customer diversification strategy is progressing well, with the revenue contribution from the top five customers decreasing from 66 2% in 2021 to 56 2% in 2023 [1] Financial Performance - For the first three quarters of 2024, Xusheng Group reported revenue of 3 274 billion yuan, down 8 42% YoY, and net profit attributable to shareholders of 323 million yuan, down 42 83% YoY [1] - In Q3 2024, the company's gross margin was 18 22%, down 7 08 percentage points YoY, and net profit margin was 4 97%, down 9 04 percentage points YoY [1] - The report forecasts Xusheng Group's revenue to reach 4 57 billion yuan in 2024, 6 06 billion yuan in 2025, and 7 5 billion yuan in 2026, with corresponding net profits of 440 million yuan, 620 million yuan, and 810 million yuan [1][2] Customer and Market - Xusheng Group's major clients include Tesla, Great Wall Motors, and ZF, with Tesla's Q3 2024 sales increasing 6 0% YoY to 463,000 units [1] - The company is leveraging its cost, technology, and proximity advantages to serve North American and European markets through its Mexico factory, which is currently under construction [1] Valuation - Based on the closing price of 13 00 yuan on October 29, 2024, Xusheng Group's PE ratios are projected to be 27x for 2024, 19x for 2025, and 15x for 2026 [1][2] - The company's PB ratios are forecasted to be 1 8x for 2024, 1 7x for 2025, and 1 5x for 2026 [2]

面对每天上千份上市公司公告该看哪些？重大事项公告动辄几十页几百页重点是啥？公告里一堆专业术 语不知道算利好还是利空？请看财联社公司新闻部《速读公告》栏目，我们派驻全国的记者们将于公告 当晚为您带来准确、快速、专业的解读。 财联社10月29日讯（记者 罗祎辰）踩中特斯拉国产化风口，在过去几年发展迅猛的旭升集团 （603305.SH）突然传出重磅消息，公司实控人徐旭东及一致行动人正在筹划转让所持公司股份事宜， 公司控制权可能因此发生变更。受此影响，公司股票以及可转债将从10月30日起停牌。 旭升集团成立于2003年，主营业务为精密铝合金汽车零部件和工业零部件的研发、生产和销售，2017年 登陆A股。2013年左右，公司率先进入特斯拉供应链，成为后者国产化的关键一环。得益于较早布局新 能源汽车产线，旭升集团跃升为国内一体化压铸行业的头部企业。2023年，公司归母净利润达7.14亿 元，虽然创历史最好成绩，但同比增速不足2%，增长势头明显放缓。 进入2024年，旭升集团业绩进一步承压。公司今日晚间披露的公告显示，今年前三季度，公司实现营业 收入32.74亿元，同比下滑8.42%；归属于上市公司股东的净利润3.23亿元 ...

Financial Performance - The company's operating revenue for Q3 2024 was CNY 1,125,055,287.03, a decrease of 7.40% compared to the same period last year[2]. - Net profit attributable to shareholders was CNY 58,211,758.90, down 65.96% year-on-year[2]. - Basic earnings per share for the current period were CNY 0.07, a decrease of 63.16% year-on-year[3]. - The net profit attributable to shareholders for the year-to-date was CNY 322,974,267.38, down 42.83% year-on-year[3]. - Total revenue for the first three quarters of 2024 was CNY 3,274,184,096.21, a decrease of 8.4% compared to CNY 3,575,255,408.25 in the same period of 2023[17]. - Operating profit for the third quarter was CNY 360,317,177.53, down 44.4% from CNY 648,543,898.50 in the previous year[19]. - Net profit attributable to shareholders of the parent company for the third quarter was CNY 322,974,267.38, a decrease of 42.8% compared to CNY 564,902,071.39 in the same period last year[19]. - The total comprehensive income attributable to the parent company for the first three quarters of 2024 is CNY 306,960,449.43, compared to CNY 564,078,108.10 in the same period of 2023, representing a decrease of approximately 45.5%[21]. Cash Flow and Assets - The cash flow from operating activities was CNY 89,964,394.43, a decline of 49.31% compared to the previous year[2]. - The net cash flow from operating activities for the first three quarters of 2024 is CNY 836,904,741.28, an increase of approximately 23.2% compared to CNY 679,597,169.39 in the same period of 2023[22]. - The cash inflow from operating activities for the first three quarters of 2024 totals CNY 3,767,339,362.78, compared to CNY 3,873,686,534.80 in the same period of 2023, indicating a decrease of approximately 2.7%[22]. - The company's total assets at the end of the reporting period were CNY 13,341,233,519.74, an increase of 32.57% from the end of the previous year[3]. - The company reported current assets totaling 7,718,178,547.24 RMB as of September 30, 2024, compared to 4,558,936,936.19 RMB at the end of 2023[14]. - The company's cash and cash equivalents amount to 4,273,523,565.68 RMB, up from 2,064,918,682.11 RMB at the end of 2023[13]. - The total cash and cash equivalents at the end of the third quarter of 2024 amount to CNY 4,269,119,189.43, compared to CNY 1,880,457,596.86 at the end of the same period in 2023, showing an increase of approximately 127.5%[23]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 45,260[8]. - The largest shareholder, Ningbo Meishan Bonded Port Area Xusheng Holdings Co., Ltd., holds 254,766,935 shares, representing 27.30% of total shares[10]. - The second largest shareholder, Hong Kong Sunrise Industrial Co., Ltd., holds 191,773,686 shares, representing 20.55% of total shares[10]. Costs and Expenses - The company's total operating costs were CNY 2,935,185,215.95, slightly down from CNY 2,936,321,172.18, indicating a marginal decrease of 0.04%[17]. - Research and development expenses for the third quarter were CNY 154,581,430.50, an increase of 14.9% from CNY 134,562,465.08 in the previous year[19]. - The cash outflow for purchasing goods and services in the first three quarters of 2024 is CNY 2,221,011,484.01, down from CNY 2,538,875,141.54 in the same period of 2023, reflecting a decrease of approximately 12.5%[22]. Challenges and Strategies - The company reported a decrease in net profit due to weak terminal sales from some customers and rising raw material costs[6]. - The company plans to address the challenges posed by rising raw material prices and declining sales volumes in future strategies[6]. - The company has not disclosed any significant new strategies or product developments in the current report[12]. Liabilities and Equity - Total liabilities rose to CNY 6,774,990,723.57, up from CNY 3,806,539,443.36, indicating an increase of 77.6%[16]. - The company's total equity increased to CNY 6,566,242,796.17 from CNY 6,257,349,839.95, reflecting a growth of 4.9%[16]. - Short-term borrowings increased significantly to CNY 988,353,821.38 from CNY 434,523,384.05, marking a rise of 127.6%[16]. Other Comprehensive Income - The company reported a decrease in other comprehensive income after tax of CNY -16,013,817.95 compared to CNY -823,963.29 in the previous year[19]. - The company reported a decrease in other comprehensive income after tax of CNY -16,013,817.95 for the third quarter of 2024, compared to CNY -823,963.29 in the same period of 2023[21].