Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of 10%-20% over the next six months [5]. Core Insights - The company reported a significant increase in profit for the first half of 2024, with a revenue of 3.076 billion yuan, up 20.07% year-on-year, and a net profit attributable to shareholders of 82 million yuan, up 488.19% year-on-year [1][2]. - The growth in revenue is primarily driven by strong demand from electric vehicle customers, leading to an increase in the proportion of body structure parts and integrated castings in the revenue mix [2][3]. - The company is enhancing its production capabilities by launching a new generation of efficient production platforms for large castings to meet customer demand [3]. Financial Performance Summary - For 24H1, the company achieved a gross margin of 13.94%, which is an increase of 1.80 percentage points year-on-year, while the net margin was 1.24%, up 0.36 percentage points year-on-year [1]. - The company’s operating expenses (excluding R&D) increased to 8.80% of revenue, with sales, management, and financial expense ratios at 1.42%, 4.72%, and 2.66% respectively [1]. - The forecast for net profit attributable to shareholders has been adjusted downwards for 2024-2026, now projected at 241 million yuan, 460 million yuan, and 619 million yuan respectively, reflecting the impact of ramping up overseas production capacity [3][4]. Revenue and Growth Projections - The company expects to generate revenues of 6.887 billion yuan in 2024, with a growth rate of 35%, followed by 8.609 billion yuan in 2025 and 9.900 billion yuan in 2026 [4][9]. - The projected net profit growth rates for the next three years are 378.07% for 2024, 90.78% for 2025, and 34.57% for 2026 [9]. Market Position and Strategy - The company is strengthening its relationships with high-quality customers and has secured multiple contracts for new products, indicating a robust order book and future revenue streams [3]. - The establishment of a new production facility in Chongqing aims to enhance supply capabilities and meet increasing customer demands in the electric vehicle sector [3].

Summary of Conference Call Industry or Company Involved - The conference call involves the automotive industry, specifically focusing on companies such as Ruihao Mould, Luojun Technology, Wenchuang Co., and Luotuo Co. [1] Core Points and Arguments - The call is part of the 4.45 automotive industry quick review series conducted by Zhongtai Automotive and the Jiyi team [1] - The meeting is not intended for clients formally signed with Zhongtai Securities [1] Other Important but Possibly Overlooked Content - The call serves as a platform for discussing the mid-year reports of the mentioned companies, indicating a focus on financial performance and industry trends [1]

文灿股份(603348. SH) /汽车 证券研究报告/公司点评 2024年8月20日 | --- | --- | --- | --- | --- | --- | --- | |------------------------------------|-----------------------------|-------|-------|-------|-------|--------| | 评级:买入(维持) \n市场价格:21.45元 | 公司盈利预测及估值 \n指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 分析师:何俊艺 | 营业收入(百万元) | 5,230 | 5,101 | 6,785 | 8,508 | 10,210 | | | 增长率 yoy% | 27% | -2% | 33% | 25% | 20% | | 执业证书编号:S0740523020004 | 净利润(百万元) | 238 | 50 | 321 | 524 | 702 | | 分析师:刘欣畅 | 增长车 yoy% | 145% | -79% | 536% | 63% | 34% ...

证 券 研 究 报 告 文灿股份（603348）2024 年中报点评 强推（维持） 业绩承压，一体化压铸放量节奏提速 目标价：25.8 元 当前价：21.96 元 | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

文灿股份（603348.SH）系列点评七 一体化压铸持续突破 静待海外工厂改善 2024 年 08 月 20 日 ➢ 事件：2024 年 8 月 19 日公司披露 2024 年半年度报告：公司 24H1 实现 营收 30.8 亿元，同比+20.1%；归母净利润 0.8 亿元，同比+488.2%；扣非净 利润为 0.7 亿元，同比+606.8%；公司 24Q2 实现营收 16.0 亿元，同比 +47.9%，环比+7.8%；归母净利润 0.2 亿元，同比+1,769.8%，环比-68.2%。 公司 24H1 业绩接近此前半年度业绩预告中 0.6-0.8 亿区间上限。 ➢ 24H1 业绩同比改善 车身结构件收入增长显著。1）营收端：24H1 公司实 现营业收入 30.8 亿元，同比+20.0%。其中，法国百炼集团贡献 14.2 亿元，占 总收入的 46.1%。24Q2 实现营收 16.0 亿元，同比+47.9%，环比+7.8%，我 们认为 24Q2 同环比增长的主要原因为车身结构件及一体化大铸件产品放量。 2）利润端：24H1 公司归母净利 0.8 亿元，同比+488.2%；归母净利润 0.2 亿 元，同比+1,7 ...

中信建投证券股份有限公司 关于文灿集团股份有限公司使用募集资金置换预先投入募 投项目及已支付发行费用的自筹资金的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐人"）作 为文灿集团股份有限公司（以下简称"文灿股份"或"公司"）向特定对象发行 股票的保荐人，根据相关法律、法规和规范性文件的要求，对文灿股份拟使用募 集资金置换预先投入募投项目及已支付发行费用的自筹资金的事项进行审慎核 查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意文灿集团股份有限公司向特定对象发 行股票注册的批复》（证监许可〔2023〕1599 号）注册，并经上海证券交易所同 意，公司向特定对象发行人民币普通股（A 股）44,214,519 股，发行价格为每股 人民币 23.68 元，募集资金总额为人民币 1,046,999,809.92 元，扣除相关发行费 用（不含增值税）14,614,700.58 元后，实际募集资金净额为人民币 1,032,385,109.34 元。上述募集资金到账时间为 2024 年 7 月 5 日，募集资金到位情况已经安永华 明会计师事务所（特殊普通合伙）进行审验，并出具 ...

Financial Performance - The net profit attributable to shareholders for the first half of 2024 is RMB 81.82 million, with cumulative undistributed profits reaching RMB 445.15 million as of June 30, 2024[4]. - The company's operating revenue for the first half of 2024 reached CNY 3,075,562,975.76, representing a 20.07% increase compared to CNY 2,561,565,449.71 in the same period last year[17]. - Net profit attributable to shareholders was CNY 81,820,487.87, a significant increase of 488.19% from CNY 13,910,628.62 year-on-year[17]. - The net profit after deducting non-recurring gains and losses was CNY 73,729,101.15, up 606.80% from CNY 10,431,418.25 in the previous year[17]. - Basic earnings per share increased to CNY 0.31, a 520.00% rise from CNY 0.05 in the same period last year[18]. - The company achieved operating revenue of RMB 3,075,562,975.76 in the first half of 2024, representing a year-on-year growth of 20.07%[36]. - Net profit for the period reached RMB 81,820,500, marking a significant increase of 488.19% compared to the same period last year[36]. - Revenue from new energy vehicle products surged to RMB 97,136,340, a year-on-year increase of 160.89%[38]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of RMB 0.15 per share (before tax) to all shareholders, pending approval at the upcoming extraordinary general meeting[4]. - The total number of ordinary shareholders as of the end of the reporting period is 24,956[89]. - The company issued 12,423 new shares due to the conversion of convertible bonds, representing 0.0047% of the total share capital[88]. - The top ten shareholders hold a total of 30,000,000 shares each, representing 11.36% of the total shares[89]. - The total share capital after the increase is 264,069,087 shares[87]. Operational Highlights - The company is focused on developing new technologies and products, particularly in the field of high-pressure die casting and integrated structural components[10]. - The company has established over 20 production bases globally, including locations in Mexico, Hungary, and Serbia, enhancing its international manufacturing capabilities[23]. - The company has subsidiaries in various regions, including Germany and France, indicating a broad international presence[10]. - The company operates 16 die-casting machines with a capacity of over 4500T, leading the industry in the production of large integrated body components[30]. - The company has established strong partnerships with renowned automotive manufacturers, including Volkswagen, Mercedes-Benz, and Tesla, enhancing its market position[27]. Risk Factors - The management has highlighted potential risks in future plans and strategies, advising investors to be cautious[5]. - The company faces risks from fluctuations in raw material prices, particularly aluminum, which may impact operating performance[55]. - The company is exposed to market competition risks in the casting industry, which may affect sales revenue and profitability[56]. - The company faces risks of performance slowdown due to macroeconomic conditions, industry demand, and competition, which could negatively impact future earnings growth[58]. - The company has a significant reliance on a few major suppliers for aluminum alloy, which poses a risk if these suppliers fail to deliver quality materials[59]. Environmental and Compliance Efforts - The company has established a third-party certified environmental management system to ensure compliance with environmental responsibilities[72]. - The company has received the "China Green Foundry Enterprise" certificate multiple times and some subsidiaries have been awarded the national "Green Factory" title[72]. - The company is actively pursuing carbon reduction goals, including the implementation of a new generation of large-tonnage die-casting machines and automated machining production lines[73]. - The company has taken steps to manage solid waste, including recycling aluminum slag and entrusting hazardous waste to qualified units for treatment[72]. - The company has achieved compliance with national standards for air and noise emissions from its production facilities[72]. Financial Position and Assets - The total assets of the company increased by 5.33% to CNY 8,148,467,049.38 compared to CNY 7,735,789,937.56 at the end of the previous year[17]. - The company's total current assets as of June 30, 2024, amount to 2,784,373,283.31 RMB, an increase from 2,559,529,301.77 RMB on December 31, 2023, representing a growth of approximately 8.8%[99]. - The company's total liabilities increased to CNY 4,929,819,963.32 from CNY 4,511,913,675.25, representing an increase of approximately 9.25%[101]. - The company's total current liabilities increased to 3,795,723,560.83 RMB as of June 30, 2024, from 3,167,735,898.59 RMB at the end of 2023, reflecting a rise of approximately 19.8%[100]. - The company's long-term credit rating remains stable at AA- as assessed by China Chengxin International Credit Rating Co., Ltd.[99]. Corporate Governance and Management - The board of directors has ensured the authenticity, accuracy, and completeness of the semi-annual report[2]. - The company emphasizes maintaining independence in operations, ensuring that senior management does not hold positions in other controlled enterprises[76]. - The company guarantees the integrity of its assets, ensuring all production-related systems and facilities are legally owned or used independently[76]. - The company has established an independent financial department and accounting system to ensure financial autonomy[76]. - The company commits to independent business operations, possessing the necessary assets, personnel, and capabilities to sustain market activities[76]. Future Outlook - The company provided a positive outlook for the second half of 2024, projecting a revenue growth of 25% based on current market trends and user acquisition strategies[75]. - The company plans to enhance global customer outreach and improve product structure to boost capacity utilization and ensure timely delivery[36]. - The company aims to leverage favorable policies and market trends to achieve record sales in the new energy vehicle sector by the end of 2024[25]. - Future guidance indicates a target of 2 billion RMB in revenue for the full year 2024, reflecting continued growth and market expansion efforts[75]. - The company plans to expand its market presence and invest in new product development to drive future growth[104].

会计师事务所选聘制度 文灿集团股份有限公司 第一章 总则 第一条 为规范文灿集团股份有限公司（以下简称"公司"）选聘（包括新聘、续 聘、改聘，下同）会计师事务所的行为，切实维护股东利益，提高财务信息质量，根 据《中华人民共和国公司法》《中华人民共和国证券法》《国有企业、上市公司选聘会 计师事务所管理办法》等法律、法规、规范性文件及《文灿集团股份有限公司章程》 （以下简称"《公司章程》"）等相关规定，结合公司实际情况，制定本制度。 第二条 本制度所称选聘会计师事务所，是指公司根据相关法律法规要求，聘任会 计师事务所对财务会计报告发表审计意见、出具审计报告的行为。 公司聘任会计师事务所从事除财务会计报告审计之外的其他法定审计业务，可比 照本制度执行。 第三条 公司选聘会计师事务所应当由董事会审计委员会审议同意后，提交董事会 审议，并由股东会决定。公司不得在董事会、股东会审议前聘请会计师事务所开展审 计业务。 （五）认真执行有关财务审计的法律、法规、规章和政策规定，具有良好的执业 质量记录； 1 （六）相关法律法规、规章或规范性文件、中国证监会和证券交易所规定的其他 条件。 第三章 选聘会计师事务所程序 第四条 公 ...

公司已经对上述向特定对象发行股票募集资金进行专户存储，保证专款专用， 并与保荐人、募集资金存储银行签订了募集资金监管协议，严格按照规定使用募 集资金。截至本核查意见出具日，公司不存在使用向特定对象发行股票的募集资 金暂时补充流动资金的情况。 二、募集资金投资项目的基本情况 鉴于公司本次实际募集资金净额少于《文灿集团股份有限公司 2022 年度向 特定对象发行股票募集说明书（2024 年 5 月）》中原计划拟投入募投项目的募集 资金金额，根据实际募集资金净额并结合各募集资金投资项目的情况，经公司第 四届董事会第七次会议和第四届监事会第六次会议审议通过，公司对募投项目拟 投入募集资金金额进行了调整，调整后本次募集资金的使用计划以及截至 2024 年 7 月 31 日的实际使用情况如下： 1 单位：万元 中信建投证券股份有限公司 关于文灿集团股份有限公司使用部分闲置募集资金暂时补 充流动资金的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐人"）作 为文灿集团股份有限公司（以下简称"文灿股份"或"公司"）向特定对象发行 股票的保荐人，根据相关法律、法规和规范性文件的要求，对文灿股份拟使用闲 置募 ...

文灿集团股份有限公司 监事会议事规则 （2024 年 8 月修订） | | | | 第一章 | 总则 2 | | --- | --- | | 第二章 | 监事会的性质、组成和职权 2 | | 第三章 | 监事和监事会主席的权利、义务与责任 4 | | 第四章 | 监事会会议的召开 7 | | 第五章 | 监事会会议的议事范围和提案 9 | | 第六章 | 监事会会议的议事程序与决议 9 | | 第七章 | 监事会会议记录 10 | | 第八章 | 附则 11 | 文灿集团股份有限公司 监事会议事规则 第一章 总则 第一条 为进一步规范文灿集团股份有限公司（以下简称"公司"）监事会的 议事方式和表决程序，促使监事和监事会有效地履行监督职责，完善公司法人治 理结构，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》（以下简称"《证券法》"）等有关规定及《文灿集团股份有限公司章 程》（以下简称"公司章程"），制订本规则。 第二条 本规则是监事会及其成员组织和行为的基本准则。 第二章 监事会的性质、组成和职权 第三条 监事会是依据《公司法》和公司章程设立的，对公司的经营管理实 行监督的 ...