文灿集团股份有限公司 2023 年年度股东大会会议资料 文灿集团股份有限公司 Wencan Group Co., Ltd. 2023 年年度股东大会会议资料 （股票代码：603348，转债代码：113537） 二零二四年五月 1 文灿集团股份有限公司 2023 年年度股东大会会议资料 | | | | 公司 2023 年年度股东大会会议议程 3 | | | --- | --- | | 公司 年年度股东大会会议须知 5 2023 | | | 议案一：关于文灿集团股份有限公司 2023 年年度报告及其摘要的议案 6 | | | 议案二：关于文灿集团股份有限公司 2023 年度董事会工作报告的议案 7 | | | 议案三：关于文灿集团股份有限公司 2023 年度监事会工作报告的议案 14 | | | 议案四：关于文灿集团股份有限公司 2023 | 年度财务决算报告的议案 17 | | 议案五：关于文灿集团股份有限公司 2023 年度利润分配预案的议案 21 | | | 议案六：关于 2024 年续聘会计师事务所的议案 22 | | | 议案七：关于公司及控股子公司预计申请授信额度及预计担保额度的议案 23 | | | ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting a reasonable valuation despite a downward adjustment in profit forecasts [24][25]. Core Insights - The company has achieved significant growth in Q1 2024, with revenue reaching 1.48 billion yuan, a year-on-year increase of 16.33% and a quarter-on-quarter increase of 15.50%. Net profit for the same period surged to 62 million yuan, marking a year-on-year increase of 2344.25% [6][24]. - The company is a leader in the integrated die-casting product sector, having commenced mass production and delivery of its products in Q4 2022. The production yield for integrated products exceeds 95% [1][23]. - The automotive aluminum alloy casting segment generated 4.91 billion yuan in revenue, accounting for 96.28% of total revenue, with a gross margin of 15.22% [6][24]. Financial Data and Valuation - Revenue for 2023 was reported at 5.10 billion yuan, a decrease of 2.45% year-on-year. The net profit attributable to the parent company was 5.04 million yuan, down 78.77% year-on-year [6][24]. - The company forecasts a revenue increase to 7.65 billion yuan in 2024, representing a growth rate of 50.00% [3][24]. - The projected net profit for 2024 is adjusted to 304 million yuan, with further estimates of 472 million yuan and 642 million yuan for 2025 and 2026, respectively [24][25]. Production Capacity and Expansion - The company operates 75 large die-casting machines ranging from 1100T to 4500T, with additional machines of 6000T, 7000T, and 9000T in operation. New factories in Anhui, Chongqing, and Foshan are under rapid construction [1][6]. - The integrated die-casting models are expected to ramp up production, leading to improved capacity utilization and performance [1][7].

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company has made significant progress in integrated die-casting, securing new projects with major automotive clients, which is expected to enhance its market share and competitive edge [1]. - Recent legal developments regarding tax disputes in Mexico have resulted in a favorable outcome for the company's subsidiary, potentially leading to positive financial impacts [1]. - The company's core clients, particularly in the electric vehicle sector, are expected to ramp up production, driving substantial revenue growth from 2024 onwards [1]. Summary by Relevant Sections Event Overview - The company announced that its subsidiary received a notification from a leading electric vehicle manufacturer, confirming it as a supplier for integrated body structure components, with expected sales of 450 to 500 million yuan over the project's lifecycle [1]. - The company also reported a favorable court ruling regarding a tax dispute in Mexico, which may positively affect its financial performance [1]. Integrated Die-Casting Breakthrough - The company has achieved multiple new project approvals in the integrated die-casting sector, with a total of 11 large integrated structural components designated for various automotive clients [1]. - The new project is expected to start mass production in Q4 2025, with a project lifecycle of four years [1]. Core Client Volume Growth - The company is a key supplier for Huawei's Seres brand, with significant production increases expected for models M5, M7, and M9, which will likely enhance capacity utilization and revenue [1]. Financial Forecast - Revenue projections for 2024-2026 are 7.65 billion, 9.52 billion, and 11.51 billion yuan, respectively, with net profits expected to reach 417 million, 597 million, and 757 million yuan [3][6]. - The report anticipates a significant increase in earnings per share (EPS) from 1.58 yuan in 2024 to 2.87 yuan in 2026, reflecting strong growth potential [6].

2024 年 05 月 06 日 客户放量叠加百炼修复，24Q1 业绩大幅改善 | --- | --- | --- | --- | --- | --- | |---------------------------|-------|-------|-------|-------|--------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 5,230 | 5,101 | 7,219 | 8,857 | 10,593 | | 增长率 yoy （ % ） | 27.2 | -2.4 | 41.5 | 22.7 | 19.6 | | 归母净利润（百万元） | 238 | 50 | 404 | 575 | 721 | | 增长率 yoy （ % ） | 144.5 | -78.8 | 700.2 | 42.6 | 25.4 | | EPS 最新摊薄（元 / 股） | 0.90 | 0.19 | 1.53 | 2.18 | 2.73 | | 净资产收益率（ % ） | 7.8 | 1.6 | 11.1 | 13.8 | 14.8 | | ...

| 证券代码：603348 | 证券简称：文灿股份 | 公告编号：2024-018 | | --- | --- | --- | | 转债代码：113537 | 转债简称：文灿转债 | | 文灿集团股份有限公司 关于获得大型一体化车身结构件定点的公告 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 公司子公司获得某头部新能源汽车主机厂（限于保密协议，无法披露其 名称，以下简称"客户"）的大型一体化压铸产品项目定点，将为客户开 发、生产一体化铝压铸后地板。 本次定点项目预计在 2025 年第四季度开始量产，不会对公司本年度业绩 产生重大影响。 定点通知是客户对公司指定一体化压铸产品开发和供货资格的认可，不 构成最终订单或销售合同，实际供货量需以正式订单或销售合同为准。 新能源汽车产业政策、汽车市场需求等因素均可能会对汽车生产厂商的 生产计划构成影响，最终供货量存在不确定性。 全周期的销售总金额预计为 4.50 亿元到 5.00 亿元。 二、对上市公司的影响 1、公司一直致力于大型一体化车身结构件产品的研发，经过多年在车身结 构件领域的量产经验和技术积累，公司近年来已经获得多家头部新能源汽车客户 ...

| 证券代码：603348 | 证券简称：文灿股份 | 公告编号：2024-019 | | --- | --- | --- | | 转债代码：113537 | 转债简称：文灿转债 | | 文灿集团股份有限公司 关于墨西哥子公司诉讼进展的公告 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。 文灿集团股份有限公司（以下简称"公司"）近日收到法国百炼集团下属墨 西哥公司LBQ Foundry, S.A. de C.V.(以下简称"LBQ")及其代理律师通知，其 与墨西哥税务机关的增值税重复缴纳争议之诉讼取得新进展，现将有关情况公告 如下： 一、诉讼基本情况 LBQ主要从事重力铸造产品生产及销售业务，在2015年至2019年期间，在向 墨西哥境内无常设机构的多家境外供应商采购铝材时，因其所购铝材均交付至保 税仓库，在其从保税仓库提取使用时与墨西哥税务部门产生增值税重复缴纳争议 并诉至当地法院。前期公告情况具体如下： （ 1 ） 行 政 行 为 ： 墨西哥 税 务 局 于 2019 年 11 月 26 日 公 函 （ 编 号 ： 110 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a revenue of 5.1 billion yuan in 2023, a year-on-year decrease of 2%, and a net profit attributable to shareholders of 50 million yuan, down 79% year-on-year. However, in Q1 2024, the company achieved a revenue of 1.48 billion yuan, a year-on-year increase of 16% and a quarter-on-quarter increase of 16%, with a net profit of 60 million yuan, representing a 23-fold year-on-year increase and an 84-fold quarter-on-quarter increase [5][6] - The company's profitability significantly improved in Q1 2024, with a net profit margin of 4.2%, up 4.0 percentage points year-on-year and 4.1 percentage points quarter-on-quarter. The gross profit margin was 16.6%, up 2.3 percentage points year-on-year and 0.8 percentage points quarter-on-quarter [6] - The company is a leader in large integrated structural components, having achieved mass production and delivery of large integrated body products since Q4 2022, with a yield rate exceeding 95% [7] Summary by Sections Financial Performance - In 2023, the company faced pressure on its performance due to intensified global competition among automakers, delays in product delivery from some factories, and increased costs. The net profit margin for 2023 was 1.0%, down 3.6 percentage points year-on-year, and the gross profit margin was 15.0%, down 3.5 percentage points year-on-year [5] - The company expects revenue to grow to 6.59 billion yuan in 2024, 8.42 billion yuan in 2025, and 10.067 billion yuan in 2026, with net profits projected at 389 million yuan, 573 million yuan, and 775 million yuan respectively [9][19] Market Position and Outlook - The company has secured multiple large integrated structural component projects with various automotive clients, with mass production expected to begin in the third or fourth quarter of 2024 [7] - The estimated reasonable value range for the company's stock is between 33.93 and 36.88 yuan, based on a PE ratio of 23-25 for 2024, indicating a favorable valuation compared to the average PS ratio of comparable companies [7][11]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5][19][47]. Core Insights - The company's revenue and net profit are steadily increasing due to significant growth from core customers and successful expansion in integrated die-casting projects [4][19][33]. - The company has improved its gross margin and reduced its expense ratio, with a gross margin of 16.6% in Q1 2024, reflecting a year-on-year increase of 2.3 percentage points [5][10][43]. - The company has secured multiple large-scale integrated structural component projects, with production expected to begin in Q3 or Q4 2024 [33][42]. Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of 1.48 billion yuan, representing a year-on-year increase of 16.3% and a quarter-on-quarter increase of 15.5% [9][33]. - The net profit attributable to the parent company for Q1 2024 was 62 million yuan, with a significant year-on-year improvement [9][33]. Profitability and Cost Management - The company reported a gross margin of 15.8% in Q4 2023, with improvements expected to continue into Q1 2024 [5][10][43]. - The expense ratio for Q1 2024 was 10.1%, showing a reduction compared to previous periods [5][10][43]. Customer and Market Expansion - The company has made significant strides in customer acquisition, securing 11 large integrated structural component projects and multiple battery box projects [33][42]. - The company is expanding its operations in overseas markets, with successful product deliveries from its Mexican facility and plans for a new production line in Hungary [38][42].

盈利拐点出现，一体压铸加速拓展 文灿股份(603348.SH)/汽车 证券研究报告/公司点评 2024 年 4 月 27 日 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------|-----------------------------------------------|---------|-------|-------|-------|--------| | [Table_Industry] [Table_Title] 评级：买入（维持） \n市场价格： 28.19 元 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：何俊艺 | 营业收入（百万元） | 5,230 | 5,101 | 7,550 | 9,060 | 10,691 | | | 增长率 yoy% | 27% | -2% | 48% ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future performance [10]. Core Insights - The company reported a significant improvement in Q1 2024 performance, with revenue reaching 1.48 billion yuan, a year-on-year increase of 16.3% and a quarter-on-quarter increase of 15.5%. The net profit attributable to the parent company was 60 million yuan, showing substantial growth compared to previous periods [10]. - The company is a key supplier for major clients such as Huawei's Seres and Li Auto, benefiting from the ramp-up of new models and projects, which is expected to drive revenue growth [10]. - The company has made breakthroughs in integrated die-casting technology, securing multiple contracts for large integrated structural components, which are set to begin mass production in the latter half of 2024 [10]. - The forecast for revenue from 2023 to 2026 is projected to grow from 7.65 billion yuan to 11.51 billion yuan, with net profit increasing from 417 million yuan to 757 million yuan [10]. Financial Summary - Revenue for 2023 was 5.10 billion yuan, with a decline of 2.4% year-on-year. The net profit attributable to the parent company was 50 million yuan, down 78.8% year-on-year. However, projections for 2024 show a significant recovery with expected revenue of 7.65 billion yuan and net profit of 417 million yuan [2][10]. - The company's earnings per share (EPS) is expected to rise from 0.19 yuan in 2023 to 1.58 yuan in 2024, reflecting a strong recovery trajectory [2][10]. - The price-to-earnings (PE) ratio is projected to decrease from 134 in 2023 to 16 in 2024, indicating improved valuation as earnings grow [2][10].