Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price within the next 6 to 12 months [9][13]. Core Insights - Q2 performance is expected to decline sequentially due to overseas impacts, but the domestic segment is showing improvement, benefiting from major clients like Seres and NIO [1]. - The company is entering a profit recovery phase driven by increased deliveries from key clients such as NIO and AITO, with NIO delivering 57,000 vehicles in Q2, a year-on-year increase of 140% and a quarter-on-quarter increase of 90.9% [1]. - The integrated die-casting process is revolutionizing the industry, with the company positioned as a leader in aluminum die-casting components, expected to enter a positive cycle of orders, profits, and expansion in 2024 [1]. - The company’s net profit forecasts for 2024-2026 have been adjusted to 320 million, 520 million, and 700 million yuan, respectively, with year-on-year growth rates of 536%, 63%, and 34% [1]. Summary by Sections Financial Performance - The company anticipates a net profit of 70 to 90 million yuan for the first half of 2024, representing a year-on-year increase of 403.2% to 547% [9]. - Q2 net profit is projected to be between 8 to 28 million yuan, with a midpoint of 18 million yuan, reflecting a year-on-year increase of 63.6% [9]. Revenue and Profitability Forecast - Revenue for 2024 is expected to reach 6.785 billion yuan, with a year-on-year growth rate of 33% [9]. - The company’s net profit for 2024 is forecasted at 321 million yuan, with a significant year-on-year growth rate of 536% [9]. Market Position and Strategy - The company is recognized as a leading player in aluminum die-casting, with over a decade of experience and a strong competitive edge in technology and production capabilities [1]. - The integrated die-casting market is projected to be a potential trillion-yuan market, with significant growth opportunities as the automotive industry shifts towards this technology [1].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 28.82 CNY per share on July 12, 2024, corresponding to a PE ratio of 25/15/11 for the years 2024-2026 [6]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 0.7 to 0.9 billion CNY in the first half of 2024, representing a year-on-year growth of 403.2% to 547.0% [1]. - The second quarter of 2024 is projected to see a net profit of 0.2 billion CNY, reflecting a year-on-year increase of 57.0% and a quarter-on-quarter increase of 72.2% [1]. - The company continues to lead the industry in integrated die-casting, with significant recognition from foreign clients, which is expected to enhance its technical capabilities and product strength [1]. - The core customers, particularly in the new energy vehicle sector, are expected to drive substantial performance improvements due to increased production volumes and new project launches [1]. Summary by Sections Financial Performance - The company forecasts revenue of 6.943 billion CNY for 2024, with a growth rate of 36.1% compared to 2023 [5]. - The net profit attributable to shareholders is projected to be 307 million CNY in 2024, marking a growth rate of 508.7% [5]. - Earnings per share (EPS) are expected to be 1.16 CNY in 2024, with a PE ratio of 25 [5]. Market Position and Strategy - The company has secured multiple large-scale integrated structural component contracts from various automotive clients, indicating strong market demand and a solid competitive position [1]. - Recent contracts with foreign clients are expected to generate sales of 1.0 to 1.2 billion CNY over a project lifecycle of five years, starting production in 2026 [1]. - The company is actively expanding its global footprint through acquisitions, which is anticipated to accelerate growth and enhance market presence [1]. Customer Dynamics - The company is a key supplier for Huawei's Seres brand, providing aluminum die-cast components for several models, which are seeing significant sales growth [1]. - The new models from core customers are expected to significantly increase production capacity utilization, leading to improved financial performance [1].

Financial Performance Expectations - The company expects a net profit attributable to shareholders of the parent company for the first half of 2024 to be between 60 million and 80 million yuan, an increase of 49.57 million to 69.57 million yuan compared to the same period last year, representing a year-on-year increase of 475.19% to 666.91%[2]. - The estimated net profit attributable to shareholders of the parent company for the first half of 2024 is projected to be between 70 million and 90 million yuan, reflecting an increase of 56.09 million to 76.09 million yuan year-on-year, which corresponds to a growth of 403.21% to 546.99%[10]. - The company anticipates operating revenue of approximately 3,078 million yuan for the first half of 2024, indicating a year-on-year growth of about 20.16%[17]. Factors Driving Profit Growth - The profit increase is primarily driven by the launch of new models by domestic electric vehicle customers and the incremental production from existing projects, leading to higher product output and revenue[17]. - The proportion of revenue from body structure components and integrated large castings has increased due to the launch of new models, contributing to profit growth[17]. Operational Challenges and Improvements - The company has noted that previous delivery issues at certain factories of Bailian Group are gradually improving[17]. Forecast Accuracy and Investment Risks - The profit forecast data is based on preliminary calculations and has not been audited by registered accountants, with no significant uncertainties affecting the accuracy of the forecast[7][13]. - The company emphasizes the importance of investors being aware of investment risks as the forecast data is subject to change pending the official release of the 2024 semi-annual report[16].

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| 证券代码：603348 | 证券简称：文灿股份 | 公告编号：2024-030 | | --- | --- | --- | | 转债代码：113537 | 转债简称：文灿转债 | | 文灿集团股份有限公司 董事会 2024 年 7 月 10 日 1 / 1 文灿集团股份有限公司（以下简称"公司"）向特定对象发行 A 股股票（以 下简称"本次发行"）发行承销总结相关文件已经上海证券交易所备案通过，公 司将根据相关规定尽快办理本次发行新增股份的登记托管手续。 本次发行的具体情况详见公司同日于上海证券交易所网站（www.sse.com.cn） 披露的《文灿集团股份有限公司向特定对象发行股票发行情况报告书》等文件。 特此公告。 文灿集团股份有限公司 关于向特定对象发行股票情况的提示性公告 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。 ...

| 1 - 2 | | --- | | 3 | | 4 | 2024 70044603_B01 A 2024 7 8 | | | A 2024 7 4 2024 7 4 A 1602 - 2022 10 25 2022 11 11 2022 2023 2 24 2023 3 15 2023 2023 10 13 2023 10 30 2023 2024 5 20 A 2023 1599 2023 7 20 44,214,519.00 1.00 2024 7 4 1,046,999,809.92 A 1. 2. 1 验资报告 (续) 安永华明（2024）验字第70044603_B01号 (本页无正文) 安永华明会计 伙) 01030037 中国注册会计师: 仰 君 2024 年 7 月 8 日 中国 北京 A member firm of Ernst & Young Global Limited 2 中国注册会计师: 张 下 1 1998 9 4 2018 4 26 603348 2024 7 4 320766254539 1,046,999,809.92 3 2024 7 4 320766254539 | 1 ...

北京海润天睿律师事务所 关于文灿集团股份有限公司向特定对象发行股票 发行过程和认购对象合规性的 法律意见 中国·北京 二〇二四年七月 朝阳区建外大街甲 14 号广播大厦 5/9/10/13/17 层 邮政编码：100022 电话：（010）65219696 传真：（010）88381869 法律意见 北京海润天睿律师事务所 关于文灿集团股份有限公司向特定对象发行股票 发行过程和认购对象合规性的 法律意见 致：文灿集团股份有限公司 根据发行人与北京海润天睿律师事务所（以下简称"本所"）签订的《法律 服务协议》，本所接受发行人的委托，担任本次发行的专项法律顾问。 就本次发行事项，本所已出具《北京海润天睿律师事务所关于文灿集团股份 有限公司向特定对象发行股票的法律意见》（[2023]海字第 001 号，以下简称《法 律意见》）、《北京海润天睿律师事务所关于文灿集团股份有限公司向特定对象发 行股票的补充法律意见》（[2023]海字第 001-1 号）、《北京海润天睿律师事务所关 于文灿集团股份有限公司向特定对象发行股票的补充法律意见（二）》（[2023]海 字第 001-2 号），《北京海润天睿律师事务所关于文灿集团 ...

（一）发行股票的种类和面值 关于文灿集团股份有限公司 向特定对象发行股票 发行过程和认购对象合规性的报告 经中国证券监督管理委员会（以下简称"中国证监会"）《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）批 复，同意文灿集团股份有限公司（以下简称"文灿股份"、"发行人"、"公司"） 向特定对象发行股票的注册申请。 中信建投证券股份有限公司（以下简称"中信建投证券"、"主承销商"或"保 荐人（主承销商）"）作为文灿股份本次向特定对象发行股票的保荐人（主承销商）， 对发行人本次发行过程及认购对象的合规性进行了核查，认为文灿股份本次发行 过程及认购对象符合《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》"）、《上市公司证券发行注册管理办法》 （以下简称"《注册办法》"）、《证券发行与承销管理办法（2023 修订）》（以下简 称"《管理办法》"）、《上海证券交易所上市公司证券发行与承销业务实施细则》 （以下简称"《实施细则》"）等有关法律、法规、规章制度的要求及文灿股份有 关本次发行的董事会、股东大会决议，现将本次发 ...

证券代码：603348 证券简称：文灿股份 转债代码：113537 转债简称：文灿转债 文灿集团股份有限公司 向特定对象发行股票 发行情况报告书 保荐人（主承销商） 二〇二四年七月 1 记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法 律责任。 全体董事签名： 唐杰雄 唐杰邦 高军民 易曼丽 高 巍 安 林 王国祥 全体监事签名： 赵海东 唐健裕 曹 飞 其他高级管理人员签名： 黄玉锋 李史华 刘世博 文灿集团股份有限公司 年 月 日 2 发行人全体董事、监事及高级管理人员声明 公司及全体董事、监事及高级管理人员承诺本发行情况报告书不存在虚假 | 发行人全体董事、监事及高级管理人员声明 | 2 | | --- | --- | | | 释 义 4 | | | 第一节 本次发行的基本情况 5 | | | 一、本次发行履行的相关程序 5 | | | 二、本次发行的基本情况 7 | | | 三、本次发行对象的基本情况 13 | | | 四、本次发行的相关机构 22 | | | 第二节 本次发行前后公司相关情况对比 25 | | | 一、本次发行前后前十名股东情况对比 25 | | | 二、本次发行 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 29.31 CNY per share on July 10, 2024, corresponding to a PE ratio of 19 for 2024, 13 for 2025, and 10 for 2026 [9][8]. Core Insights - The company has achieved breakthroughs in securing contracts for body structure components from foreign clients, indicating strong recognition of its capabilities in lightweight product development and production assurance [8]. - The company is positioned as a leader in integrated die-casting, actively engaging with top-tier new energy vehicle manufacturers, which is expected to drive significant revenue growth starting in 2024 [8]. - The core customer, a key supplier to Huawei's Seres brand, has shown substantial volume increases, which is anticipated to enhance the company's performance [8]. Financial Forecasts - Revenue projections for the company are as follows: 51.01 billion CNY in 2023, increasing to 76.49 billion CNY in 2024, 95.23 billion CNY in 2025, and 115.14 billion CNY in 2026, reflecting growth rates of -2.4%, 49.9%, 24.5%, and 20.9% respectively [8][11]. - The net profit attributable to shareholders is forecasted to rise from 500 million CNY in 2023 to 4.17 billion CNY in 2024, 5.97 billion CNY in 2025, and 7.55 billion CNY in 2026, with growth rates of -78.8%, 726.6%, 43.1%, and 26.6% respectively [8][11]. - Earnings per share (EPS) are expected to increase from 0.19 CNY in 2023 to 1.58 CNY in 2024, 2.26 CNY in 2025, and 2.86 CNY in 2026 [8][11]. Key Projects and Contracts - The company’s subsidiary, Tianjin Xiongbang, has been selected as a supplier for a German automotive manufacturer for electric motor housing, with an estimated total sales amount of 700 million to 800 million CNY over a five-year project lifecycle starting in Q2 2026 [8]. - Another subsidiary, Jiangsu Xiongbang, has secured a contract for body structure components from a foreign electric vehicle brand, with projected sales of 300 million to 400 million CNY over a five-year lifecycle starting in Q4 2026 [8].