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].

关于独立董事 2023 年度独立性自查情况的专项意见 根据中国证券监督管理委员会《上市公司独立董事管理办法》《上海证券交 易所上市公司自律监管指引第 1 号——规范运作》的规定，独立董事应当每年对 独立性情况进行自查，并将自查情况提交董事会。董事会应当每年对在任独立董 事独立性情况进行评估并出具专项意见。基于此，文灿集团股份有限公司（以下 简称"公司"）董事会根据法规并结合独立董事高巍、安林、王国祥出具的《独 立董事关于独立性自查情况的报告》，就公司在任独立董事的独立性情况进行评 估，出具如下专项意见： 文灿集团股份有限公司 第四届董事会第五次会议资料 经核查公司独立董事高巍、安林、王国祥的任职经历以及签署的相关自查文 件，董事会确认公司全体独立董事均具备胜任独立董事岗位的资格。公司独立董 事未在公司担任除独立董事以外的任何职务，也未在公司主要股东公司担任任何 职务，与公司以及主要股东之间不存在利害关系或其他可能妨碍其进行独立客观 判断的关系。 综上所述，公司全体独立董事不存在影响独立董事独立性的情形，符合中国 证券监督管理委员会《上市公司独立董事管理办法》《上海证券交易所上市公司 自律监管指引第 1 号—— ...

| 证券代码：603348 | 证券简称：文灿股份 公告编号：2024-008 | | --- | --- | | 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 2024 年续聘会计师事务所的公告 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： 拟聘任的会计师事务所名称：安永华明会计师事务所（特殊普通合伙） 2024 年 4 月 25 日，文灿集团股份有限公司（以下简称"本公司"）第四届 董事会第五次会议审议通过关于本公司 2024 年续聘会计师事务所的议案，本公 司拟续聘安永华明会计师事务所（特殊普通合伙）（以下简称"安永华明"）为本 公司 2024 年度财务报告和内部控制审计机构，拟续聘会计师事务所情况如下： 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 安永华明会计师事务所（特殊普通合伙）（以下简称"安永华明"），于 1992 年 9 月成立，2012 年 8 月完成本土化转制，从一家中外合作的有限责任制事务 所转制为特殊普通合伙制事务所。安永华明总部设 ...

文灿集团股份有限公司 2023 年度募集资金存放与实际使用情况鉴证报告 2023 年 12 月 31 日 募集资金存放与实际使用情况鉴证报告 安永华明（2024）专字第70044603_B03号 文灿集团股份有限公司 文灿集团股份有限公司董事会： 我们接受委托，对后附的文灿集团股份有限公司2023年度募集资金存放与实际使 用情况的专项报告（"募集资金专项报告"）进行了鉴证。按照《上市公司监管指引 第2号——上市公司募集资金管理和使用的监管要求》、《上海证券交易所上市公司自 律监管指引第1号——规范运作》及相关格式指南编制募集资金专项报告，并保证其内 容真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏是文灿集团股份有限 公司董事会的责任。我们的责任是在执行鉴证工作的基础上对募集资金专项报告独立 发表鉴证意见。 我们按照《中国注册会计师其他鉴证业务准则第3101号——历史财务信息审计或 审阅以外的鉴证业务》的规定执行了鉴证业务。该准则要求我们计划和执行鉴证工 作，以对募集资金专项报告是否不存在重大错报获取合理保证。在鉴证过程中，我们 实施了包括了解、抽查、核对以及我们认为必要的其他程序。我们相信，我们的鉴证 ...