证券代码：603408 证券简称：建霖家居 公告编号：2024-056 厦门建霖健康家居股份有限公司 2024 年三季度权益分派实施公告 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： 每股分配比例 A 股每股现金红利 0.23 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/11/29 | － | 2024/12/2 | 2024/12/2 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 11 月 11 日的 2024 年第二次临时股东大会审议通过。 二、 分配方案 1. 发放年度：2024 年三季度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 差异化分红送转方案： （1）差异化分红送转方案 ...

法律意见书 北京海润天睿律师事务所 关于厦门建霖健康家居股份有限公司 差异化分红事项之法律意见书 北京市朝阳区建外大街甲 14 号广播大厦 5/9/10/13/17 层 电话：010-65219696 传真：010-88381869 二〇二四年十一月 法律意见书 北京海润天睿律师事务所 关于厦门建霖健康家居股份有限公司 差异化分红事项之法律意见书 致：厦门建霖健康家居股份有限公司 北京海润天睿律师事务所(以下简称本所)接受厦门建霖健康家居股份有限 公司（以下简称建霖家居、公司）委托，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》）、 中国证券监督管理委员会（以下简称中国证监会）《上海证券交易所上市公司 回购股份实施细则》（以下简称《回购细则》）等相关法律、行政法规、部门 规章及其他规范性文件（以下简称法律法规）以及《厦门建霖健康家居股份有 限公司章程》（以下简称《公司章程》），就建霖家居 2024 年三季度利润分配 实施所涉及的差异化分红（以下简称"本次差异化分红"）相关事项出具本法 律意见书。 对本所出具的本法律意见书，本所律师声明如下： 1、本所律师承 ...

Investment Rating - The investment rating for the company is "Buy" with a target price set at 13.11 CNY, maintained for the next six months [2]. Core Views - The company reported a revenue of 1.3 billion CNY in Q3 2024, representing a 10% year-on-year increase, and a net profit of 140 million CNY, up 5% year-on-year [2]. - For the first three quarters of 2024, the company achieved a total revenue of 3.8 billion CNY, a 22% increase year-on-year, and a net profit of 400 million CNY, which is a 37% increase year-on-year [2]. - The gross margin for the first three quarters of 2024 was 26.29%, an increase of 1 percentage point, while the net margin was 10.49%, up 1.1 percentage points [2]. - The company is expanding its international presence with production bases in Thailand and Mexico, enhancing its ability to respond to customer needs and improving operational efficiency [3][4]. Financial Performance Summary - The company’s revenue for 2022 was 4.19 billion CNY, with a projected growth rate of 15.71% for 2024, reaching approximately 5.01 billion CNY [6][9]. - The net profit for 2022 was 458.06 million CNY, with an expected increase to 516.09 million CNY in 2024, reflecting a growth rate of 21.48% [6][9]. - The earnings per share (EPS) for 2022 was 1.02 CNY, projected to rise to 1.15 CNY in 2024 [6][9]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 12.81 in 2022 to 11.37 in 2024, indicating improved valuation [6][9]. Production Base Expansion - The Thailand production base has been operational for five years, with a total designed capacity of approximately 1.2 billion CNY, and is expected to optimize efficiency further [3]. - The Mexico production base is a strategic move to enhance proximity to North American customers, with an investment of 4 million USD, aiming to start production by mid-next year [3][4].

一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 113 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 341,398,253 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例（%） | 76.4574 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次大会由公司董事会召集，会议以现场投票和网络投票相结合的方式进行 表决，由董事长陈岱桦先生主持。会议召集、召开及表决方式符合《公司法》和 《公司章程》等有关规定。 (五) 公司董事、监事和董事会秘书的出席情况 (一) 股东大会召开的时间：2024 年 11 月 11 日 (二) 股东大会召开的地点：厦门市集美区天凤路 69 号办公楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 证券代码：603408 证券简称：建霖家居 公告编号：2024-055 厦门建霖健康家居股份有限公司 2024 年第二次临时股东大会决议公告 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、 ...

股东大会法律意见书 北京海润天睿律师事务所 关于厦门建霖健康家居股份有限公司 2024 年第二次临时股东大会的法律意见书 中国·北京 朝阳区建外大街甲 14 号广播大厦 5/9/10/13/17 层 二〇二四年十一月 股东大会法律意见书 北京海润天睿律师事务所 关于厦门建霖健康家居股份有限公司 2024 年第二次临时股东大会的法律意见书 致：厦门建霖健康家居股份有限公司 北京海润天睿律师事务所（以下简称本所）接受厦门建霖健康家居股份有限 公司（以下简称公司）的委托，指派律师吴团结、杜羽田出席公司 2024 年第二 次临时股东大会并对本次股东大会进行律师见证。 对本法律意见书的出具，本所律师特作如下声明： 1、本所律师仅就本次会议的召集、召开程序、出席本次股东大会的人员资 格、召集人资格、本次股东大会的表决方式、表决程序及表决结果发表意见，不 对本次会议所审议的议案内容及该等议案所表述的事实或数据的真实性、准确性 和完整性发表意见。 2、本所律师无法对网络投票过程进行见证，参与本次会议网络投票的股东 资格、网络投票结果均由相应的证券交易所交易系统和互联网投票系统予以认证。 3、本所及经办律师依据《中华人民共和国 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected return that exceeds the market index by more than 15% [1][13]. Core Insights - The company has shown strong revenue growth, with a 22.2% year-on-year increase in revenue for the first three quarters, reaching 3.78 billion yuan, and a net profit increase of 36.7% to 397 million yuan [3][4]. - The overseas market is a significant growth driver, with approximately 78% of revenue coming from international sales, particularly in North America and Europe [4]. - The company is expanding its production capacity in Thailand and plans to establish a new base in Mexico to enhance responsiveness to customer demands [4]. - Future revenue projections indicate a growth trajectory, with expected revenues of 5.11 billion yuan in 2024, 5.91 billion yuan in 2025, and 7.04 billion yuan in 2026, reflecting year-on-year growth rates of 17.9%, 15.6%, and 19.3% respectively [5]. Financial Summary - The company reported a total revenue of 4.186 billion yuan in 2022, with projections of 4.334 billion yuan for 2023 and 5.109 billion yuan for 2024 [3][10]. - The net profit attributable to shareholders is projected to grow from 511 million yuan in 2024 to 704.75 million yuan in 2026, with corresponding growth rates of 20.3% and 19.3% [5][10]. - The earnings per share (EPS) is expected to increase from 1.142 yuan in 2024 to 1.575 yuan in 2026 [5][10]. - The company maintains a healthy cash flow, with a net cash flow from operating activities of 5.16 billion yuan, reflecting a 30.3% increase year-on-year [6].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue increase of 22.2% year-on-year for the first three quarters, achieving a total revenue of 3.78 billion yuan and a net profit attributable to shareholders of 397 million yuan, reflecting a growth of 36.7% [3][4] - The company plans to distribute a mid-term cash dividend of 103 million yuan, which will bring the total cash dividends since its IPO to 1.01 billion yuan, exceeding the IPO fundraising amount [3][4] - The overseas market continues to show strong performance, with approximately 78% of revenue coming from international markets, particularly North America and Europe [4] - The company is expanding its overseas production capacity, with ongoing developments in its Thailand base and plans for a new facility in Mexico, which is expected to enhance responsiveness to the North American market [4] Financial Summary - The company forecasts revenues of 5.11 billion yuan, 5.91 billion yuan, and 7.04 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 17.9%, 15.6%, and 16.3% [5] - The projected net profit attributable to shareholders for the same period is expected to grow at rates of 20.3%, 15.6%, and 19.3% [5] - The company maintains a healthy cash flow with a high dividend payout ratio, indicating strong financial stability [5] - The estimated reasonable price-to-earnings ratio for 2024 is between 14-16 times, with a target price range of 16.0 yuan to 18.3 yuan [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [8]. Core Insights - The company reported Q3 2024 results that met expectations, with revenue of 3.77 billion yuan for the first three quarters, a year-on-year increase of 22.2%, and a net profit of 397 million yuan, up 36.7% year-on-year [3][8]. - The company focuses on the kitchen and bathroom market, expanding its product categories to include health-related products, which is expected to contribute to revenue growth [4][8]. - The company is enhancing its overseas operations, particularly in North America and Europe, and has established partnerships with major retailers, which strengthens customer loyalty and competitive advantage [5][8]. - The company is investing in global production capacity, including a new facility in Mexico, which aims to mitigate tariff risks and respond to customer demands [5][8]. - The gross margin for Q3 2024 was 26.1%, slightly down by 1.2 percentage points year-on-year, influenced by currency fluctuations and changes in product mix [6][8]. Financial Summary - For 2024, the company is projected to achieve a net profit of 513 million yuan, with a year-on-year growth rate of 20.7%, and an estimated PE ratio of 12 [9][8]. - Revenue is expected to grow from 4.33 billion yuan in 2023 to 5.10 billion yuan in 2024, reflecting a growth rate of 17.8% [9][8]. - The company’s return on equity (ROE) is projected to be 14.6% in 2024, indicating a solid performance in generating profits from shareholders' equity [9][8].

Group 1: Financial Performance - The company achieved a revenue of 397 million CNY in the first three quarters of 2024, representing a year-on-year increase of 36.36% [1] - The net profit attributable to shareholders reached 377.7 million CNY, up by 22.22% compared to the previous year [1] - The net cash flow from operating activities was 3.66 billion CNY, with a debt-to-asset ratio of 32.11%, a decrease of 1.92 percentage points from the beginning of the period [1] Group 2: Production Expansion - The Thai production base has a total designed capacity of approximately 1.2 billion CNY, with significant improvements in gross and net profit margins in the first three quarters [1] - The Mexican production base is a strategic move to enhance proximity to North American customers, with an investment of 4 million USD planned to establish operations by the end of this year [2] - The Mexican base aims to improve product development efficiency and customer satisfaction while expanding the company's international market share [2] Group 3: Product Development - All major product categories, including kitchen and bathroom fixtures and water purification systems, have shown growth in the first three quarters [2] - The company is expanding its market share in existing customer categories while also penetrating new brand clients in the hardware sector [2] - The company plans to maintain a stable cash dividend policy, with a mid-term dividend expected to be implemented based on the solid financial performance in 2024 [2]

Summary of Conference Call Records Company and Industry Involved - The conference call pertains to a manufacturing company involved in the hardware and water purification sectors, with a focus on international sales and production capabilities. Key Points and Arguments 1. **Currency Exchange Impact**: The company noted that the recent depreciation of the exchange rate to around 7.1 has a positive impact on their financials, particularly in the third and fourth quarters. They have been managing currency risk through a rolling three-month strategy to smooth out potential losses from exchange rate fluctuations [1][1][1]. 2. **Sales Composition**: Over 75% of the company's sales are in foreign markets, primarily settled in USD. This reliance on USD for exports makes them vulnerable to currency fluctuations, emphasizing the importance of their hedging strategies [1][1][1]. 3. **Growth Strategy**: The company plans to focus on expanding product offerings within existing customer bases. The strategy has shown positive results, particularly in the hardware segment, which has seen increased sales driven by major clients [1][1][1]. 4. **Water Purification Segment**: The company is shifting its focus from domestic sales to international markets for its water purification products, which has resulted in significant growth in exports this year [1][1][1]. 5. **Order Visibility and Capacity**: Current order visibility is strong, but the company is facing challenges with production capacity, particularly in international operations. They are accelerating the establishment of production facilities in Thailand to meet demand and mitigate potential trade barriers [2][2][2]. 6. **Client Base in Hardware**: The company has identified key clients in North America, including Kohler, Moen, and Delta, with a low current market share of less than 5%. This presents a significant growth opportunity in the hardware segment [2][2][2]. 7. **Production Challenges in Thailand**: The company is experiencing delays in production due to local supply chain issues, particularly with raw materials. They are working with domestic suppliers to facilitate a smoother transition to international production [4][4][4]. 8. **Profitability in Thailand**: The current profitability in Thailand is around 10%, with expectations that increased production capacity will enhance profit margins in the future [4][4][4]. 9. **Expansion Plans in Mexico**: The company is planning a phased investment of up to $40 million in Mexico, focusing on strategic significance rather than immediate profitability. The plan includes leasing facilities initially, followed by potential land acquisition and construction in the future [5][5][5]. 10. **Future Outlook**: The company aims to achieve a revenue target of approximately $5 billion for the year, with a long-term growth target of 15% annually. Specific goals for the next year will be finalized after a key decision in November [6][6][6]. Other Important but Overlooked Content - The company is actively engaging with suppliers to ensure that they can support international operations, which is critical for maintaining order fulfillment and production efficiency [4][4][4]. - The management emphasized the importance of building trust with clients through international operational readiness, which is crucial for securing new projects [5][5][5].