| 证券代码：603730 | 证券简称：岱美股份 公告编号：2024-026 | | --- | --- | | 债券代码：113673 | 债券简称：岱美转债 | 上海岱美汽车内饰件股份有限公司 关于债券持有人及其一致行动人持有 可转换公司债券比例变动达 10%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。 上海岱美汽车内饰件股份有限公司（以下简称"公司"）于2024年5月16日 收到公司控股股东浙江舟山岱美投资有限公司（以下简称"岱美投资"）及其一 致行动人姜银台先生、姜明先生、叶春雷先生的通知，2024年2月19日至2024年5 月16日期间，岱美投资、姜银台先生、姜明先生、叶春雷先生通过上海证券交易 所交易系统以集中竞价和大宗交易方式合计减持"岱美转债"942,510张，占发 行总量的10.38%。具体情况如下： 一、可转换公司债券配售情况 根据中国证券监督管理委员会《关于同意上海岱美汽车内饰件股份有限公 司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕1273 号） 同意注册，公司于 20 ...

| 证券代码：603730 | 证券简称：岱美股份 公告编号：2024-025 | | --- | --- | | 债券代码：113673 | 债券简称：岱美转债 | 上海岱美汽车内饰件股份有限公司（以下简称"公司"）于 2023 年 8 月 17 日召开了第六届董事会第六次会议和第六届监事会第六次会议，审议通过了《关 于使用闲置募集资金暂时补充流动资金的议案》，同意使用不超过人民币 30,000.00 万元闲置募集资金暂时补充流动资金，使用期限不超过董事会审议通 过之日起 12 个月，到期将及时足额归还至相关募集资金专户。具体内容详见公 司于 2023 年 8 月 18 日披露的《上海岱美汽车内饰件股份有限公司关于使用闲置 募集资金暂时补充流动资金的公告》（公告编号：2023-065）。 2024 年 5 月 14 日，公司已将实际用于暂时补充流动资金的 30,000.00 万元 闲置募集资金全部归还至募集资金专用账户。 特此公告。 上海岱美汽车内饰件股份有限公司董事会 上海岱美汽车内饰件股份有限公司 关于归还暂时补充流动资金的闲置募集资金的公告 2024 年 5 月 15 日 本公司董事会及全体董事保证本 ...

本报告版权归"中泰证券股份有限公司"所有。事先未经本公司书面授权，任何机构和个人，不得对本报告 进行任何形式的翻版、发布、复制、转载、刊登、篡改，且不得对本报告进行有悖原意的删节或修改。 - 5 - 请务必阅读正文之后的重要声明部分 [Table_Industry] 岱美股份(603730.SH)/汽车 证券研究报告/公司点评 2024 年 5 月 7 日 [评Ta级ble：_T买itle入] （维持） 市场价格：12.82 元 分析师：何俊艺 执业证书编号：S0740523020004 分析师：刘欣畅 执业证书编号：S0740522120003 分析师：毛䶮玄 执业证书编号：S0740523020003 Email：hejunyi@zts.com.cn [公Ta司ble盈_F利in预anc测e1及] 估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 5,146 5,861 6,975 8,370 9,960 增长率 yoy% 22% 14% 19% 20% 19% 净利润（百万元） 570 654 844 1,022 1,226 增长率 yoy% 37% 15% 2 ...

| --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 5,146 | 5,861 | 7,005 | 8,276 | 9,967 | | 同比（ % ） | 22.27 | 13.90 | 19.51 | 18.15 | 20.43 | | 归母净利润（百万元） | 569.81 | 653.98 | 865.13 | 1,038.48 | 1,268.97 | | 同比（ % ） | 36.95 | 14.77 | 32.29 | 20.04 | 22.20 | | EPS- 最新摊薄（元 / 股） | 0.45 | 0.51 | 0.68 | 0.82 | 1.00 | | P/E （现价 & 最新摊薄） | 28.51 | 24.84 | 18.78 | 15.65 ...

Investment Rating - The report maintains a "Buy" rating for the company, citing its leadership in the sunshade market and expansion into ceiling business as key factors for growth [2][15]. Core Insights - The company is projected to achieve a net profit of 865.13 million yuan in 2024, 1,038.48 million yuan in 2025, and 1,268.97 million yuan in 2026, with corresponding EPS of 0.68 yuan, 0.82 yuan, and 1.00 yuan respectively [2][5]. - The company has a significant market share in the sunshade business, exceeding 40% globally, and is expanding into headrest and ceiling products, which are expected to contribute to revenue growth [29]. - The financial forecasts indicate a steady increase in total revenue from 5,861 million yuan in 2023 to 9,967 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 20.43% [5][8]. Financial Summary - Total revenue for 2023 is reported at 5,861 million yuan, reflecting a year-on-year growth of 13.90% [8]. - The company’s net profit for 2023 is 653.98 million yuan, with a growth rate of 14.77% compared to the previous year [8]. - The projected P/E ratios for the upcoming years are 24.84 for 2023, 18.78 for 2024, 15.65 for 2025, and 12.80 for 2026, indicating a decreasing trend which may enhance attractiveness for investors [2][5].

表 1：可比公司估值比较 Tabl e_Disclai mer 分析师申明 未评级：由于在报告发出之时该行业不在本公司研究覆盖范围内，分析师基于当时对该行业 的研究状况，未给予投资评级等相关信息。 岱美股份季报点评 —— 1季度毛利率改善，顶棚业务将助力单车配套价值量提升 增持：相对强于市场基准指数收益率 5%～15%； 核心观点 盈利预测与投资建议 ⚫ 1.79 岱美股份 603730.SH 公司研究 | 季报点评 | --- | --- | --- | --- | --- | |-------------|--------|--------|--------|---------| | | | | | | | | | | | | | | 1 周 | 1 月 | 3 月 | 12 月 | | 绝对表现 % | 13.6 | 12.11 | 0.63 | 4.97 | | 相对表现 % | 10.8 | 10.22 | -10.44 | 15.51 | | 沪深 300% | 2.8 | 1.89 | 11.07 | -10.54 | | --- | --- | |--------|-------------- ...

买入（维持） [Table_Main] 证券研究报告 | 公司点评 岱美股份(603730.SH) 2024 年 05 月 01 日 资格编号：S0120523100001 邮箱：dengjq＠tebon.com.cn 赵悦媛 资格编号：S0120523100002 邮箱：zhaoyy5＠tebon.com.cn 赵启政 资格编号：S0120523120002 邮箱：zhaoqz＠tebon.com.cn 研究助理 秦梓月 所属行业：汽车/汽车零部件 当前价格(元)：12.78 证券分析师 邓健全 市场表现 -17% 0% 17% 34% 51% 69% 岱美股份 沪深300 -34% | --- | --- | --- | --- | |--------------------------------|----------------|--------------|-------| | 2023-05 \n沪深 300 对比 | 2023-09 \n1M | 2024-01 \n2M | 3M | | 绝对涨幅 (%) | 12.11 | -5.19 | 3.65 | | 相对涨幅 (%) | 10.21 ...

| 证券代码：603730 | 证券简称：岱美股份 公告编号：2024-024 | | --- | --- | | 债券代码：113673 | 债券简称：岱美转债 | 上海岱美汽车内饰件股份有限公司 关于参加 2024 年上海辖区上市公司 年报集体业绩说明会的公告 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： 投资者可于2024年5月9日(星期四)16:00前通过公司邮箱IR@daimay.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 上海岱美汽车内饰件股份有限公司（以下简称"公司"）已于 2024 年 4 月 30 日发布公司《2023 年年度报告》和《2024 年第一季度报告》，为便于广大投资 者更全面深入地了解公司经营成果、财务状况，公司计划于 2024 年 5 月 10 日 下午 15:00-16:00 参加"2024 年上海辖区上市公司年报集体业绩说明会"活动， 就投资者关心的问题进行交流。现将有关事项公告如下： 一、 说明会类型 本次业绩说明会将采用网络在线交流方式举行，届时 ...

Financial Performance - The company's operating revenue for 2023 reached ¥5,861,303,565.61, representing a 13.90% increase compared to ¥5,145,797,058.61 in 2022[23]. - Net profit attributable to shareholders was ¥653,978,430.10, up 14.77% from ¥569,811,537.05 in the previous year[23]. - The net profit after deducting non-recurring gains and losses increased by 25.98% to ¥678,983,320.17 from ¥538,979,630.67 in 2022[23]. - Cash flow from operating activities saw a significant increase of 155.44%, totaling ¥624,421,448.38 compared to ¥244,447,608.01 in 2022[23]. - The total assets of the company grew by 19.02% to ¥6,925,186,608.83 from ¥5,818,302,122.29 at the end of 2022[23]. - Basic earnings per share rose to ¥0.51, reflecting a 13.33% increase from ¥0.45 in 2022[24]. - The weighted average return on equity increased to 15.05%, up from 13.92% in the previous year[24]. - The company achieved a revenue of RMB 5.861 billion, a year-on-year increase of 13.90%, and a net profit attributable to shareholders of RMB 654 million, up 14.77% year-on-year[32]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of 4.00 CNY per 10 shares and issue 3 bonus shares for every 10 shares held, pending shareholder approval[6]. - The company declared a cash dividend of CNY 508,539,684.80, which accounts for 77.76% of the net profit attributable to ordinary shareholders in the consolidated financial statements[137]. - Each shareholder will receive a cash dividend of CNY 4.00 per share, along with a stock dividend of 10 shares for every 10 shares held[137]. - The total shares held by Chairman Jiang Yintai increased from 137,681,311 to 185,869,770, a change of 48,188,459 shares due to capital reserve conversion[105]. - Vice Chairman and President Jiang Ming's shares rose from 86,624,610 to 116,943,224, reflecting an increase of 30,318,614 shares, also from capital reserve conversion[105]. - The total number of ordinary shareholders decreased from 12,987 to 10,443 during the reporting period[197]. Corporate Governance - The company has received a standard unqualified audit report from Lixin Certified Public Accountants[5]. - The board of directors has confirmed that all members attended the board meeting, ensuring accountability for the report's accuracy[4]. - The company strictly adhered to the principles and requirements of the Company Law, Securities Law, and Corporate Governance Guidelines, continuously improving its governance systems[98]. - The company held its shareholder meetings in compliance with regulations, ensuring all shareholders, especially minority shareholders, could exercise their rights equally[98]. - The company has established a dedicated department for investor relations management to enhance communication with stakeholders[100]. - The company has not faced any penalties from securities regulatory authorities in the past three years[117]. - The company has a robust governance structure in place, with commitments from directors and senior management to limit share transfers during their tenure[149]. Risk Management - The company has outlined potential risks in its future development strategy, which investors should be aware of[11]. - The company faces risks related to cyclical fluctuations in the automotive industry, which are closely tied to macroeconomic conditions[92]. - The company is exposed to risks from price volatility of key raw materials, which significantly impacts production costs[93]. - The company has a concentrated customer base, including major global automakers, which poses risks if demand from these customers declines[94]. - The company is committed to maintaining high product quality standards to mitigate potential recall risks associated with defective parts[94]. Research and Development - The company focused on enhancing R&D investment and optimizing talent allocation to improve competitiveness amid challenging market conditions[30]. - The company increased its R&D expenses to RMB 229 million, a rise of 10.55% compared to the previous year, indicating a commitment to innovation[55]. - The company has a strong R&D team with extensive experience in developing products for major automotive manufacturers, contributing to its competitive edge in the market[47]. - The company has achieved technological leadership in synchronous development, allowing it to meet the fast-paced demands of automotive manufacturers[46]. Market Position and Strategy - The company is a leading manufacturer of automotive interior parts, with production bases and R&D centers in multiple countries including the USA, France, and Mexico[36]. - The company has established partnerships with major global automakers, including Tesla, BMW, and Toyota, ensuring a robust supply chain[36]. - The company aims to enhance its global supply capabilities in automotive interior components, focusing on products like sun visors and headrests[88]. - The company plans to expand its product offerings from individual interior components to integrated roof systems, targeting markets in North America, Europe, and domestically[89]. - The company is exploring potential mergers and acquisitions to further strengthen its market position and diversify its product offerings[106]. Environmental and Social Responsibility - The company has committed to environmental protection, with measures in place to manage waste and emissions effectively, ensuring compliance with relevant standards[144]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[143]. - The company has taken measures to reduce carbon emissions, including energy-saving upgrades to equipment[146]. Employee Management - The total number of employees in the company and its main subsidiaries is 8,677, with 6,569 in production, 1,023 in technology, and 542 in management[128]. - The company has established a salary management system that includes basic salary, position salary, performance salary, overtime pay, bonuses, and allowances to motivate employees and align with economic performance[129]. - The company’s training plan includes skill training for ordinary employees and targeted training for technology and management personnel[131].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 1,589,268,589.07, representing a year-on-year increase of 15.83%[6] - The net profit attributable to shareholders of the listed company was CNY 195,127,615.85, up 26.85% compared to the same period last year[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 204,917,490.23, reflecting a significant increase of 48.59%[6] - Basic and diluted earnings per share were both CNY 0.15, an increase of 25.00%[9] - Total operating revenue for Q1 2024 reached ¥1,589,268,589.07, an increase of 15.9% compared to ¥1,372,067,041.60 in Q1 2023[30] - Net profit for Q1 2024 was ¥195,127,615.85, representing a 27% increase from ¥153,819,499.64 in Q1 2023[34] - Earnings per share for Q1 2024 were ¥0.15, compared to ¥0.12 in Q1 2023, reflecting a 25% increase[36] Cash Flow - The net cash flow from operating activities reached CNY 157,691,526.41, marking a substantial increase of 153.01%[9] - Cash flow from operating activities in Q1 2024 was ¥1,876,667,962.87, a significant rise from ¥1,242,775,763.90 in Q1 2023[38] - Net cash flow from operating activities amounted to ¥157,691,526.41, a significant improvement from a negative ¥297,451,686.35 in the previous period[42] - Cash received from tax refunds was ¥62,128,162.82, an increase from ¥49,353,600.15 in the previous year[42] - Cash paid to employees increased to ¥373,744,290.84 from ¥316,752,984.70, reflecting a growth of approximately 18%[42] - Cash outflow for financing activities totaled ¥457,773,415.14, compared to ¥205,482,500.00 in the prior period, resulting in a net cash flow from financing activities of -¥337,773,415.14[44] - The net increase in cash and cash equivalents was -¥72,932,243.05, worsening from -¥24,525,426.24 year-over-year[44] Assets and Liabilities - Total assets at the end of the reporting period were CNY 6,810,136,872.10, a decrease of 1.66% from the end of the previous year[9] - The company's current assets totaled CNY 4,418,070,286.79, slightly down from CNY 4,471,687,380.04 in the previous period[24] - The company's total liabilities decreased to CNY 1,021,822,468.12 from CNY 1,347,300,632.25, indicating a decline of approximately 24.14%[27] - Total liabilities decreased to ¥2,115,973,460.10 in Q1 2024 from ¥2,407,035,228.57 in the previous year, indicating a reduction of approximately 12.1%[29] - Shareholders' equity attributable to the listed company was CNY 4,694,163,412.00, an increase of 3.90% compared to the end of the previous year[9] - Total equity attributable to shareholders increased to ¥4,694,163,412.00 in Q1 2024, up from ¥4,518,151,380.26 in Q1 2023, marking a growth of 3.9%[29] Expenses - Total operating costs for Q1 2024 were ¥1,354,715,932.40, up 12.5% from ¥1,203,500,186.24 in Q1 2023[30] - Research and development expenses for Q1 2024 were ¥49,387,929.29, slightly down from ¥50,652,015.13 in Q1 2023[34] - The company reported a decrease in financial expenses to ¥17,490,117.63 in Q1 2024 from ¥38,742,637.26 in Q1 2023, a reduction of approximately 54.9%[34] Other Financial Metrics - The weighted average return on net assets was 4.24%, an increase of 0.69 percentage points compared to the previous year[9] - The company reported non-recurring gains and losses totaling CNY -15,627,810.99, primarily from fair value changes of financial assets and liabilities[10] - Other comprehensive income after tax for Q1 2024 was -¥19,125,091.52, compared to -¥15,779,170.33 in Q1 2023, indicating a decline in comprehensive income[36] - The company experienced a foreign exchange gain of ¥69,560,109.20, compared to ¥12,542,463.25 in the previous period, showing a significant increase[44]