Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [6][17]. Core Views - The company reported a revenue of 770 million in Q2 2024, a year-on-year decrease of 3%, while the net profit attributable to the parent company was 110 million, an increase of 43.2% year-on-year [1]. - The company is focusing on its core business, with stable growth in exports and a mid-term dividend plan to enhance shareholder value [1][2]. - The company is expanding its product lines in the kitchen and bathroom sector, responding to new consumer demands for health-oriented products [3]. Financial Performance - For the first half of 2024, the company achieved a revenue of 1.45 billion, a year-on-year increase of 3.8%, and a net profit of 220 million, up 83.7% year-on-year [1]. - The gross margin for Q2 2024 was 35.2%, an increase of 0.3 percentage points year-on-year, with net profit margin at 14.3%, up 4.6 percentage points year-on-year [2][4]. - The company plans to distribute a cash dividend of 110 million for the mid-term, representing a payout ratio of 49.79% [2]. Product and Market Strategy - The company is deepening its focus on kitchen and bathroom products, upgrading existing offerings and introducing high-performance, high-value-added innovations [3]. - The company is also advancing its beauty and health segment through technological innovations and expanding its customer base globally [1][2]. Supply Chain and Operational Efficiency - The construction of the company's factory in Vietnam is progressing steadily, with production expected to start in the second half of 2025, which will help mitigate tariff risks and ensure operational safety [2]. - The company has effectively managed supply chain risks and maintained stable operational costs despite fluctuations in raw material prices [4].

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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 证券代码：603992 证券简称：松霖科技 公告编号：2024-053 转债代码：603992 转债简称：松霖科技 厦门松霖科技股份有限公司 关于召开 2024 年半年度业绩说明会的公告 会议召开时间：2024 年 09 月 13 日(星期五) 下午 15:00-16:30 会议召开地点：上海证券交易所上证路演中心（网址： 本次投资者说明会以视频结合网络互动召开，公司将针对 2024 年半 年度经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信 息披露允许的范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2024 年 09 月 13 日 下午 15:00-16:30 （二） 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） （三） 会议召开方式 ...

每股分配比例 | 证券代码：603992 | 证券简称：松霖科技 | 公告编号：2024-051 | | --- | --- | --- | | 转债代码：113651 | 转债简称：松霖转债 | | 厦门松霖科技股份有限公司 2024 年半年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： A 股每股现金红利 0.27 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 | 2024/9/4 | － | 2024/9/5 | 2024/9/5 | 差异化分红送转： 否 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 5 月 20 日的 2023 年年度股东大会审议通过，授权 董事会全权办理中期利润分配相关事宜，并经公司 2024 年 8 月 19 日召开第三届董事 会第十一次会议审议通过。 二、 分配方案 1. 发放年度：2024 年半年度 ...

| 证券代码：603992 | 证券简称：松霖科技 | 公告编号：2024-052 | | --- | --- | --- | | 转债代码：113651 | 转债简称：松霖转债 | | 厦门松霖科技股份有限公司 一、可转债发行上市概况 经中国证券监督管理委员会《关于核准厦门松霖科技股份有限公司公开发行可转 换公司债券的批复》（证监许可[2022]1240 号）核准，公司于 2022 年 7 月 20 日公开 发行了 610 万张可转换公司债券，每张面值 100 元，发行总额 61,000 万元，期限 6 年。转股的起止时间为 2023 年 1 月 30 日至 2028 年 7 月 19 日，转股价为人民币 16.58 元/股。 调整前转股价格：15.94 元/股 调整后转股价格：15.67 元/股 松霖转债本次转股价格调整实施日期：2024 年 9 月 5 日。 二、历次转股价格调整情况 关于因利润分配调整可转债转股价格的公告 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： 证券停复牌情况：适用 因实施权益分 ...

| 证券代码：603992 | 证券简称：松霖科技 | 公告编号：2024-050 | | --- | --- | --- | | 转债代码：113651 | 转债简称：松霖转债 | | 厦门松霖科技股份有限公司 关于实施权益分派时"松霖转债"停止转股的提示性公 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。 （一）厦门松霖科技股份有限公司（以下简称"公司"）2024 年中期权益分派方 案为：以实施利润分配方案时股权登记日的总股本为基数，向利润分配股权登记日登 记在册的全体股东每 10 股派送 2.70 元（含税）现金红利；不送红股，不进行资本公 积金转增股本，具体内容详见《松霖科技：关于 2024 年中期利润分配方案的公告》（公 告编号：2024-049）。 （二）公司 2024 年中期权益分派方案由董事会根据 2023 年年度股东大会授权， 在符合利润分配条件和上限制定的中期分红方案，《关于 2024 年中期利润分配方案的 议案》已经 2024 年 8 月 19 日召开的第三届董事会第十一次会议审议通过，具体内容 详见 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [1][4]. Core Views - The company's overseas business continues to perform well, leading to expected earnings growth. The report forecasts net profits for 2024-2026 to be 4.82 billion, 5.84 billion, and 7.16 billion respectively, with year-on-year growth rates of 37%, 21%, and 23% [4]. - The company reported a 3.77% year-on-year increase in revenue for the first half of 2024, reaching 1.448 billion, and a significant 83.69% increase in net profit to 221 million [1][2]. - The report highlights a decrease in expense ratios and an increase in net profit margins, with a net profit margin of 15.28%, up 5.54 percentage points year-on-year [1]. Financial Performance Summary - Revenue for 2022 was 3,181 million, with a projected increase to 3,625 million in 2024, reflecting a year-on-year growth rate of 21.5% [1]. - The net profit for 2022 was 261 million, expected to rise to 482 million in 2024, indicating a growth rate of 36.9% [1]. - The company's return on equity (ROE) improved from 12.0% in 2022 to a projected 17.0% in 2024 [1]. - The earnings per share (EPS) increased from 0.64 in 2022 to an expected 1.18 in 2024 [1]. Business Segment Performance - The kitchen and bathroom segment generated 1.271 billion in revenue for the first half of 2024, a year-on-year increase of 6.01%, while the beauty and health segment saw a slight decline [1]. - Overseas revenue reached 1.063 billion in the first half of 2024, up 15.51% year-on-year, while domestic revenue fell by 18.98% to 385 million due to macroeconomic factors [1]. Shareholder Returns - The company announced a cash dividend plan for the first half of 2024, proposing a distribution of 2.7 yuan per 10 shares, totaling 110 million, which represents 49.79% of the net profit [2].

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 26.50 CNY [4][7]. Core Views - The company reported a revenue of 1.448 billion CNY for H1 2024, representing a year-on-year growth of 3.77%. The net profit attributable to shareholders was 221 million CNY, showing a significant increase of 83.69% year-on-year [1]. - The company plans to distribute a cash dividend of 0.27 CNY per share, resulting in a payout ratio of 49.79% for H1 2024 [1]. - The overseas market revenue showed steady growth, with foreign income reaching 1.063 billion CNY, up 15.51% year-on-year, while domestic revenue faced challenges, declining by 18.98% to 385 million CNY [2]. - The gross profit margin for H1 2024 was 35.34%, an increase of 1.02 percentage points year-on-year, while the net profit margin improved to 15.28%, up 5.54 percentage points year-on-year [3]. Financial Performance Summary - For H1 2024, the company achieved a gross profit margin of 35.34%, with a net profit margin of 15.28% [3]. - The company’s revenue projections for 2024-2026 are 3.252 billion CNY, 3.863 billion CNY, and 4.462 billion CNY, respectively, with corresponding net profits of 458 million CNY, 549 million CNY, and 635 million CNY [7][8]. - The company’s PE ratios for 2024, 2025, and 2026 are projected to be 14.7x, 12.2x, and 10.6x, respectively [7][8].

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 26.50 CNY, maintaining the rating [4][8]. Core Views - The company reported a revenue of 1.448 billion CNY for H1 2024, a year-on-year increase of 3.77%, and a net profit of 221 million CNY, up 83.69% year-on-year [1]. - The overseas market revenue showed steady growth, with foreign income reaching 1.063 billion CNY, a 15.51% increase year-on-year, while domestic revenue faced pressure, declining by 18.98% to 385 million CNY [2]. - The company plans to distribute a cash dividend of 0.27 CNY per share, resulting in a payout ratio of 49.79% for H1 2024 [1]. Financial Performance - The gross profit margin for H1 2024 was 35.34%, an increase of 1.02 percentage points year-on-year, while the net profit margin improved to 15.28%, up 5.54 percentage points year-on-year [3]. - The company’s operating expenses decreased significantly due to the divestiture of its home furnishings segment, leading to a notable reduction in sales expenses [3]. - The projected revenue for 2024-2026 is expected to grow to 3.252 billion CNY, 3.863 billion CNY, and 4.462 billion CNY, respectively, with net profits forecasted at 458 million CNY, 549 million CNY, and 635 million CNY [8][9].

Company and Industry Summary Company Overview - The company demonstrated a relatively stable performance in the first half of the year, achieving a slight increase in revenue [1] - Despite the divestiture situation last year, the company managed to achieve over 80% profit growth in the first half of this year, indicating a strong overall performance [1] Key Points - Revenue showed a small wave of growth, reflecting resilience in the company's operations [1] - The significant profit growth is attributed to the company's strategic adjustments following the divestiture [1] Additional Important Content - The presence of key executives, such as Dong Mi and Wu, indicates a focus on transparency and communication with stakeholders regarding the company's performance [1]

证券代码：603992 证券简称：松霖科技 公告编号：2024-047 转债代码：113651 转债简称：松霖转债 厦门松霖科技股份有限公司 关于第三届监事会第十一次会议决议的公告 1 全体监事亲自出席本次监事会。 无监事对本次监事会议案投反对和弃权票。 本次监事会议案全部获审议通过。 2024 年半年度报告的内容与格式符合相关规定，公允地反映了公司 2023 年度的财务状况和经营成果等事项。 监事会对公司 2024 年半年度报告及摘要签署了书面确认意见。 表决结果：3 票同意、0 票弃权、0 票反对 本公司监事会及全体监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： 厦门松霖科技股份有限公司(以下简称"公司")于 2024 年 8 月 19 日以现场表决方式在公司会议室召开第三届监事会第十一次会 议，本次会议通知于 2024 年 8 月 8 日以邮件方式发出。本次会议由 监事会主席李丽英女士主持。会议应出席监事 3 人，全体监事亲自 出席了会议，公司董事会秘书列席了会议。会议的召开符合《公司 法》和《公司章程》等有关规定。出席 ...