Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company achieved a revenue of 2.952 billion yuan in 2024, representing a year-on-year increase of 19.9%, with a net profit attributable to shareholders of 511 million yuan, up 18.6% year-on-year [1] - The company has maintained its position as the world's largest producer of artificial turf for 14 consecutive years, benefiting from cost, product, and scale advantages [1][2] - The company is expected to continue improving its profitability due to internal cost reductions, declining raw material prices, and an increased proportion of high-margin business in the U.S. [1][2] Revenue and Profitability - In 2024, the company generated domestic and overseas revenues of 319 million yuan and 2.616 billion yuan, respectively, with year-on-year growth of 12.5% and 21.0% [2] - The gross profit margin for domestic sales was 35.4%, an increase of 1.7 percentage points year-on-year, while the overseas margin was 29.5%, a decrease of 1.4 percentage points [2] - The company’s gross margin for Q1 2025 was 32.6%, up 2.1 percentage points year-on-year, and the net profit margin was 19.7%, also up 2.1 percentage points [3] Production Capacity and Expansion - As of the end of 2024, the company's total production capacity reached 116 million square meters, with domestic capacity at 56 million square meters and Vietnam's capacity at 60 million square meters [3] - The company is expected to accelerate the transfer of U.S. orders to Vietnam due to significant increases in domestic tariffs [3] Cash Flow and Operational Efficiency - The operating cash flow for Q1 2025 was 59 million yuan, an increase of 38 million yuan year-on-year [4] - The inventory turnover days were 94.84 days, a decrease of 0.88 days year-on-year, while accounts receivable turnover days increased by 2.78 days to 72.28 days [4] Profit Forecast - The company’s net profit attributable to shareholders is projected to be 648 million yuan in 2025, 758 million yuan in 2026, and 870 million yuan in 2027, with corresponding P/E ratios of 12.5X, 10.7X, and 9.3X [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][16]. Core Views - The company has demonstrated strong sales growth, with a revenue increase of 15% year-on-year in Q1 2025, and a projected revenue of 3 billion in 2024, reflecting a 20% growth [1][4]. - The international market is a key driver of growth, contributing 2.6 billion in revenue, which is a 20.85% increase, accounting for 88.91% of total revenue [1][2]. - The company is enhancing its manufacturing efficiency and cost control, leading to significant improvements in material and energy consumption metrics [2]. Financial Performance - In Q1 2025, the company reported a net profit of 160 million, up 29% year-on-year, with a projected net profit of 500 million for 2024, reflecting a 19% increase [1][4]. - The company sold 9.107 million square meters of artificial turf in 2024, marking a 25.48% increase, with leisure turf revenue reaching 2.1 billion, up 22.43% [1][2]. Production Capacity - By the end of 2024, the company will have five production bases in China and Vietnam, with a total production capacity of 172 million square meters of artificial turf expected after the completion of ongoing projects [3][4]. Earnings Forecast - The earnings forecast has been adjusted, with expected net profits of 680 million, 860 million, and 1.1 billion for 2025, 2026, and 2027 respectively, indicating a strong growth trajectory [4][9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Insights - The company reported strong performance in Q1 2025, with revenue of 7.9 billion yuan (up 15.3% year-on-year) and net profit of 1.6 billion yuan (up 28.7% year-on-year). The overall revenue for 2024 was 29.5 billion yuan (up 19.9% year-on-year) and net profit was 5.1 billion yuan (up 18.6% year-on-year) [6]. - The company is expected to maintain its leading position in the industry due to its global capacity expansion, with projected net profits of 6.10 billion yuan, 6.94 billion yuan, and 7.75 billion yuan for 2025, 2026, and 2027 respectively [6]. Financial Performance - In 2024, the company achieved a gross margin of 30.0% (down 1.6 percentage points) and a net profit margin of 17.3% (down 0.2 percentage points). For Q1 2025, the gross margin improved to 32.5% (up 2.1 percentage points) and the net profit margin increased to 19.7% (up 2.1 percentage points) [7]. - The company sold 91.07 million square meters of artificial turf in 2024 (up 25.5%), with significant revenue contributions from leisure turf (20.5 billion yuan, up 22.4%) and sports turf (5.9 billion yuan, up 6.4%) [8]. Revenue Breakdown - The international market contributed 26.2 billion yuan in revenue in 2024 (up 20.9%), accounting for 88.9% of total revenue, while domestic revenue was 3.3 billion yuan (up 13.0%) [8]. - The company is focusing on refined operations in key regions and increasing new customer development to further enhance its global market share [8]. Financial Summary and Valuation Metrics - The company’s projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.52 yuan, 1.73 yuan, and 1.93 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 13.1, 11.5, and 10.3 [9]. - The financial metrics indicate a stable growth trajectory, with revenue expected to reach 33.83 billion yuan in 2025, reflecting a year-on-year growth of 14.6% [9].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [8][15]. Core Insights - The company reported excellent performance in Q1 2025, with significant revenue growth and deepening global capacity layout [1][10]. - In 2024, the company achieved a revenue of 2.952 billion yuan, representing a year-on-year growth of 19.92%, and a net profit of 511 million yuan, up 18.56% [4][9]. - The company plans to distribute a cash dividend of 6.40 yuan per 10 shares, totaling 257 million yuan, with a payout ratio of 50.28% [4]. Financial Performance - In Q1 2025, the company reported revenue of 793 million yuan, a 15.27% increase year-on-year, and a net profit of 156 million yuan, up 28.73% [4][6]. - The gross margin improved from 29.50% in Q4 2024 to 32.55% in Q1 2025, while the net margin increased from 16.98% to 19.67% in the same period [6]. - The company’s revenue from leisure grass, sports grass, and paving business in 2024 was 2.052 billion yuan, 594 million yuan, and 288 million yuan, respectively, with growth rates of 22.43%, 6.38%, and 37.18% [5]. Capacity Expansion - The company is expanding its production capacity with new projects in Vietnam and Mexico, aiming for a total annual capacity of 172 million square meters after completion [7]. - The Vietnam facility is expected to produce 40 million square meters of artificial turf annually, while the Mexico facility is projected to produce 16 million square meters [7]. Future Projections - The company forecasts net profits of 600 million yuan, 703 million yuan, and 812 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.49 yuan, 1.75 yuan, and 2.02 yuan [9][12]. - The projected revenue growth rates for the next few years are 16.10% for 2025, 14.60% for 2026, and 12.40% for 2027 [9].

Core Viewpoint - The company has demonstrated solid growth in Q1 2025, with significant increases in both revenue and profit metrics, indicating strong operational performance and profitability improvements [2][7]. Operating Performance - The total operating revenue reached 793 million yuan, a year-on-year increase of 15.27% - The net profit attributable to shareholders was 156 million yuan, up 28.73% year-on-year - The net profit after deducting non-recurring gains and losses was 155 million yuan, reflecting a 31.98% year-on-year increase [2]. Profitability - The gross profit margin stood at 32.55%, an increase of 8.22 percentage points year-on-year - The net profit margin was 19.67%, up 11.68 percentage points year-on-year, indicating effective cost control and enhanced product value [3]. Expense Control - Total operating expenses (selling, administrative, and financial expenses) amounted to 56.1 million yuan, accounting for 7.07% of revenue, which is a year-on-year increase of 3.89% - Overall, expense control remains within a reasonable range [4]. Cash Flow and Asset Status - The company's cash and cash equivalents reached 1.126 billion yuan, a year-on-year increase of 14.53% - However, interest-bearing liabilities rose from 105 million yuan to 336 million yuan, a significant increase of 220.64%, which may pose future financial pressure [5]. Accounts Receivable - Current accounts receivable stand at 691 million yuan, representing 135.22% of profit, highlighting potential risks related to bad debts [6]. Dividends and Financing - Since its listing, the company has raised a total of 619 million yuan and distributed dividends totaling 832 million yuan, resulting in a dividend-to-financing ratio of 1.34, indicating a commitment to shareholder returns [7].

Summary of the Conference Call for "Co-Creation Turf" Company Overview - **Company**: Co-Creation Turf - **Industry**: Turf and Landscaping Products Key Financial Performance - **Q1 2025 Revenue Growth**: 15% increase, with profits growing over 28%, marking the best performance since the company went public [2][3] - **2024 Revenue Growth**: Close to 20%, with similar profit growth, achieving stock incentive targets [3] - **Cash Flow**: Strong operating cash flow supports profit performance [3] Market Insights and Strategies - **Market Focus**: Enhanced focus on key markets and improved marketing strategies led to significant sales share increases in both primary and global markets [2][4] - **Cost Reduction Measures**: Achieved cost reductions through energy savings, improved labor efficiency, and benefited from declining raw material prices and currency fluctuations [2][4] - **Sales Performance by Region**: - **2024 Sales Growth**: 10% for sports turf, 30% for leisure turf; Americas and Europe saw over 30% growth, while Asia-Pacific and other regions approached 10% [2][8] - **Q1 2025 Sales Growth**: Over 10% in the Americas and Europe, with a decline in Asia-Pacific and other regions [2][9] Production and Capacity - **Vietnam Production**: Near full capacity utilization in 2024, with net profit margins exceeding 20%, higher than domestic margins [4][16] - **New Projects**: High-quality completion of the Vietnam Phase III project planned for 2025 [2][7] Human Resource Management - **Employee Incentives**: Implemented HR mechanism reforms, optimizing compensation, performance, and career development systems, along with stock and cash incentives to boost employee motivation [2][6] Future Plans - **2025 Goals**: Aim for at least 15% revenue growth by expanding market reach and developing new customers, alongside comprehensive cost reduction across various functions [2][7] - **Process Improvement**: Initiating process system construction with consulting firms for planning and transformation [7] Tariff and Trade Policy Impact - **Tariff Situation**: Facing a 46% tariff on exports to the U.S., currently delayed by 90 days, with an additional 10% already imposed, costs passed to customers [2][10] - **Long-term Outlook**: Despite potential tariffs, Vietnam maintains a cost advantage over U.S. production, making local expansion unlikely [10][11] Competitive Landscape - **Market Position**: Co-Creation Turf holds over 50% market share in the U.S., with limited competition from smaller domestic firms [18] - **Cost Comparison**: Estimated production costs in Mexico are about 30% higher than in Vietnam, influencing future production decisions based on tariff changes [15][16] Revenue Streams and Product Performance - **Other Products**: Coatings and other products, including grass fibers and artificial plants, saw revenue growth exceeding 30% [22] - **Price Trends**: Average prices for sports turf decreased by approximately 4%, while leisure turf prices fell by about 6% due to raw material price drops and currency fluctuations [8][14] Dividend and Capital Expenditure - **Dividend Policy**: The company maintains a fixed 50% dividend payout ratio, expected to remain unchanged unless significant capital expenditures arise [18] Conclusion and Outlook - **Overall Assessment**: The company has enhanced its competitiveness through improvements in market, manufacturing, R&D, and management, positioning itself well to meet 2025 targets [26] - **Investment Potential**: Current valuation is considered low, indicating potential for further appreciation and better returns for investors [26]

江苏共创人造草坪股份有限公司监事会 关于公司 2024 年股票期权与限制性股票激励计划预留部分第二次授 予激励对象名单（预留部分第二次授予日）的核查意见 （3）最近 12 个月内因重大违法违规行为被中国证监会及其派出机构行政处 罚或者采取市场禁入措施； （4）具有《公司法》规定的不得担任公司董事、高级管理人员的情形的； （5）法律法规规定不得参与上市公司股权激励的； （6）中国证监会认定的其他情形。 江苏共创人造草坪股份有限公司（以下简称"公司"）监事会依据《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》）、《上市公司股权激励管理办法》（以下简称《管理办法》）和 《江苏共创人造草坪股份有限公司章程》（以下简称《公司章程》）等有关规定， 对公司 2024 年股票期权与限制性股票激励计划（以下简称"本激励计划"）预留 部分第二次授予的激励对象名单发表如下核查意见： 1、本次授予的激励对象均符合公司 2024 年第二次临时股东大会审议通过的 公司《2024 年股票期权与限制性股票激励计划（草案）》中所规定的授予激励 对象范围。 2、本次授予的激励对象具备《公司法》《证 ...

证券代码：605099 证券简称：共创草坪 公告编号：2025-014 江苏共创人造草坪股份有限公司 关于 2024 年股票期权与限制性股票激励计划 预留部分第二次授予的公告 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个别及连带责任。 重要内容提示： 江苏共创人造草坪股份有限公司（以下简称"公司"）《2024 年股票期权与限 制性股票激励计划（草案）》（以下简称《激励计划》）规定的预留授予条件已经 成就，根据公司 2024 年第二次临时股东大会的授权，公司于 2025 年 4 月 25 日 召开第三届董事会第八次会议，审议通过《关于 2024 年股票期权与限制性股票 激励计划预留部分第二次授予的议案》，同意以 2025 年 4 月 28 日为预留部分第 二次授予日，向符合条件的激励对象授予股票期权 35,000 份，行权价格 16.68 元/股。 现将有关事项说明如下： 一、2024 年股票期权与限制性股票激励计划权益授予情况 （一）已履行的决策程序和信息披露情况 1、2024 年 7 月 8 日，公司召开了第三届董事会第二次会议及 ...

江苏共创人造草坪股份有限公司 2024 年股票期权与限制性股票激励计划 注：1、上述激励对象通过全部有效的股权激励计划获授的本公司股票均未超过公司目前总股本的 1%。 公司全部有效的激励计划所涉及的标的股票总数累计不超过公司目前股本总额的 10%。 2、本激励计划激励对象不包括独立董事、监事、单独或合计持有公司 5%以上股份的股东或实际控制人 及其配偶、父母、子女。 3、上表中数值若出现总数与各分项数值之和尾数不符，均为四舍五入原因所致。 江苏共创人造草坪股份有限公司董事会 2025 年 4 月 29 日 1 预留部分第二次授予激励对象名单 （预留部分第二次授予日） 一、预留部分第二次授予的股票期权分配情况 | 激励对象类别 | 获授的股票期 | 占本激励计划 授予股票期权 | 占目前总股 | | --- | --- | --- | --- | | | 权数量（份） | 总量的比例 | 本的比例 | | 核心技术（业务）骨干（2 人） | 35,000 | 0.93% | 0.009% | ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 25.33 RMB [8][9]. Core Views - The company achieved a revenue of 2.952 billion RMB in 2024, representing a year-over-year growth of 19.92%, and a net profit of 511 million RMB, up 18.56% year-over-year [1]. - The company is experiencing steady growth in sales across its product lines, with significant increases in revenue for its sports grass, leisure grass, and paving businesses [2]. - The company is expanding its production capacity, with ongoing projects in Vietnam and Mexico, which will enhance its market position [4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 693 million RMB, a year-over-year increase of 27.08%, and a net profit of 118 million RMB, up 48.94% year-over-year [1]. - The gross margin for artificial turf business in 2024 was 30.17%, a decrease of 1.09 percentage points year-over-year, attributed to market competition and global inflation [2]. - The operating cash flow for 2024 was 466 million RMB, reflecting a 14.2% increase year-over-year [3]. Capacity Expansion - The company is advancing its production capacity with the third phase of its Vietnam facility expected to commence construction in Q2 2024, and the Mexico facility is in the process of obtaining land ownership certificates [4]. Profit Forecast and Valuation - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected to be 1.49 RMB, 1.76 RMB, and 2.06 RMB respectively [5]. - The company is assigned a price-to-earnings (PE) ratio of 17 times for 2025, with a target price adjustment from 26.84 RMB to 25.33 RMB [5].