证券研究报告 | 首次覆盖报告 gszqdatemark 2024 09 22 年 月 日 共创草坪（605099.SH） 人造草坪全球龙头，全球产能布局，份额稳健提升可期 深耕人造草坪十余年，盈利能力稳步提升。公司成立于 2004 年，主要从 事人造草坪的研发、生产和销售，为国际足联，世界橄榄球运动联盟、国 际曲联全球优质供应商，2021 年市占率已达 18%。2017-2023 年公司收 入从 12.39 亿元增长至 24.61 亿元（CAGR 为 12.1%），归母净利润从 2.40 亿元增长至 4.31 亿元（CAGR 为 10.3%）。2022-2023 年收入略承压主要 受俄乌冲突、海外高通胀、竞争加剧等因素影响；2024 年外部干扰趋弱， 公司已重返稳健增长通道。 全球空间广阔，龙头份额提升。需求端：人造草坪拥有全年全天侯高频使 用、全球寒热区域使用、使用寿命长、维护成本低等优势。2021 年全球规 模/销量为 212 亿元/3.48 亿平米（2015-2021 年 CAGR 达 10.3%/12.6%）。 分产品来看，2015-2021年运动草/休闲草销量CAGR分别为6.1%/22.0%， ...

证券代码：605099 证券简称：共创草坪 公告编号：2024-046 江苏共创人造草坪股份有限公司 2024 年第三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、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2024 年 9 月 19 日 (二)股东大会召开的地点：南京市华侨路 56 号大地建设大厦 20 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： | 1、出席会议的股东和代理人人数 | 93 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 354,333,209 | | 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 | 88.2444 | | 份总数的比例（%） | | (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。 本次股东大会由公司董事会召集，董事长王强翔先生主持，采用现场投票与 网络投票相结合的方式召开，符合《公司法》及《公司章程》的有 ...

北 京 大 成 （ 南 京 ） 律 师 事 务 所 关 于 江 苏 共 创 人 造 草 坪 股 份 有 限 公 司 20 24 年 第 三 次 临 时 股 东 大 会 的 法 律 意 见 书 www.dentons.cn 南京市鼓楼区集慧路 18 号联创大厦 A 座 7-10 层（210036） 18 Jihui Road, 7-10/F of Building A, Lianchuang Mansion, Gulou District,Nanjing,China,210036 Tel: +86-25-8375 5101 Fax: +86-25-8375 5005 北京大成（南京）律师事务所 关于江苏共创人造草坪股份有限公司 2024 年第三次临时股东大会的法律意见书 致：江苏共创人造草坪股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共 和国公司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市公司 股东大会规则（2022 年修订）》（以下简称"《股东大会规则》"）等法律、法规 和其他有关规范性文件的要求，北京大成律师事务所（以下简称"本所"）接受江 苏共创人造草坪 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 26.6 CNY per share, compared to the current price of 18.97 CNY [1]. Core Insights - The company's performance exceeded expectations, with revenue and net profit showing significant year-on-year growth. For the first half of 2024, the company achieved revenue of 1.51 billion CNY, a 18.8% increase, and a net profit of 280 million CNY, a 25.1% increase [1]. - The company is capitalizing on market opportunities, with both domestic and international revenues showing robust growth. In the first half of 2024, the company sold 46.48 million square meters of artificial turf, a 25.5% increase year-on-year [1]. - The gross margin remained stable, and the expense ratio was diluted due to scale improvements. The net profit margin for the first half of 2024 was 18.8%, up 0.9 percentage points year-on-year [1]. - The company is accelerating its domestic and international capacity layout, with a total production capacity of 116 million square meters of artificial turf as of Q2 2024. Future expansions are expected to increase annual production capacity to 172 million square meters [1]. - The company is a leader in the global artificial turf industry, with expectations for increased market share as production capacity expands. The profit forecasts for 2024-2026 have been slightly adjusted, with expected net profits of 528 million CNY, 628 million CNY, and 739 million CNY respectively [1]. Financial Summary - For 2024, the company is projected to achieve total revenue of 2.97 billion CNY, a 20.6% increase from 2023, and a net profit of 528 million CNY, a 22.5% increase [2]. - The earnings per share (EPS) is expected to rise from 1.07 CNY in 2023 to 1.32 CNY in 2024, with a corresponding price-to-earnings (P/E) ratio of 14 [2]. - The company's total assets are projected to grow from 3.12 billion CNY in 2023 to 3.51 billion CNY in 2024, indicating a healthy growth trajectory [5].

江苏共创人造草坪股份有限公司 2024 年第三次临时股东大会 会议资料 二〇二四年九月 江苏共创人造草坪股份有限公司 2024 年第三次临时股东大会会议资料 目录 一、2024 年第三次临时股东大会会议须知 二、2024 年第三次临时股东大会会议议程 三、2024 年第三次临时股东大会会议议案 | 序号 | 议案名称 | | --- | --- | | 1 | 《关于变更公司注册资本、经营范围及修订<公司章程>的议案》 | 江苏共创人造草坪股份有限公司 2024 年第三次临时股东大会会议资料 江苏共创人造草坪股份有限公司 2024 年第三次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证大会的顺 利进行，根据《江苏共创人造草坪股份有限公司章程》（以下简称《公司章程》）、《江 苏共创人造草坪股份有限公司股东大会议事规则》及相关法律法规的规定，特制定本须知。 一、董事会以维护股东的合法权益、确保大会正常秩序和议事效率为原则，认真履行 《公司章程》中规定的职责。 二、本公司证券部具体负责大会有关程序方面的事宜。 三、股权登记日登记在册的所有股东或其代理人均有权出席股东大会。出 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7]. Core Views - The company has shown robust financial performance in Q2 2024, with revenue of 820 million yuan, a year-on-year increase of 15.4%, and a net profit of 160 million yuan, up 22.1% year-on-year [1]. - The company is focusing on expanding its market share and improving cost efficiency, which has strengthened its competitive position in the industry [2]. - The international market has been actively developed, with international revenue reaching 1.41 billion yuan in the first half of 2024, a year-on-year increase of 19.3% [3]. - The company is expanding its production capacity in Vietnam, with plans for further efficiency improvements [4]. - The gross profit margin remains stable, although there has been an increase in expense ratios due to changes in accounting for sales expenses and rising personnel costs [5]. - The company has adjusted its profit forecasts for 2024-2026, with expected net profits of 530 million, 640 million, and 740 million yuan respectively [6]. Financial Performance - In H1 2024, the company achieved total revenue of 1.51 billion yuan, a year-on-year increase of 18.8%, with a net profit of 280 million yuan, up 25.1% [1][2]. - The gross margin for Q2 2024 was 31.3%, reflecting a slight year-on-year increase of 0.8 percentage points [1]. - The total sales volume reached 46.48 million square meters in H1 2024, representing a year-on-year growth of 25.5% [2]. Market Expansion - The company is leveraging its leading position in the artificial turf industry to capture more market share by developing new customers and channels [3]. - The domestic market revenue grew by 14.4% in H1 2024, despite challenges in infrastructure investment [3]. Production Capacity - The company has a total production capacity of 5.6 million square meters domestically and is expanding its capacity in Vietnam, with plans for a fourth phase in Mexico to meet growing demand in the Americas [4].

干源证券 公 司 研 究 轻工制造/家居用品 2024H1 国内海外收入双增，产能扩张龙头地位稳固 共创草坪（605099.SH） 2024 年 09 月 03 日 ——公司信息更新报告 | --- | --- | --- | --- | --- | |-------------------------------|-------------|----------------------------------------------------------------|---------------------------------------------------------------------|---------------------------------------------------------------| | 投资评级：买入（维持） \n日期 | 2024/9/2 | 吕明（分析师） \nlvming@kysec.cn \n证书编号： S0790520030002 | 周嘉乐（分析师） \nzhoujiale@kysec.cn \n证书编号： S0790522030002 | 骆 ...

干源证券 公 司 研 究 轻工制造/家居用品 2024H1 国内海外收入双增，产能扩张龙头地位稳固 共创草坪（605099.SH） 2024 年 09 月 03 日 ——公司信息更新报告 | --- | --- | --- | --- | --- | |-------------------------------|-------------|----------------------------------------------------------------|---------------------------------------------------------------------|---------------------------------------------------------------| | 投资评级：买入（维持） \n日期 | 2024/9/2 | 吕明（分析师） \nlvming@kysec.cn \n证书编号： S0790520030002 | 周嘉乐（分析师） \nzhoujiale@kysec.cn \n证书编号： S0790522030002 | 骆 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 25.80 CNY, maintaining the rating [1][5]. Core Views - The company is expected to see a continued recovery in profitability in the second half of 2024, with a significant increase in revenue and net profit in the first half of 2024 compared to the previous year [2][5]. - The global artificial turf market is projected to grow at a CAGR of 6.50% from 2023 to 2027, with the company holding a market share of 16.7% in 2023 [3][5]. - The company has made strategic investments in production capacity in Vietnam and Mexico to meet increasing demand from the Americas [4][5]. Financial Performance - In H1 2024, the company achieved revenue of 1.509 billion CNY, a year-on-year increase of 18.82%, and a net profit of 283 million CNY, up 25.08% [2][5]. - The gross margin for H1 2024 was 30.93%, with a net margin of 18.76%, reflecting improvements in operational efficiency [5][7]. - The company expects revenues of 2.904 billion CNY, 3.378 billion CNY, and 3.921 billion CNY for 2024, 2025, and 2026 respectively, with corresponding net profits of 514.6 million CNY, 610.3 million CNY, and 735.7 million CNY [5][6]. Market Dynamics - The overseas revenue for H1 2024 was 1.407 billion CNY, representing a year-on-year growth of 19.30%, primarily driven by the leisure turf segment [3][5]. - The company is actively expanding its market share in the domestic market despite reduced investment in basic sports facilities [3][5]. - The company is well-positioned to benefit from the anticipated easing of inflationary pressures in the US and a resilient macroeconomic environment [3][5].

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股票研究 /[Table_Date] 2024.09.02 —共创草坪 2024 年中报点评 业绩超预期，产能扩张加速 共创草坪(605099) 耐用消费品[Table_Industry] /可选消费品 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|----------------------------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | [table_Authors] 刘佳昆 ( 分析师 ) | | | | | | | | | | | 021-38038184 | | | | | | | | | | | liuji ...