Investment Rating - The report maintains a "Buy" rating for the company with a target price of 23.86 CNY [6][8]. Core Views - The company has shown improvement in profitability in Q1 2024, solidifying its position as a leader in the artificial turf industry [6]. - In Q1 2024, the company reported revenue of 700 million CNY, a year-on-year increase of 23%, and a net profit attributable to shareholders of 120 million CNY, up 29% year-on-year [6]. - The company plans to distribute a cash dividend of 220 million CNY for 2023, with a payout ratio of 50% [6]. Financial Performance - In 2023, the company's total revenue was 2.5 billion CNY, a slight decrease of 0.4% year-on-year, while net profit attributable to shareholders was 430 million CNY, down 4% year-on-year [6][8]. - The company’s gross margin for Q1 2024 was 30%, a decrease of 2 percentage points year-on-year, while the net profit margin was 17.6%, an increase of approximately 1 percentage point year-on-year [6]. - The company’s artificial turf sales volume in 2023 reached 7.258 million square meters, an increase of 12% year-on-year [6]. Product Segmentation - In 2023, revenue from sports turf was 560 million CNY, a decrease of 7% year-on-year, while the gross margin increased by 5 percentage points to 36.5% [6]. - Revenue from leisure turf was 1.7 billion CNY, accounting for 69% of total revenue, with a year-on-year increase of 1% and a sales volume increase of 15% [6]. - The company aims to extend its product line and develop new growth points by offering additional materials such as plastic and other landscape leisure materials [6]. Production Capacity and Expansion - As of the end of 2023, the company has four production bases in China and Vietnam, with a total production capacity of 16.4 million square meters [6]. - The company plans to expand its production capacity further, with a new project in Mexico expected to add 1.6 million square meters of capacity [6]. - The company aims to achieve an annual production capacity of 14.6 million square meters of artificial turf after the completion of its production base projects [6].

本报告仅供 Choice 东方财富 使用，请勿传阅。 海外需求显著修复， 事件：共创草坪发布 2023 年年报和 2024 年一季度财报。2023 年公 司实现营业收入 24.61 亿元，同比下降 0.38%；归母净利润 4.31 亿 元，同比下降 3.54%；扣非后归母净利润 4.19 亿元，同比下降 2.38%。 其中，2023Q4 公司实现营业收入 5.45 亿元，同比增长 5.18%；归母 净利润 0.79 亿元，同比下降 15.15%；扣非后归母净利润 0.77 亿元， 同比下降 10.68%。2024 年一季度公司实现营收 6.88 亿元，同比增长 23.14%，归母净利润 1.21 亿元，同比增长 29.35%；扣非归母净利润 1.17 亿元，同比增长 40.38%。 2023 年公司实现收入 24.61 亿元，同比下降 0.38%。其中，23Q4 收 入为 5.45 亿元，同比增长 5.18%，主要系公司加速开拓新市场，供 应链情况良好，以及欧美人造草坪需求保持增长趋势。2023 年公司 人造草坪销量为 7258 万平方米，同比增长 12.21%，主要系人造草坪 在欧美市场的市场占比逐年提升所 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 22.30 CNY and a reasonable value of 23.98 CNY [4]. Core Insights - The artificial turf business has seen an increase in volume but a decrease in price. In 2023, the company sold 72.58 million square meters of artificial turf, a year-on-year increase of 12.21%, while revenue from this segment remained flat due to a significant drop in average prices. Specifically, revenue from sports turf was 559 million CNY, down 6.58% year-on-year, primarily due to delays in the construction of sports facilities in China. Revenue from leisure turf was 1.676 billion CNY, up 1.16%, with sales volume increasing by 14.93%, but revenue growth lagged behind sales growth due to price competition and a higher proportion of lower-priced sales in Europe [2][3]. Financial Performance Summary - The company reported a revenue of 2.461 billion CNY in 2023, a slight decrease of 0.38% year-on-year, and a net profit attributable to shareholders of 431 million CNY, down 3.54% year-on-year. The fourth quarter of 2023 and the first quarter of 2024 showed signs of recovery, with revenues of 545 million CNY and 688 million CNY, representing year-on-year growth of 5.18% and 23.14%, respectively. The net profit for these quarters was 79 million CNY and 121 million CNY, reflecting a year-on-year decrease of 15.14% and an increase of 29.35% [16][17]. Production Capacity and Market Position - As of the end of 2023, the company has four production bases in Jiangsu, China, and Xining, Vietnam. The third phase of the Vietnam project is expected to commence construction in the second quarter of 2024. Once fully operational, the company will have an annual production capacity of 146 million square meters of artificial turf, which is anticipated to widen the gap with smaller competitors [17]. Earnings Forecast - The company is projected to achieve earnings per share (EPS) of 1.33 CNY, 1.61 CNY, and 1.90 CNY for the years 2024, 2025, and 2026, respectively. Based on a comparable company analysis, a reasonable valuation for 2024 is set at 18 times the price-to-earnings ratio, leading to a target price of 23.98 CNY per share [3][18].

2023 年公司人造草坪销量 7,258 万平米，同比+12.21%，主因人造草坪渗透率 逐年提升、应用场景增加，且海外通胀企稳、供应链情况转好，公司欧洲市场销 量已基本恢复至俄乌冲突前水平。而营收略降，主因原材料价格下降，平均售价 同比下降 11.68%。 （1）产品结构方面，2023 年休闲草收入 16.76 亿元、同比+1.16%，收入占比 68.1%；运动草收入 5.59 亿元，同比-6.58%，收入占比 22.70%；铺装服务及其 他业务收入 2.26 亿元，同比+5.00%。其中，运动草毛利率 36.47%，同比 +4.55pct，休闲草毛利率 31.36%，同比+1.81pct，铺装服务毛利率 22.46%， 同比+7.74pct，盈利水平显著修复。 （2）销售区域方面，①2023 年境外收入 21.72 亿元，同比+0.02%，收入占比 88.23%，其中，境外休闲草销量同比+14.99%、收入同比+0.80%，年均价同比 下降 11.68%（主因原材料成本明显下降，部分市场价格竞争加剧，售价较低的 欧洲区销售占比提升）。②境内收入 2.90 亿元，同比-3.29%，收入主要来源为运 动草，下 ...

公司代码：605099 公司简称：共创草坪 江苏共创人造草坪股份有限公司 2023 年度内部控制评价报告 江苏共创人造草坪股份有限公司全体股东： 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制评价结果推测未来内部控制的有效性具有一定的风险。 二. 内部控制评价结论 1. 公司于内部控制评价报告基准日，是否存在财务报告内部控制重大缺陷 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下 ...

证券代码：605099 证券简称：共创草坪 公告编号：2024-006 江苏共创人造草坪股份有限公司 第二届董事会第十九次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 江苏共创人造草坪股份有限公司（以下简称"公司"）于 2024 年 4 月 18 日向全体董 事发出通知，召开公司第二届董事会第十九次会议。会议于 2024 年 4 月 28 日以现场结 合通讯方式召开，应出席董事 7 名，实际出席董事 7 名，由董事长王强翔先生主持。本 次会议的召集、召开符合《中华人民共和国公司法》《公司章程》等的有关规定，会议 决议合法、有效。 二、董事会会议审议情况 （一）审议通过《关于公司 2023 年度董事会工作报告的议案》 具体内容详见公司同日于上海证券交易所网站（www.sse.com.cn）及指定信息披露 媒体披露的《江苏共创人造草坪股份有限公司 2023 年度董事会工作报告》。 表决结果：同意 7 票、反对 0 票、弃权 0 票。 本议案尚需提交公司股东大会审议。 （二）审议通过《关 ...

Financial Performance - In 2023, the company's operating revenue was CNY 2,461,430,298.21, a decrease of 0.38% compared to CNY 2,470,754,977.90 in 2022[21]. - The net profit attributable to shareholders was CNY 431,224,177.34, down 3.54% from CNY 447,030,482.43 in the previous year[21]. - The net cash flow from operating activities decreased by 19.43% to CNY 407,635,461.09 from CNY 505,917,225.09 in 2022[21]. - The total assets increased by 10.23% to CNY 3,120,099,828.57 compared to CNY 2,830,442,739.18 at the end of 2022[21]. - The basic earnings per share decreased by 3.57% to CNY 1.08 from CNY 1.12 in 2022[22]. - The weighted average return on equity decreased to 18.32%, down 2.69 percentage points from 21.01% in 2022[22]. - The company achieved an annual revenue of 2,461.43 million yuan, with a net profit attributable to shareholders of 431.22 million yuan, and a net cash inflow from operating activities of 407.64 million yuan[31]. - The company reported a quarterly revenue of CNY 711,446,813.57 in Q2 2023, which was the highest among the four quarters[24]. - The net profit attributable to shareholders in Q3 2023 was CNY 125,834,647.23, showing a decline compared to Q2 2023[24]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 5.40 per 10 shares to all shareholders, based on a total distributable profit of RMB 794,136,780.54 as of December 31, 2023[4]. - The cash dividend for the 2022 fiscal year was 5.60 CNY per 10 shares, amounting to a total distribution of 224,954,000 CNY[135]. - The proposed cash dividend for 2023 is 5.40 CNY per 10 shares (including tax), totaling 216,048,600.00 CNY based on a total share capital of 400,090,000 shares[136]. - The cash dividend distribution plan must be approved at the 2023 annual general meeting[136]. - The company maintains a minimum cash dividend ratio of 20% during profit distribution when significant capital expenditures are planned[132]. Market Presence and Sales - The total sales of artificial turf products reached 72.58 million square meters, representing a year-on-year growth of 12.21%[32]. - International market sales accounted for 88.23% of total revenue, with a slight year-on-year increase of 0.02%, primarily driven by a 14.99% increase in sales volume of leisure grass products[33]. - Domestic market sales decreased by 3.29% year-on-year, mainly due to delays in the construction of sports facilities caused by tight local government finances[33]. - The company has established multiple wholly-owned subsidiaries in Vietnam, Mexico, and other regions to enhance its market presence[12]. - The company has a total production capacity of 146 million square meters of artificial turf after the completion of its production bases in China and Vietnam, with specific capacities of 16 million, 40 million, 24 million, and 30 million square meters respectively[42]. Research and Development - The research and development team consists of 296 personnel, with 64 authorized patents, including 25 invention patents[51]. - The company launched over 200 new products and obtained 4 new invention patents related to artificial turf technology during the reporting period[34]. - Research and development expenses totaled 83.04 million CNY, representing 3.37% of total revenue, indicating a focus on innovation[67]. - The company emphasizes the importance of continuous R&D to maintain competitive advantage in the artificial turf market[94]. Governance and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm, ensuring the accuracy and completeness of the financial report[3]. - The company has implemented strict governance measures to ensure compliance with laws and regulations, enhancing its operational transparency and investor relations[99]. - The company confirmed that all directors attended the board meeting, ensuring accountability for the annual report's accuracy[9]. - The company has established a clear policy for the remuneration of internal directors and supervisors based on their specific management roles and performance evaluations[111]. Environmental Responsibility - The company invested 398.90 million yuan in environmental protection during the reporting period[147]. - The company established a photovoltaic project that generated 7.847 million kWh of electricity in 2023, reducing carbon dioxide emissions by 5,420.90 tons[148]. - The company has committed to maintaining effective financial reporting internal controls in all significant aspects[144]. - The company is focused on green development and aims to become an environmentally friendly and resource-saving enterprise[147]. Risks and Challenges - The company faces risks from intensified market competition and potential slowdowns in market demand due to various economic factors[93]. - The company’s reliance on raw materials such as plastic particles and glue makes it vulnerable to fluctuations in oil prices, which directly impact production costs[95]. - The company faces risks related to international political and economic environments affecting its export business, particularly in the Asia-Pacific region, which accounted for 93.25% of global exports in 2021[94]. Shareholder Information - The largest shareholder, Wang Qiangxiang, holds 219,517,200 shares, accounting for 54.87% of the total shares[191]. - The number of ordinary shareholders increased to 10,984 by the end of the reporting period, up from 9,298 at the end of the previous month[189]. - The company has no preferred shareholders with restored voting rights as of the reporting date[190]. - The company has not issued any new securities during the reporting period[188].

证券代码：605099 证券简称：共创草坪 公告编号：2024-008 江苏共创人造草坪股份有限公司 2023 年年度利润分配方案公告 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： 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日期 将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分配 比例不变，相应调整分配总额。 本次利润分配方案尚待公司 2023 年年度股东大会审议通过后方可实施。 一、利润分配方案内容 经天健会计师事务所（特殊普通合伙）审计，截至 2023 年 12 月 31 日，公 司母公司报表中期末未分配利润为人民币 794,136,780.54 元。经公司第二届董事 会第十九次会议决议，公司 2023 年年度拟以实施权益分派股权登记日登记的总 股本为基数分配利润。本次利润分配方案如下： 公司拟向全体股东每 10 股派发现金红利 5.40 元（含税）。截至 2023 年 12 月 31 日，公司总股本 400,090,000 股，以此计算 ...

江苏共创人造草坪股份有限公司 独立董事候选人声明 本人郭伟，已充分了解并同意由提名人王强翔先生提名为江 苏共创人造草坪股份有限公司（以下简称"该公司"）第三届董 事会独立董事候选人。本人公开声明，本人具备独立董事任职资 格，保证不存在任何影响本人担任该公司独立董事独立性的关 系，具体声明如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、部门规章及其他规范性文件，具有 5 年以上法律、经济、 财务、管理或者其他履行独立董事职责所必需的工作经验。 本人已经参加培训并取得证券交易所认可的相关培训证明 材料。 二、本人任职资格符合下列法律法规和部门规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的 规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部 辞去公职或者退（离）休后担任上市公司、基金管理公司独立董 事、独立监事的通知》的规定（如适用）； （五）中共中央组织部《关于进一步规范 ...

江苏共创人造草坪股份有限公司 第二届董事会 2024 年第一次独立董事专门会议审核意见 根据《上市公司独立董事管理办法》《上海证券交易所股票上市规则》《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》等相关规则的要求， 江苏共创人造草坪股份有限公司（以下简称"公司"）于 2024 年 4 月 26 日召开了 第二届董事会 2024 年第一次独立董事专门会议，就拟提交公司第二届董事会第 十九次会议审议的《关于确认公司 2023 年度日常性关联交易及预计公司 2024 年 度日常关联交易的议案》进行了事前审核，并经全体独立董事以 3 票同意、0 票 反对、0 票弃权审核通过后发表意见如下： 经核查公司 2023 年度日常性关联交易的执行情况，公司 2023 年度发生的各 项关联交易和审议程序符合法律、法规的规定，交易方式符合市场规则，交易价 格公允，未影响公司的独立性，符合公司及全体股东的利益。 公司预计的 2024 年度日常关联交易事项主要是基于公司 2023 年实际发生的 关联交易和 2024 年的经营计划所制定，系公司正常的经营需要和业务往来，交 易价格参照市场行情价格进行定价，相关预计金额是根 ...