China Chengxin International Credit Rating Co.,Ltd. [2025]132 中诚信国际关于终止上海沿浦金属制品股份有限公司 主体和相关债项信用评级的公告 中诚信国际信用评级有限责任公司 二〇二五年四月十一日 上海沿浦金属制品股份有限公司（以下简称"上海沿浦"或"公司"）于 2022 年 11 月发行了"2022 年上海沿浦金属制品股份有限公司公开发行可转换公司债 券"（债券简称"沿浦转债"），由中诚信国际信用评级有限责任公司（以下简 称"中诚信国际"）进行相关信用评级工作。2024 年 5 月 23 日，中诚信国际维 持上海沿浦的主体信用等级为 A +，评级展望为稳定；维持"沿浦转债"的债项 信用等级为 A +。 2025 年 4 月 3 日，公司发布《上海沿浦金属制品股份有限公司关于"沿浦 转债"赎回结果暨股份变动的公告》称，公司行使"沿浦转债"的提前赎回权， 赎回兑付总金额为 455,264.04 元（含当期利息），赎回款发放日为 2025 年 4 月 3 日。截至本公告出具之日，"沿浦转债"已赎回完毕并完成摘牌，上海沿浦已 无使用中诚信国际主体信用等级的存 ...

机构简介： 聚鸣投资是中国新锐的私募基金管理人代表，公司追求专注、简单、求实为企业文化，专注于"逆向投 资"和"成长投资"的股票多头价值投资，追求稳定、可持续增长的投资收益。公司核心团队来自于国内 一流公募基金、资管行业，投研团队来自于清华大学等国内外高等学府。公司目前管理规模超过300 亿，董事长、投资总监刘晓龙毕业于清华大学机械工程专业。2007-2017年曾任广发基金权益投资总 监、基金经理，期间个人基金管理规模超300亿，拥有管理150亿的社保基金经验（绝对收益），且社保 账户排同类第一（2015年）。公募期间揽获金牛奖和英华奖（均为三年期和五年期）等权威认可。私募 期间业绩稳定突出，个人基金管理规模超300亿。代表产品于2017年年底成立，2018年获得7.6%的绝对 正收益、2019年收益65.06%、2020年收益97.13%。揽获金牛奖、金阳光奖（均为一年期和三年期）、 英华奖（一年期）等业内权威奖项。 以上内容为证券之星据公开信息整理，由智能算法生成（网信算备310104345710301240019号），不构成投资建议。 根据市场公开信息及4月7日披露的机构调研信息，知名私募聚鸣投资近期对 ...

摘要 上海沿浦在当前中美贸易战中的表现非常突出。首先，该公司的业务主要集中 在国内市场，对美国关税政策几乎没有影响。具体来说，上海沿浦的核心客户 对美国市场风险较小，公司 90%以上的业务都在国内进行，其余部分主要面向 欧洲。因此，美国关税政策对其几乎没有影响。 上海沿浦 20250406 Q&A 当前中美贸易战背景下，哪些类型的公司可能会受到影响或受益？ 在当前中美贸易战背景下，有两类公司可能会受益。第一类是那些出口链上的 公司，由于市场波动和风格变化，这些公司的股票价格可能会有所下降，从而 带来投资机会。第二类是不受贸易战影响的公司，资金可能会转向这些自主可 控的企业。此外，还有一些完全不依赖美国市场的公司，它们在当前市场环境 下吸引力也将提升。 上海沿浦在当前中美贸易战中的表现如何？ 上海沿浦近期业务进展如何？未来有哪些预期？ 从近期业务进展来看，上海沿浦的一季度表现强劲。例如，比亚迪销量增长 60%，达到 100 万辆；小鹏 Model 3 一季度销量为 6 万辆；零跑汽车一季度销量 接近 9 万辆，同比增长超过 100%。尽管某些车型如位于 M7 出现了下滑，但整 体增长仍然可观。此外，公司还披露了 ...

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： 一、本次可转债赎回的公告情况 （一）有条件赎回条款满足情况 公司股票自2025年2月19日至2025年3月11日已有连续三十个交易日期间内有十五个交易日收盘价格不低 于"沿浦转债"当期转股价格的130％（即41.106元/股），已满足"沿浦转债"的赎回条件。。 （二）本次赎回事项公告披露情况 公司于2025年3月11日召开了第五届董事会第十七次会议，审议通过了《关于提前赎回"沿浦转债"的议 案》，决定行使"沿浦转债"的提前赎回权，对赎回登记日收市后登记在册的"沿浦转债"按照债券面值加 当期应计利息的价格全部赎回。公司于2025年3月12日披露了《上海沿浦金属制品股份有限公司关于提 前赎回"沿浦转债"的公告》（公告编号：2025-020号）。 公司于2025年3月19日披露了《上海沿浦金属制品股份有限公司关于实施"沿浦转债"赎回暨摘牌的公 告》（公告编号：2025-021），明确了有关赎回的程序、价格、付款方式及时间等具体事宜，并在2025 年3月20日至20 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company's revenue is expected to grow significantly, with projected revenues of 3.3 billion, 4.3 billion, and 4.8 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 45%, 31%, and 11% [2][4]. - The net profit attributable to the parent company is forecasted to reach 250 million, 350 million, and 450 million yuan for the same years, with growth rates of 82%, 41%, and 27% respectively [2][4]. - The report highlights that the company's gross margin for the skeleton business exceeded expectations, with an average selling price (ASP) increasing by 34% [7]. - The company is expected to benefit from the release of production capacity in Huizhou and Zhengzhou, leading to a rise in both volume and price for its core skeleton business [7]. - The report notes the company's first mention of its automotive seat business, indicating a significant growth opportunity in a market with low domestic replacement rates [7]. Financial Summary - The company's revenue for 2024 is reported at 2.276 billion yuan, with a year-on-year growth of 49.9%, and a net profit of 137 million yuan, also reflecting a growth of 50.31% [4][7]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.76, 2.48, and 3.14 yuan respectively [4][8]. - The price-to-earnings (P/E) ratio is expected to decrease from 43.33 in 2024 to 13.30 by 2027, indicating improving valuation as earnings grow [4][8].

证券代码：605128 证券简称：上海沿浦 公告编号：2025-047 （二）本次赎回事项公告披露情况 公司于 2025 年 3 月 11 日召开了第五届董事会第十七次会议，审议通过了《关于提前 赎回"沿浦转债"的议案》，决定行使"沿浦转债"的提前赎回权，对赎回登记日收市后登 记在册的"沿浦转债"按照债券面值加当期应计利息的价格全部赎回。公司于 2025 年 3 月 12 日披露了《上海沿浦金属制品股份有限公司关于提前赎回"沿浦转债"的公告》（公告编 号：2025-020 号）。 公司于 2025 年 3 月 19 日披露了《上海沿浦金属制品股份有限公司关于实施"沿浦转 债"赎回暨摘牌的公告》（公告编号：2025-021），明确了有关赎回的程序、价格、付款方式 及时间等具体事宜，并在 2025 年 3 月 20 日至 2025 年 4 月 2 日期间披露了 10 次关于实施 上海沿浦金属制品股份有限公司 关于"沿浦转债"赎回结果暨股份变动的公告 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： 一、本次可转 ...

Core Points - The company, Shanghai Yanpu Metal Products Co., Ltd, is preparing for its 2024 Annual General Meeting (AGM) scheduled for April 18, 2025, to discuss various proposals including financial reports and profit distribution [1][5][24]. Group 1: Meeting Procedures - Shareholders must present identification and relevant documents for registration to attend the AGM [2][3]. - The meeting will combine on-site and online voting, allowing shareholders to exercise their voting rights based on the number of shares they represent [4][5]. - The meeting will include a series of proposals for voting, including the annual work reports from the board and supervisory committee, financial reports, and profit distribution plans [6][8][30]. Group 2: Financial Performance - For the fiscal year 2024, the company reported a revenue of approximately RMB 2.28 billion, a 49.90% increase from the previous year [8][31]. - The net profit for 2024 was approximately RMB 136.08 million, reflecting a 55.11% increase compared to 2023 [8][31]. - The total assets at the end of 2024 were approximately RMB 3.02 billion, a 23.04% increase from the previous year [31]. Group 3: Profit Distribution Plan - The company plans to distribute a cash dividend of RMB 3.88 per 10 shares, totaling approximately RMB 49.95 million, which is 36.7% of the net profit [33]. - Additionally, the company proposes a capital reserve conversion of 4.9 shares for every 10 shares held, increasing the total share capital to approximately 193.07 million shares [33]. Group 4: Future Plans - The company aims to enhance its market position in the automotive seat components sector through technological innovation and capacity expansion [10][11]. - Plans include expanding production capacity in existing facilities and establishing new projects to meet growing market demand [10][12]. - The company will continue to focus on R&D and talent acquisition to strengthen its competitive edge in the industry [11][13].

上海沿浦金属制品股份有限公司 Shanghai Yanpu Metal Products Co.,Ltd （A 股股票代码：605128） 2024 年年度股东大会 会议资料 中国·上海 二〇二五年四月十八日 上海沿浦金属制品股份有限公司 2024 年年度股东大会会议资料 上海沿浦金属制品股份有限公司 2024 年年度股东大会会议资料 目 录 | 目 录 | 2 | | --- | --- | | 2024年年度股东大会参会须知 | 3 | | 2024年年度股东大会议程 | 6 | | 议案一：关于公司2024年度董事会工作报告的议案 | 8 | | 议案二：关于公司独立董事2024年度述职报告的议案 | 17 | | 议案三：关于公司2024年度监事会工作报告的议案 | 18 | | 议案四：关于公司2024年年度报告及其摘要的议案 | 20 | | 议案五：关于公司2024年度财务决算报告的议案 | 21 | | 议案六：关于公司2024年度利润分配及资本公积转增股本方案的议案 | 23 | | 议案七：关于公司及子公司2025年度向银行申请授信额度的议案 | 24 | | 议案八：关于公司及子公司20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to experience significant operational growth in 2024, driven by new business developments and a strong performance in Q4 2024, with revenue reaching a record high [7][8] - The company has successfully expanded into new projects, including the seating frame and railway container sectors, contributing to a robust revenue increase of 50% year-on-year in 2024 [7] - 2025 is anticipated to be a pivotal year for the company, with key advancements in its core business and the potential for substantial breakthroughs in the automotive seating market [7] Financial Performance Summary - For 2024, the company achieved operating revenue of 2,276 million yuan, a year-on-year increase of 49.9%, and a net profit attributable to the parent company of 137 million yuan, also up by 50.3% [6][7] - The projected financials for 2025-2027 indicate continued growth, with net profits expected to reach 220 million yuan in 2025, 328 million yuan in 2026, and 436 million yuan in 2027, reflecting growth rates of 60.7%, 48.8%, and 32.9% respectively [6][7] - The company's gross margin for 2024 was reported at 17.3%, with expectations for gradual improvement in subsequent years [6][7] Business Development Insights - The company has made significant progress in its R&D capabilities, particularly in the automotive seating sector, with a fully equipped laboratory and a team of experienced professionals [7] - Ongoing collaborations with several well-known automotive manufacturers are expected to enhance the company's market position and product offerings [7] - The successful launch of new products, such as railway containers, demonstrates the company's ability to diversify and innovate within its operational framework [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to experience significant operational growth in 2024, driven by new business developments and a strong performance in Q4 2024, with a record high quarterly revenue [7][8] - The company has successfully expanded into new projects, including the chair frame and railway container sectors, which are anticipated to contribute significantly to revenue [7] - 2025 is identified as a critical year for fundamental changes in the company, with expectations for breakthroughs in the automotive seating business [7] Financial Performance Summary - For 2024, the company achieved a revenue of 2,276 million yuan, representing a year-on-year increase of 49.9%, and a net profit attributable to the parent company of 137 million yuan, also up by 50.3% [6][7] - The projected revenues for 2025, 2026, and 2027 are 2,812 million yuan, 3,621 million yuan, and 4,511 million yuan, respectively, with growth rates of 23.5%, 28.8%, and 24.6% [6][7] - The net profit attributable to the parent company is expected to reach 220 million yuan in 2025, 328 million yuan in 2026, and 436 million yuan in 2027, with growth rates of 60.7%, 48.8%, and 32.9% respectively [6][7] Key Financial Metrics - The gross margin for 2024 is reported at 17.3%, with expectations to improve to 18.5% in 2025 [6][7] - Return on equity (ROE) is projected to increase from 8.3% in 2024 to 16.2% by 2027 [6][7] - The price-to-earnings (P/E) ratio is expected to decrease from 32.13 in 2024 to 13.36 in 2027, indicating a potential increase in valuation attractiveness over time [6][7]