证券研究报告 | 公司更新 | 汽车零部件 上海沿浦(605128) 报告日期：2025 年 06 月 07 日 下游客户放量、财务压力减小，25Q2 公司有望出现业绩拐点 ——上海沿浦更新报告 投资要点 根据我们测算， 2025 至 2028 年总共减少 4.55 亿筹资现金流流出（25-28 年分别 减少 0.05/0.07/0.09/4.34 亿元）、总共减少 0.72 亿元财务费用（25-28 年分别减少 0.17/0.18/0.18/0.19 亿元），平均每年减少 0.18 亿元财务费用。 ❑ 25Q1：下游销量疲软拖累营收，产品结构升级拉动毛利率提升、带动利润增长 （1）营收：25Q1 营收同减约 24%、主要系下游客户销量走弱所致。25Q1 问界 M7 销量 0.48 万辆，同比下滑约 73%，预计其对公司营收负面影响较大。 （2）归母利润：前排产品占比提高带动毛利率提升，拉动归母净利润同增 2.49%。25Q1 公司毛利率为 19%，同比大增 6pcts，主要系公司价格较高的骨架 前排产品占比提升所致。 （3）扣非归母利润：同增约 20%，主要系 24Q1 政府补助较高所致。公司 25Q1 非 ...

证券代码：605128 债券代码：111008 证券简称：上海沿浦 债券简称：沿浦转债 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 受托管理事务报告（2024 年度） 债券受托管理人 上海市浦东新区银城中路200号中银大厦39楼 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》" ）、《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之债券受托管 理协议》（以下简称"《受托管理协议》"）、《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募集说明书》（以下简称"《募集说明书》"）、《 上海沿浦金属制品股份有限公司2024年年度报告》等相关公开信息披露文件、 第三方中介机构出具的专业意见等，由本期债券受托管理人中银国际证券股份 有限公司（以下简称"中银证券"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相 关事宜做出独立判断，而不应将本报告中的任何内容据以作为中银证券所作的承 诺或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，中 银证券不承担任何责任。 2 | 第一节 本期债券情况 | 4 | | --- | - ...

Core Viewpoint - The company has announced a profit distribution and capital reserve transfer plan for the fiscal year 2024, which includes a cash dividend of CNY 0.388 per share and a capital reserve transfer of 0.49 shares for every share held [1][4][5]. Distribution and Capital Reserve Transfer Plan - The profit distribution and capital reserve transfer plan was approved at the company's annual general meeting on April 18, 2025 [1][5]. - The distribution is applicable to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the registration date [2][4]. Specifics of the Distribution Plan - The company plans to distribute a cash dividend of CNY 3.88 for every 10 shares held, totaling CNY 49,952,856.69 (including tax), which represents 36.45% of the net profit attributable to shareholders [4][5]. - The total share capital after the capital reserve transfer will increase from 142,113,178 shares to 211,138,706 shares, with a total of 69,025,528 shares being transferred [7][8]. Adjustments Due to Share Capital Changes - Due to the conversion of convertible bonds, the total share capital increased, necessitating adjustments to the cash dividend and capital reserve transfer amounts [6][7]. - The adjusted cash dividend total is now CNY 54,656,949.29 (including tax), and the total number of shares after the transfer is updated to 211,138,706 shares [7][8]. Implementation Details - The cash dividends will be distributed through the China Securities Depository and Clearing Corporation, and shareholders must have completed designated transactions to receive their dividends [11][12]. - The company will not distribute dividends to shares held in the repurchase account [2][12]. Tax Implications - For individual shareholders holding shares for over one year, the cash dividend is exempt from personal income tax, while those holding for less than one year will have taxes deducted upon transfer [14][15]. - The actual cash dividend received by certain shareholders, such as QFII and Hong Kong investors, will be subject to a 10% withholding tax [16][17]. Shareholder Communication - Shareholders with inquiries regarding the distribution can contact the company's securities affairs department [19].

国泰海通证券股份有限公司 关于上海沿浦金属制品股份有限公司 差异化权益分派事项的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）为上 海沿浦金属制品股份有限公司（以下简称"上海沿浦"或"公司"）持续督导的 保荐机构，根据《证券发行上市保荐业务管理办法》《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 7 号——回购股份》及《上海 证券交易所上市公司自律监管指南第 2 号——业务办理》等有关规定，就上海 沿浦差异化权益分派事项进行了审慎核查，发表核查意见如下： 一、本次差异化分红的原因 2024 年 8 月 2 日，公司第五届董事会第八次会议审议通过了《关于以集中 竞价交易方式回购股份方案的议案》同意公司使用自有资金以集中竞价交易方 式回购公司已发行的人民币普通股（A 股）股票，回购资金总额不低于人民币 2,000 万元（含），不超过人民币 3,000 万元（含），回购期限为自公司董事会审 议通过本次回购股份方案之日起 3 个月内。本次以集中竞价交易方式回购股份 的价格为不超过人民币 38.22 元/股（含）。 截至 2024 年 8 月 22 日，公司完成回购，公 ...

证券代码：605128 证券简称：上海沿浦 公告编号：2025-054 上海沿浦金属制品股份有限公司 2024年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： 上海沿浦金属制品股份有限公司（以下简称"公司"）不存在首发战略配售股份 每股分配比例，每股转增比例 每股现金红利0.388元 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》规定，上市公司回 购专用账户中的股份，不享有股东大会表决权、利润分配、公积金转增股本、认购新股和配 股、质押等权利。公司回购专用账户持有股份不应参与本次利润分配、公积金转增股本。因 此，本次公司申请实施差异化权益分派。 每股转增股本0.49股 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 新增无限售 条件流通股 | 现金红利发 | | --- | --- | --- | --- | --- | --- | | | | | | | 放日 | | | | ...

证券代码：605128 证券简称：上海沿浦 公告编号：2025-053 上海沿浦金属制品股份有限公司 关于 2024年度暨 2025年第一季度业绩说明会召开情况的公告 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。 上海沿浦金属制品股份有限公司（以下简称"公司"）于 2025 年 05 月 08 日(星期四) 上 午 11:00-12:00在上海证券交易所"上证路演中心"（网址：http://roadshow.sseinfo.com/） 以网络互动交流方式召开了 2024 年度暨 2025 年第一季度业绩说明会，现将说明会召开情况 公告如下： 一、本次业绩说明会召开情况 公司于 2025 年 4 月 28 日在上海证券交易所网站（www.see.com.cn）及指定信息披露媒 体披露了《上海沿浦金属制品股份有限公司关于召开 2024 年度暨 2025 年第一季度业绩说明 会的公告》（公告编号：2025-050）。 2025 年 05 月 08 日(星期四) 上午 11:00-12:00，公司董事长周建清先生，董事会秘书、 ...

关于调整 2024 年年度利润分配方案的提示性公告 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个别及连带责任。 证券代码：605128 证券简称：上海沿浦 公告编号：2025-052 上海沿浦金属制品股份有限公司 重要内容提示： 调整原因： 2025 年 1 月 1 日至实施权益分派股权登记日期间，上海沿浦金属制品股份有限 公司（以下简称"上海沿浦"或者"本公司"）因可转债转股致使公司总股本发生了 变动，公司拟维持每股分配比例、每股转增比例不变，因此需要相应调整现金股利分 配总金额及资本公积转增股本总数量。 一、利润分配方案的基本情况 上海沿浦金属制品股份有限公司于 2025 年 3 月 27 日召开了第五届董事会第十八次会议 和第五届监事会第十三次会议，分别以全票赞成的表决结果审议通过了《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》。详细的利润分配方案见公司于 2025 年 3 月 28 日在上海证券交易所网站及指定媒体披露的《上海沿浦金属制品股份有限公司关于公司 2024 年度利润分配及资本公积转增股本方案的 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 41.02 CNY per share [5]. Core Views - The company reported a steady growth in Q1 2025, with a revenue of 433 million CNY, a year-on-year decrease of 24.0% and a quarter-on-quarter decrease of 44.4%. However, the net profit attributable to the parent company increased by 2.3% year-on-year and 14.9% quarter-on-quarter, attributed to lean production management and improved efficiency [1]. - The automotive seating business is expected to grow, with the core R&D team fully in place and a high-standard laboratory operational, engaging in deep cooperation with several well-known automotive companies [1][2]. - The company has expanded its customer base significantly, moving from the Lear system to covering mainstream Tier 1 suppliers, with new orders expected to contribute 6.059 billion CNY in revenue over five years, representing 53.2% of the company's total revenue in 2024 [2]. - The company is diversifying into railway container projects, having won a bid worth 587 million CNY, and is preparing for high-speed rail seating supply, which opens up long-term growth opportunities [3]. Summary by Sections Financial Performance - In Q1 2025, the company's gross margin reached 19.1%, an increase of 6.1 percentage points year-on-year, benefiting from product structure optimization and lean production improvements [2]. - The company’s revenue projections for 2025-2027 are 3.139 billion CNY, 4.091 billion CNY, and 5.114 billion CNY, respectively, with net profits of 204 million CNY, 297 million CNY, and 386 million CNY [4][3]. Customer Expansion - The company has established long-term partnerships with major automotive suppliers and has accelerated customer expansion, leading to multiple project confirmations and significant revenue contributions from new orders [2][3]. Growth Opportunities - The company is leveraging its position as a leader in automotive seating frames to capture market share and is actively expanding into seating assembly and railway sectors, which are expected to enhance its long-term growth potential [3].

Financial Performance - The company's operating revenue for Q1 2025 was ¥432,711,041.67, a decrease of 23.92% compared to ¥568,733,118.66 in the same period last year[4] - Net profit attributable to shareholders was ¥32,848,222.82, representing a slight increase of 2.49% from ¥32,049,158.03 year-on-year[4] - Basic earnings per share decreased by 35.00% to ¥0.26 from ¥0.40, primarily due to an increase in the total number of shares outstanding[6][10] - The diluted earnings per share also decreased by 35.00% to ¥0.26, consistent with the basic earnings per share decline[6][10] - Net profit for Q1 2025 was ¥30,729,673.70, a decline of 5% from ¥32,372,487.93 in Q1 2024[22] Cash Flow - The net cash flow from operating activities improved significantly to ¥126,169,275.38, compared to a negative cash flow of ¥15,722,681.09 in the previous year, indicating strong customer repayments[10] - The total cash inflow from operating activities in Q1 2025 was ¥656,280,912.60, significantly higher than ¥259,321,793.42 in Q1 2024[24] - The net cash flow from financing activities was -95,332,566.62, compared to a positive net cash flow of 55,294,308.13 in the previous period[25] - The cash and cash equivalents at the end of the period amounted to 490,304,238.20, an increase from 481,332,694.09 at the beginning of the period[25] - The company reported a significant increase in cash and cash equivalents net increase of 8,971,544.11 compared to 15,187,364.90 in the previous period[25] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,942,040,277.62, down 2.62% from ¥3,021,049,866.78 at the end of the previous year[6] - The company's total liabilities decreased to ¥903,810,046.95 in Q1 2025 from ¥1,360,812,094.51 in Q1 2024[19] - The company's total current assets amount to ¥1,934,219,122.09, a decrease from ¥1,980,885,829.28 in the previous period[18] - Short-term borrowings decreased significantly to ¥25,003,743.06 from ¥116,080,070.83, a reduction of approximately 78.5%[18] Shareholder Information - Shareholders' equity attributable to the parent company increased by 22.90% to ¥2,039,781,461.06 from ¥1,659,670,453.55 year-on-year[6] - The total number of common shareholders at the end of the reporting period is 7,583[13] - The largest shareholder, Zhou Jianqing, holds 45,458,200 shares, representing 32.00% of the total shares[13] Operational Efficiency - The company plans to continue focusing on improving cash flow and operational efficiency in the upcoming quarters[10] - The total operating costs for Q1 2025 were ¥394,017,338.08, down 27% from ¥538,841,797.22 in Q1 2024[21] - Research and development expenses for Q1 2025 were ¥17,137,468.14, an increase of 21% compared to ¥14,152,387.99 in Q1 2024[22] - The company reported a decrease in financial expenses to ¥3,413,144.21 in Q1 2025 from ¥5,515,953.94 in Q1 2024[22] Non-Recurring Items - Non-recurring gains and losses for the period totaled -¥46,733.84, indicating a negative impact from various non-operating items[9] Accounting Practices - The company did not apply the new accounting standards starting from 2025, indicating a continuation of current accounting practices[25]

Financial Data and Indicators - The basic earnings per share (EPS) for Q1 2025 is 0.2600 yuan, a decrease of 35% compared to Q1 2024, which was 0.4000 yuan [1] - The net asset per share is 0 yuan for Q1 2025, a 100% decrease from 14.68 yuan in Q1 2024 [1] - The retained earnings per share is 4.25 yuan, down 32.75% from 6.32 yuan in Q1 2024 [1] - The operating revenue for Q1 2025 is 4.33 billion yuan, a decline of 23.9% from 5.69 billion yuan in Q1 2024 [1] - The net profit for Q1 2025 is 0.33 billion yuan, a slight increase of 3.13% from 0.32 billion yuan in Q1 2024 [1] - The return on equity (ROE) is 1.70% for Q1 2025, down 35.36% from 2.63% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 77.1065 million shares, accounting for 59.1% of the circulating shares, with a change of 3.2975 million shares from the previous period [1] - The largest shareholder, Zhou Jianqing, holds 45.4582 million shares, representing 34.84% of the total share capital, with no change [2] - The second-largest shareholder, Zhang Sicheng, holds 11.2110 million shares, accounting for 8.59% of the total share capital, also with no change [2] - The fund "Fuguo Tianhui Growth Mixed (LOF)" increased its holdings by 2.5847 million shares, now holding 3.8074 million shares, which is 2.92% of the total [2] - New entrants to the top ten shareholders include a securities investment fund holding 2.0619 million shares (1.58%) and Han Yong with 1.1569 million shares (0.89%) [2] Dividend Distribution - The company has decided not to distribute or transfer any dividends this time [3]