Financial Performance Forecast - The company expects a net profit attributable to shareholders of approximately 137 million yuan for 2024, an increase of about 46 million yuan compared to the previous year, representing a year-on-year increase of approximately 50.66%[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be around 129 million yuan for 2024, an increase of about 42 million yuan compared to the previous year, representing a year-on-year increase of approximately 47.27%[5] - The earnings per share for 2023 was 1.14 yuan[6] Factors Contributing to Profit Increase - The main reasons for the profit increase in 2024 include continuous lean production and process improvements, leading to enhanced production efficiency and cost reductions[7] - The company has seen an increase in new projects entering mass production in 2024, with sufficient market order volume and improved capacity utilization, resulting in lower costs[12] - The company emphasizes strict cost control and effective team collaboration to ensure execution[12] Forecast Validity and Disclosure - The performance forecast is based on preliminary estimates by the company's finance department and has not been audited by registered accountants[8] - There are no significant uncertainties affecting the accuracy of this performance forecast[8] - The forecast data is preliminary and the specific financial data will be disclosed in the official 2024 annual report[9] - The performance forecast period is from January 1, 2024, to December 31, 2024[5]

Core Viewpoint - Shanghai Yanpu has secured significant contracts for automotive seat frame assembly from important clients, indicating strong revenue potential in the automotive supply sector [1] Group 1: Contract Details - Yanpu's subsidiary, Liuzhou Yanpu Automotive Technology Co., received a "designated notification" from a major client in Shenzhen to supply seat frame assemblies for a specific vehicle model, with an estimated revenue of approximately 520.13 million yuan over a project lifecycle of 5 years (2025-2030) [1] - Another subsidiary, Huangshan Yanpu Metal Products Co., has also received a "designated letter" for two vehicle models, with the first project expected to generate around 2.0594 billion yuan over a 7-year lifecycle (2025-2032) [1] - The second vehicle model project is projected to yield about 862.66 million yuan over a 4-year lifecycle (2025-2028) [1]

| 证券代码：605128 | 证券简称：上海沿浦 | 公告编号：2025-004 | | --- | --- | --- | | 转债代码：111008 | 转债简称：沿浦转债 | | 上海沿浦金属制品股份有限公司 关于第五届董事会第十五次会议决议的公告 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。 一、董事会会议召开情况 财务状况产生不利影响。董事会同意本次部分募投项目新增实施主体、实施地点及项目延期。 与会董事以记名投票表决方式审议并通过了以下议案： 1、《关于可转债募集资金投资项目增加实施主体、实施地点并延期的议案》； 表决结果：9 名赞成，占全体董事人数的 100%；0 名弃权；0 名反对。 本次部分募投项目新增实施主体、实施地点及项目延期，符合公司实际经营状况，不影 响募集资金投资项目的实施内容，未改变募集资金的投资方向，不会对募集资金投资项目产 生实质性影响，不存在变相改变募集资金投向和损害公司股东利益的情况，不会对公司经营、 财务状况产生不利影响。董事会同意本次部分募投项目新增实施主体、实施地点及项目延 ...

| 证券代码：605128 | 证券简称：上海沿浦 | 公告编号：2025-005 | | --- | --- | --- | | 转债代码：111008 | 转债简称：沿浦转债 | | 上海沿浦金属制品股份有限公司 关于第五届监事会第十一次会议决议的公告 本公司监事会及全体监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、监事会会议召开情况 本次部分募投项目新增实施主体、实施地点及项目延期是公司根据项目实施的实际情况 做出的，符合公司经营需要。不存在变相改变募集资金投向的行为，不会对公司的正常经营 产生重大不利影响，不存在损害公司和全体股东利益的情形。监事会同意本次部分募投项目 新增实施主体、实施地点及项目延期。 特此公告 上海沿浦金属制品股份有限公司 二、监事会会议审议情况 与会监事以记名投票表决方式审议并通过了以下议案： 1、《关于可转债募集资金投资项目增加实施主体、实施地点并延期的议案》； 表决结果：3 名赞成，占全体监事人数的 100%；0 名弃权；0 名反对。 本次部分募投项目新增实施主体、实施地点及项目延期是公司根据项目实 ...

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向特定对象发行股票募集 资金投资项目增加实施主体、实施地点并延期的核查意见 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）作为上海 沿浦金属制品股份有限公司（以下简称"上海沿浦"或"公司"） 向特定对象 发行股票持续督导保荐机构，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1号——规范 运作》《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要求》 等有关规定，对公司向特定对象发行股票募集资金投资项目增加实施主体、实施 地点并延期事项进行了核查，具体情况如下： 1 公司向特定对象发行股票募集资金项目具体如下： 单位：元 | 序 号 | 项目名称 | | 项目投资 | 募集资金投入 | 调整后拟投入 募集资金金额 | | --- | --- | --- | --- | --- | --- | | 1 | 惠州沿浦高级新能源汽车座椅骨 | | 206,827,100.00 | 145,500,000.00 | 143,327,550.30 | | | 架生产项目 | | | | ...

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部分可转债募集资金投资 项目增加实施主体、实施地点并延期的核查意见 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）作为上海 沿浦金属制品股份有限公司（以下简称"上海沿浦"或"公司"） 公开发行A 股可转换公司债券持续督导保荐机构，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1号 ——规范运作》《上市公司监管指引第2号——上市公司募集资金管理和使用的监 管要求》等有关规定，对公司部分可转债募集资金投资项目增加实施主体、实施 地点并延期事项进行了核查，具体情况如下： 一、募集资金及项目基本情况 经中国证券监督管理委员会出具的《关于核准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的批复》（证监许可[2022]2211 号）核准，上海沿浦 金属制品股份有限公司于 2022 年 11 月 2 日向社会公开发行可转换公司债券 384 万张，每张面值为人民币 100 元，募集资金总额为人民币 384,000,000.00 元，期 限 6 年，扣除承销与保荐费用（不含增值税）人民币 4,34 ...

| 证券代码：605128 | 证券简称：上海沿浦 | 公告编号：2025-006 | | --- | --- | --- | | 转债代码：111008 | 转债简称：沿浦转债 | | 加实施主体、实施地点及募投项目延期未改变募投项目的投资内容、投资总额、实施主体， 不会对募投项目的实施造成实质性影响。公司保荐机构出具了核查意见，该事项无需提交股 东大会审议，现将相关事项公告如下： 一、募集资金基本情况 上海沿浦金属制品股份有限公司 关于部分可转债募集资金投资项目增加实施主体、实施地点并 延期的公告 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： 上海沿浦于 2025 年 1 月 16 日召开第五届董事会第十五次会议及第五届监事会第十一次 会议， 会议审议通过了《关于可转债募集资金投资项目增加实施主体、实施地点并延期的议 案》，同意公司对可转换公司债券募集资金项目中"荆门沿浦汽车零部件有限公司长城汽车 座椅骨架项目"增加实施主体、实施地点并将达到预定可使用状态的时间进行调整。本次增 1 本次增加上海沿浦 ...

Key Points Industry and Company - **Industry**: Automotive Seat Industry - **Company**: Shanghai Yanpu Core Views and Arguments - **Market Size**: China's market size is nearly 150 billion RMB, with a global market size of about 45-50 billion RMB [3]. - **Competitive Advantage**: Shanghai Yanpu has a significant competitive advantage in the automotive seat industry, with the potential to become a global leader [3]. - **Growth Potential**: The company is expected to achieve a leapfrog development from 0 to N in the massive market, rather than the traditional 0 to 1 process [3]. - **Platformization**: Shanghai Yanpu is entering the platformization phase of automotive seat frames in 2025, with a projected 2 billion RMB in fixed-point scale over the next five years [4]. - **New Business Expansion**: The company plans to gradually enter the passenger car seat market in 2025, capitalizing on its accumulated experience in seat frames and platformization models [4]. - **Profitability**: The company's high-speed rail seat and railway container projects are expected to start generating significant profits in 2025, with the high-speed rail seat project having stronger profitability [4]. - **Revenue and Profit Growth**: The company's 2023 revenue was approximately 15 billion RMB, with nearly 10 billion RMB coming from automotive seat frames. The revenue growth rate is expected to exceed 30% over the next three years, with profit growth exceeding 50% [4]. - **Investment Value**: The company's investment value lies in its explosive growth in traditional businesses, expansion of passenger car seat business, and放量 of emerging businesses, driving rapid performance growth [4]. - **Domestic Market Opportunity**: The domestic passenger car seat market is mainly occupied by foreign and joint-venture companies, with significant room for domestic substitution. Shanghai Yanpu is expected to seize market share with its technical advantages and platformization model [4]. Other Important Points - **Annual Gold Stock**: Shanghai Yanpu is selected as the annual gold stock for 2025 based on its entry into the platformization phase of automotive seat frames, expansion of existing customer cooperation, and entry into the passenger car seat market [5]. - **Revenue Structure**: In 2023, 60% of the company's revenue came from automotive seat frames, with the remaining part coming from plastic injection, stamping parts, molds, and other automotive parts [6]. - **Passenger Car Seat Business**: Shanghai Yanpu plans to gradually break through the passenger car seat business from 2025, capitalizing on its 17 years of technical experience in seat frames and platformization models [7]. - **New Business Expansion**: The company will start to scale up new businesses such as high-speed rail seats and railway containers in 2025, significantly improving the company's overall profitability [8]. - **Investment Logic**: Investors choose Shanghai Yanpu as an investment target based on the following core logic: explosive growth in traditional businesses, entry into the passenger car seat market, and放量 of emerging businesses such as high-speed rail seats and railway containers [9]. - **Future Outlook**: From 2024 to 2026, the company's revenue growth rate is expected to exceed 30%, with profit growth exceeding 50%. Based on the 2025 net profit of 2.5 billion RMB, the market value is expected to reach more than 70 billion RMB, with a growth space of more than 50% compared to the current market value [10].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The leading seat frame manufacturer has significant potential to enter the complete seat market, with ongoing platform transformation expected to enhance performance, driven by ASP and market share growth [1][2] Summary by Sections Company Overview - The company specializes in automotive seat frame assemblies and has been deeply involved in the industry for approximately 20 years, with a focus on continuous revenue growth [17][21] - The company operates in the midstream of the supply chain, sourcing raw materials primarily from steel and supplying to Tier 1 suppliers and OEMs [21][23] Market Potential - The domestic automotive seat market is projected to reach 117.4 billion yuan by 2026, with a compound annual growth rate (CAGR) of 10% [49] - The overall automotive seat market is characterized by high ASP and low localization rates, indicating a strong potential for the emergence of domestic leading companies [51][52] Financial Projections - Revenue forecasts for 2024-2026 are 22.9 billion, 33.3 billion, and 40.5 billion yuan, representing year-on-year growth rates of 51%, 44%, and 23% respectively [4] - The net profit attributable to the parent company is expected to reach 1.4 billion, 2.5 billion, and 3.5 billion yuan for the same period, with growth rates of 58%, 71%, and 42% respectively [4] Competitive Landscape - The report highlights that the top five global seat manufacturers are all foreign companies, with a combined market share of 78%, indicating a high level of market concentration [29][30] - Domestic competitors include Yanfeng International, which holds a 32% market share, and other players like Jifeng and Tiancheng, which are still developing their market presence [37][38] Strategic Initiatives - The company is undergoing a platform transformation that has already resulted in securing 2.3 billion yuan in platform frame orders, reflecting strong recognition from OEMs [8][9] - The company is also expanding into high-speed rail seat production, which is expected to serve as a gateway into the complete seat market [8][9]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 36.98 CNY per share [17]. Core Insights - The company has achieved significant revenue growth, with projected revenues of 24.82 billion CNY, 32.39 billion CNY, and 41.91 billion CNY for the years 2024, 2025, and 2026 respectively [19]. - The company has received multiple new project approvals, which are expected to contribute approximately 60.59 billion CNY in revenue over the next five years, significantly boosting its financial performance [3][19]. - The company is expanding its customer base from Tier 2 to Tier 1 suppliers, enhancing its market position and revenue potential [3]. Financial Projections - Revenue is projected to grow from 1,519 million CNY in 2023 to 4,191 million CNY in 2026, reflecting a compound annual growth rate (CAGR) of 35.4% to 29.4% [5][21]. - Net profit is expected to increase from 91 million CNY in 2023 to 330 million CNY in 2026, with a net profit margin improving from 6.00% to 7.88% [6][21]. - Earnings per share (EPS) are forecasted to rise from 0.70 CNY in 2023 to 2.54 CNY in 2026, indicating strong profitability growth [5][21]. Business Expansion - The company is diversifying its product offerings beyond automotive seating to include components for railways and new energy sectors, which is expected to enhance long-term growth prospects [19]. - Recent project wins include contracts for automotive seat frame assemblies with significant revenue potential, indicating a robust pipeline for future earnings [17][19]. Customer Development - The company has established long-term relationships with major clients, including partnerships with leading automotive suppliers, which have contributed to a stable revenue stream [3]. - The expansion into new customer segments and product categories is anticipated to drive further revenue growth and market share gains [3][19].