Company and Industry Overview * **Company**: Shanghai Lianpu * **Industry**: Automotive seating systems and components * **Focus**: Seat structures, seat frames, and other automotive seating components Key Points and Arguments 1. **Revenue Growth**: Shanghai Lianpu reported a 46.97% increase in revenue for the first nine months of the year, with a 70.51% increase in net profit attributable to shareholders. This marks a strong performance for the company. 2. **Product Mix**: The company's revenue is primarily derived from three segments: automotive seat structures, vehicle shops, and accommodation shops. Automotive seat structures account for 50-60% of the company's revenue, with the remaining 40-50% coming from the other two segments. 3. **Customer Concentration**: Shanghai Lianpu's sales are heavily concentrated with Dongfeng, accounting for approximately 60% of the company's revenue. However, the company has been actively diversifying its customer base and expanding into new markets. 4. **New Customers and Products**: Shanghai Lianpu has secured new customers and projects, including a platformized seat frame project with Leader and a single-vehicle seat frame project. The company is also expanding its customer base in the electric vehicle (EV) market. 5. **Profitability**: The company's profitability has improved significantly, driven by strong revenue growth, cost control, and the increasing share of EV sales. The company's gross margin has been consistently rising, reaching 25% in the third quarter. 6. **Capacity and Investment**: Shanghai Lianpu's existing capacity is sufficient to meet current demand. The company is cautious about further investments and will only consider expanding capacity if necessary. 7. **High-Speed Train Seat**: Shanghai Lianpu is developing high-speed train seats and expects to complete the first batch of prototype deliveries by the end of the year. The company aims to achieve a breakthrough in the high-speed train seat market. 8. **Long-term Outlook**: Shanghai Lianpu is optimistic about its long-term prospects, particularly in the EV and high-speed train seat markets. The company aims to expand its market share and achieve higher revenue growth in the future. Additional Important Points * **Industry Trends**: The automotive industry is experiencing significant growth, driven by the increasing demand for EVs and high-speed trains. * **Competitive Landscape**: Shanghai Lianpu faces competition from both domestic and international companies in the automotive seating systems market. * **Regulatory Environment**: The company operates in a highly regulated industry, which can impact its operations and profitability.

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price range of 40.2 to 44.3 yuan [1]. Core Insights - The company achieved record high performance in Q3 2024, with revenue of 510 million yuan, a year-on-year increase of 28% and a quarter-on-quarter increase of 22%. The net profit attributable to the parent company reached 47 million yuan, up 46% year-on-year and 56% quarter-on-quarter, slightly exceeding the previous forecast of 45 million yuan [1]. - The revenue growth is attributed to the ramp-up of the railway container business and the release of high-quality skeleton projects. The production capacity utilization rate has rapidly increased due to new project accelerations [1]. - The net profit margin reached a three-year high at 9.1%, with a gross margin of 19.7%, benefiting from improved capacity utilization and cost control [1]. - New business projects are expected to sustain growth into 2025, with increasing orders for skeleton business and steady progress in high-speed rail seat projects [1]. - The company is positioned to achieve breakthroughs in industrial upgrades, aiming to expand from seat skeletons to complete seat assembly, leveraging its core technologies and new talent acquisitions [1]. Financial Summary - Total revenue for 2023 is projected at 1,519 million yuan, with expected growth rates of 35.4% in 2024, 45.3% in 2025, and 33.7% in 2026 [2]. - The net profit attributable to the parent company is forecasted to be 91 million yuan in 2023, with significant growth rates of 99.3% in 2024, 79.5% in 2025, and 45.6% in 2026 [2]. - Earnings per share (EPS) is expected to rise from 0.77 yuan in 2023 to 1.38 yuan in 2024, and further to 2.01 yuan in 2025 [2]. - The price-to-earnings (P/E) ratio is projected to decrease from 46 times in 2023 to 25 times in 2024, and further down to 18 times in 2025 [2].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved revenue of 1.499 billion yuan in Q1-Q3 2024, representing a year-on-year increase of 46.97%. The net profit attributable to shareholders was 108 million yuan, up 70.51% year-on-year [3][4] - In Q3 2024, the company reported revenue of 511 million yuan, a year-on-year increase of 28.28% and a quarter-on-quarter increase of 22.25%. The net profit attributable to shareholders for the same quarter was 47 million yuan, reflecting a year-on-year increase of 46.01% and a quarter-on-quarter increase of 55.97% [3][4] - The company has established direct cooperation with leading new energy vehicle manufacturers and well-known OEMs in the automotive seat frame assembly sector, marking a significant breakthrough in its business model [4] - The domestic passenger car seat market is projected to be worth hundreds of billions, and the company is well-positioned to expand into the seat assembly sector due to its established expertise in seat frame components [5] Financial Projections - The company is expected to achieve revenues of 2.235 billion yuan, 3.168 billion yuan, and 3.979 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is projected to be 161 million yuan, 240 million yuan, and 318 million yuan for the same years [5][6] - The earnings per share (EPS) is forecasted to be 1.36 yuan, 2.03 yuan, and 2.69 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 25, 17, and 13 times [5][6]

上海沿浦（ [Table_StockNameRptType] 605128） 公司点评 24Q3 整体经营环比向上，新成长值得关注 | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------- ...

上海沿浦（605128.SH）系列点评八 2024Q3 业绩持续高增 客户产品双维拓展 2024 年 10 月 21 日 执业证号：S0100523110002 执业证号：S0100524080008 邮箱：cuiyan@mszq.com 邮箱：bairu@mszq.com 推荐 维持评级 当前价格： 34.19 元 [Table_Author] 分析师：崔琰 分析师：白如 ➢ 事件：公司披露 2024 年三季报：2024 年前三季度实现营收 14.99 亿元， 同比+46.97%；归母净利润 1.08 亿元，同比+70.51%；扣非归母净利润 1.03 亿 元，同比+70.24%。 ➢ 业绩持续高增 新项目加速量产。根据公司公告，2024 年前三季度实现营收 14.99 亿元，同比+46.97%，其中 2024Q3 营收 5.11 亿元，同比+28.28%、环 比+22.25%。公司 2024 年前三季度实现归母净利润 1.08 亿元，同比+70.51%， 其中 2024Q3 归母净利润 0.47 亿元，同比+45.99%、环比+55.96%；2024 年 前三季度实现扣非归母净利润 1.03 亿元，同比+ ...

上海沿浦（605128.SH） 汽车零部件 证券研究报告/公司点评报告 2024 年 10 月 21 日 业绩加速释放，期待座椅总成突破落地 ——上海沿浦 2024 三季报点评 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|--------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------- ...

上海沿浦金属制品股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：605128 证券简称：上海沿浦 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 2024 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人周建清、主管会计工作负责人秦艳芳及会计机构负责人（会计主管人员）周建明保证 季度报告中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|----------------|---------------------------------------|--- ...

10月21日晚间，上海沿浦发布2024年三季报，公司前三季度实现营业收入14.99亿元，同比增长 46.97%；实现归属于上市公司股东的净利润1.08亿元，同比增长70.51%；同期实现扣非净利润1.03亿 元，同比增长70.24%。该数据与公司10月11日公布的业绩快报基本一致。 谈及业绩表现，公司表示，前三季度营收增长主要系黄山沿浦新项目陆续投入量产，收入增长较快；重 庆沿浦同比收入增加较多；襄阳华悦铁路集装箱项目收入增加；净利润增长主要系公司成本控制严格， 销售订单充足、产能利用率提高带来的成本降低等。 "2024年三季度开始，公司新增的部分新客户产品的销售模式是由客户提供原材料公司只收取加工费方 式，这种方式会对公司利润率指标有所增加。"公司在此前业绩快报中曾表示。 上海沿浦主要生产汽车座椅骨架总成、精密冲压件、精密注塑件。作为汽车零部件企业，公司业绩增长 离不开汽车行业回暖的大背景。 从行业情况来看，继7月"淡季不淡"、8月新能源车市热度攀升之后，乘联会发布的9月份全国乘用车市 场分析报告显示，随着报废更新政策进一步发力以及地方以旧换新政策陆续出台，国家呼吁"反内 卷"后，终端价格也开始趋稳，消费持 ...

二、董事会会议审议情况 与会董事以记名投票表决方式审议并通过了以下议案： 1、《关于公司 2024 年第三季度报告的议案》。 | 证券代码：605128 | 证券简称：上海沿浦 | 公告编号：2024-081 | | --- | --- | --- | | 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十二次会议决议的公告 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 上海沿浦金属制品股份有限公司（以下简称"公司"）于 2024 年 10 月 21 日上午 9 点在 公司会议室召开第五届董事会第十二次会议。会议通知于 2024 年 10 月 19 日以专人送达、电 话及电子邮件方式发出。本次会议由公司董事长周建清先生召集和主持，会议应出席董事 9 人，实际出席董事 9 人，公司监事及高级管理人员列席了本次会议。本次会议的召集和召开 符合《中华人民共和国公司法》和《上海沿浦金属制品股份有限公司章程》的有关规定，会 议合法有效。 本议案已经公 ...

| 证券代码：605128 | 证券简称：上海沿浦 | 公告编号：2024-082 | | --- | --- | --- | | 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八次会议决议的公告 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 公司 2024 年第三季度报告的编制和审议程序符合法律法规、《公司章程》的有关规定； 公司 2024 年第三季度报告的内容和格式符合中国证监会的相关规定，所包含的信息能从各个 方面真实地反映公司 2024 年第三季度的财务状况和经营成果，不存在任何虚假记载、误导性 陈述或者重大遗漏。 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。 特此公告 上海沿浦金属制品股份有限公司 监 事 会 二〇二四年十月二十一日 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、《关于公司 2024 年第三季度报告的议案》。 根据《证券法》第 82 条等有关法律法规的 ...