Group 1: Company Overview - Shanghai Yanpu Metal Products Co., Ltd. was established on April 19, 1999, primarily producing metal components for automotive parts, including seat frame assemblies and precision stamped parts [6] - The company has established good cooperative relationships with well-known automotive parts manufacturers such as Dongfeng Lear Group and Magna [6] - As of June 30, 2024, the company's share capital is RMB 118,404,400 [6] Group 2: Financial Performance - In 2023, the company achieved operating revenue of RMB 1.519 billion, a year-on-year increase of 35.38% [8] - The net profit attributable to shareholders was RMB 91.1782 million, a year-on-year increase of 99.32% [8] - For the first three quarters of 2024, the company reported operating revenue of RMB 1.499 billion, a year-on-year growth of 46.97% [8] - The net profit attributable to shareholders for the same period reached RMB 108 million, a year-on-year increase of 70.51% [8] Group 3: Business Expansion and Client Acquisition - The company has 16 subsidiaries across the country, with significant expansions in recent years [7][8] - New customer acquisition and new product development have contributed to rapid sales growth in the first three quarters of 2024 [9] - The company has secured multiple new project designations, including six new projects for automotive seat frame assemblies and precision stamped parts [11] Group 4: Future Growth Prospects - Future revenue growth is expected to come from the continuous expansion of new customers and new projects from existing clients [9] - The company is actively working on new projects in the railway sector, including specialized containers and high-speed train seats [10]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company is a leading domestic automotive seat frame manufacturer, and its platform transformation opens up growth opportunities, with expected increases in unit value and market share driving performance beyond expectations [2][3] - The domestic automotive seat market is projected to reach a scale of 150 billion yuan by 2026, with a significant space for domestic substitution, as the top five players hold over 70% market share, primarily foreign or foreign-related [2] - The company has successfully initiated a platform transformation, with new partnerships expected to generate approximately 2.269 billion yuan in revenue over five years [3] Summary by Sections Financial Forecast - Revenue for 2024, 2025, and 2026 is projected to be 2.388 billion yuan, 2.982 billion yuan, and 3.731 billion yuan, respectively, with year-on-year growth rates of 57.3%, 24.9%, and 25.1% [5] - Net profit attributable to the parent company is expected to be 164 million yuan, 251 million yuan, and 359 million yuan for the same years, with growth rates of 80.4%, 52.5%, and 43.3% [5] - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 25, 16, and 11, respectively [5] Market Position - The current P/E valuation of the company is 16 times, compared to an average of 20 times for comparable companies, indicating significant upside potential [2] - The company has secured supply qualifications for high-speed train seats and is preparing for mass production, with expected revenue contributions starting from 2025 [2][3] Growth Catalysts - Future catalysts include new customer contracts for seat frames, performance reports, and potential extensions along the supply chain [2]

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： 上海沿浦金属制品股份有限公司(以下简称"本公司")于 2022 年 11 月 2 日 发行的可转换公司债券将于 2024 年 11 月 4 日开始支付自 2023 年 11 月 2 日至 2024 年 11 月 1 日期间的利息。根据本公司《上海沿浦金属制品股份有限公司公 开发行 A 股可转换公司债券募集说明书》（以下简称"募集说明书"）有关条款的 规定，现将有关事项公告如下： | 证券代码：605128 | 证券简称：上海沿浦 公告编号：2024-084 | | --- | --- | | 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 关于可转换公司债券 2024 年付息公告 一、可转债发行上市概况 经中国证券监督管理委员会（证监许可［2022］2211 号）文核准，上海沿 浦金属制品股份有限公司（以下简称"上海沿浦"或"本公司"或"公司"）于 2022 年 11 月 2 日公开发行了 384 万张可转换公司债券，每张面 ...

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 | --- | --- | --- | --- | --- | |------------------------------------------------|----------------|---------------------------------------|--- ...