| 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 ...

| 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 ...

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].

| 证券代码：605128 | 证券简称：上海沿浦 | 公告编号：2025-001 | | --- | --- | --- | | 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 关于可转债转股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、可转债上市概况 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，每张面值 100 元，发行总额 3.84 亿元，期限 6 年。 2、因公司实施 2023 年度利润分配及资本公积金转增股本，自 2024 年 5 月 20 日起， 沿浦转债转股价格由人民币 46.99 元/股调整为人民币 31.50 元/股，详见公司于 2024 年 5 月 14 日在上海证券交易所网站（www.sse.com.cn）及指定媒体披露的《上海沿浦金属制品 股份 ...

Group 1 - The company Shanghai Yanpu (605128) announced that its wholly-owned subsidiary Huizhou Yanpu has received a designated notification from an important customer for the production of automotive seat frame assemblies for a specific vehicle model [1] - The project is expected to have a lifecycle of 5 years, generating approximately 5.09 billion yuan in revenue according to customer forecasts [2] - Another wholly-owned subsidiary, Wuhan Pujiang Yanpu Automotive Parts Co., Ltd., has also received a designated notification from a customer for the production of automotive seat frame assemblies for a different vehicle model, with an expected revenue of about 7.2 billion yuan over the same 5-year period [3]

股票简称：上海沿浦 股票代码：605128 转债简称：沿浦转债 转债代码：111008 上海沿浦金属制品股份有限公司 Shanghai YanPu Metal Products Co., Ltd. （上海市闵行区浦江镇江凯路 128 号） 2023 年度向特定对象发行 A 股股票 上市公告书 保荐人（主承销商） （上海市广东路 689 号） 二〇二四年十二月 1 特别提示 一、发行数量及价格 1、发行数量：11,584,068 股 2、发行价格：32.89 元/股 3、募集资金总额：人民币 380,999,996.52 元 4、募集资金净额：人民币 375,311,317.28 元 二、本次发行股票预计上市时间 本次发行新增股份在其限售期满的次一交易日在上海证券交易所上市交易 （预计上市时间如遇法定节假日或休息日，则顺延至其后的第一个交易日）。 三、新增股份的限售安排 本次发行对象共有 12 名，均以现金参与认购，全部发行对象认购的股票自 发行结束之日起六个月内不得转让。法律法规、规范性文件对限售期另有规定的， 依其规定。发行对象基于本次交易所取得的上市公司向特定对象发行的股票，因 上市公司分配股票股利、资本 ...

| 证券代码：605128 | 证券简称：上海沿浦 | 公告编号：2024-095 | | --- | --- | --- | | 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 关于调整"沿浦转债"转股价格的公告 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法律责任。 重要内容提示： 证券停复牌情况：适用 因上海沿浦金属制品股份有限公司（以下简称"公司"）向特定对象发行股票，引 起"沿浦转债"转股价格调整,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 111008 | 沿浦转债 | 可转债转股停 牌 | 2024/12/20 | 全天 | 2024/12/20 | 2024/12/23 | 一、转股价格调整依据 根据中国证监会出具的《关于同意上海沿浦金属制品股份有限公司向特定对 象发行股票注册的批复》（证监许可 ...