China Chengxin International Credit Rating Co.,Ltd. [2025]132 中诚信国际关于终止上海沿浦金属制品股份有限公司 主体和相关债项信用评级的公告 中诚信国际信用评级有限责任公司 二〇二五年四月十一日 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"）于 2022 年 11 月发行了"2022 年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"（债券简称"沿浦转债"），由中诚信国际信用评级有限责任公司（以下简 称"中诚信国际"）进行相关信用评级工作。2024 年 5 月 23 日，中诚信国际维 持上海沿浦的主体信用等级为 A +，评级展望为稳定；维持"沿浦转债"的债项 信用等级为 A +。 2025 年 4 月 3 日，公司发布《上海沿浦金属制品股份有限公司关于"沿浦 转债"赎回结果暨股份变动的公告》称，公司行使"沿浦转债"的提前赎回权， 赎回兑付总金额为 455,264.04 元（含当期利息），赎回款发放日为 2025 年 4 月 3 日。截至本公告出具之日，"沿浦转债"已赎回完毕并完成摘牌，上海沿浦已 无使用中诚信国际主体信用等级的存 ...

Group 1 - The core viewpoint of the news is that Shanghai Yanpu is expected to achieve significant revenue and profit growth in 2024, driven by new project production and cost control measures [1] - Shanghai Yanpu's projected revenue for 2024 is 2.276 billion yuan, representing a year-on-year increase of 49.9%, primarily due to the notable sales growth of automotive seat frame assembly products [1] - The company's net profit is anticipated to reach 137 million yuan in 2024, reflecting a year-on-year growth of 50.31%, supported by stable raw material prices and effective cost management [1] Group 2 - Shanghai Yanpu has initiated a refinancing plan in 2024, receiving approval from the Shanghai Stock Exchange in April and the China Securities Regulatory Commission in May, ultimately raising 381 million yuan through successful issuance and listing in December [1] - These developments are expected to enhance the company's operational stability and risk resilience in the future [1]

Summary of Shanghai Yanpu Conference Call Company Overview - **Company**: Shanghai Yanpu - **Industry**: Automotive seating and related sectors Key Points and Arguments - **Impact of US-China Trade War**: Shanghai Yanpu is benefiting from the US-China trade war as its business is primarily focused on the domestic market, with over 90% of its operations unaffected by US tariff policies [4][5][6] - **Market Position**: The company operates in a low domestic production rate environment for automotive seating, where foreign companies dominate. This presents an opportunity for domestic brands like Shanghai Yanpu to accelerate market share gains amid decoupling trends [5][6] - **Business Expansion**: Shanghai Yanpu is not only focused on automotive seating but is also expanding into high-speed rail projects, with significant breakthroughs expected in joint ventures or strategic partnerships by 2025 [5][6] - **Strong Q1 Performance**: The company reported strong Q1 results, benefiting from increased sales from clients such as BYD, Xiaopeng, and Leap Motor, despite some declines in specific models [5][7] - **Revenue Growth Potential**: The company is making significant progress in passenger vehicle manufacturing, with expectations for revenue to grow from 2 billion to 10 billion [5][7] - **Valuation and Profit Forecast**: With the entry into complete vehicle manufacturing, the valuation is expected to improve, with projected profits exceeding 300 million by 2026, corresponding to a price-to-earnings ratio of over 30, indicating potential for market capitalization to double [5][8] - **Emerging Business Ventures**: Shanghai Yanpu is also exploring opportunities in humanoid robotics and low-altitude economy sectors, which are expected to further enhance its growth profile [5][8] Additional Important Insights - **Client Performance**: BYD's sales increased by 60% to 1 million units, Xiaopeng's Model 3 sold 60,000 units in Q1, and Leap Motor's sales exceeded 90,000 units, showcasing a robust automotive market despite some model-specific declines [7] - **Strategic Collaborations**: The company is establishing a strong R&D framework and forming deep collaborations with several well-known automotive manufacturers, indicating a solid foundation for future growth [7]

Group 1 - The company has announced the conditional redemption of its convertible bonds, "Yanpu Convertible Bonds," as the stock price met the required threshold for redemption [1][2] - The board of directors approved the early redemption of the bonds during a meeting on March 11, 2025, and the announcement was made on March 12, 2025 [1][2] - The redemption date is set for April 2, 2025, with a redemption price of 100.4997 yuan per bond, including accrued interest [2][3] Group 2 - As of the redemption date, the remaining balance of "Yanpu Convertible Bonds" is 453,000 yuan, which is 0.12% of the total issuance [3][4] - A total of 383,547,000 yuan of the bonds have been converted into shares, resulting in 12,127,693 shares issued, which is 15.16% of the total shares before conversion [4][5] - The total share capital of the company will increase to 142,113,178 shares after the redemption [7] Group 3 - The redemption amount is relatively small and will not significantly impact the company's cash flow [7] - The early redemption will dilute earnings per share in the short term but is expected to strengthen the company's capital structure and reduce the debt-to-asset ratio in the long term [7]

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company's revenue is expected to grow significantly, with projected revenues of 3.3 billion, 4.3 billion, and 4.8 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 45%, 31%, and 11% [2][4]. - The net profit attributable to the parent company is forecasted to reach 250 million, 350 million, and 450 million yuan for the same years, with growth rates of 82%, 41%, and 27% respectively [2][4]. - The report highlights that the company's gross margin for the skeleton business exceeded expectations, with an average selling price (ASP) increasing by 34% [7]. - The company is expected to benefit from the release of production capacity in Huizhou and Zhengzhou, leading to a rise in both volume and price for its core skeleton business [7]. - The report notes the company's first mention of its automotive seat business, indicating a significant growth opportunity in a market with low domestic replacement rates [7]. Financial Summary - The company's revenue for 2024 is reported at 2.276 billion yuan, with a year-on-year growth of 49.9%, and a net profit of 137 million yuan, also reflecting a growth of 50.31% [4][7]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.76, 2.48, and 3.14 yuan respectively [4][8]. - The price-to-earnings (P/E) ratio is expected to decrease from 43.33 in 2024 to 13.30 by 2027, indicating improving valuation as earnings grow [4][8].

证券代码：605128 证券简称：上海沿浦 公告编号：2025-047 （二）本次赎回事项公告披露情况 公司于 2025 年 3 月 11 日召开了第五届董事会第十七次会议，审议通过了《关于提前 赎回"沿浦转债"的议案》，决定行使"沿浦转债"的提前赎回权，对赎回登记日收市后登 记在册的"沿浦转债"按照债券面值加当期应计利息的价格全部赎回。公司于 2025 年 3 月 12 日披露了《上海沿浦金属制品股份有限公司关于提前赎回"沿浦转债"的公告》（公告编 号：2025-020 号）。 公司于 2025 年 3 月 19 日披露了《上海沿浦金属制品股份有限公司关于实施"沿浦转 债"赎回暨摘牌的公告》（公告编号：2025-021），明确了有关赎回的程序、价格、付款方式 及时间等具体事宜，并在 2025 年 3 月 20 日至 2025 年 4 月 2 日期间披露了 10 次关于实施 上海沿浦金属制品股份有限公司 关于"沿浦转债"赎回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、本次可转 ...

Core Points - The company, Shanghai Yanpu Metal Products Co., Ltd, is preparing for its 2024 Annual General Meeting (AGM) scheduled for April 18, 2025, to discuss various proposals including financial reports and profit distribution [1][5][24]. Group 1: Meeting Procedures - Shareholders must present identification and relevant documents for registration to attend the AGM [2][3]. - The meeting will combine on-site and online voting, allowing shareholders to exercise their voting rights based on the number of shares they represent [4][5]. - The meeting will include a series of proposals for voting, including the annual work reports from the board and supervisory committee, financial reports, and profit distribution plans [6][8][30]. Group 2: Financial Performance - For the fiscal year 2024, the company reported a revenue of approximately RMB 2.28 billion, a 49.90% increase from the previous year [8][31]. - The net profit for 2024 was approximately RMB 136.08 million, reflecting a 55.11% increase compared to 2023 [8][31]. - The total assets at the end of 2024 were approximately RMB 3.02 billion, a 23.04% increase from the previous year [31]. Group 3: Profit Distribution Plan - The company plans to distribute a cash dividend of RMB 3.88 per 10 shares, totaling approximately RMB 49.95 million, which is 36.7% of the net profit [33]. - Additionally, the company proposes a capital reserve conversion of 4.9 shares for every 10 shares held, increasing the total share capital to approximately 193.07 million shares [33]. Group 4: Future Plans - The company aims to enhance its market position in the automotive seat components sector through technological innovation and capacity expansion [10][11]. - Plans include expanding production capacity in existing facilities and establishing new projects to meet growing market demand [10][12]. - The company will continue to focus on R&D and talent acquisition to strengthen its competitive edge in the industry [11][13].

上海沿浦金属制品股份有限公司 Shanghai Yanpu Metal Products Co.,Ltd （A 股股票代码：605128） 2024 年年度股东大会 会议资料 中国·上海 二〇二五年四月十八日 上海沿浦金属制品股份有限公司 2024 年年度股东大会会议资料 上海沿浦金属制品股份有限公司 2024 年年度股东大会会议资料 目 录 | 目 录 | 2 | | --- | --- | | 2024年年度股东大会参会须知 | 3 | | 2024年年度股东大会议程 | 6 | | 议案一：关于公司2024年度董事会工作报告的议案 | 8 | | 议案二：关于公司独立董事2024年度述职报告的议案 | 17 | | 议案三：关于公司2024年度监事会工作报告的议案 | 18 | | 议案四：关于公司2024年年度报告及其摘要的议案 | 20 | | 议案五：关于公司2024年度财务决算报告的议案 | 21 | | 议案六：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 | 23 | | 议案七：关于公司及子公司2025年度向银行申请授信额度的议案 | 24 | | 议案八：关于公司及子公司20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to experience significant operational growth in 2024, driven by new business developments and a strong performance in Q4 2024, with revenue reaching a record high [7][8] - The company has successfully expanded into new projects, including the seating frame and railway container sectors, contributing to a robust revenue increase of 50% year-on-year in 2024 [7] - 2025 is anticipated to be a pivotal year for the company, with key advancements in its core business and the potential for substantial breakthroughs in the automotive seating market [7] Financial Performance Summary - For 2024, the company achieved operating revenue of 2,276 million yuan, a year-on-year increase of 49.9%, and a net profit attributable to the parent company of 137 million yuan, also up by 50.3% [6][7] - The projected financials for 2025-2027 indicate continued growth, with net profits expected to reach 220 million yuan in 2025, 328 million yuan in 2026, and 436 million yuan in 2027, reflecting growth rates of 60.7%, 48.8%, and 32.9% respectively [6][7] - The company's gross margin for 2024 was reported at 17.3%, with expectations for gradual improvement in subsequent years [6][7] Business Development Insights - The company has made significant progress in its R&D capabilities, particularly in the automotive seating sector, with a fully equipped laboratory and a team of experienced professionals [7] - Ongoing collaborations with several well-known automotive manufacturers are expected to enhance the company's market position and product offerings [7] - The successful launch of new products, such as railway containers, demonstrates the company's ability to diversify and innovate within its operational framework [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to experience significant operational growth in 2024, driven by new business developments and a strong performance in Q4 2024, with a record high quarterly revenue [7][8] - The company has successfully expanded into new projects, including the chair frame and railway container sectors, which are anticipated to contribute significantly to revenue [7] - 2025 is identified as a critical year for fundamental changes in the company, with expectations for breakthroughs in the automotive seating business [7] Financial Performance Summary - For 2024, the company achieved a revenue of 2,276 million yuan, representing a year-on-year increase of 49.9%, and a net profit attributable to the parent company of 137 million yuan, also up by 50.3% [6][7] - The projected revenues for 2025, 2026, and 2027 are 2,812 million yuan, 3,621 million yuan, and 4,511 million yuan, respectively, with growth rates of 23.5%, 28.8%, and 24.6% [6][7] - The net profit attributable to the parent company is expected to reach 220 million yuan in 2025, 328 million yuan in 2026, and 436 million yuan in 2027, with growth rates of 60.7%, 48.8%, and 32.9% respectively [6][7] Key Financial Metrics - The gross margin for 2024 is reported at 17.3%, with expectations to improve to 18.5% in 2025 [6][7] - Return on equity (ROE) is projected to increase from 8.3% in 2024 to 16.2% by 2027 [6][7] - The price-to-earnings (P/E) ratio is expected to decrease from 32.13 in 2024 to 13.36 in 2027, indicating a potential increase in valuation attractiveness over time [6][7]