Financial Performance - The company expects a net profit attributable to shareholders of approximately 107 million yuan for the first three quarters of 2024, an increase of about 43.4 million yuan, representing a year-on-year growth of approximately 68%[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be around 101 million yuan, an increase of about 40.3 million yuan, indicating a year-on-year increase of approximately 67%[3] - In the same period of 2023, the company reported a net profit attributable to shareholders of 63.62 million yuan and a net profit of 60.38 million yuan after deducting non-recurring gains and losses[4] Performance Drivers - The increase in performance is primarily due to strict cost control measures, increased production from new projects, and improved production efficiency[5] - The company has seen a monthly increase in new orders for railway-specific containers in the third quarter, leading to higher capacity utilization and improved product profitability[5] Forecast and Uncertainties - The performance forecast is based on preliminary estimates by the finance department and has not been audited by registered accountants[6] - There are no significant uncertainties affecting the accuracy of the performance forecast[6] - The forecast data is preliminary and the final financial data will be disclosed in the official third-quarter report[7]

| 证券代码：605128 | 证券简称：上海沿浦 | 公告编号：2024-071 | | --- | --- | --- | | 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 关于召开 2024 年半年度业绩说明会的公告 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： 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半年度的经营成果及 财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者 普遍关注的问题进行回答。 二、 说明会召开的时间、地点 会议召开时间：2024 年 10 月 09 日(星期三) 上午 09:00-10:00 会议召开地点：上海证券交易所上证路演中心（网址： （一） 会议召开时间：2024 年 10 月 09 日 上午 09:00-10:00 （二） 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has secured multiple seating frame projects from the Lear Group, enhancing the long-term growth logic of its frame business. The new projects are expected to generate approximately 2.3 billion in revenue over their lifecycle from 2024 to 2030 [3][4] - The company is entering a performance acceleration phase driven by new business and customer demand, with Q2 2023 identified as a turning point for profitability [3] - The company is positioned as a leader in the frame sector and is expanding into complete seat assembly, capitalizing on the domestic market's potential for replacement and growth [3] Financial Summary - Revenue is projected to grow from 1,519 million in 2023 to 3,701 million by 2026, with a compound annual growth rate (CAGR) of 17% [3][9] - Net profit is expected to increase from 140 million in 2024 to 315 million by 2026, with year-on-year growth rates of 54%, 61%, and 40% respectively [3][9] - The company's earnings per share (EPS) is forecasted to rise from 1.18 in 2024 to 2.66 in 2026 [3][9] Market Position and Strategy - The company is enhancing its reputation in the seating frame sector, which is critical for safety and accounts for nearly 70% of the total investment in seats [3] - The domestic market for seating is projected to reach approximately 150 billion by 2025, with a favorable competitive landscape dominated by foreign companies [3] - The company aims to leverage its established customer relationships and technical expertise to penetrate the complete seat assembly market [3]

Investment Rating - The report maintains a "Buy" rating for the company [1][10]. Core Insights - The company has secured multiple seating frame projects from the Lear Group, enhancing the long-term growth logic of its frame business. This includes partnerships with clients such as XPeng Motors, Seres, and BYD, alleviating market concerns about competition affecting order volumes [3][4]. - The company has entered a performance acceleration phase, driven by new projects from BYD and Seres, with expectations for new business contributions starting in 2024 [3]. - The company is positioned as a leader in the seating frame market and is expanding into complete seating assembly, capitalizing on the domestic market's potential for replacement and growth [3]. Financial Summary - Revenue is projected to grow from 1,519 million in 2023 to 3,701 million by 2026, with a compound annual growth rate (CAGR) of 17% [3][9]. - Net profit is expected to increase from 140 million in 2024 to 315 million by 2026, reflecting a growth rate of 54% in 2024 and 40% in 2026 [3][9]. - The company's P/E ratio is forecasted to decrease from 22.4 in 2024 to 9.9 in 2026, indicating improving valuation metrics as earnings grow [3][9]. Business Outlook - The company is expected to benefit from a significant market opportunity in the seating sector, with an estimated market size of 150 billion in 2025 and a projected CAGR of 17% [3]. - The competitive landscape is favorable, with a high concentration of foreign players, providing an opportunity for domestic companies to gain market share [3]. - The company’s core advantages include a strong reputation in frame technology and a solid customer base, which are anticipated to support its expansion into complete seating solutions [3].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 30.1 CNY, compared to the current price of 25.95 CNY [1]. Core Views - The company has secured multiple new project approvals in its skeleton business, indicating strong growth potential. The expected revenue from these projects is approximately 2.352 billion CNY over their lifecycle [1]. - The company is transitioning into the full seat assembly market, leveraging its core competencies in skeleton production and aiming to establish a complete seat production capability [1]. - The new railway container business is entering a growth phase, with expected volume increases contributing positively to the company's performance [1]. - The company is projected to achieve significant profit growth, with net profits expected to reach 143 million CNY in 2024, representing a year-on-year increase of 56% [2]. Summary by Sections Investment Rating - The company is rated as "Strong Buy" with a target price of 30.1 CNY, indicating an expected outperformance of over 20% compared to the benchmark index within the next six months [1][9]. Business Developments - The company has recently announced new project approvals, including: - A project with a leading new energy vehicle platform expected to generate 2.27 billion CNY over five years [1]. - A project with a well-known domestic OEM expected to generate 210 million CNY over five years [1]. - Four additional projects with various well-known automotive companies, expected to generate 2.35 billion CNY over 4-6 years [1]. - The company is also entering the railway container market, with production expected to ramp up significantly in 2024 [1]. Financial Projections - The company’s total revenue is projected to grow from 1.519 billion CNY in 2023 to 3.841 billion CNY by 2026, with a compound annual growth rate (CAGR) of 35.4% [2]. - Net profit is expected to increase from 91 million CNY in 2023 to 329 million CNY in 2026, reflecting a CAGR of 99.3% [2]. - Earnings per share (EPS) are projected to rise from 0.77 CNY in 2023 to 2.77 CNY in 2026 [2]. Market Position - The company is positioned as a leading independent supplier in the skeleton market, with a strong technical team and capabilities in precision stamping, injection molding, and product integration [1]. - The company is expected to leverage its existing technologies and experience to expand into higher-margin seat assembly business [1].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 25.95 CNY per share [4][5]. Core Insights - The company has recently received new project notifications from four clients, involving six new projects, which are expected to generate approximately 2.352 billion CNY in revenue over their lifecycles [4]. - The new projects are anticipated to contribute an annual revenue of 532 million CNY, accounting for 35.06% of the company's total revenue in 2023 and 58.14% of its revenue from automotive seat frame assemblies [4]. - The company is expanding its client base and product offerings, which is expected to open up long-term growth opportunities [5]. Summary by Sections New Projects and Revenue Potential - The company has received notifications for six new projects from four clients, with a total expected revenue of approximately 2.352 billion CNY over 4-6 years [4]. - Specific projects include: 1. Project 1: Automotive seat frame assembly for a well-known new energy vehicle manufacturer, with a total sales amount of 1.283 billion CNY [4]. 2. Project 2: Stamping parts for a well-known automotive manufacturer, with a total sales amount of 63 million CNY [4]. 3. Project 3: Automotive seat frame assembly for a leading new energy vehicle manufacturer, with a total sales amount of 483 million CNY [4]. 4. Project 4: Automotive seat frame assembly for a well-known automotive manufacturer, with a total sales amount of 41 million CNY [4]. 5. Project 5: Leg support frame assembly and other components for a well-known new energy vehicle manufacturer, with a total sales amount of 219 million CNY [4]. 6. Project 6: Automotive seat frame assembly for a leading new energy vehicle manufacturer, with a total sales amount of 263 million CNY [4]. Financial Forecast - The company is projected to achieve revenues of 2.482 billion CNY in 2024, 3.278 billion CNY in 2025, and 4.191 billion CNY in 2026, with corresponding net profits of 173 million CNY, 237 million CNY, and 330 million CNY respectively [5][6]. - The expected growth rates for revenue are 63.4% in 2024, 32.1% in 2025, and 27.9% in 2026 [6]. Market Position and Strategy - The company is positioned as a leader in automotive seat frame assemblies and is actively expanding into new product categories such as automotive door molds and safety systems [5]. - The company has successfully entered the railway container market, winning a bid worth 587 million CNY, which is expected to enhance future performance [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has recently secured six new skeleton projects, expected to contribute approximately 2.35 billion RMB in revenue over their lifecycle [2] - The company is entering a new growth phase, with its skeleton business continuing to break through and a more mature platform for seat production [2] - The core growth for the company in 2024 is anticipated to come from the increasing certainty in its seat business, transitioning from seat skeletons to complete seats [2] - The company is expected to achieve net profits of 170 million, 250 million, and 340 million RMB for 2024, 2025, and 2026 respectively, with growth rates of +90%, +44%, and +37% [2] Financial Summary - The company reported a revenue of 1.519 billion RMB in 2023, with a year-on-year growth of 35.4%, and projected revenues of 2.628 billion RMB in 2024 (+73.1%), 3.492 billion RMB in 2025 (+32.9%), and 4.036 billion RMB in 2026 (+15.6%) [3][8] - The net profit attributable to the parent company is forecasted to be 91 million RMB in 2023, 173 million RMB in 2024, 249 million RMB in 2025, and 341 million RMB in 2026 [3][8] - The gross margin is expected to be 16.1% in 2023, 15.5% in 2024, 16.0% in 2025, and 17.0% in 2026 [3][8] - The company’s return on equity (ROE) is projected to increase from 7.6% in 2023 to 17.9% in 2026 [3][8] - The price-to-earnings (P/E) ratio is expected to decrease from 50.92 in 2023 to 9.02 in 2026, indicating improved valuation over time [3][8]

上海沿浦金属制品股份有限公司 关于获得新项目定点通知书的公告 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： 本公告的定点通知书的汇总信息如下： 证券代码：605128 证券简称：上海沿浦 公告编号：2024-070 转债代码：111008 债券简称：沿浦转债 | 项目 | 沿浦体系内的 | 直接客户 | 沿浦间接供 货的终端客 | | 项目量产时 | 项目生 命周期 | 预计销 | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 量产地点 | 名称 | 户名称 | 项目产品种类 | 间 | 预计 | 售金额 | | | | | （配套主机 | | | （年） | （亿元） | | | | | 厂） | | | | | | 1 | 黄山沿浦金属 | 武汉某公 | 某知名新势 力汽车制造 | 汽车座椅骨架 | 2024 年 7 月 | 4 | 12.83 | | | 制品有限公司 | 司 | | 总成 | | | | | | | | 企业 | | ...

| 证券代码：605128 | 证券简称：上海沿浦 | 公告编号：2024-067 | | --- | --- | --- | | 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。 董 事 会 二〇二四年九月六日 与会董事以记名投票表决方式审议并通过了以下议案： 1、审议《关于公司前次募集资金使用情况报告的议案》。 具体内容详见公司于 2024 年 9 月 7 日在上海证券交易所官方网站（www.sse.com.cn）及 指定媒体披露的《上海沿浦金属制品股份有限公司关于公司前次募集资金使用情况报告的公 告》。 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。 特此公告 上海沿浦金属制品股份有限公司 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 9 月 6 日上午 9 点在公 司会议室召开第五届董事会第十次会议。会议通知于 2024 ...

上海沿浦金属制品股份有限公司 截至 2024年 6月 30 止 前次募集资金使用情况报告及鉴证报告 l 您可使用手机"扫一扫"或进入"让业会计师行业统一监管平台（http://ztc.mof.ego.co） 进行变 ， 关于上海沿浦金属制品股份有限公司 截至2024年6月30日止 前次募集资金使用情况报告的鉴证报告 信会师报字[2024]第ZA14234号 上海沿浦金属制品股份有限公司全体股东: 我们接受委托,对后附的上海沿浦金属制品股份有限公司(以下 简称"上海沿浦") 截至2024年6月30日止前次募集资金使用情况报告 (以下简称"前次募集资金使用情况报告")执行了合理保证的鉴证业 务。 一、管理层的责任 上海沿浦管理层的责任是按照中国证券监督管理委员会《监管规 则适用指引 -- 发行类第7号》的相关规定编制前次募集资金使用情 况报告。这种责任包括设计、执行和维护与前次募集资金使用情况报 告编制相关的内部控制,确保前次募集资金使用情况报告真实、准确、 完整,不存在虚假记载、误导性陈述或重大遗漏。 二、注册会计师的责任 目 | | 项 次 | | --- | --- | | 前次募集资金使用情况报告的鉴证报 ...