Company Overview - Shanghai Yanpu Metal Products Co., Ltd. was established on April 19, 1999, and primarily produces metal components for automotive parts, including seat frames and precision stamping parts [3][4] - The company went public on the Shanghai Stock Exchange on September 15, 2020, with stock code 605128 and convertible bond code 111008 [4][5] Financial Performance - In 2023, the company achieved a revenue of CNY 1.519 billion, representing a year-on-year growth of 35.38% [6] - The net profit attributable to shareholders was CNY 91.1782 million, with a year-on-year increase of 99.32% [6] - For the first half of 2024, the company reported a revenue of CNY 987 million, up 58.96% year-on-year [6] - The net profit attributable to shareholders for the same period was CNY 61.9109 million, reflecting a growth of 95.15% [6] Business Structure - The company has 16 subsidiaries across various regions in China, including locations in Shanghai, Hubei, and Anhui [5][6] - It also has 3 holding companies, with ownership stakes ranging from 50.5% to 100% [5][6] - Additionally, there are 3 associated companies located in Hubei, Anhui, and Hunan [6] Recent Developments - The company has secured new projects with major automotive manufacturers, with expected revenues of CNY 2.269 billion and CNY 209 million from new contracts [7] - The new projects are set to commence mass production in March and October 2025, respectively [7] Investor Relations Activities - The company has conducted multiple investor relations activities, including specific object research and performance briefings, with participation from various financial institutions [2][3]

Investment Rating - The report maintains a "Recommended" rating for the company with a current price of 32.45 CNY [1]. Core Views - The company is expected to achieve a net profit of 107 million CNY for the first three quarters of 2024, representing a year-on-year increase of 68.18%. The net profit for Q3 2024 is projected to be 45 million CNY, showing a year-on-year increase of 41.38% and a quarter-on-quarter increase of 50.84% [2]. - The growth in performance is attributed to several factors, including the acceleration of new project mass production, increased market orders, improved capacity utilization, and strict cost control [2][4]. - The company has received new project notifications from four clients, which are expected to generate approximately 2.352 billion CNY in revenue over their lifecycle, significantly contributing to future earnings [2][4]. Summary by Sections Financial Performance - The company forecasts 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 projected growth rates for revenue are 63.43% in 2024, 32.09% in 2025, and 27.85% in 2026 [5][6]. Business Expansion - The company is expanding its client base and product offerings, moving from seat frames to include door molds, safety systems, and components for new energy vehicles [4]. - The company has successfully bid for a railway container project worth 587 million CNY, which is expected to enhance future performance [4]. Market Position - The company is positioned as a leader in the automotive seat frame market and is expected to benefit from trends in electric and intelligent vehicle manufacturing [4]. - The anticipated annual revenue contribution from new projects is estimated at 532 million CNY, accounting for 35.06% of the company's total revenue in 2023 [2].

Company Overview - Shanghai Yanpu Metal Products Co., Ltd. was established on April 19, 1999, and primarily produces metal components for automotive parts, including seat frames and precision stamping parts [3][4] - The company went public on the Shanghai Stock Exchange on September 15, 2020, with stock code 605128 and convertible bond code 111008 [4][5] Financial Performance - In 2023, the company achieved a revenue of CNY 1.519 billion, representing a year-on-year growth of 35.38% [6] - The net profit attributable to shareholders was CNY 91.1782 million, with a year-on-year increase of 99.32% [6] - For the first half of 2024, revenue reached CNY 987 million, showing a year-on-year growth of 58.96% [6] - The net profit attributable to shareholders for the same period was CNY 61.9109 million, up by 95.15% year-on-year [6] Business Expansion - The company has established 16 subsidiaries across various regions in China, including locations in Wuhan, Dalian, and Chongqing [5][6] - It has three holding companies, with significant ownership stakes, including Shanghai Yanpu Huayue Intelligent Technology Co., Ltd. (50.5% stake) [5][6] - The company also has three equity investees located in Hubei, Anhui, and Hunan provinces [6] New Projects and Clients - The company has secured new projects with major automotive manufacturers, including a project expected to generate CNY 2.269 billion in revenue over its lifecycle, with production starting in March and July 2025 [7] - Another project is anticipated to yield CNY 209 million in revenue, with production commencing in October 2025 [7] Strategic Partnerships - Shanghai Yanpu has established strong partnerships with renowned automotive parts manufacturers, including Dongfeng Lear Group and Magna [4][6] - The company emphasizes technological research and development, focusing on new product and mold development to enhance production efficiency and product quality [4][6]

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]