Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price range of 60.5 to 72.6 CNY, compared to the current price of 49.75 CNY [2][17]. Core Insights - The company has shown significant growth in its core business, particularly in the seat frame segment, benefiting from increased orders from high-quality clients such as BYD and AITO. The revenue from the seat frame business reached 9.2 billion CNY in 2023, a year-on-year increase of 64%, accounting for 60% of total revenue [17]. - The company is expanding into new business areas, including specialized railway containers and high-speed train seats, which are expected to contribute significantly to growth in the coming years [17]. - The financial forecasts indicate a strong growth trajectory, with projected net profits of 1.9 billion CNY, 2.7 billion CNY, and 3.3 billion CNY for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 112%, 38%, and 25% [17]. Financial Summary - Total revenue for 2023 was 15.2 billion CNY, with a year-on-year growth of 35%, and net profit attributable to shareholders was 0.91 billion CNY, up 99% [17]. - The company’s earnings per share (EPS) are projected to increase from 1.14 CNY in 2023 to 4.17 CNY by 2026, reflecting a strong upward trend in profitability [3][17]. - The average selling price (ASP) of seat frames has increased significantly, from 349 CNY in 2021 to 881 CNY in 2023, indicating a compound annual growth rate (CAGR) of 59% [17].

Investment Rating - The report assigns a "Buy" rating, expecting a relative increase of over 15% in the stock price compared to the benchmark index within the next 6 to 12 months [10]. Core Views - The company reported a revenue of 1.52 billion yuan for 2023, representing a year-on-year growth of 35.4%, and a net profit of 0.91 billion yuan, which is a 99.3% increase year-on-year [14][15]. - The company anticipates continued growth in 2024, with projected revenue of 2.58 billion yuan and a net profit of 1.90 billion yuan, reflecting growth rates of 70% and 108% respectively [14][15]. - The report highlights the company's strong performance driven by new business initiatives and customer demand, particularly in the automotive sector [6][14]. Financial Summary - **Revenue Growth Rate**: The company is expected to achieve a revenue growth rate of 35.4% in 2023, 70.0% in 2024, 26.9% in 2025, and 19.2% in 2026 [9]. - **Net Profit Growth Rate**: The net profit growth rates are projected at 99.3% for 2023, 108.0% for 2024, 48.0% for 2025, and 25.1% for 2026 [9]. - **Earnings Per Share (EPS)**: The EPS is forecasted to increase from 1.14 yuan in 2023 to 4.39 yuan by 2026 [14][15]. - **Operating Cash Flow**: The operating cash flow is expected to rise from 328 million yuan in 2024 to 450 million yuan in 2026 [2][15]. Cash Flow Analysis - **Operating Cash Flow**: The operating cash flow is projected to be 328 million yuan in 2024, increasing to 450 million yuan by 2026 [2]. - **Investment Cash Flow**: The investment cash flow is expected to be negative, with projections of -370 million yuan in 2024 and -308 million yuan in 2026 [2]. - **Financing Cash Flow**: The financing cash flow is anticipated to be positive in 2024 at 372 million yuan, but negative in subsequent years [2]. Market Position and Strategy - The company is positioned as a leader in the automotive seating market, with significant growth potential driven by new product lines and customer demand [14]. - The report emphasizes the company's strategic focus on expanding its market share in the automotive sector, particularly in high-quality seating solutions [14].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on expected stock performance exceeding 20% relative to the benchmark index [2][15]. Core Insights - The company is positioned for significant growth in 2023, with a focus on business expansion and product diversification across various sectors, including automotive components and electronics [3][39]. - The company reported a revenue of 1.519 billion yuan in 2023, reflecting a year-on-year increase of 35.38%, and a net profit of 91.18 million yuan, up 99.32% year-on-year [14][15]. - The company anticipates continued growth in 2024, with projected revenues of 2.697 billion yuan and net profits of 196.41 million yuan, driven by new projects and increased production capacity [15][16]. Financial Summary - The company achieved a revenue of 1.519 billion yuan in 2023, with a projected growth rate of 77.6% for 2024 [16][17]. - The net profit for 2023 was 91.18 million yuan, with an expected increase to 196.41 million yuan in 2024, indicating a growth rate of 115.41% [16][17]. - The earnings per share (EPS) for 2023 was 1.14 yuan, projected to rise to 2.46 yuan in 2024, reflecting a significant improvement in profitability [15][17]. Business Development - The company is expanding its product offerings in the automotive sector, focusing on lightweight and automated components, which are expected to enhance its competitive edge [3][39]. - A new fundraising initiative aims to raise up to 381 million yuan to support the production of advanced automotive seating components and plastic parts, enhancing the company's operational capabilities [14][15]. - The company has established partnerships with major automotive manufacturers, which may facilitate entry into international supply chains and foster long-term growth [3][14].

Financial Performance - The company's operating revenue for 2023 reached ¥1,518,597,075.76, representing a year-on-year increase of 35.38% compared to ¥1,121,732,780.23 in 2022[26]. - The net profit attributable to shareholders for 2023 was ¥91,178,221.99, a significant increase of 99.32% from ¥45,744,422.47 in 2022[26]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥87,870,662.80, up 174.72% from ¥31,985,588.50 in 2022[26]. - The basic earnings per share for 2023 was ¥1.14, doubling from ¥0.57 in 2022, indicating a 100% increase[27]. - The total assets of the company at the end of 2023 were ¥2,455,309,753.29, reflecting a 13.37% increase from ¥2,165,712,908.87 at the end of 2022[26]. - The weighted average return on equity for 2023 was 7.81%, an increase of 3.46 percentage points from 4.35% in 2022[27]. - The cash flow from operating activities for 2023 was ¥53,389,848.45, a slight increase of 5.93% compared to ¥50,401,383.23 in 2022[26]. - The company reported a quarterly revenue of ¥498,938,206.01 in Q4 2023, showing a consistent upward trend throughout the year[28]. Dividend and Share Capital - The company plans to distribute cash dividends of RMB 3.75 per 10 shares, totaling RMB 30,000,796.13, which accounts for 32.90% of the net profit attributable to shareholders for 2023[6]. - The company will increase its share capital by 4.8 shares for every 10 shares held, resulting in a total increase of 38,401,019 shares, raising the total share capital to 118,403,142 shares[6]. - As of December 31, 2023, the company's distributable profits amounted to RMB 269,606,258.21[6]. Market Expansion and Strategy - The company plans to continue expanding its market presence and investing in new product development to sustain growth in the coming years[26]. - The company is expanding into the container and high-speed rail seat industries, with production ramping up in October 2023[38]. - The company aims to leverage partnerships with global platforms like Yanfeng and Magna to enter international automotive supply chains, increasing order volume[50]. - The company plans to enhance R&D efforts, targeting the development of electric leg rest seats and locking slide rails for various seats[50]. - The company is focusing on diversifying its product strategy to align with the trends in the new energy automotive sector[37]. Research and Development - The company has a strong technical development team of over 100 people, enhancing its capabilities in precision stamping and injection molding[39]. - The company has a technical team of nearly 150 professionals focused on product industrialization, with a mold development team that has grown from 10 members in 2003 to 90 members currently[43]. - The company holds 90 utility model patents and 4 invention patents, with plans to continue applying for more patents in the future[44]. - The company has developed core technologies such as the seat longitudinal adjustment rail mechanism and ultra-high strength steel stamping technology, enhancing product applicability and production efficiency[45]. - The company has introduced advanced fully automated stamping production lines and welding robot production lines to improve production efficiency and product quality[45]. Financial Management and Costs - Operating costs increased to CNY 1,273,783,631.02, a rise of 30.75% from CNY 974,201,418.30 in the previous year, primarily due to increased revenue from new projects[52]. - The gross profit margin for the automotive parts segment is 14.18%, with a year-on-year increase of 2.82 percentage points[55]. - The sales revenue from the stamping parts reached CNY 413,482,233.24, with a year-on-year growth of 20.61%[55]. - The company reported a significant increase in financial expenses, amounting to CNY 11,090,750.70, which is a 581.66% increase from CNY 1,627,029.68, mainly due to the convertible bond projects[52]. Governance and Compliance - The company has established a governance structure that includes independent directors, ensuring compliance with corporate governance standards[93]. - The company actively engages with investors and institutions to strengthen communication and feedback mechanisms[94]. - The company held 4 shareholder meetings and 12 board meetings in the reporting period, all compliant with legal regulations[93]. - The company has established specialized committees under the board of directors to enhance governance[109]. - The company has maintained a high attendance rate at board meetings, with all directors present at 12 meetings in the year[107]. Risks and Challenges - The company faces risks related to raw material price fluctuations, particularly steel prices, which could impact cost control and profit margins[83]. - The company acknowledges the cyclical nature of the automotive industry, which could affect demand for its products during economic downturns[84]. - The company reported a user growth rate of 15% year-over-year, indicating strong market demand[98]. - The company may experience dilution of earnings per share and return on equity if a significant number of convertible bonds are converted into shares[90]. Employee and Training Initiatives - The company emphasizes a comprehensive training program for employees, focusing on enhancing professional knowledge and skills to improve overall performance and adaptability[122]. - The training initiatives include onboarding for new employees, technical training for frontline workers, and management training for middle and senior management[123]. - The total number of employees at the parent company and major subsidiaries is 1,253, with 959 in production, 140 in technical roles, and 22 in finance[119]. Future Outlook - Future guidance projects a revenue increase of 10% for the next fiscal year, driven by new product launches and market expansion strategies[97]. - The company plans to enhance its technology development and innovation efforts, including establishing R&D centers in Shanghai, Wuhan, Huangshan, and Changshu[80]. - The overall performance outlook remains positive, with expectations for continued stability in revenue and shareholder value[95].

上海沿浦金属制品股份有限公司 募集资金存放与使用情况专项 报告的鉴证报告 二〇 二三年度 您可使用手机"扫一扣"或进入"注册会计师行业绩一监管平台（http://scc.not.jpg.com_xf.jp.cn）"进行查 上一篇："扫一点"或进入"注册会计师行业统一监管平台（http://sca.mof.jpx.cn）"进行宣 信会师报字[2024]第ZA10309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"公司） 2023年度募集资金存放与使用情况专项报告 (以下简称"募集资金专项报告")执行了合理保证的鉴证业务。 一、董事会的责任 上海沿浦公司董事会的责任是按照中国证券监督管理委员会《上 市公司监管指引第2号 -- 上市公司募集资金管理和使用的监管要求 (2022年修订)》(证监会公告(2022)15号)、《上海证券交易所 上市公司自律监管指引第1号 -- 规范运作》以及《上海证券交易所 上市公司自律监管指南第1号——公告格式》的相关规定编制募集资 金专项报告。这种责任包括设计、执行和维护与募集资金专项报告编 制相关的内部控制,确保 ...

言会计师事务所(特殊普通1 A SHU LUN PAN CERTIFIED PUBLIC ACCOUNT. 内部控制审计报告 内部控制审计报告 2023年度 国 上海沿浦金属制品股份有限公司 您可使用手机"扫一扣"或进入"注册会计师行业统一监管平台（http://xacent.gov.cn） 进行查询 您可使用手机"扫一扣"或进入"注册会计师行业统一监管平台（htm:///aces.mo.bepo.co） 进行查询 信会师报字[2024]第 ZA10308 号 上海沿浦金属制品股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求,我们审计了上海沿浦金属制品股份有限公司(以下简称贵公 司）2023年12月31日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定,建立健全和有效实施内部控制,并评 价其有效性是贵公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的 有效性发表审计意见,并对注意到的非财务报告内部控制的重大缺陷 进行披露。 三、 ...

| 证券代码：605128 | 证券简称：上海沿浦 | 公告编号：2024-018 | | --- | --- | --- | | 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 关于提请股东大会授权董事会 以简易程序向特定对象发行股票的公告 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。 上海沿浦金属制品股份有限公司（以下简称"公司"或"上海沿浦"）于 2024 年 3 月 28 日召开第五届董事会第四次会议审议通过了《关于提请股东大会授权董事会以简易程序向 特定对象发行股票的议案》。本议案尚需提交公司股东大会审议通过，现将具体内容公告如 下： 为提高上海沿浦金属制品股份有限公司融资效率，为公司经营发展提供高效、便捷的资 金支持，根据《上市公司证券发行注册管理办法》《上海证券交易所上市公司证券发行上市 审核规则》等相关规定，公司董事会提请股东大会授权董事会以简易程序向特定对象发行融 资总额不超过人民币 3 亿元且不超过最近一年末净资产 20%的股票，授权期限自公司 2023 年年度 ...

关于上海沿浦金属制品股份有限公司 2023 年度募集资金存放与使用情况的核查意见 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）作为上海沿浦 金属制品股份有限公司（以下简称"上海沿浦"或"公司"）首次公开发行股票并上 市、向不特定对象发行可转换公司债券持续督导保荐机构，根据《证券发行上市 保荐业务管理办法》《上市公司监管指引第2号——上市公司募集资金管理和使用 的监管要求》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监 管指引第11号——持续督导》《上海证券交易所上市公司自律监管指引第1号—— 规范运作》等有关规定，对上海沿浦2023年度募集资金的存放和使用情况进行了 核查，具体情况如下： 一、募集资金基本情况 （一）募集资金实际到位及存放情况 1、首次公开发行股票 经中国证券监督管理委员会《关于核准上海沿浦金属制品股份有限公司首次 公开发行股票的批复》（证监许可[2020]1714 号）核准，并经上海证券交易所同 意，上海沿浦金属制品股份有限公司（以下简称"上海沿浦"、"公司"）向社会公 众首次公开发行人民币普通股（A 股）2,000 万股（面值人民币 1 元/股），募集 资金总额 ...

上海沿浦金属制品股份有限公司 2023 年度独立董事述职报告 作为上海沿浦金属制品股份有限公司(以下简称"公司"或"本公司")的 独立董事,2023年度我严格按照《中华人民共和国公司法》《中华人民共和国 证券法》和《上市公司独立董事管理办法》等法律、法规,以及《公司章程》《独 立董事工作制度》等规定,独立履行职责,参与公司重大事项的决策,勤勉尽责, 充分发挥独立董事的作用,维护了公司的整体利益和股东的合法权益。现将公司 独立董事 2023 年度任期内履行职责情况报告如下: 一、独立董事基本情况 董叶顺:男,1961年出生,中国国籍,无境外永久居留权,本科学历。中 欧国际工商管理学院 EMBA,高级工程师。1981年至1992年,历任上海汽车电 机二厂技术员、技术组组长、主任助理、副主任:1992年至1995年,历任上海 汽车电器总厂车间主任、生产科科长、副厂长;1995年至1996年,任上海拖拉 机内燃机公司挂职总经理助理;1996年至1997年,任上海法雷奥汽车电器系统 有限公司副总经理;1997年至 2000年,任上海申雅密封件有限公司总经理;2000 年至 2003年,任联合汽车电子有限公司总经理:20 ...

上海沿浦金属制品股份有限公司 截至 2023 年 12 月 31 止 您可使用手机"扫一扣"或进入"注册会计师行业线一监管平台（hmp://ac.mof.gov.cn） 进行建筑 您可使用手机"扫一扣"或进入"注册会计师行业统一监管平台（hmp://zac.mof.gov.or） 进行重验 | | 求 目 | | | --- | --- | --- | | | | 页 次 | | | 前次募集资金使用情况报告的鉴证报告 | 1-2 | | l l | 前次募集资金使用情况报告 | 1-10 | 关于上海沿浦金属制品股份有限公司 截至2023年12月31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ZA10348号 上海沿浦金属制品股份有限公司全体股东: 前次募集资金使用情况报告及鉴证 报告 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2023年12月31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 ...