Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 11.85 CNY per share based on a 16x PE valuation for 2025 [32][133]. Core Insights - The company has a strong foothold in the high-end natural cowhide leather market, having been established for 32 years and focusing on R&D, production, and sales [210]. - The company has expanded its product lines to include automotive interior leather and second-layer leather products, enhancing its growth potential [211]. - The automotive interior leather market is experiencing robust demand, driven by the increasing penetration of new energy vehicles and the company's entry into the supply chains of major automotive brands [78][91]. Summary by Sections Company Overview - The company is recognized as a leader in the domestic cowhide leather industry, with a comprehensive product range that includes leather for shoes, bags, automotive interiors, and furniture [210]. - It has established partnerships with numerous well-known brands, enhancing its market position [210]. Industry Analysis - The leather and footwear industry has faced challenges in recent years, but there are signs of recovery in 2024, particularly in the automotive interior leather segment [29][171]. - The automotive interior leather market is projected to grow significantly, with increasing demand from both traditional and new energy vehicle manufacturers [73][78]. Financial Performance - The company reported revenues of 2.7 billion CNY in 2023, with a year-on-year growth of 35.8% [30]. - The forecast for 2024-2026 indicates continued revenue growth, with expected revenues of 2.8 billion CNY in 2024 and 3.2 billion CNY in 2025 [30][127]. Growth Strategy - The company is actively expanding its overseas production capacity, particularly in Indonesia, to meet the demands of international brands and enhance supply chain stability [116]. - It emphasizes innovation and sustainability in its operations, aiming to lead in green leather production [119][121]. Investment Outlook - The company is expected to maintain a strong growth trajectory, with projected EPS of 0.54 CNY in 2024 and 0.74 CNY in 2025 [30][133]. - The strategic focus on high-end products and expanding into new markets positions the company favorably for future growth [88][124].

证券代码：002674 证券简称：兴业科技 公告编号：2024-063 兴业皮革科技股份有限公司 关于控股股东部分股份质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 兴业皮革科技股份有限公司（以下简称"公司"）近日接到公司控股股东石河 子万兴股权投资合伙企业（有限合伙）（以下简称"万兴投资"）的通知，获悉万 兴投资与国联证券股份有限公司（以下简称"国联证券"）就部分股份办理了股 票质押式回购业务，具体内容如下： 一、股东股份质押的基本情况 | | 是否为控 | | | | 是否为 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 股股东或 | 本次质押数 | 占其所 | 占公司 | 限售股 | 是否为 | 质押起始 | 质押到 | | 质押用 | | 股东名称 | 第一大股 | 量（股） | 持股份 | 总股本 | （如是， | 补充质 | 日 | 期日 | 质权人 | 途 | | | 东及其一 | | 比例 | 比例 | 注明限 ...

的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、2024 年 12 月 7 日，兴业皮革科技股份有限公司（以下简称"公司"）召 开第六届董事会第六次临时会议，会议审议通过了《关于公司参与竞标福建兴业 东江环保科技有限公司 42.5%股权的议案》，同意公司拟以不超过人民币 9,000 万元（含本数），参与竞标福建兴业东江环保科技有限公司（以下简称"兴业东 江环保"）42.5%股权，实际受让价以广东联合产权交易中心最终竞拍受让价为准。 同意公司在不超过人民币 9,000 万元（含 9,000 万元）的权限范围内根据竞标情 况进行竞标，并授权董事长按照广东联合产权交易中心的规定签署相关提交竞标 材料的文件及办理后续手续。 证券代码：002674 证券简称：兴业科技 公告编号：2024-061 兴业皮革科技股份有限公司 关于参与竞标福建兴业东江环保科技有限公司 42.5%股权 2、此次竞标兴业东江环保 42.5%的股权不构成重大资产重组，亦不构成关 联交易，本次交易事项无需提交股东大会审议。 3、本次交易是在广东联合产权交易中心通过竞拍方式受让 ...

第六届董事会 2024 年第五次独立董事专门会议审核意见 根据《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指 引第 1 号——主板上市公司规范运作》《公司章程》《独立董事工作制度》等有关 规定，兴业皮革科技股份有限公司（以下简称"公司"）第六届董事会全体独立 董事，于 2024 年 12 月 2 日召开第六届董事会 2024 年第五次独立董事专门会议， 现就审议事项发表审核意见如下： 一、关于新增公司 2024 年度日常关联交易预计的审核意见 我们认真审核了《关于新增公司 2024 年度日常关联交易预计的议案》，经讨 论全体独立董事认为：根据《深圳证券交易所股票上市规则》等有关规定并结合 公司实际情况，公司与关联方的日常关联交易遵循平等自愿原则，交易定价公允， 不会对公司独立性构成不利影响，不存在损害公司及中小股东利益的情况，符合 法律法规和《公司章程》的相关规定。 全体独立董事同意该议案，并同意将该议案提交公司第六届董事会第六次临 时会议审议，董事会在审议该议案时，关联董事吴华春先生、孙辉永先生应予以 回避。 兴业皮革科技股份有限公司 （此页无正文，为兴业皮革科技股份有限公司第六届董事会 2 ...

证券代码：002674 证券简称：兴业科技 公告编号：2024-060 1、全体董事以 7 票赞成、0 票反对、0 票弃权，通过了《关于公司参与竞标 福建兴业东江环保科技有限公司 42.5%股权的议案》。 《兴业皮革科技股份有限公司关于参与竞标福建兴业东江环保科技有限公 司 42.5%股权的公告》具体内容详见巨潮资讯网（www.cninfo.com.cn）。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 兴业皮革科技股份有限公司（以下简称"公司"）第六届董事会第六次临时 会议书面通知于 2024 年 12 月 2 日以直接送达、传真、电子邮件并电话确认等方 式送达全体董事，本次会议于 2024 年 12 月 7 日上午 10:00 以通讯表决的方式召 开。本次会议应出席董事 7 名，实际出席董事 7 名。本次会议的出席人数符合召 开董事会会议的法定人数。本次会议由董事长吴华春先生主持。本次会议的召集 和召开符合《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易 所上市公司自律监管指引第 1 号——主板上市公司规范运作》等有 ...

一、日常关联交易的基本情况 1、关联交易概述 公司与关联方福建省莱乐生物科技有限公司（以下简称"莱乐生物科技"） 2024 年度日常关联交易具体如下： 单位：万元 证券代码：002674 证券简称：兴业科技 公告编号：2024-062 兴业皮革科技股份有限公司 关于新增公司 2024 年度日常关联交易预计的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 兴业皮革科技股份有限公司（以下简称"公司"）于2024年12月7日召开第六 届董事会第六次临时会议，审议通过了《关于新增公司2024年度日常关联交易预 计的议案》，其中关联董事吴华春先生、孙辉永先生回避表决。 根据《深圳证券交易所股票上市规则》的相关规定，本事项无需提交股东大 会审议。 统一社会信用代码：91350582MACN9AWA1F 法定代表人：吴美莉 注册资本：3,000 万人民币 | 关联交易 | | | 关联交易 | 2024 年度 | | 年 2024 | 1-10 | | --- | --- | --- | --- | --- | --- | --- | --- | | 类别 | 关联人 ...

Company and Industry Analysis Summary Company Overview - The company operates in the leather industry, focusing on traditional leather goods and automotive leather interiors. It has a significant market share in China, particularly in cowhide shoe uppers, with a market rate of 14% [2]. Key Points Business Segments - The company’s revenue for 2023 is projected to be 2.7 billion yuan, with traditional business accounting for 78% and automotive interior products for 22% [2]. - The traditional business includes shoe and bag products, which make up 69% of the total revenue, while other products like sofa leather account for 9% [2]. Revenue Growth Projections - The company expects subscription numbers for its automotive specialty business to reach 3.2 million by 2026, with revenue growth rates of 28.6% and 27.7% for 2025 and 2026, respectively [1]. - Revenue from automotive leather business is projected to be 7.9 billion, 10.9 billion, and 13.7 billion yuan from 2024 to 2026, with growth rates of 31.7%, 38.3%, and 25.6% [10]. Market Dynamics - The automotive leather market is increasingly dominated by domestic new energy vehicle manufacturers, which have adopted genuine leather interiors as a selling point [6]. - The leather manufacturing industry has faced a downturn since 2015, with annualized revenue and profit growth rates of -8% and -9.2% respectively [7]. Competitive Advantages - The company has a strong supply chain, relying on high-quality imported raw materials, particularly cowhide from the U.S. [9]. - The management team has been stable for over 30 years, contributing to the company’s steady development [5]. Financial Performance - The company’s gross margin is significantly influenced by raw material prices, with expectations of maintaining a stable gross margin trend despite cost fluctuations [4]. - The company’s traditional business is expected to generate revenues of 21.3 billion, 22.9 billion, and 23.6 billion yuan from 2024 to 2026, with growth rates of 1.3%, 7.7%, and 2.9% [12]. Valuation - The target price for the company in 2025 is estimated at 13 yuan, based on a combination of valuation methods, including a PE ratio of 12 for traditional business and 22.4 for automotive business [13]. Industry Trends - The leather industry is undergoing consolidation, with a significant number of companies exiting the market due to stricter environmental regulations [8]. - The company is positioned to benefit from this consolidation, enhancing its market share in the automotive leather segment [8]. Additional Insights - The company has expanded its production capacity from 67 million square feet to 85 million square feet, indicating a focus on growth [3]. - The management's proactive approach to raw material procurement and inventory management is expected to mitigate risks associated with price volatility [5]. This summary encapsulates the key aspects of the company's performance, market position, and future outlook, providing a comprehensive overview for potential investors.

证券代码：002674 证券简称：兴业科技 公告编号：2024-059 兴业皮革科技股份有限公司 关于为子公司提供担保的进展公告（六） 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 兴业皮革科技股份有限公司（以下简称"公司"）于 2024 年 4 月 20 日召开第 六届董事会第七次会议，会议审议通过了《关于公司为子公司提供担保额度的议 案》，该议案于 2024 年 5 月 15 日经公司 2023 年度股东大会审议通过。公司向下 属子公司提供累计不超过 12.3 亿元的新增担保额度，其中为子公司福建瑞森皮 革有限公司（以下简称"瑞森皮革"）提供担保额度 26,000 万元，担保额度的有 效期为自股东大会审议通过之日起 12 个月内。上述具体内容详见公司于 2024 年 4 月 23 日在《证券时报》《证券日报》及巨潮资讯网（www.cninfo.com.cn）披 露的《兴业皮革科技股份有限公司关于为子公司提供担保额度的公告》 （2024-018）。 一、担保情况概述 中国工商银行股份有限公司漳浦支行（以下简称"工行漳浦支行"）批准向子 公司瑞森皮革提供额度 ...

证券代码：002674 证券简称：兴业科技 公告编号：2024-058 兴业皮革科技股份有限公司 关于控股股东部分股份质押延期及补充质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 兴业皮革科技股份有限公司（以下简称"公司"）近日接到公司控股股东石河 子万兴股权投资合伙企业（有限合伙）（以下简称"万兴投资"）的通知，获悉万 兴投资与广发证券股份有限公司（以下简称"广发证券"）就部分已质押股份办 理了延期购回业务，万兴投资还与广发证券就部分股份办理了补充质押业务，具 体内容如下： 一、股东股份质押延期及补充质押的基本情况 3、股东股份累计质押情况 截至公告披露日，控股股东及其一致行动人所持股份质押情况如下： | | | | | | | | 已质押股份 情况 | | 未质押股份 情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 本次质押前 | 本次质押 | 占其所 | 占公司 | 已质押 | | 未质押 | | | 股东名称 | 持股数量 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 10.05 yuan [5][14] Core Views - The company's 24Q3 revenue was 7.5 billion yuan, a year-on-year increase of 1%, while net profit attributable to the parent company decreased by 35% to 0.5 billion yuan [1] - For 24Q1-3, the company's revenue was 20 billion yuan, up 4% year-on-year, with net profit attributable to the parent company decreasing by 37% to 1.1 billion yuan [1] - The company's gross margin for 24Q1-3 was 21.27%, a decrease of 0.3 percentage points year-on-year, and the net profit margin was 7.7%, down 2.88 percentage points [1] - The company's asset impairment loss for 24Q1-3 was 0.87 billion yuan, compared to 0.48 billion yuan in 23Q1-3, mainly due to increased inventory write-downs [1] - The company's subsidiary increased capital in its secondary subsidiary, Lianhua Leather, to support its daily working capital needs and expand overseas production capacity [1][3] Financial Performance and Forecast - The company's 24Q1-3 revenue growth was 4%, with a net profit decline of 37% [1] - The company's EPS for 24-26 is forecasted to be 0.5 yuan, 0.7 yuan, and 0.9 yuan, respectively, with PE ratios of 19X, 14X, and 11X [4] - The company's revenue for 2024E is projected to be 2,847.99 million yuan, with a growth rate of 5.5% [7] - The company's net profit attributable to the parent company for 2024E is expected to be 153.77 million yuan, a decrease of 17.47% year-on-year [7] Production and Market Strategy - The company has multiple production bases, including Anhai Plant, Andong Plant, and subsidiaries such as Ruisen Leather and Xingning Leather [1] - The company's products cover a wide range, including leather for shoes, bags, automotive interiors, and electronic coverings [1] - The company's strong production capacity allows for resource integration in raw material procurement, giving it strong bargaining power with suppliers [2] - The company's diversified products, channels, and customer base ensure stable demand and help reduce fixed costs through economies of scale [2] Overseas Expansion - The company's subsidiary increased capital in Lianhua Leather, located in Indonesia, to tap into the local market potential and improve overseas production layout [3] - Indonesia, with a population of over 270 million, is the world's fourth-largest shoe producer and third-largest shoe exporter, offering significant market opportunities [3]