买入（维持评级） 股票信息 行业 纺织服装 证券研究报告 | 公司动态点评 2024 年 04 月 26 日 兴业科技（002674.SZ） 宏兴汽车皮革获得新客户定点通知，内饰业务毛利率提升显著 | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------| | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 1,988 | 2,700 | 3,252 | 3,832 | 4,466 | | 增长率 yoy （ % ） | 15.1 | 35.8 | 20.5 | 17.9 | 16.5 | | 归母净利润（百万元） | 151 | 186 | 267 | 339 | 417 | | 增长率 yoy （ % ） | -17.0 | 23.7 | 43.2 | 27.0 | 22.9 | | ROE （ % ） | 6.8 | 8.9 | 10.6 | 12.5 | 1 ...

股 票 研 究 证 券 研 究 报 告 兴业科技 深证成指 [Table_MainInfo] [Table_Title] 兴业科技(002674) 业绩符合预期，汽车内饰业务快速放量 | --- | --- | --- | --- | |----------|------------------------------------|---------------------------------------|----------------------------------| | | 刘佳昆 ( 分析师 ) \n021-38038184 | 曹冬青 ( 研究助理 ) \n0755-23976666 | 赵博 ( 研究助理 ) \n010-83939831 | | | liujiakun029641@gtjas.com | caodongqing026730@gtjas.com | zhaobo026729@gtjas.com | | 证书编号 | S0880524040004 | S0880122070070 | S0880122070053 | 本报告导读： 2023 年及 2024Q1 业绩符合预期， ...

公 司 研 究 投资评级：买入（维持） | --- | --- | |-------|---------------------------| | | | | | 张霜凝（联系人） | | | zhangshuangning@kysec.cn | | | | | | 证书编号： S0790122070037 | -32% -16% 0% 16% 32% 2023-04 2023-08 2023-12 2024-04 兴业科技 沪深300 《Q3 汽车内饰皮革量价齐升，新定点 奠定 2024年增长信心—公司信息更新 报告》-2023.11.15 《2023H1 业绩靓丽，主业改善&汽车 内饰用皮革高增—公司信息更新报 告》-2023.8.29 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 表 2: 公司信息更新报告 | --- | --- | --- | |-------|-----------------------------------------------------------|-------| | | | | | | 1、 践行一站式牛皮革材补供应商战略，延续高分红比例 | | | | ...

[Table_Title] 兴业科技（002674）2023年报&一季报点评 2024 年 04 月 25 日 开拓海外市场，探索多元化业务结构发展。2023 年，在行业景气度趋 冷的情况下，受益于休闲鞋、运动鞋等新品类使用量提升，以及海外 需求向好，公司鞋包带用皮革业务整体营业收入同比增长 19.59%至 18.66 亿元。报告期内，公司持续积极开拓海外市场，服务 VF 集团（威 富集团）、COLEHAAN（歌涵）等海外品牌，后续随着印尼工厂扩建完 成，产能进一步释放，有望贡献业绩增量。此外，公司还积极探索电 子包覆用皮革、家具用皮革等新品类，优化业务结构，2023 年销量和 收入均实现增长。子公司宝泰皮革从事的二层皮胶原产品原料业务也 实现高速增长，2023 年实现营业收入 1.35 亿元，同比大幅增长 165.52%。多元的业务结构有助于公司抗风险能力提升，助力业绩稳 健增长。 2023 年，公司实现营业收入 27.00 亿元，同比增长 35.81%；实现归 母净利润 1.86 亿元，同比增长 23.74%；实现扣非归母净利润 1.80 亿 元，同比增长 36.86%。 | --- | --- | |- ...

2、参与方式：投资者可登录全景网投资者关系互动平台（https://ir.p5w.net）， 参与公司 2023 年度网上业绩说明会。 证券代码：002674 证券简称：兴业科技 公告编号：2024-023 兴业皮革科技股份有限公司 关于举行 2023 年度网上业绩说明会的公告 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"）已于 2024 年 4 月 23 日在巨 潮资讯网（www.cninfo.com.cn）披露了《2023 年年度报告》。为使广大投资者进 一步了解公司 2023 年度的经营情况，公司定于 2024 年 4 月 30 日（星期二）下 午 15:00—17:00 举行 2023 年度网上业绩说明会，具体事宜如下： 一、业绩说明会安排 1、召开时间：2024 年 4 月 30 日（星期二）下午 15:00—17:00 （问题征集专题页面二维码） 特此公告。 兴业皮革科技股份有限公司董事会 2024 年 4 月 25 日 3、会议参加人员：董事长吴华春先生，董事、总裁孙辉永先生，独立董事 陈守德先生，副 ...

投资者应注意，在法律允许的情况下，本公司及其本公司的关联机构可能会持有报告中涉及的公司所发行的证 券并进行交易，并可能为这些公司正在提供或争取提供投资银行、财务顾问和金融产品等各种金融服务。本公 司及其本公司的关联机构或个人可能在本报告公开发布之前已经使用或了解其中的信息。 本报告版权归"中泰证券股份有限公司"所有。事先未经本公司书面授权，任何机构和个人，不得对本报告进 行任何形式的翻版、发布、复制、转载、刊登、篡改，且不得对本报告进行有悖原意的删节或修改。 公司点评 请务必阅读正文之后的重要声明部分 - 3 - 兴业科技(002674.SZ)/纺服 证券研究报告/公司点评 2024 年 4 月 23 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------|-------|-------|-------|-----------------------|----------------- ...

Dividend and Profit Distribution - The company plans to distribute a cash dividend of 6 CNY per 10 shares to all shareholders, based on a total of 291,862,944 shares[3]. - The company plans to distribute a cash dividend of CNY 6.00 per 10 shares, totaling CNY 175,117,766.40, which represents 100% of the profit distribution[192][194]. - The total distributable profit available for shareholders was CNY 551,228,903.78 after accounting for previous distributions[194]. - The company has not proposed any stock bonus distribution for the reporting period[192]. Financial Performance - The company's operating revenue for 2023 reached ¥2,699,515,768, representing a 35.81% increase compared to ¥1,987,712,444 in 2022[18]. - The net profit attributable to shareholders of the listed company for 2023 was ¥186,309,609, a 23.74% increase from ¥150,567,194 in 2022[18]. - The net cash flow from operating activities improved significantly to ¥25,215,994, a 122.69% increase from a negative cash flow of ¥111,127,012 in 2022[19]. - Basic earnings per share for 2023 were ¥0.6383, up 23.73% from ¥0.5159 in 2022[19]. - The total assets of the company as of December 31, 2023, were ¥4,112,131,121, an 8.58% increase from ¥3,787,049,972 in 2022[19]. - The net assets attributable to shareholders of the listed company increased to ¥2,401,088,281, a 2.15% rise from ¥2,350,440,600 in 2022[19]. - The company reported a net profit of CNY 113,445,816.50 for the fiscal year 2023[194]. Operational Stability and Governance - The company has not reported any changes in its main business since its listing, indicating stability in operations[16]. - The company has no changes in its controlling shareholders, ensuring continuity in governance[16]. - The company has confirmed the accuracy and completeness of its financial reports, with key personnel signing off on the annual report[2]. - The company maintains independent financial operations, with a dedicated finance department and independent financial decision-making processes[155]. - The board of directors consists of 7 members, including 3 independent directors, ensuring compliance with governance standards[147]. - The company has established a complete and independent procurement, production, sales, and R&D system, ensuring no competition with the controlling shareholder[151]. Environmental and Production Strategies - The company is focused on environmental protection strategies in its production processes to minimize risks to humans and the environment[9]. - The company has a comprehensive approach to clean production, aiming to maximize social and economic benefits while reducing potential hazards[10]. - The company emphasizes environmental protection by implementing advanced wastewater treatment solutions and has obtained pollution discharge permits for its subsidiaries[45]. - The company is developing chromium-free, low-formaldehyde ecological leather products, aiming to enhance product quality and customer satisfaction[92]. - The ecological health product development focuses on chromium-free tanning and low volatile organic compounds, ensuring consumer health and safety[92]. Research and Development - The company has established a dual R&D system with a technical center at headquarters and product development teams in business units, focusing on cutting-edge development and basic research in leather technology[42]. - In 2023, the company undertook 29 R&D projects and has accumulated 101 valid patents, including 86 invention patents, demonstrating its commitment to innovation[46]. - The total R&D investment for 2023 was approximately 71.99 million yuan, representing a 30.74% increase from 55.06 million yuan in 2022[94]. - The number of R&D personnel increased to 283, up 8.43% from 261 in 2022, with the proportion of R&D staff in the company rising to 8.63%[94]. Market Position and Sales - The company focuses on high-end leather products for shoes and bags, serving well-known domestic and international brands, which helps maintain its competitive edge[37]. - The company’s subsidiary, Hongxing Automotive Leather, has established partnerships with major automotive brands, including Li Auto and NIO, enhancing its market position in the automotive leather sector[39]. - Revenue from automotive interior leather surged by 94.21% to CNY 599,180,295.30, driven by the growth in the new energy vehicle market[59]. - Sales of leather for shoes and bags accounted for 69.13% of total revenue, with a year-on-year growth of 19.59%[59]. - The company successfully entered the supply chains of brands such as VF Group and COLEHAAN, enhancing its presence in overseas markets[54]. Challenges and Risks - The company faces risks related to environmental policies, which may lead to increased operational costs due to stricter pollution control measures and the need for additional environmental facilities[131]. - Fluctuations in the price of raw materials, particularly cowhide, significantly impact the company's financial performance, with potential adverse effects on profitability[133]. - The company is exposed to exchange rate risks due to substantial imports of raw materials, primarily settled in foreign currencies like USD, which could affect revenue as the business scales[135]. - Ongoing US-China trade tensions pose risks, including potential tariffs on leather products exported to the US, which could affect sales and increase procurement costs for raw materials[138]. Employee and Management Structure - The total number of employees at the end of the reporting period was 3,281, with 2,250 in production, 91 in sales, 514 in technology, 45 in finance, and 381 in administration[185][186]. - The company emphasizes employee training and development to enhance workforce capabilities and support business growth[188]. - The company has a strong focus on technological innovation and has participated in multiple patent designs and inventions[164]. - The company’s management team includes professionals with advanced degrees from prestigious institutions, contributing to its strategic direction[165]. Future Outlook - The company plans to deepen market penetration and expand into new sectors such as electronic product covering leather and furniture leather, while maintaining its position in the footwear and bag leather markets[128]. - In 2024, the company anticipates a recovery in downstream customer orders as the domestic macroeconomic environment improves and overseas brands resume production orders[129]. - The company will leverage its overseas production capacity in Indonesia to enhance service for international clients while stabilizing its domestic market presence[129]. - The company has provided a performance guidance for 2024, expecting a revenue growth of 10% to 12%[172].

Financial Performance - The company's operating revenue for Q1 2024 was ¥596,897,058.73, representing a 28.61% increase compared to ¥464,129,650.50 in the same period last year[3] - Net profit attributable to shareholders was ¥34,628,104.35, up 22.03% from ¥28,377,569.44 year-on-year[3] - The company reported a basic earnings per share of ¥0.1186, which is a 22.02% increase from ¥0.0972 in the same period last year[3] - Operating profit for Q1 2024 was ¥54,071,479.07, up 34.8% from ¥40,101,561.37 in Q1 2023[30] - The total comprehensive income for Q1 2024 was ¥42,831,978.19, up from ¥32,270,216.58 in the same period last year[32] Cash Flow - The net cash flow from operating activities improved significantly to ¥44,736,732.33, a 119.62% increase from a negative cash flow of ¥228,012,216.39 in the previous year[3] - The net cash flow from investing activities was -179,528,543.83, compared to -94,963,697.83 in the previous year, indicating a decline of approximately 88.5%[36] - The net cash flow from financing activities was 50,631,813.61, a decrease of approximately 64.2% from 141,449,181.43 in the previous year[36] - Cash inflow from financing activities totaled 292,320,000.00, up from 147,324,850.00, representing an increase of about 98.2%[36] - The total cash and cash equivalents at the end of the period were 442,708,130.85, down from 622,103,940.51, reflecting a decrease of about 28.8%[36] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,144,525,004.85, reflecting a 0.79% increase from ¥4,112,131,121.95 at the end of the previous year[4] - Current assets decreased to CNY 2,893,012,149.05 from CNY 2,979,529,990.89, primarily due to a reduction in cash and cash equivalents[24] - Total liabilities decreased slightly to CNY 1,488,271,915.97 from CNY 1,498,710,011.26, showing a stable financial position[26] - The company's total equity attributable to shareholders rose by 1.37% to ¥2,434,014,129.52 from ¥2,401,088,281.62 at the end of the previous year[4] - The company's equity remained stable at CNY 2,656,253,088.88, consistent with the previous period[26] Investments and Expenses - The company's long-term equity investments increased by 44.35% to ¥222,618,882.91, primarily due to new investments[9] - Research and development expenses increased to ¥13,288,930.01, up 24.4% from ¥10,696,042.14 in the previous year[30] - The company experienced a 66.31% increase in tax and additional charges, totaling ¥4,447,865.27, due to higher VAT obligations[11] - The company’s financial expenses surged by 54,941.25% to ¥1,444,397.93, mainly due to increased exchange losses[11] Inventory and Receivables - Inventory increased to CNY 1,262,410,259.70 from CNY 1,249,045,513.64, indicating a growth in stock levels[24] - The accounts receivable decreased to CNY 424,498,446.28 from CNY 443,729,966.18, indicating improved collection efforts[24] Other Information - The company has not reported any significant new product developments or market expansions in this quarter[21] - The first quarter report was not audited[38] - The company did not report any adjustments related to the new accounting standards for the current year[37]

经核查独立董事苏超英先生、戴仲川先生、陈守德先生的任职经历以及签署 的相关自查文件，上述人员未在公司担任除独立董事以外的任何职务，也未在公 司主要股东公司担任任何职务，与公司以及公司主要股东之间不存在利害关系或 其他可能妨碍其进行独立客观判断的关系。因此，公司独立董事符合《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》中对独立董事独立性的相关要求。 兴业皮革科技股份有限公司董事会 2024 年 4 月 20 日 董事会关于独立董事独立性自查情况的专项意见 根据证监会《上市公司独立董事管理办法》及《深圳证券交易所股票上市规 则》等要求，兴业皮革科技股份有限公司（以下简称"公司"）董事会，就在任 独立董事苏超英先生、戴仲川先生、陈守德先生的独立性情况进行评估并出具专 项意见如下： 兴业皮革科技股份有限公司 ...

| 审计报告 | 1-6 | | --- | --- | | 合并及公司资产负债表 | 7-9 | | 合并及公司利润表 | 10-11 | | 合并及公司现金流量表 | 12-13 | | 合并及公司股东权益变动表 | 14-21 | | 财务报表附注 | 22-128 | 致同会计师事务所（特殊普通合伙） 中国北京朝阳区建国门外大街 22 号 赛特广场 5 层邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 审计报告 致同会计师事务所（特殊普通合伙） | | | 致同审字（2024）第 351A012575 号 兴业皮革科技股份有限公司全体股东： 兴业皮革科技股份有限公司 二〇二三年度 审计报告 一、审计意见 我们审计了兴业皮革科技股份有限公司（以下简称兴业科技公司）财务 报表，包括 2023 年 12 月 31 日的合并及公司资产负债表，2023 年度的合并及 公司利润表、合并及公司现金流量表、合并及公司股东权益变动表以及相关 财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编 制，公 ...