兴业皮革科技股份有限公司 关于控股股东部分股份质押及解除质押的公告 证券代码：002674 证券简称：兴业科技 公告编号：2024-026 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 兴投资与上海海通证券资产管理有限公司（以下简称"海通证券资管"）就部分 股份办理了质押式回购业务，万兴投资还与海通证券资管就部分已质押的股份办 理了解除质押业务。具体内容如下： 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： 一、股东股份质押及解除质押的基本情况 | | 是否为控 | | | | 是否为限 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | 股股东或 | 本次质押 | 占其所 | 占公司 | 售股（如 | 是否为 | | 质押起 | 质押到 | | | 质押 | | 称 | 第一大股 | 数量（股） | 持股份 | 总股本 | 是，注明 | 补充质 ...

证券代码：002674 证券简称：兴业科技 公告编号：2024-024 兴业皮革科技股份有限公司 关于 2023 年股票期权激励计划预留授予登记完成的公告 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。 重要内容提示： 1.预留授予的股票期权登记数量：85 万份 2.预留授予的激励对象：30 人； 3.预留授予的股票期权简称及代码：兴业 JLC2，037431； 4.股票来源：公司向激励对象定向发行公司 A 股普通股股票； 5.预留授予登记完成日：2024 年 5 月 9 日。 一、激励计划的决策程序和批准情况 （一）2023 年 4 月 22 日，公司召开第六届董事会第二次会议，审议通过了 《关于公司<2023 年股票期权激励计划（草案）>及其摘要的议案》《关于公司<2023 年股票期权激励计划实施考核管理办法>的议案》及《关于提请股东大会授权董事 会办理公司 2023 年股票期权激励计划相关事项的议案》等议案，公司独立董事就 本激励计划相关议案发表了独立意见。 同日，公司召开第六届监事会第二次会议，审议通过了《关于公司<2023 年 股票期权激励计划（草案 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][10][33] Core Views - The company has shown significant revenue growth, with a 35.81% year-on-year increase in 2023, reaching 2.7 billion yuan, and a net profit growth of 23.74% to 186 million yuan [4][10] - The automotive interior business is rapidly growing, with a notable increase in gross margin, and the company has secured new clients, including a project worth 1 billion yuan expected to start in 2025 [19][23] - The company is strategically expanding in East and South China, leveraging its geographical advantages to enhance customer relationships and market responsiveness [9][10] Financial Performance - Revenue and profit forecasts for 2024-2026 indicate continued growth, with expected EPS of 0.91 yuan, 1.16 yuan, and 1.43 yuan respectively, corresponding to P/E ratios of 13.3X, 10.5X, and 8.5X [10][27] - The gross margin for 2023 was 21.41%, an increase of 1.90 percentage points year-on-year, with a net profit margin of 8.57% [5][10] - The company has a strong cash flow position, with operating cash flow expected to improve significantly in the coming years [26] Business Segments - The company operates in various leather segments, with revenues from shoe and bag leather, automotive interior leather, and collagen products showing substantial year-on-year growth [19][22] - The automotive interior leather segment has seen a 94.21% increase in revenue, reflecting the growing demand in the electric vehicle market [19][22] - The company is actively developing customized products to meet client needs, enhancing customer loyalty and market presence [19][22]

Investment Rating - The report maintains a "Buy" rating for Xingye Technology with a target price of 14.78 CNY, reflecting a price-to-earnings (PE) ratio of 16 times for 2024, which is above the industry average [2][3]. Core Views - The company's performance in 2023 and Q1 2024 met expectations, with significant growth in the automotive interior business, which is expected to continue in 2024. The leather main business is projected to grow steadily [2]. - The report highlights a strong revenue increase of 35.8% and a net profit increase of 23.7% in 2023, with adjusted net profit growth of 31.4% after excluding equity incentive costs [2]. - The automotive interior segment saw a remarkable revenue growth of 94.21% in 2023, primarily driven by contributions from major clients [2]. Financial Summary - Revenue for 2023 was 2.7 billion CNY, with a projected revenue of 3.145 billion CNY for 2024, representing a 16% growth [2][4]. - The net profit attributable to shareholders for 2023 was 186 million CNY, with an expected increase to 263 million CNY in 2024, indicating a 41% growth [2][4]. - Earnings per share (EPS) are forecasted to be 0.90 CNY for 2024, up from 0.64 CNY in 2023 [2][4]. Business Segment Performance - The leather main business generated 1.867 billion CNY in revenue in 2023, reflecting a year-on-year growth of 19.59% [2]. - The automotive interior business achieved 599 million CNY in revenue in 2023, with a gross margin increase of 6.1 percentage points to 29.9% due to economies of scale [2]. - The collagen from second-layer leather generated 134 million CNY in revenue, marking a significant growth of 165.52% [2]. Future Outlook - The automotive interior business is expected to maintain high growth in 2024, supported by positive order guidance from existing clients and ongoing efforts to acquire new customers [2]. - The leather main business is anticipated to achieve double-digit growth in 2024, aided by the construction of a new factory in Indonesia expected to commence production in Q3 [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][51]. Core Views - The company is committed to a one-stop supply strategy for cowhide leather materials, maintaining a high dividend payout ratio [28]. - The automotive interior leather segment showed impressive profitability in 2023, with the impact of stock incentive costs on expense ratios [5][39]. - The company completed its second stock incentive plan in 2023, and the establishment of the Indonesian factory is expected to expand export capacity [39][18]. - The financial forecast and investment recommendations indicate a positive outlook for the company's growth [20]. Financial Performance Summary - In 2023, the company's revenue reached 2.7 billion yuan, representing a year-on-year increase of 35.8% [62]. - The net profit attributable to the parent company for 2023 was approximately 186 million yuan, up 23.74% year-on-year [64]. - The automotive interior leather revenue was 599 million yuan in 2023, a significant increase of 94.21%, accounting for 22.2% of total revenue [66]. - The gross margin for the company in 2023 was 21.41%, an increase of 1.9 percentage points compared to the previous year [9][62]. - The net profit margin for 2023 was 6.9%, a decrease of 0.67 percentage points year-on-year [12][62]. Production and Capacity - The total production capacity in 2023 was 18.72 million square feet, an increase of 14% from the previous year, with a capacity utilization rate of 68.23% [18][19]. - The company aims for a production capacity utilization rate of over 60% in its main business, with the automotive leather segment expected to reach 80-90% utilization [18]. Stock Incentive Plan - The stock incentive plan for 2023 involved granting a total of 16.7 million stock options, accounting for 5.72% of the company's total share capital [17]. - The performance targets for the stock options are based on net profit growth over the next three years, with specific thresholds for different levels of option exercise [40].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [15]. Core Insights - In 2023, the company achieved operating revenue of 2.70 billion yuan, a year-on-year increase of 35.81%, and a net profit attributable to shareholders of 186 million yuan, up 23.74% [2][17]. - The company is actively expanding its overseas market presence and diversifying its business structure, which has led to a 19.59% increase in revenue from leather used in shoes and bags, totaling 1.87 billion yuan [1][17]. - The automotive interior leather segment has seen rapid growth, with revenue reaching 599 million yuan, a 94.21% increase, driven by the rising sales of new energy vehicles [4][17]. - The company is also exploring new product categories, such as leather for electronic coverings and furniture, contributing to overall revenue growth [1][17]. Summary by Sections Financial Performance - In 2023, the company reported a gross margin of 21.41%, an improvement from the previous year [15]. - The first quarter of 2024 saw revenue of 597 million yuan, a 28.61% year-on-year increase, with a net profit of 35 million yuan, up 22.03% [15]. - The company forecasts operating revenues of 3.25 billion yuan, 3.83 billion yuan, and 4.36 billion yuan for 2024, 2025, and 2026, respectively [17]. Business Development - The company is focusing on enhancing its customer base and optimizing its business structure, which is expected to stabilize its market position [4][17]. - The expansion of the Indonesian factory is anticipated to further boost production capacity and contribute to revenue growth [1][17]. Market Position - The company is positioned to benefit from the growing demand in the automotive and footwear sectors, with a strong emphasis on international market expansion [1][4][17].

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 ...

Investment Rating - The report assigns a "Buy" rating for the company, expecting a relative increase of over 15% compared to the benchmark index within the next 6 to 12 months [12]. Core Views - The company has shown significant improvement in profitability, particularly in the automotive leather segment, with a notable increase in gross margin [10]. - The company is expected to continue expanding its market share in emerging sectors, particularly in the automotive leather and collagen raw materials business [10]. - The financial performance for 2023 met expectations, with a reported revenue of 2.7 billion yuan, reflecting a year-on-year growth of 36% [9]. Financial Summary - **Revenue Forecast**: - 2023: 2,700 million yuan - 2024E: 3,343 million yuan (24% growth) - 2025E: 4,048 million yuan (21% growth) - 2026E: 4,831 million yuan (19% growth) [5][9] - **Net Profit Forecast**: - 2023: 186 million yuan - 2024E: 263 million yuan (41% growth) - 2025E: 339 million yuan (29% growth) - 2026E: 414 million yuan (22% growth) [5][9] - **Earnings Per Share (EPS)**: - 2023: 0.64 yuan - 2024E: 0.90 yuan - 2025E: 1.16 yuan - 2026E: 1.42 yuan [5][9] - **Key Financial Ratios**: - Gross Margin: 21.4% in 2023, expected to rise to 22.9% by 2026 - Net Margin: 8.6% in 2023, expected to reach 11.4% by 2026 - Return on Equity (ROE): 7.1% in 2023, projected to increase to 11.0% by 2026 [5][9]. Business Insights - The company is experiencing robust growth in traditional leather products, particularly in automotive interior leather and collagen raw materials, with significant volume increases expected [10]. - The company has successfully optimized its structure and achieved scale effects, leading to improved profitability [10]. - Cash flow has improved significantly, with a year-on-year increase of 122.69% in operating cash flow [10].

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].

证券代码： 002674 证券简称：兴业科技 公告编号：2024-015 兴业皮革科技股份有限公司 会计政策变更公告 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4月20日召开第六届董事会 第七次会议，审议通过了《关于会计政策变更的议案》。根据《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》的相关规定，本次会 计政策变更事项无需提交公司股东大会审议。此次会计政策变更的具体情况如下： 一、会计政策变更的概述 1、会计政策变更原因及日期 财政部于 2022 年 11 月 30 日发布了《关于印发〈企业会计准则解释第 16号〉 的通知》（财会[2022]31号），规定对于不是企业合并、交易发生时既不影响会计利润也 不影响应纳税所得额（或可抵扣亏损）、且初始确认的资产和负债导致产生等额应纳税 暂时性差异和可抵扣暂时性差异的单项交易（包括承租人在租赁期开始日初始确认租 赁负债并计入使用权资产的租赁交易，以及因固定资产等存在弃置义务而确认预计负 债并计入相关资产成本的交易等），不 ...