Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported a revenue of 1.774 billion yuan in Q3 2024, a year-on-year decrease of 3.0%, and a net profit attributable to shareholders of 110 million yuan, down 6.3% year-on-year. The adjusted net profit was 107 million yuan, showing a year-on-year increase of 7.3% [1]. - The performance of the three-piece can segment is expected to remain stable, with a strong profit support anticipated from steady growth in sales of Tian Si products. The two-piece can segment is experiencing a slight decline in sales and prices [2]. - The company’s gross margin for Q3 2024 is projected to be 13.7%, remaining stable year-on-year, while the net profit margin is estimated at 6.2%, a slight decrease of 0.2 percentage points year-on-year [2]. Financial Summary - The company’s revenue for 2022 was 7.052 billion yuan, with a growth rate of 23.8%. For 2023, the revenue is projected at 7.095 billion yuan, with a minimal growth rate of 0.6%. The forecast for 2024 is 7.192 billion yuan, reflecting a growth rate of 1.4% [3]. - The net profit attributable to shareholders for 2022 was 209 million yuan, with a growth rate of 22.7%. The forecast for 2023 is 333 million yuan, showing a significant growth of 59.3%, and for 2024, it is expected to reach 446 million yuan, a growth of 33.9% [3]. - The company’s earnings per share (EPS) for 2022 was 0.21 yuan, increasing to 0.34 yuan in 2023, and projected to be 0.46 yuan in 2024 [3][11]. Profitability and Valuation - The company’s price-to-earnings (P/E) ratio is projected to be 11.6x for 2024, 9.6x for 2025, and 8.0x for 2026, indicating a favorable valuation trend [2][3]. - The return on equity (ROE) is expected to be 10.1% in 2024, increasing to 13.1% in 2025 and 13.6% in 2026 [3].

Financial Performance - Revenue for the third quarter was 1.77 billion yuan, a decrease of 2.98% year-over-year[3] - Net profit attributable to shareholders was 110.08 million yuan, down 6.27% year-over-year[3] - Operating income decreased from 5,171,736,671.93 yuan to 4,994,601,506.65 yuan, a decrease of 3.43%[16] - Operating costs decreased from 4,877,371,659.65 yuan to 4,600,541,895.92 yuan, a decrease of 5.68%[16] - Net profit attributable to the parent company decreased from 1,147,007,624.48 yuan to 1,392,995,509.04 yuan, a decrease of 21.43%[15][16] - Net profit attributable to parent company shareholders reached RMB 343.68 million, an increase from RMB 275.45 million in the previous period[17] - Basic and diluted earnings per share were RMB 0.35, up from RMB 0.28 in the previous period[18] - Total comprehensive income attributable to parent company shareholders was RMB 335.35 million, up from RMB 286.84 million in the previous period[17] - Other comprehensive income after tax showed a loss of RMB 8.33 million, compared to a gain of RMB 11.39 million in the previous period[17] Cash Flow and Liquidity - Operating cash flow for the first nine months was 562.53 million yuan, an increase of 42.37% year-over-year[3] - Operating cash flow increased to RMB 562.53 million, compared to RMB 395.12 million in the previous period[19] - Cash flow from financing activities was -585.09 million yuan, primarily due to repayment of borrowings[8] - Investment cash flow showed a net outflow of RMB 161.81 million, an improvement from RMB 254.75 million in the previous period[20] - Financing cash flow had a net outflow of RMB 585.09 million, compared to RMB 209.08 million in the previous period[20] - Cash and cash equivalents at the end of the period stood at RMB 337.03 million, down from RMB 367.17 million in the previous period[20] Assets and Liabilities - Total assets as of the end of the third quarter were 7.96 billion yuan, a decrease of 7.35% compared to the end of the previous year[3] - Total assets decreased from 8,591,670,745.99 yuan to 7,959,920,156.47 yuan, a decrease of 7.36%[14][16] - Total liabilities decreased from 5,447,316,010.07 yuan to 4,568,802,430.02 yuan, a decrease of 16.13%[15][16] - Long-term borrowings decreased by 37.30% to 231.98 million yuan as of the end of the quarter[6] - Short-term borrowings decreased from 1,881,637,486.22 yuan to 1,520,299,142.13 yuan, a decrease of 19.20%[14][15] - Long-term borrowings decreased from 369,976,250.00 yuan to 231,976,250.00 yuan, a decrease of 37.30%[15] - Fixed assets decreased from 2,957,992,853.03 yuan to 2,903,556,341.91 yuan, a decrease of 1.84%[14] - Intangible assets decreased from 374,535,887.20 yuan to 366,821,299.16 yuan, a decrease of 2.06%[14] Investments and Subsidiaries - Investment income decreased by 34.14% to 3.34 million yuan, mainly due to reduced income from equity investments[7] - The company plans to establish a subsidiary in Guangxi with a total investment of approximately 107.2956 million yuan and a registered capital of 50 million yuan[11] - The company plans to establish a subsidiary in Indonesia with a total investment of approximately 48.092 million yuan and a registered capital of 4,000 million Indonesian rupiah (approximately 40 million yuan)[12] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 23,596[9] - The largest shareholder, Shengxing Holdings Limited, holds 55.63% of the shares, amounting to 543,416,873 shares[9] - Fuzhou Shengyang Development Co., Ltd. holds 8.19% of the shares, amounting to 80,000,000 shares[9] Government Subsidies and Other Income - Government subsidies received during the quarter amounted to 3.68 million yuan, contributing to other income[4] Financial Expenses - Financial expenses decreased by 50.57% to 31.55 million yuan due to reduced interest on borrowings[7] Receivables and Inventory - Other receivables financing decreased by 69.09% to 10.68 million yuan, mainly due to a reduction in bank acceptance bills[6] - As of September 30, 2024, the company's monetary funds amounted to 1,231,338,162.28 yuan, a decrease from 1,627,591,216.75 yuan at the beginning of the year[13] - The company's accounts receivable as of September 30, 2024, amounted to 1,711,090,988.16 yuan, a decrease from 1,807,913,812.29 yuan at the beginning of the year[13] - The company's inventory as of September 30, 2024, amounted to 861,036,407.85 yuan, an increase from 830,925,754.31 yuan at the beginning of the year[13] - The company's prepayments as of September 30, 2024, amounted to 186,530,434.78 yuan, a decrease from 197,306,925.92 yuan at the beginning of the year[13] - The company's other receivables as of September 30, 2024, amounted to 14,149,832.77 yuan, an increase from 11,818,082.03 yuan at the beginning of the year[13] R&D Expenses - R&D expenses increased from 38,110,174.77 yuan to 48,404,000.89 yuan, an increase of 27.01%[16] Sales Revenue - Sales revenue from goods and services reached RMB 5.19 billion, up from RMB 4.96 billion in the previous period[19] Audit Status - The company's third-quarter report was unaudited[20]

昇兴集团股份有限公司套期保值业务管理制度 （2024 年 9 月修订） 第一章 总则 第一条 为规范昇兴集团股份有限公司（以下简称"公司"）的套期保值业务，有效防范 和控制风险，加强对套期保值业务的管理，依据《中华人民共和国证券法》、《深圳证券交易 所股票上市规则》、《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》、《深圳交易所上市公司自律监管指引第 7 号—交易与关联交易》等法律法规、规范性文 件及《公司章程》等的相关规定，结合公司实际情况，特制定本制度。 第二条 本制度适用于公司及下属全资、控股子公司（以下统称"子公司"）的套期保值 业务。 第三条 本制度所称套期保值业务包括金融衍生品套期保值业务及商品期货套期保值 业务。 3.1 金融衍生品套期保值业务是指为满足正常经营或日常业务需要，与境内外具有相关 业务经营资质的金融机构开展的用于规避和防范汇率或利率风险的各项业务，包括但不限于 远期结售汇、外汇掉期、外汇期权、利率互换、货币互换、利率掉期、利率期权及其组合等 衍生产品业务。 3.2 商品期货套期保值业务是以规避公司生产经营中的商品价格风险为目的，从事买进 或卖出交易所期货或 ...

昇兴集团股份有限公司 二、公司开展外汇套期保值业务的基本情况 公司开展外汇套期保值业务是基于正常生产经营，不进行投机和套利，以 规避和防范外汇汇率、利率波动风险为目的。具体情况如下： 1、交易额度、期限 公司及子公司拟开展的外汇套期保值业务额度为不超过1亿元人民币或等值 其他货币，上述额度自公司董事会审议通过之日起12个月内有效，在审批期限 内可循环滚动使用，但期限内任一时点的金额（含前述交易的收益进行再交易 的的相关金额）不超过1亿元人民币或等值其他货币。 2、交易方式 公司及下属子公司拟开展的外汇套期保值业务主要包括但不限于远期结售 汇、外汇掉期、外汇期权、利率互换、货币互换、利率掉期、利率期权及其组 合等衍生产品业务，或上述业务的组合。 关于开展外汇套期保值业务的可行性分析报告 公司及下属子公司拟开展外汇套期保值业务。具体情况如下： 一、开展外汇套期保值业务的目的 为提高昇兴集团股份有限公司（以下简称"公司"）及子公司应对外汇波 动风险的能力，更好地规避和防范面临的外汇汇率、利率波动风险，增强财务 稳健性，公司及子公司拟开展外汇套期保值业务。 本次投资不会影响公司主营业务的发展，公司资金使用安排合理。根 ...

证券代码：002752 证券简称：昇兴股份 公告编号：2024-044 昇兴集团股份有限公司 二、审议通过《关于修订套期保值业务管理制度的议案》，表决结果为：7 票赞成；0 票反对；0 票弃权。 根据《中华人民共和国证券法》、《深圳证券交易所股票上市规则》、《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》、《深 圳交易所上市公司自律监管指引第 7 号—交易与关联交易》等法律法规、规范性 文件及《公司章程》等相关规定，结合公司实际情况，将原《商品期货套期保值 业务管理制度》进行了重新修订，修订后的制度名称为《套期保值业务管理制度》， 其修订的主要条款详见附件。 一、审议通过《2024 年第三季度报告》，表决结果为：7 票赞成；0 票反对； 0 票弃权。 三、审议通过《关于开展外汇套期保值业务的议案》，表决结果为：7 票赞 成；0 票反对；0 票弃权。 公司 2024 年第三季度报告及摘要符合法律、行政法规和中国证监会的规定， 报告内容真实、准确、完整地反映了公司 2024 年第三季度的财务状况和经营成 果，不存在任何虚假记载、误导性陈述或者重大遗漏。 公司《2024 年第三季度报告》与 ...

证券代码：002752 证券简称：昇兴股份 公告编号：2024-047 昇兴集团股份有限公司 关于开展外汇套期保值业务的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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、基本情况： （1）交易目的：为提高昇兴集团股份有限公司（以下简称"公司"）及子公 司应对外汇波动风险的能力，更好地规避和防范面临的外汇汇率、利率波动风险， 公司及子公司拟开展外汇套期保值业务。 （2）交易品种：主要包括但不限于远期结售汇、外汇掉期、外汇期权、利 率互换、货币互换、利率掉期、利率期权及其组合等衍生产品业务，或上述业务 的组合。 （3）交易场所：经国家外汇管理局和中国人民银行批准，具有外汇套期保 值交易业务经营资格的银行等金融机构。 （4）交易金额：公司及子公司拟开展的外汇套期保值业务额度为不超过 1 亿元人民币或等值其他货币，上述额度自公司董事会审议通过之日起 12 个月内 有效，在审批期限内可循环滚动使用，但期限内任一时点的金额（含前述交易的 收益进行再交易的的相关金额）不超过 1 亿元人民币或等值其他货币。 2、审议程序：公司于 2024 年 10 月 ...

证券代码：002752 证券简称：昇兴股份 公告编号：2024-045 昇兴集团股份有限公司 第五届监事会第五次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 昇兴集团股份有限公司（以下简称"公司"）第五届监事会第五次会议于 2024 年10月25日上午在福建省福州市经济技术开发区经一路公司会议室以现场结合 通讯会议方式召开。本次会议通知于 2024 年 10 月 21 日以专人递送、电子邮件 等方式送达给全体监事及有关人员。本次会议由公司监事会主席陈培铭先生主 持，应参加会议监事三人，实际参加会议监事三人。本次会议的召集、召开符合 《中华人民共和国公司法》和本公司章程的有关规定。 经与会监事认真审议，本次会议以记名投票表决方式表决通过了以下决议： 一、审议通过《2024 年第三季度报告》，表决结果为：3 票赞成；0 票反对； 0 票弃权。 2024 年 10 月 28 日 二、审议通过《关于开展外汇套期保值业务的议案》，表决结果为：3 票赞 成；0 票反对；0 票弃权。 经审议，监事会认为：公司及子公司开展外汇套期保值业务主要是为了充分 运用外 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [3] Core Views - The company reported a revenue of 3.221 billion yuan for H1 2024, a year-on-year decrease of 3.7%, while the net profit attributable to the parent company was 234 million yuan, an increase of 47.9% [1] - In Q2 2024, the revenue was 1.545 billion yuan, a year-on-year increase of 14.5%, with a net profit of 112 million yuan, up 7.0% year-on-year [1] - The performance was in line with expectations, with improvements in profitability driven by cost reductions in three-piece cans and an increase in the proportion of high-margin overseas business for two-piece cans [1] Summary by Sections Three-Piece Cans - Customer structure remains stable, with profitability improving due to lower raw material costs, particularly tinplate [1] - Domestic sales are under pressure, particularly from plant protein beverage clients, but capacity optimization and supply chain improvements are expected to enhance competitive advantages [1] - Future demand is anticipated to recover moderately in H2 2024, supported by ongoing adjustments in product offerings and favorable raw material pricing [1] Two-Piece Cans - Overseas performance is strong, with H1 2024 overseas revenue increasing by 17.9% and a gross margin of 22.9%, significantly higher than domestic levels [1] - Profitability is expected to improve in Q3 2024 as can prices recover and aluminum prices decline from their July peak [1] Financial Performance - The gross margin for Q2 2024 was 15.5%, an increase of 3.6 percentage points year-on-year, while the net profit margin was 7.3%, up 1.5 percentage points year-on-year [1] - The expense ratio for Q2 2024 was 6.7%, an increase of 1.3 percentage points year-on-year, with expectations for gradual reduction as revenues improve in H2 2024 [1][2] Cash Flow and Operational Capability - The net operating cash flow for Q2 2024 was 160 million yuan, an increase of 44 million yuan year-on-year [2] - As of Q2 2024, the turnover days for accounts receivable, accounts payable, and inventory were 94, 50, and 56 days, respectively [2] Financial Projections - The company forecasts net profits of 450 million yuan, 540 million yuan, and 650 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 10X, 8X, and 7X [5]

Investment Rating - The investment rating for the company is "Buy" with a target price of 4.49 CNY, maintaining the rating [1]. Core Views - The company has shown significant growth in overseas markets despite a decline in domestic revenue due to weak overall consumer demand and excess supply in the metal packaging industry [1]. - The company's net profit for the first half of 2024 is projected to increase significantly, driven by the high-end market trend in the beer sector and expansion of overseas business [2]. - The company is expected to achieve net profits of 4.7 billion, 5.5 billion, and 6.3 billion CNY for the years 2024 to 2026, respectively, with corresponding P/E ratios of 9, 8, and 7 [2]. Financial Performance - In Q2 2024, the company reported revenue of 1.54 billion CNY, a year-on-year decrease of 14.5%, while the net profit attributable to the parent company was 110 million CNY, an increase of 7% [1]. - For the first half of 2024, total revenue was 3.22 billion CNY, down 3.7% year-on-year, but net profit attributable to the parent company rose by 47.9% to 230 million CNY [1]. - The gross margin for the first half of 2024 was 14.7%, an increase of 3.4 percentage points year-on-year, with a gross margin of 15.5% in Q2 2024, up 3.6 percentage points [1]. Product and Market Analysis - The company's revenue from easy-open cans in the first half of 2024 was 3.03 billion CNY, accounting for 94.1% of total revenue, while revenue from lids was 8.75 million CNY [1]. - Domestic revenue was 2.79 billion CNY, down 6.3% year-on-year, while overseas revenue increased by 17.9% to 430 million CNY, representing 13.2% of total revenue [1]. - The company has successfully expanded its aluminum bottle business, benefiting from the high-end market demand, and has introduced new lightweight aluminum bottles and large-capacity aluminum bottles [1]. Future Outlook - The company is expected to continue benefiting from the high-endization trend in the beer market, which will drive growth in its aluminum bottle business [1]. - The company is also focusing on optimizing internal management and expanding its product offerings, including customized high-end products and new SBC series products [1].

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, achieving a total of 1.2 billion RMB, representing a 15% growth compared to the same period last year[2]. - The company's operating revenue for the first half of 2024 was CNY 3,220,944,686.32, a decrease of 3.67% compared to CNY 3,343,543,699.00 in the same period last year[11]. - Net profit attributable to shareholders increased by 47.85% to CNY 233,602,679.57, up from CNY 158,003,447.31 in the previous year[11]. - The net profit after deducting non-recurring gains and losses was CNY 220,780,164.70, representing a 41.83% increase from CNY 155,661,120.80 year-on-year[11]. - The basic earnings per share rose to CNY 0.2391, a 47.87% increase compared to CNY 0.1617 in the same period last year[11]. - The company achieved revenue of 3.221 billion yuan and a net profit of 234 million yuan, with revenue declining by 3.67% year-on-year while profit increased by 47.85%[20]. - The company's total assets decreased by 11.97% to CNY 7,562,844,832.55 from CNY 8,591,670,745.99 at the end of the previous year[11]. - The net cash flow from operating activities was CNY 220,388,199.76, down 28.94% from CNY 310,122,456.13 in the same period last year[11]. - The company's total liabilities decreased from CNY 5,447,316,010.07 to CNY 4,273,143,226.15, a reduction of approximately 21.5%[122]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share by the end of 2025[2]. - The company has provided a positive outlook for the second half of 2024, projecting a revenue growth of 10% to 12%[2]. - New product launches are expected to contribute an additional 200 million RMB in revenue, with a focus on eco-friendly packaging solutions[2]. - The company is actively optimizing its ERP system to enhance integrated financial and operational management capabilities, laying a solid foundation for future efficiency improvements[25]. - The company is expanding its overseas business and enhancing customer service levels to ensure profit growth amid a challenging macroeconomic environment[20]. Research and Development - Research and development investments have increased by 30%, focusing on innovative packaging technologies and sustainability[2]. - Research and development expenses increased to CNY 27,646,264.28, a rise of 33.9% from CNY 20,632,807.89 in the same period last year[126]. - The company is committed to developing green, safe, and intelligent packaging solutions in response to national policies on plastic pollution control[20]. Environmental Compliance and Sustainability - The company has established comprehensive waste treatment facilities to minimize negative environmental impacts during production[74]. - The company has conducted environmental impact assessments for all new, modified, and expanded projects in accordance with legal requirements[75]. - The company has implemented pollution control measures and ensures that pollutant emissions meet the required standards[76]. - The company is focused on reducing emissions of particulate matter and other pollutants from its production processes to align with national environmental goals[77]. - The company invested over 20 million yuan in environmental governance and protection during the reporting period[84]. Financial Management and Investments - The company has secured a maximum credit line of ¥225,000,000 for various properties as collateral for loans from multiple banks, with different collateral values and terms[41][42]. - The company reported a fair value change profit of 36.74 million RMB from derivative investments during the reporting period, with a net investment amount of 3,713.86 million RMB at the end of the period, accounting for 1.15% of the company's net assets[47]. - The company has implemented strict internal controls and risk management measures for its derivative investments, focusing on hedging rather than speculative trading[48]. - The company has not engaged in any speculative derivative investments during the reporting period[49]. Shareholder and Corporate Governance - No cash dividends will be distributed to shareholders for this fiscal year, as the company focuses on reinvestment for growth[1]. - The company plans not to distribute cash dividends, issue bonus shares, or increase share capital from capital reserves for the semi-annual period[73]. - The company has maintained a good relationship with suppliers and customers, ensuring timely contract fulfillment and product quality[87]. - The company has not faced any administrative penalties or significant litigation during the reporting period, ensuring a stable operational environment[90][92]. Risk Management - The management has identified potential risks related to market fluctuations and has outlined measures to mitigate these risks in the report[1]. - The company faces risks from fluctuations in raw material prices, particularly tinplate and aluminum, which could affect gross margins if costs cannot be passed on to customers[62]. - The company has implemented measures to manage raw material price volatility, including centralized procurement and long-term agreements with key suppliers[62]. Subsidiaries and Acquisitions - The company has completed the acquisition of a local competitor, which is expected to enhance production capacity by 15%[2]. - The company has established new subsidiaries, including Fujian Xinxing Trading Co., Ltd. and Quanzhou New Energy Technology Co., Ltd., with no significant impact on overall operations and performance[61]. Operational Efficiency - The company plans to implement new strategies to improve supply chain efficiency, aiming for a 10% reduction in operational costs[2]. - The company is enhancing supply chain management and has made significant improvements in supplier structure and inventory management[21]. Financial Reporting and Compliance - The financial report for the first half of 2024 has not been audited[119]. - The company adheres to the Chinese accounting standards, ensuring that the financial statements reflect a true and complete view of its financial status[152]. - The company has not identified any factors affecting its ability to continue as a going concern for the next 12 months[149].