证券代码：300218 证券简称：安利股份 定应对策略，努力化解关税风险。 二是公司坚持产业和产品的专业化、特色化，坚持生态功 能产品的中高端定位，同时兼顾品类和市场的适度多元化，不 依赖单一市场、单一客户，加大国内市场拓展力度，扩大市场份 额。 三是高度重视研发，通过持续技术创新，提升产品技术含 量和差异化，增强产品在全球市场的竞争力。 此外，公司客户众多、产品众多，市场多元、品类多元、客 户多元，可以有效化解、减少美国加征关税对公司的风险和影 响。 3、公司未来业绩的增长点？ 编号：2025-007 | | 特定对象调研 | | □分析师会议 | | --- | --- | --- | --- | | 投资者关系活动 | □媒体采访 | | 业绩说明会 | | 类别 | □新闻发布会 | | 路演活动 | | | 现场参观 | | | | |  其他：2024 | | 年年报交流（线上） | | | | （参会名单如下，排序不分先后） | | | | 序号 | 姓名 | 公司 | | | 1. | 庄敬杰 | 上海亘曦私募基金管理有限公司 | | | 2. | 王晶晶 | 杭州弈宸私募基金管理有 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Views - The company is expected to have stable orders in Q1 2025, with a projected revenue growth of approximately 2.92% and a net profit attributable to shareholders between 0.44 to 0.48 billion RMB, representing a year-on-year increase of 6.6% to 16.3% [1] - The company emphasizes brand enhancement and innovation, optimizing product structure with a focus on high-tech and high-value-added products, leading to a 9.43% increase in the average selling price of main products [1] - The company has reported a significant increase in revenue and net profit for 2024, with total revenue of 2.4 billion RMB, up 20% year-on-year, and a net profit of 194 million RMB, up 174% year-on-year [2] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 600 million RMB, a 6% increase year-on-year, and a net profit of 40 million RMB, a 50% increase year-on-year [2] - The company plans to distribute a cash dividend of 2.50 RMB per 10 shares, with a payout ratio of 27.53% [2] - The gross margin for ecological functional synthetic leather in 2024 was 24%, an increase of 2.85 percentage points [2] Product and Market Strategy - The company is implementing a major client strategy and global market layout, focusing on two major product categories (functional footwear materials and sofa home furnishings) and two emerging categories (automotive interiors and electronic products) [3] - The functional footwear materials category shows strong momentum, with partnerships established with major brands like Nike, Adidas, and Anta [3][4] - The automotive interior category is seeing initial success, with products being applied in various car models from brands like BYD and Toyota [4] Technological Advancements - The company is increasing the application of high-value, high-tech products, with significant growth in products like TPU and water-based breathable leather [10] - Investments of approximately 72 million RMB are planned for fixed assets and technological upgrades, including the addition of new production lines in both the domestic and Vietnamese facilities [10] Profit Forecast - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 230 million RMB, 280 million RMB, and 330 million RMB respectively [11] - Earnings per share (EPS) are projected to be 1.1 RMB, 1.3 RMB, and 1.5 RMB for the years 2025, 2026, and 2027 respectively [11]

一是客户升级，耐克、爱室丽、安踏等大客户合作增多、 粘性增强。二是产品升级，水性、无溶剂等产品销售占比由 18% 提升至 22%左右；TPU 销售占比提升至 4%左右；生物基以及高物 性生态功能产品开发应用和销售增长。三是管理进步，公司加 强降本减耗，加强管理，提高效率；2024 年在销售增长的同时， 存货周转速度较上年度加快 16.42 天/次；总资产周转速度 344.27 天/次，较上年度加快 59.14 天/次，资产管理能力提升。 目前美国关税政策对公司有一定影响，但影响较小、影响 有限，公司生产经营正常有序，看好未来发展。谢谢您！ 2．公司作为 PU 革行业龙头，与其他企业相比，竞争优势 体现在什么地方？ 证券代码：300218 证券简称：安利股份 安徽安利材料科技股份有限公司投资者关系活动记录表 编号：2025-006 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 业绩说明会  | | | □新闻发布会 路演活动 | | 类别 | 现场参观 | | | 其他 | | 参与单位名称及 | 参与安利股份 2024 年度网上业绩说明会的全 ...

Core Viewpoint - Amway Co., Ltd. is actively expanding its production capacity in Vietnam, with plans to improve its financial performance by 2025 through increased production lines and partnerships with major brands like Adidas and Nike [1][2]. Group 1: Company Performance and Strategy - Amway's Vietnam factory has two production lines currently operational, with plans to complete the remaining two by mid-2025, aiming for full production capacity by the second half of 2025 [1]. - The company is experiencing some operational losses in Vietnam for 2023-2024 due to long certification cycles, high initial investments, and depreciation costs, but expects to reduce losses in 2024 and aims for profitability by 2025 [2]. - Amway has established itself as a significant player in the ecological functional polyurethane composite materials industry, recognized as a top enterprise in China's light industry plastic sector [2]. Group 2: Market Position and Clientele - The company's products are widely used across various sectors, including functional footwear, home furnishings, electronics, automotive interiors, sports equipment, and more, serving high-profile clients such as Apple, Nike, Adidas, and others [3]. - Amway's Vietnam factory began its commissioning phase at the end of Q4 2022, marking its entry into the overseas market [3].

Group 1 - The company held its 2024 annual performance briefing on April 17, featuring key executives and an interactive Q&A session with investors [1] - The company emphasizes brand leadership and innovation as growth drivers, focusing on key clients, TPU materials, and the new energy vehicle sector for future growth [2] - The company is actively collaborating with Nike, which is seen as a significant growth opportunity in the functional footwear materials sector [2] Group 2 - TPU polyurethane composite materials are identified as a new growth driver, with applications in functional footwear, electronics, and bags, and the company aims to increase its market share in this area [2] - The rapid development of new energy vehicles is creating a demand for eco-friendly interior materials, providing opportunities for polyurethane synthetic leather and composite materials to replace traditional materials [2][3] - Established in 1994, the company is the largest producer of ecological functional polyurethane composite materials in China and has a diverse client base including major international brands [3]

Core Viewpoint - The company aims to enhance its production capacity and solidify its position as a leading manufacturer of ecological functional polyurethane synthetic leather and composite materials, with a strategic focus on quality and brand development [1][2]. Group 1: Strategic Planning - The company adheres to a development strategy characterized by "professionalism, specialization, branding, and scaling," focusing on polyurethane synthetic leather and composite materials [1]. - The core values include "market orientation, agile efficiency, continuous innovation, pursuit of excellence, and team success," aiming to create high-quality development and value for global consumers [1]. - The vision is to become a globally competitive and influential enterprise, striving to be the best in the polyurethane composite materials industry [1]. Group 2: Production Capacity and Market Position - The company plans to achieve an annual production capacity of approximately 100 million meters of ecological functional polyurethane synthetic leather and composite materials over the next two years [2]. - The production capacity expansion is a gradual process influenced by macroeconomic conditions, customer collaborations, market fluctuations, and industry competition, indicating some uncertainty [2]. - Established in 1994, the company is the largest manufacturer of ecological functional polyurethane synthetic leather and composite materials in China, recognized as a "national manufacturing single champion demonstration enterprise" [2]. Group 3: Product Applications and Clientele - The company's products are widely used in various sectors, including functional footwear, home furnishings, electronics, automotive interiors, sports equipment, engineering decoration, and bags [2]. - The company has a diverse clientele, including renowned brands such as Apple, Nike, Adidas, Puma, and IKEA, among others [2]. - The company is actively expanding into international markets, with its Vietnam factory entering the commissioning phase at the end of Q4 2022 [2].

资料显示，安利股份成立于1994年，主要生产经营生态功能性聚氨酯复合材料，是目前全国专业研发生 产生态功能性聚氨酯合成革和复合材料最大的企业，连续多年蝉联"中国轻工业塑料行业十强企业"，是 国家工信部认定的"全国制造业单项冠军示范企业"，于2011年5月18日在深交所创业板公开上市。 公司主营产品广泛应用于功能鞋材、沙发家居、电子产品、汽车内饰、体育装备、工程装饰、手袋箱包 等领域，拥有苹果、耐克、阿迪达斯、彪马、亚瑟士、迪卡依、安踏、李宁、特步、宜家、爱室丽、芝 华仕、丰田、比亚迪（002594）、长城、小鹏、H&M、ZARA等众多国内外优质品牌客户。同时，安 利股份积极布局海外市场，安利越南工厂于2022年四季度末，进入调试投产阶段。 在互动问答环节，有投资者提问称，安利股份在越南的产能占营收比例大概有多少？安利股份的产品是 否已应用于电动车高端车型上？ 安利股份董事长兼总经理姚和平回复称，安利越南规划产能在安利股份规划产能占比18%。安利股份产 品已用于仰望、腾势、问界、尊界等新能源汽车高端车型。 4月17日下午，安利股份（300218）2024年度业绩说明会在全景网圆满举行。安利股份董事长、总经理 姚 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve significant growth in 2024, with a projected revenue of 2.403 billion yuan, representing a year-on-year increase of 20.12%. The net profit attributable to shareholders is forecasted to reach 194 million yuan, a substantial increase of 174.19% year-on-year [4][5] - The company is positioned as a leader in the PU leather industry and is anticipated to benefit from increased market share with major footwear clients, as well as growing demand from new sectors such as electric vehicles and electronics [4][6] Financial Summary - In 2024, the company achieved a revenue of 2.403 billion yuan, up 20.12% year-on-year, and a net profit of 194 million yuan, up 174.19% year-on-year. The fourth quarter revenue was 601 million yuan, reflecting a year-on-year increase of 5.62% [4][5] - The company’s PU leather sales volume reached 66.9 million meters in 2024, a year-on-year increase of 9.42%, with an average selling price of 35.3 yuan per meter, up 9.85% year-on-year [5] - The company’s R&D investment for 2024 was 138 million yuan, accounting for 5.73% of revenue, indicating a commitment to product innovation [5] Future Earnings Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 276 million yuan, 347 million yuan, and 407 million yuan, respectively, with corresponding EPS of 1.27 yuan, 1.60 yuan, and 1.88 yuan [4][8] - The current stock price corresponds to a PE ratio of 10.8 for 2025, 8.6 for 2026, and 7.3 for 2027, suggesting potential for price appreciation [4][8]

近期安利股份(300218)发布2024年年报，证券之星财报模型分析如下： 经营概况 安利股份(300218)发布的2024年年报显示，公司营业总收入达到24.03亿元，同比上升20.12%；归母净利 润为1.94亿元，同比大幅上升174.19%；扣非净利润为1.92亿元，同比上升159.60%。第四季度营业总收 入为6.01亿元，同比上升5.62%；归母净利润为4392.85万元，同比上升50.47%。 主要财务指标 盈利能力 积极方面 需关注的问题 毛利率：24.11%，同比增加15.6%。 净利率：8.1%，同比增加140.75%。 每股收益：0.91元，同比增加162.26%。 销售费用、管理费用、财务费用总计2.03亿元，三费占营收比为8.45%，同比下降8.25%。 财务费用变动幅度为-85.84%，主要原因是报告期内汇率波动，公司加强外汇管理，汇兑收益较上 年同期增加。 货币资金：6.3亿元，同比增加41.03%。 应收账款：3.7亿元，同比增加36.46%。 有息负债：3.84亿元，同比增加112.66%。 每股经营性现金流：1.34元，同比减少4.17%。 经营活动产生的现金流量净额：29, ...

| 项目 | 2023年年报 | 2024年年报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 20亿 | 24.03亿 | 20.12% | | 归母净利润(元) | 7082.38万 | 1.94亿 | 174.19% | | 扣非净利润(元) | 7406.06万 | 1.92亿 | 159.60% | | 货币资金(元) | 4.47亿 | 6.3亿 | 41.03% | | 应收账款(元) | 2.71亿 | 3.7亿 | 36.46% | | 有息负债 (元) | 1.81亿 | 3.84Z | 112.66% | | 毛利率 | 20.86% | 24.11% | 15.60% | | 净利率 | 3.37% | 8.10% | 140.75% | | 三费占营收比 | 9.21% | 8.45% | -8.25% | | 每股净资产 (元) | 5.84 | 6.58 | 12.74% | | 每股收益(元) | 0.35 | 0.91 | 162.26% | | 每股经营性现金流(元) | 1.4 | 1.34 | -4.17% | 据证券之 ...