Core Insights - The company reported a significant increase in gross margin despite a decline in revenue for 2024, with a gross margin of 46.2%, up 6.5 percentage points year-on-year [1] - The company is actively expanding its recycled materials technology, achieving successful project deliveries, including a chemical recycling nylon project [2] - The company adjusted its profit forecasts for 2025-2027, predicting net profits of 3.64 billion, 4.06 billion, and 4.54 billion yuan respectively, maintaining a buy rating with a target price of 21.66 yuan [3] Financial Performance - For 2024, the company achieved total revenue of 1.07 billion yuan, a year-on-year decrease of 14.1%, while net profit attributable to shareholders was 320 million yuan, an increase of 9.6% [1] - In Q1 2025, the company reported revenue of 260 million yuan, down 16.2% year-on-year, with a net profit of 80 million yuan, up 1.7% [1] - The gross margin for Q1 2025 was 45.9%, reflecting an increase of 8.4 percentage points year-on-year [1] Business Development - The company is focusing on chemical recycling technology, with successful project deliveries in the recycled materials sector, including a project with Jiangsu Jiahua [2] - The company’s industrial AI solutions segment saw a 12% revenue growth in 2024, despite overall revenue decline [2] - The completion of the "Textile Industry Big Data Factory Project" supports the evolution of the company's intelligent solutions in the chemical fiber sector [2]

Core Viewpoint - The company is transitioning to a vertical model for industrial AI and has successfully delivered projects in recycled nylon and food-grade recycled PET, establishing a comprehensive solution for recycled polymers [1][3]. Financial Summary - The company maintains a "Buy" rating despite a 32% year-on-year decrease in contract liabilities for 2024, leading to downward adjustments in net profit forecasts for 2025-2027 [2]. - The projected net profits for 2025, 2026, and 2027 are revised to 399 million, 442 million, and 488 million yuan respectively, with corresponding EPS of 1.25, 1.38, and 1.53 yuan [2]. - Revenue for 2024 is expected to be 1.074 billion yuan, a 14% year-on-year decline, while net profit attributable to shareholders is projected at 318 million yuan, a 10% increase [2]. Business Development - The company has completed the "Textile Industry Big Data Factory Project," which is now operational, and has upgraded its industrial AI integrated solutions to focus on vertical models and industry-specific applications [3]. - Revenue from industrial AI integrated solutions reached 67.22 million yuan in 2024, reflecting a 12% year-on-year growth [3]. - The company has successfully delivered projects in recycled nylon and food-grade recycled PET, establishing a series of solutions for recycled polymers [3].

Core Viewpoint - Sanlian Hongpu reported a decline in total revenue for Q1 2025, but demonstrated improvements in profitability metrics, indicating effective cost control and operational efficiency [2][3][7] Business Performance - In Q1 2025, Sanlian Hongpu achieved total revenue of 260 million yuan, a decrease of 16.16% compared to the same period last year. However, the net profit attributable to shareholders reached 80.295 million yuan, an increase of 1.66% year-on-year, with a non-recurring net profit of 79.7341 million yuan, up 0.7% [2] Profitability - The company's profitability improved during the reporting period, with a gross margin of 45.93%, an increase of 22.54% year-on-year, and a net margin of 30.95%, up 19.02% year-on-year, indicating high added value in its core business and effective profit conversion [3] Costs and Expenses - Sanlian Hongpu's total selling, administrative, and financial expenses amounted to 19.3284 million yuan, accounting for 7.43% of total revenue, which represents a 47.27% increase compared to the same period last year, suggesting increased investment in market share expansion or internal management [4] Cash Flow Situation - The operating cash flow per share was -0.17 yuan, a significant decrease of 343.09% from 0.07 yuan in the same period last year, indicating cash flow pressure in operational activities. Accounts receivable increased from 6.2947 million yuan to 11.1751 million yuan, a rise of 77.53%, which may contribute to cash flow tightness [5] Solvency and Capital Structure - The company's cash assets remain healthy, with monetary funds of 859 million yuan, although this represents a 9.42% decrease from the previous period, it is still at a reasonable level. Interest-bearing liabilities were 54.0386 million yuan, a decrease of 10.04% year-on-year, indicating a reduced debt burden [6] Summary - Overall, Sanlian Hongpu faced revenue decline in Q1 2025 but showed strong performance in profitability, particularly with significant growth in gross and net margins. However, the deterioration in cash flow requires attention, and future efforts should focus on managing accounts receivable and optimizing cash flow [7]

Investment Rating - The investment rating for the company is "Buy" with a target price of 23.80 RMB [8][9]. Core Views - The company reported a slight decline in revenue for 2024, with a forecasted revenue of 1.07 billion RMB, down 14.1% year-on-year, but a net profit increase of 9.6% to 320 million RMB [1]. - The company is expected to benefit from the downstream demand for PA66 and recycled materials, with industrial AI business anticipated to drive new growth [1][4]. - The gross margin has been improving, reaching 68.4% in Q4 2024, up 28.8 percentage points year-on-year, indicating enhanced profitability through technological improvements [2][4]. Summary by Sections Financial Performance - In 2024, the company achieved revenues of 1.07 billion RMB, with a net profit of 320 million RMB, reflecting a year-on-year decline in revenue but an increase in net profit [1]. - The gross margin for the new materials and synthetic materials segments improved significantly, with gross margins of 48.7%, 39.8%, and 43.1% for different segments, showing a year-on-year increase [2]. - The financial expense ratio decreased due to increased interest from deposits, while operating cash flow saw a decline of 24.9% year-on-year [3]. Growth Prospects - The industrial AI segment is projected to grow, with a revenue increase of 12.4% year-on-year, indicating a positive trend in this area [2]. - The company has signed a contract for a nylon project worth 170 million RMB, which is expected to contribute positively to future revenues [4]. - The company’s earnings forecasts for 2025 to 2027 are adjusted to 380 million RMB, 460 million RMB, and 550 million RMB respectively, reflecting a slight downward revision [5]. Valuation - The company is assigned a valuation premium with a target price set at 23.80 RMB based on a 20x PE ratio for 2025, despite a slight reduction from the previous target of 25.20 RMB [5]. - The expected PE ratio for 2025 is 20x, with a projected EPS of 1.19 RMB [5][7].

证券研究报告 三联虹普 (300384 CH) 本报告来源于"慧博投研",请勿外传! 毛利率持续提升,看好工业 Al 发展 | 华泰研究 | 年报点评 | | --- | --- | | 2025年4月25日 中国内地 | 建筑施工 | 公司公布 24年及 25Q1 业绩:24 年收入/归母净利 10.7/3.2 亿元,同比 -14.1%/+9.6%. 24 年业绩略低于我们预期(3.3 亿元)主要系 Q4 订单结 转节奏影响。25Q1公司收入归母净利 2.6/0.8 亿元,同比-16.2%/+1.7%, 收入下滑但毛利率同比提升,我们认为公司有望受益于 PA66 和再生材料下 游景气,工业 Al 业务有望为公司带来新成长,维持"买入"。 24年工业 Al 业务实现增长,Q4毛利率同环比明显提升 24 年公司新材料及合成材料/再生材料及可降解材料/工业 Al 集成应用解决 方案实现收入 7.1/2.8/0.7 亿元,同比-10.2%/-27.5%/+12.4%,毛利率分别 为 48.7%/39.8%/43.1%,同比+7.3/+7.9/-19.6pct,新材料和再生材料业务 收入下滑但毛利率明显提升或受项目结 ...

007 证券代码：300384 证券简称：三联虹普 公告编号：2025- 北京三联虹普新合纤技术服务股份有限公司 关于召开公司 2024 年年度股东大会通知的公告 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。 北京三联虹普新合纤技术服务股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开了第五届董事会第十一次会议，审议通过了《关于召开公司 2024 年年度股东大 会的议案》，决定于 2025 年 6 月 16 日下午 14:30 召开公司 2024 年年度股东大会。本次 股东大会采取现场投票和网络投票相结合的方式召开，现将本次股东大会有关事项通知 如下： 一、召开会议基本情况： 1、会议召集人：公司董事会 2、会议召开的合法、合规性：经公司第五届董事会第十一次会议审议通过，决定 召开公司2024年年度股东大会，召集程序符合有关法律、行政法规、部门规章、规范 性文件和公司章程的规定。 3、会议召开方式：现场投票与网络投票相结合的方式 公司将通过深圳证券交易所交易系统和深圳证券交易所互联网投票系统向公司股东 提供网络形式的投票平台，股东可以在网 ...

证券代码：300384 证券简称：三联虹普 公告编号：2025-006 北京三联虹普新合纤技术服务股份有限公司 关于公司第五届监事会第七次会议决议的公告 本公司及监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。 北京三联虹普新合纤技术服务股份有限公司（以下称"公司"）第五届监事会第七次 会议于 2025 年 4 月 24 日上午 10 点在公司会议室以现场结合通讯形式召开。会议由监 事会主席吴清华主持，应与会监事 3 名，实际参会监事 3 名。 本次会议的通知于 2025 年 4 月 15 日发出，会议的召开符合《公司法》和《公司章 程》的规定，会议召开及表决合法、有效。 经公司第五届监事会第七次会议充分审议，通过了以下决议： 表决结果：3 票同意，0 票反对，0 票弃权。 此议案尚需经公司 2024 年年度股东大会审议批准。 二、审议通过了《关于<公司 2024 年度财务决算报告>的议案》 经审议，监事会通过了《关于<公司 2024 年度财务决算报告>的议案》。具体内容 详见公司在中国证监会指定的创业板信息披露网站披露的相关公告。 一、审议通过了《关于<公司 2024 ...

证券代码：300384 证券简称：三联虹普 公告编号：2025-005 北京三联虹普新合纤技术服务股份有限公司 关于公司第五届董事会第十一次会议决议的公告 北京三联虹普新合纤技术服务股份有限公司（以下简称"公司"）第五届董事会第 十一次会议于 2025 年 4 月 24 日以现场结合通讯形式召开，本次会议由刘迪董事长主 持，应与会董事 7 名，实际参加董事 7 名，公司部分监事及高级管理人员列席了会议。 本次会议的通知于 2025 年 4 月 15 日以邮件发出，会议的召开符合《公司法》和《公司 章程》的规定，会议召开及表决合法、有效。 经公司第五届董事会第十一次会议充分审议，一致通过了以下议案： 一、审议通过了《关于<公司 2024 年年度报告全文及摘要>的议案》 经审议，董事会通过了《关于<公司 2024 年年度报告全文及摘要>的议案》。 具体内容详见公司在中国证监会指定的创业板信息披露网站披露的相关公告。 本议案中的财务报告部分已经公司董事会审计委员会审议通过。 表决结果：赞成：7 票，反对：0 票，弃权：0 票 此议案尚需经公司 2024 年年度股东大会审议批准。 二、审议通过了《关于<公司 2024 ...

证券代码：300384 证券简称：三联虹普 公告编号：2025-011 北京三联虹普新合纤技术服务股份有限公司 关于2024年度利润分配预案的公告 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. 公司 2024 年度利润分配方案预案为：以公司 2024 年 12 月 31 日的总股本 319,007,265 股为基数向全体股东每 10 股派发现金 2.20 元人民币（含税），共计派发现 金 70,181,598.30 元（含税）。 一、审议程序 2. 公司现金分红方案不涉及《深圳证券交易所创业板股票上市规则》第 9.4 条相 关规定的可能被实施其他风险警示情形。 北京三联虹普新合纤技术服务股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开了公司第五届董事会第十一次会议，审议通过了《关于<2024 年度利润分配预案> 的议案》，本议案已经审计委员会审议通过，并同意提交公司董事会审议。 公司于 2025 年 4 月 24 日召开了公司第五届监事会第七次会议，审议通过了《关于 <2024 年度利润分配预案>的议案》。 本议案尚需 ...

北京三联虹普新合纤技术服务股份有限公司 募集资金年度存放与使用情况鉴证报告 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.eov.cn/ 关于北京三联虹普新合纤技术服务股份有限公司 2024 年度募集资金年度存放与使用情况鉴证报告 天衡专字(2025)00666 号 北京三联虹普新合纤技术服务股份有限公司全体股东: 我们接受委托,对后附的北京三联虹普新合纤技术服务股份有限公司(以下简称"三 联如普公司")《2024年度募集资金存放与使用情况专项报告》执行了合理保证的鉴证业务。 一、对报告使用者和使用目的的限定 本鉴证报告仅供三联虹普公司年度报告披露时使用,不得用作任何其他目的。我们同 意将本鉴证报告作为三联虹普公司年度报告的必备文件,随同其他文件一起报送并对外披露。 天衡专字(2025)00666 号 天衡会计师事务所（特殊普通合伙） 二、管理层的责任 三联虹普管理层的责任是提供真实、合法、完整的实物证据、原始书面材料、副本材 料、口头证言以及我们认为必要的其他证据,按照《上市公司监管指引第2号一上市公司募 集资金管理和使用的监管要求》、《深圳证券交易所上市公司自律监 ...