中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话: (86-10) 5809-1000 传真: (86-10) 5809-1100 北京市竞天公诚律师事务所 关于北京三联虹普新合纤技术服务股份有限公司 2024 年年度股东大会的 法律意见书 中国 北京 二○二五年六月十六日 关于北京三联虹普新合纤技术服务股份有限公司 2024 年年度股东大会的法律意见书 致：北京三联虹普新合纤技术服务股份有限公司： 北京市竞天公诚律师事务所（以下简称"本所"）受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"）的委托，根据和参照《中华人民共 和国公司法》（以下称"《公司法》"）、《中华人民共和国证券法》（以下简称 "《证券法》"）和中国证券监督管理委员会发布的《上市公司股东会规则》（以 下称"《规则》"）等有关规定，就公司召开的 2024 年年度股东大会（以下称 "本次股东大会"）的有关事宜，出具本法律意见书。 为了出具本法律意见书，本所审查了公司提供的有关本次股东大会的如下 文件的原件或复印件： 1、现场出席本次股东大会的有关股东、股东授权代表、董事、监事及其他 有关 ...

Group 1: Financial Performance - The company achieved an annual revenue of 1,073.98 million yuan in 2024, with a net profit of 318.30 million yuan, representing a year-on-year growth of 9.64% [3] - The financial report indicates a positive performance aligned with the annual operational plan [3] Group 2: Business Development and Strategy - The company focuses on enhancing its polymer materials resource layout and strengthening functional material technology research and development to ensure sustainable business growth [3] - The company aims to provide competitive process solutions by integrating patented technologies with engineering design and management experience [3] - Future demand for nylon products is expected to increase in sectors such as rail transportation, power, electronics, and automotive components [3] Group 3: Innovation and Market Trends - The company is committed to breakthroughs in recycled materials and biodegradable materials, addressing quality bottlenecks in primary recycled products [3] - The chemical recycling method is prioritized for its advantages in processing textile waste, contributing to a comprehensive waste plastic recycling technology system [3] - The company is expanding its service capabilities in new materials and recycled materials, aiming to become a leading engineering service platform in these fields [4] Group 4: Industry Outlook - The company emphasizes innovation as a key driver for high-quality development and aims to maintain a competitive edge in both domestic and international markets [4] - The focus is on customized system integration solutions across various synthetic and recycled material industries, including PA6, PA66, rPET, and biodegradable materials [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21.66 CNY, based on a projected average PE of 19 times for comparable companies in 2025 [4][8]. Core Insights - The company has adjusted its profit forecasts for 2025-2027, predicting net profits of 364 million CNY, 406 million CNY, and 454 million CNY respectively, reflecting a growth trajectory despite a revenue decline in 2024 [4][11]. - The gross margin has significantly improved, with a reported gross margin of 46.2% in 2024, up by 6.5 percentage points year-on-year, indicating better cost management and pricing power [11]. - The company is actively pursuing opportunities in recycled materials, with successful project deliveries in chemical recycling technologies, which are expected to expand into new markets [11]. Financial Summary - The company's revenue for 2023 was 1,250 million CNY, with a projected decline to 1,074 million CNY in 2024, followed by a recovery to 1,206 million CNY in 2025 [6][13]. - The net profit for 2023 was 290 million CNY, with an expected increase to 318 million CNY in 2024 and further growth to 364 million CNY in 2025 [6][13]. - The earnings per share (EPS) are projected to rise from 0.91 CNY in 2023 to 1.00 CNY in 2024, reaching 1.14 CNY in 2025 [6][13]. - The company’s net profit margin is expected to remain strong, with projections of 30.2% in 2025 and 29.8% in 2027 [6][13].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21.66 CNY, based on a projected average PE of 19 times for comparable companies in 2025 [4][8]. Core Insights - The company has adjusted its profit forecasts for 2025-2027, predicting net profits of 364 million CNY, 406 million CNY, and 454 million CNY respectively, reflecting a growth trajectory despite a revenue decline in 2024 [4][11]. - The gross margin has significantly improved, with a reported gross margin of 46.2% in 2024, up 6.5 percentage points year-on-year, indicating better cost management and pricing power [11]. - The company is actively pursuing opportunities in recycled materials, with successful project deliveries in chemical recycling technology, which is expected to expand into polyester recycling [11]. - The industrial AI solutions segment has shown resilience, achieving a 12% revenue growth despite overall revenue decline, indicating a strong demand for digital transformation in the industry [11]. Financial Summary - The company's revenue for 2023 was 1,250 million CNY, with a projected decline to 1,074 million CNY in 2024, followed by a recovery to 1,206 million CNY in 2025 [6]. - The net profit for 2023 was 290 million CNY, expected to rise to 318 million CNY in 2024, and further to 364 million CNY in 2025, reflecting a consistent growth pattern [6]. - The gross margin is projected to remain stable at 47.3% from 2025 to 2027, while the net profit margin is expected to hover around 30% [6][11].

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 ...