Investment Rating - The report gives a "Recommend/First" rating to Sichuan Chuanhuan Technology (300547 SZ) [1] Core Views - Sichuan Chuanhuan Technology is a leading domestic supplier of automotive pipeline systems, with a strong focus on R&D and cost control, positioning it for potential excess growth [1] - The company benefits from the growth of the automotive pipeline market driven by emission upgrades and the expansion of new markets such as energy storage and data centers [2] - The company's strong R&D capabilities, cost control, and market expansion in traditional and emerging sectors are key investment highlights [3] Company Overview - Sichuan Chuanhuan Technology specializes in the R&D, design, manufacturing, and sales of rubber and plastic hoses for automotive and motorcycle applications [4] - The company has a diverse product portfolio, including fuel system hoses, cooling system hoses, brake system hoses, and more, earning it the nickname "Automotive Hose Supermarket" [15] - It has a strong customer base, covering over 50 automotive OEMs and 50 motorcycle manufacturers, with partnerships with major players like BYD, Geely, and SAIC [16] Market Opportunities - The automotive pipeline market is expected to grow due to stricter emission regulations and the rise of new energy vehicles (NEVs), with the thermal management pipeline market in China projected to reach 15 1 billion yuan by 2024 [2] - The energy storage and data center markets present new growth opportunities, with the energy storage liquid cooling pipeline market in China expected to reach 4 5 billion yuan by 2028 and the data center liquid cooling market projected to reach 2 2-3 1 billion USD by 2028 [2] Financial Performance - The company's revenue has been growing steadily, with 2023 revenue reaching 1 109 billion yuan, a 22 3% year-on-year increase, and H1 2024 revenue growing by 39 1% year-on-year [1] - Net profit margins have improved from 13 5% in 2021 to 14 6% in 2023 and 15 4% in H1 2024, driven by strong cost control and operational efficiency [1] - The company's gross margin has remained stable, with a 2023 gross margin of 25 83% and H1 2024 gross margin of 25 13% [23] R&D and Innovation - The company has strong R&D capabilities, with a focus on material and process innovation, as evidenced by its numerous patents and R&D projects [3] - It has developed advanced materials and processes, such as modified fuel pipeline materials and liquid cooling pipeline TPV materials, to meet the demands of new energy vehicles and other emerging markets [56] Competitive Advantages - Sichuan Chuanhuan Technology has a competitive edge in cost control, with lower period expense rates compared to peers, contributing to higher profitability [3] - The company's ability to provide integrated pipeline solutions and its strong customer relationships in both traditional and emerging markets further enhance its competitive position [3] Future Growth Prospects - The company is expected to achieve revenue of 1 45 billion yuan in 2024, 1 84 billion yuan in 2025, and 2 34 billion yuan in 2026, with net profits of 210 million yuan, 263 million yuan, and 335 million yuan respectively [8] - The growth is driven by the expansion of the automotive pipeline market, particularly in NEVs, and the company's successful entry into the energy storage and data center markets [2][3]

证券代码：300547 证券简称：川环科技 公告编号：2024-032 四川川环科技股份有限公司 第七届监事会第八次会议决议 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。 四川川环科技股份有限公司（以下称"公司"）第七届监事会第八次会议于 2024 年 10 月 25 日上午 10 点 30 分在公司会议室以通讯方式召开。会议通知于 10 月 22 日以电话方式和电子邮件方式送达。本次监事会应参加监事 3 人，实际参加监事 3 人。会议由公司监事会主席牟洪波先生主持，董事会秘书周贤华先生列席了会议。 会议的召开符合《公司法》、《公司章程》和《监事会议事规则》及相关法规的规 定，会议召开合法有效。本次会议经过充分审议，形成了以下决议： 一、审议通过了《关于公司 2024 年第三季度报告的议案》 经审核，监事会认为：董事会编制和审核公司 2024 年第三季度报告的程序符 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 的实际情况，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》详见同日刊登于中国证监会指定 ...

证券代码：300547 证券简称：川环科技 公告编号：2024-034 四川川环科技股份有限公司 关于公司 2024 年前三季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。 四川川环科技股份有限公司（以下简称"公司"或"川环科技"）于 2024 年 10 月 25 日召开了第七届董事会第八次会议、第七届监事会第八次会议，审议通过了《关 于公司 2024 年前三季度利润分配预案》，本预案尚需提交公司 2024 年第一次临时股 东大会审议。现将具体情况公告如下： 一、本次利润分配预案的基本情况 根据公司 2024 年第三季度财务报告（未经审计），2024 年 1-9 月归属于上市公 司股东的净利润为 147,522,409 元（人民币，币种下同），2024 年 1-9 月母公司实现 净利润 79,940,552 元；截至 2024 年 9 月 30 日，公司合并报表累计未分配利润为 680,184,507 元，母公司累计未分配利润为 584,044 ,118 元。在保证公司正常的生产 经营和稳定发展的前提下，公司拟于 2024 年第三季度结合 ...

证券代码：300547 证券简称：川环科技 公告编号：2024-031 四川川环科技股份有限公司 第七届董事会第八次会议决议 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。 表决结果：同意：9 票；反对：0 票；弃权：0 票。 四川川环科技股份有限公司（以下称"公司"）第七届董事会第八次会议于 2024 年 10 月 25 日上午 10 点在公司会议室以通讯方式召开。会议通知于 10 月 22 日以电话方式和电子邮件方式送达。本次董事会应出席董事 9 人，实际出席 董事 9 人。会议由公司董事长文琦超先生主持，公司全体监事、高级管理人员列 席了本次会议。会议的召开符合《公司法》、《公司章程》和《董事会议事规则》 的有关规定。经与会董事投票表决，审议通过了如下议案： 一、审议通过了《关于公司 2024 年第三季度报告的议案》 董事会认为：2024 年第三季度报告的编制和审核程序符合法律、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 年前三季 度经营的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。本议案已 经董事会审计委员会 ...

证券代码：300547 证券简称：川环科技 公告编号：2024-035 四川川环科技股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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。 四川川环科技股份有限公司（以下简称"公司"）于 2024 年 10 月 25 日召开的第七届董 事会第八次会议审议通过了《关于召开公司 2024 年第一次临时股东大会的议案》，拟于 2024 年 11 月 18 日召开公司 2024 年第一次临时股东大会。现将本次股东大会的相关事项通知如 下： 一、召开会议的基本情况 1、股东大会届次：2024 年第一次临时股东大会。 2、股东大会召集人：公司董事会。 3、会议召开的合法、合规性：经公司第七届董事会第八次会议审议，决定召开公司 2024 年第一次临时股东大会，会议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。 4、会议召开的日期、时间： （1）现场会议召开时间：2024 年 11 月 18 日下午 14:40 分整。 （2）网络投票时间：2024 年 11 月 18 日。 其中：通过深圳证券交易 ...

Investment Rating - The report maintains a "Buy" rating for Chuanhuan Technology (300547) [1] Core Views - The company achieved a revenue of 639 million yuan in H1 2024, representing a year-on-year increase of 39.1%, and a net profit of 98 million yuan, up 60.3% year-on-year, aligning with previous performance forecasts [1] - The gross margin stood at 25.1%, a slight increase of 0.1 percentage points year-on-year, while the net profit margin improved by 2 percentage points to 15.4% [1] - The company is experiencing significant growth across various product lines, with effective cost control contributing to improved profitability [2] Summary by Relevant Sections Financial Performance - In Q2 2024, the company reported a revenue of 340 million yuan, a year-on-year increase of 33.7% and a quarter-on-quarter increase of 13.8% [1] - The net profit for Q2 2024 was 54 million yuan, reflecting a year-on-year growth of 39.4% and a quarter-on-quarter increase of 22.6% [1] - The revenue from cooling system hoses reached 357 million yuan, up 28.6% year-on-year, while fuel system hoses saw a remarkable growth of 73.3% to 187 million yuan [1] Growth Potential - The company is expanding its production capacity with a new project designed to add 10,000 tons of hose production capacity, expected to be completed in 2024 [2] - Chuanhuan Technology is diversifying into new markets such as energy storage, data centers, and even the aerospace sector, indicating strong future revenue growth potential [2] - The proportion of revenue from new energy clients has increased to 31.6%, up 4.8 percentage points year-on-year, with ongoing partnerships with major automotive manufacturers [1][2] Earnings Forecast - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.03 yuan, 1.24 yuan, and 1.42 yuan respectively, with corresponding price-to-earnings (PE) ratios of 14, 12, and 10 [2] - The compound annual growth rate (CAGR) for net profit is expected to be 23.8% from 2024 to 2026 [2]

证券代码：300547 证券简称：川环科技 公告编号：2024-027 公司第七届监事会第七次会议决议。 特此公告。 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。 四川川环科技股份有限公司监事会 四川川环科技股份有限公司（以下称"公司"）第七届监事会第七次会议于 2024 年 8 月 28 日上午 10 点 30 分在公司会议室以通讯方式召开。会议通知于 8 月 16 日 以电话方式和电子邮件方式送达。本次监事会应参加监事 3 人，实际参加监事 3 人。 会议由公司监事会主席牟洪波先生主持，董事会秘书周贤华先生列席了会议。会议 的召开符合《公司法》、《公司章程》和《监事会议事规则》及相关法规的规定， 会议召开合法有效。本次会议经过充分审议，形成了以下决议： 一、审议通过了《关于公司 2024 年半年度报告及摘要的议案》 经审核，监事会认为：董事会编制和审核公司 2024 年半年度报告的程序符合 法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司的 实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。《公司 2024 年半年 度报告》及《 ...

证券代码：300547 证券简称：川环科技 公告编号：2024-025 四川川环科技股份有限公司 关于公司及全资子公司取得专利证书、作品登记证书 对公司经营的影响：上述专利证书和作品登记证书的取得和应用，短期内对 公司的经营业绩不会产生重大影响，但对公司的技术创新、产品创新、市场及品 牌影响力提升等方面产生积极的影响，有利于进一步完善公司知识产权保护体系， 形成持续创新机制，巩固和保持技术领先优势，提升公司核心竞争力。 备查文件： 1、国家知识产权局颁发的专利证书 2、国家版权局颁发的作品登记证书 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。 四川川环科技股份有限公司（以下简称"川环科技"或"公司"）和全资子公司 四川福翔科技有限公司于近日取得一批专利证书和作品登记证书，其证书信息如 下： | 序 | 专利名称 | 专利 | 申请日 | 授权公告 | 专利号 | 专利权人 | 备注 | | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | | 类型 | | 日 | | | | | 1 | 胶管 ...

Key Points Company and Industry Overview - **Company**: Chuanhuan Technology (川环科技) - **Industry**: Automotive thermal management, rubber and nylon hose manufacturing - **Focus**: High-value-added components such as rubber and nylon hoses, connectors, and other upstream parts Financial Performance - **2024 H1 Net Profit**: Expected to be between 0.92 to 1.04 billion yuan, up 50% to 70% year-on-year - **2024 H1 Non-Operating Net Profit**: Expected to be between 0.88 to 1 billion yuan, up 45% to 65% year-on-year - **2024 Q2 Net Profit**: Expected to be between 0.48 to 0.6 billion yuan, up 23% to 55% year-on-year and 8% to 36% sequentially Key Drivers of Growth 1. **Strong Demand**: **[5]** The automotive industry, particularly the new energy vehicle sector, is experiencing robust growth. Passenger car wholesale volume reached 11.86 million units in H1 2024, up 6% year-on-year, with new energy vehicles accounting for 463 million units, up 30% year-on-year. 2. **Strong Customer Base**: **[6]** Key customers include Chang'an, BYD, Seres, Geely, and Guang'an, among others. These customers contributed significantly to the company's revenue growth. 3. **Full-Chain Layout**: **[7]** The company has expanded its product range to include rubber and nylon hoses, as well as body attachments. This has enhanced its product competitiveness and increased its market share. 4. **Operational Efficiency**: **[10]** The company has continuously improved its operational management capabilities, leading to a decline in cost ratio and an increase in profitability. New Business Opportunities - **Energy Storage**: **[11]** The company is actively expanding into the energy storage market, which is expected to grow rapidly. It has established partnerships with over 40 energy storage customers and has started mass production. - **Data Center**: **[11]** The company is also exploring opportunities in the data center market, which is currently dominated by imported products. Future Outlook - **Sustainable Growth**: The company's automotive thermal management business is expected to continue growing sustainably. - **New Growth Drivers**: The energy storage and data center markets are expected to become significant contributors to the company's future growth.

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 0.92-1.04 billion yuan in H1 2024, representing a year-on-year increase of 50%-70% [1] - The growth in the new energy sector and the optimization of product and customer structure are key drivers for the company's performance [1] - The company has successfully expanded into energy storage and data center businesses, with initial results showing promise [1] Summary by Sections Performance Forecast - The company forecasts a net profit of 2.27 billion yuan for 2024, 3.09 billion yuan for 2025, and 3.99 billion yuan for 2026, with corresponding earnings per share of 1.05, 1.43, and 1.84 yuan respectively [1][12] Business Growth - The company's net profit for Q2 2024 is projected to be 0.54 billion yuan, a year-on-year increase of 38.96%, marking a historical high for a single quarter since its listing [1] - The revenue from new energy vehicles has increased, with the company covering over 50 automotive manufacturers and numerous secondary suppliers [1] New Business Development - The company has begun mass production of energy storage liquid cooling pipeline systems and small-scale supply for data center server liquid cooling systems [1] - The company is also entering the aircraft sector, collaborating with AVIC Xi'an Aircraft Industry Group on fuel and vent pipeline systems, which are currently in flight verification [1]