2025 年 4 月 28 日 当前价：19.94 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 公司研究 24 年业绩高增，箱包+服装双轮驱动、海外产能布局优势期待凸显 ——开润股份（300577.SZ）2024 年年报及 2025 年一季报点评 买入（维持） 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 2.40 | | 总市值(亿元)： | 47.81 | | 一年最低/最高(元)： | 15.20/30.99 | | 近 3 月换手率： | 96.69% | 股价相对走势 -12% 3% 19% 34% 49% 04/24 07/24 10/24 01/25 开润股份 沪深300 | 收益表现 | | | | | --- | --- | --- | - ...

Group 1: Financial Performance - In 2024, the company achieved a revenue of CNY 4.24 billion, a year-on-year increase of 36.56% [2] - The net profit attributable to shareholders reached CNY 381 million, up 229.52% year-on-year [2] - For Q1 2025, the company reported a revenue of CNY 1.23 billion, a growth of 35.57% compared to the previous year [3] Group 2: Business Segments - The OEM manufacturing segment generated revenue of CNY 3.53 billion in 2024, reflecting a significant growth of 44.61% [3] - The brand operation segment recorded revenue of CNY 658 million, with a modest increase of 5.07% [4] Group 3: Market Impact and Strategy - The U.S. market accounts for approximately 15% of the company's revenue, primarily from OEM manufacturing [4] - The company maintains a FOB cooperation model, which mitigates the impact of increased tariffs on operational costs [4] - The company has over 70% of its production capacity located overseas, enhancing its competitive edge [5] Group 4: Recent Developments - The acquisition of Shanghai Jiale in June 2024 has integrated fabric and garment manufacturing capabilities into the company [5] - Shanghai Jiale has received multiple awards for its innovative fabric technologies, enhancing the company's product development capabilities [5]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue and net profit for 2024 are projected to be 4.24 billion and 0.381 billion respectively, representing year-on-year growth of 36.6% and 229.5% [2] - The significant growth in performance is attributed to factors such as inventory replenishment in the 2B bag OEM industry, improved capacity utilization, and the consolidation of Jia Le starting from June [2][5] - The company plans to distribute a cash dividend of 1.91 yuan for every 10 shares, resulting in a dividend rate of 21% and a yield of 1.88% for 2024 [3] Financial Summary - The company’s total revenue for 2024 is estimated at 4.24 billion yuan, with a year-on-year growth of 36.6% [11] - The net profit attributable to the parent company is projected to be 0.381 billion yuan, reflecting a year-on-year increase of 229.5% [11] - The gross margin for 2024 is expected to be 22.9%, slightly down from the previous year [11] Business Segments - The 2B bag OEM segment is expected to benefit from inventory replenishment, with a revenue forecast of 3.534 billion yuan for 2024, marking a 44.61% increase [4] - The 2C segment, driven primarily by Xiaomi, is projected to generate 0.658 billion yuan in revenue, a 5.07% increase [6] - Jia Le's contribution post-acquisition is expected to enhance the company's growth trajectory, with its revenue for 2024 estimated at 1.489 billion yuan, a 15.81% increase [5] Future Projections - Revenue for 2025 is forecasted to reach 6.069 billion yuan, with a net profit of 0.461 billion yuan, indicating a year-on-year growth of 43.1% and 21.0% respectively [11] - The company anticipates continued growth in the 2B segment, with a focus on capacity utilization and customer expansion [9] - The earnings per share (EPS) for 2025 is projected at 1.92 yuan, with a price-to-earnings (PE) ratio of 10.37 [11]

Group 1 - The core viewpoint indicates that the company has exceeded profit expectations for 2024, with a projected revenue of 4.24 billion yuan, representing a year-on-year increase of 36.56%, and a net profit of 380 million yuan, up 229.5% [1] - The company is expanding its OEM categories from bags to clothing, leveraging differentiated production capacity in Indonesia, which is expected to sustain order growth and improve efficiency [1] - The company maintains a "buy" rating, with projected net profits for 2025-2027 at 366 million, 459 million, and 555 million yuan respectively, corresponding to PE ratios of 13.1, 10.4, and 8.6 times [1] Group 2 - In the OEM segment, revenue for 2024 is expected to reach 3.53 billion yuan, a 45% increase, with a gross margin of 22.6% [1] - The bag OEM revenue for 2024 is projected at 2.37 billion yuan, a 20.3% increase, with expectations of continued double-digit growth in 2025 [1] - The clothing OEM segment is anticipated to see significant growth, with a projected revenue of 1.16 billion yuan in the second half of 2024, a 146% increase, and a net profit turnaround to 48.92 million yuan [1] Group 3 - The brand business for 2024 is expected to generate revenue of 660 million yuan, a 5% increase, with a gross margin of 25.5% [2] - Xiaomi is launching over ten new bag products and has opened a flagship store on Tmall, leading to a revenue growth of over 30% in Q1 2025 [2] - The company has improved its operational capabilities, with a net profit margin of 9% in 2024, an increase of 5.3% year-on-year [2]

Event Overview - In 2024, the company's revenue, net profit attributable to shareholders, net profit excluding non-recurring items, and operating cash flow were 4.24 billion, 0.381 billion, 0.291 billion, and 0.232 billion yuan, respectively, with year-on-year growth of 36.56%, 229.52%, 109.67%, and a decline of 47.16%, aligning with performance forecasts [1] - The significant growth in performance was primarily driven by: 1) inventory replenishment in the 2B bag OEM industry and improved capacity utilization leading to net profit margin recovery; 2) changes in Xiaomi's profit model enhancing net profit margins; 3) consolidation of Jia Le starting from June [1] - The operating cash flow was lower than net profit due to increased investment income and rising operating receivables [1] Financial Performance - For Q4 2024, revenue, net profit, and net profit excluding non-recurring items were projected to be 1.215 billion, 0.060 billion, and 0.066 billion yuan, respectively, with year-on-year growth of 47.91%, 1198.61%, and 7846.95% [1] - In Q1 2025, revenue, net profit, and net profit excluding non-recurring items were expected to be 1.234 billion, 0.085 billion, and 0.083 billion yuan, respectively, with year-on-year growth of 35.57%, 20.12%, and 6.64% [1] - The growth in revenue and profit was mainly attributed to the contribution from Jia Le's consolidation and steady growth in bag OEM business [1] Dividend Policy - The company plans to distribute a cash dividend of 1.91 yuan for every 10 shares, resulting in a total dividend of 0.34 yuan per share for 2024, with a dividend payout ratio of 21% and a dividend yield of 1.88% [2] Business Segments - The 2B bag OEM segment benefited from inventory replenishment, achieving a revenue of 3.534 billion yuan in 2024, a year-on-year increase of 44.61% [4] - The revenue from bag and clothing OEM was 2.372 billion and 1.162 billion yuan, respectively, with year-on-year growth of 20.27% and 146.43% [4] - The total capacity for bags in 2024 was 41.8245 million units, a year-on-year increase of 10.95%, with a capacity utilization rate of 91.16%, up 5.06 percentage points [4] Jia Le Acquisition - Jia Le was consolidated in June 2024, contributing to a turnaround in profitability, with revenue of 1.489 billion yuan in 2024, a year-on-year increase of 15.81% [5] - The clothing OEM revenue growth was primarily driven by the acquisition of Jia Le, with contributions from clients such as Uniqlo, Adidas, Puma, and MUJI [5] 2C Business Growth - The 2C business revenue was 0.658 billion yuan, with a year-on-year growth of 5.07%, driven mainly by Xiaomi [6] - The online and distribution revenues were 0.160 billion and 0.498 billion yuan, with year-on-year changes of -25.19% and 20.79% [6] - The 2C gross margin was 25.52%, a year-on-year decrease of 1.03 percentage points, mainly due to product and channel structure adjustments [6] Financial Ratios - In 2024, the company's gross margin was 22.86%, a year-on-year decrease of 1.49 percentage points, while the net profit margin attributable to shareholders was 8.99%, an increase of 5.27 percentage points [7] - For Q1 2025, the gross margin and net profit margin were 24.71% and 6.92%, respectively, with year-on-year changes of 0.55 and -0.89 percentage points [8] Inventory and Receivables - By the end of 2024, the company's inventory amounted to 0.868 billion yuan, a year-on-year increase of 76%, primarily due to increased stocking of bags and the impact of Jia Le's consolidation [9] - Accounts receivable reached 1.051 billion yuan, a year-on-year increase of 78%, with accounts receivable turnover days of 70 days, an increase of 8 days [9] Investment Outlook - The company is expected to benefit from its strategic position in Indonesia, with a focus on the 2B bag OEM business, which is projected to achieve double-digit growth in 2025 [10] - The acquisition of Jia Le opens up a new growth avenue in the clothing OEM sector, with potential for margin recovery [10] - Revenue forecasts for 2025 and 2026 have been adjusted to 6.069 billion and 6.970 billion yuan, respectively, with net profit estimates of 0.461 billion and 0.565 billion yuan [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][30] Core Views - The company is expected to see a significant increase in its net profit margin in 2024, with a projected revenue of 4.24 billion yuan (up 36.56% year-on-year) and a net profit of 380 million yuan (up 229.5%) [5][12] - The company has expanded its OEM categories from bags to clothing, leveraging differentiated production capacity in Indonesia, which is expected to sustain order growth and improve efficiency [5][26] - The forecast for net profit from 2025 to 2027 is 366 million yuan, 459 million yuan, and 555 million yuan respectively, with corresponding P/E ratios of 13.1, 10.4, and 8.6 times [5][26] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 4.24 billion yuan, with a net profit of 380 million yuan and a non-GAAP net profit of 290 million yuan, reflecting a significant increase due to one-time gains from the consolidation of Shanghai Jiale [5][12] - The first quarter of 2025 saw a revenue of 1.23 billion yuan (up 35.6% year-on-year) and a net profit of 85 million yuan (up 20.1%) [5][12] OEM Business - The OEM revenue for 2024 reached 3.53 billion yuan (up 45%), accounting for 83% of total revenue, with a gross margin of 22.6% [5][26] - The bag OEM segment generated 2.37 billion yuan in revenue (up 20.3%), with expectations for continued double-digit growth in 2025 [5][26] - The clothing OEM segment saw a significant increase in revenue, with a projected growth of over 25% in 2025 due to new orders from major clients like Adidas and Uniqlo [5][26] Brand Business - The brand business generated 660 million yuan in revenue (up 5%) in 2024, with a gross margin of 25.5% [5][6] - Xiaomi's product line saw a revenue increase of over 30% in the first quarter of 2025 due to the launch of new products and channel optimization [5][6] Operational Efficiency - The company achieved a gross margin of 22.9% in 2024, with a net profit margin of 9% [5][18] - Inventory increased to 870 million yuan (up 76%) primarily due to the consolidation of Shanghai Jiale, while cash and cash equivalents stood at 530 million yuan [5][19]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][30]. Core Views - The company is expected to see a significant increase in its net profit margin in 2024, with a projected revenue of 4.24 billion yuan (up 36.56% year-on-year) and a net profit of 380 million yuan (up 229.5%) [5][12]. - The company has expanded its OEM categories from bags to clothing, leveraging differentiated production capacity in Indonesia, which is expected to sustain order growth and improve profitability [5][26]. - The forecast for net profit from 2025 to 2027 is set at 366 million yuan, 459 million yuan, and 555 million yuan respectively, with corresponding P/E ratios of 13.1, 10.4, and 8.6 times [5][26]. Financial Summary - In 2024, the company's revenue is projected to be 4.24 billion yuan, with a gross profit margin of 22.9% and a net profit margin of 9% [5][18]. - The company reported a significant increase in its operating cash flow, with a net cash flow from operating activities of 232 million yuan in 2024 [27]. - The company's total assets are expected to grow from 5.15 billion yuan in 2024 to 7.33 billion yuan in 2027, indicating a strong growth trajectory [27].

Core Insights - In 2024, the company achieved a main business revenue of 4.192 billion yuan, a year-on-year increase of 36.54%, and a net profit attributable to shareholders of 381 million yuan, a year-on-year increase of 229.52% [2] - The company continues to strengthen its position in the bag manufacturing sector by leveraging its global production capacity in Indonesia, China, and India, while optimizing its order structure and expanding business with key clients like Nike and Decathlon [2][3] Financial Performance - In Q1 2025, the company reported an operating income of 1.234 billion yuan, a year-on-year increase of 35.57%, and a net profit attributable to shareholders of 85.36 million yuan, a year-on-year increase of 20.12% [2] - The company's net profit excluding non-recurring gains and losses for Q1 2025 was 83.34 million yuan, reflecting a year-on-year increase of 6.64% [2] Business Segments - The company’s bag manufacturing revenue reached 2.372 billion yuan, a year-on-year increase of 20.27%, while the clothing manufacturing revenue surged to 1.162 billion yuan, a year-on-year increase of 146.43% [3] - The gross margin for the manufacturing business decreased by 1.33%, primarily due to the consolidation of Jia Le's revenue, which is currently experiencing lower margins due to production efficiency issues in Indonesia [3] Brand Operations - The company has optimized its brand strategies and product matrix, resulting in revenue growth, including the launch of new Xiaomi-branded luggage products and expansion into various sales channels [4] - The brand "90 Points" has successfully entered both domestic and international markets, enhancing its global influence and sales performance [4] Market Positioning - The company’s U.S. market operations, primarily in bag and clothing manufacturing, account for approximately 15% of its revenue, with production based in Indonesia [5] - The company benefits from the FOB (Free On Board) cooperation model, which mitigates the impact of rising tariffs on its costs [5] Industry Context - Southeast Asian countries, including Indonesia, are becoming key production and export hubs for textile and apparel products, with a significant reliance from U.S. brands on their production capabilities [6] - The company’s global production capacity exceeds 70%, strategically positioned to meet the demands of high-quality clients while maintaining a robust supply chain and trade risk management [6]

Core Viewpoint - The company aims to become a respected world-class innovative consumer goods company, focusing on improving travel experiences through high-quality products and solutions [5][6]. Company Overview - The company operates in the leisure bags, travel cases, business bags, apparel, and related accessories sectors, with a dual business model of OEM manufacturing and brand management [5][6]. - The company collaborates with renowned brands such as Nike, Decathlon, VF Group, Uniqlo, PUMA, Dell, HP, and ASUS, enhancing its competitive edge through automation and digitalization [5][6][19]. Business Segments OEM Manufacturing - The company has a global production layout in regions like Indonesia, China, and India, focusing on areas with significant labor cost or tariff advantages [6][19]. - In June 2024, the company acquired control of Shanghai Jiale, a core supplier for Uniqlo, expanding its operations into textile and apparel manufacturing [6][23]. Brand Management - The company focuses on its own brand "90 Points" and collaborates with Xiaomi, providing high-quality travel products through various e-commerce platforms [7][8][12]. - The "90 Points" brand has received multiple design awards and is recognized as a "Shanghai Brand," indicating strong market presence and consumer acceptance [7][22]. Market Dynamics - The global luggage market is projected to grow by 6.1% by 2025, while the Chinese market is expected to grow by 5.9% [19]. - The company’s client base includes high-profile brands, ensuring a stable source of orders and revenue [19][23]. Competitive Advantages - The company leverages a deep supply chain management system and cross-industry operational strategies, enhancing its responsiveness to market changes [21][22]. - The acquisition of Shanghai Jiale allows the company to extend its product offerings into the textile and apparel sectors, tapping into a market with significant growth potential [22][23]. Financial Performance - The company maintains a stable financial outlook, with a credit rating of A+ from China Chengxin International Credit Rating Co., Ltd. [26]. - The company has not reported any significant discrepancies in its financial data over the past three years, indicating consistent performance [24][25].

| 证券代码：300577 | 证券简称：开润股份 | 公告编号：2025-031 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 安徽开润股份有限公司 关于召开 2024 年度股东大会的通知 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。 安徽开润股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开第四 届董事会第二十四次会议，审议通过了《关于召开 2024 年度股东大会的议案》， 决定于 2025 年 5 月 16 日（周五）下午 14:30 召开公司 2024 年度股东大会，现 将本次股东大会的有关事项通知如下： 一、召开会议的基本情况 1、股东大会届次：2024 年度股东大会。 2、股东大会的召集人：公司董事会。 3、会议召开的合法、合规性：本次股东大会会议召开符合有关法律、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：2025 年 5 月 16 日下午 14:30。 （2）网络投票时间：通过深圳证券交易所交易系统进行 ...