| 证券代码：300577 | 证券简称：开润股份 | 公告编号：2024-111 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 安徽开润股份有限公司 关于控股股东、实际控制人部分股份解除质押的公告 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。 安徽开润股份有限公司（以下简称"公司" "本公司"）于近日收到公司控 股股东、实际控制人范劲松先生的通知，获悉其将所持有的部分股份办理了解除 质押手续，具体事项如下： | 股东 | 是否为 控股股 东或第 一大股 | 本次解除质 | 占其所持 | 占公司总 | 质押起始 | | | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 东及其 | 押数量 | 股份比例 | 股本比例 | 日 | | | | | | | 一致行 动人 | | | | | | | | | | | | 7,900,000 | 6.43% | 3.29% | 2023 | 年 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 25.00 CNY per share, based on a 20x PE valuation for 2024 [1][3] Core Views - The company is a leading luggage manufacturer with a strong position in the B2B segment and is expanding into the apparel OEM business, which is expected to drive future growth [1] - The B2B business, including luggage and apparel fabric manufacturing, is expected to maintain steady growth, with the apparel segment offering significant growth potential [1] - The B2C business, particularly the self-owned brand "90 Points," is expanding overseas, and the partnership with Xiaomi is expected to open new growth opportunities, especially with the launch of Xiaomi's car in 2024 [1] Financial Projections - Revenue is projected to grow from 4.298 billion CNY in 2024 to 6.698 billion CNY in 2026, with a CAGR of 35.3% from 2024 to 2025 [2] - Net profit is expected to increase from 372 million CNY in 2024 to 514 million CNY in 2026, with a significant growth rate of 221.7% in 2024 [2] - EPS is forecasted to rise from 1.55 CNY in 2024 to 2.14 CNY in 2026 [2] Business Segments B2B Business - The luggage segment is expected to grow steadily, with the company increasing its market share among existing clients such as Dell, HP, and Asus [1] - The apparel and fabric segment, bolstered by the acquisition of Shanghai Jiale, is expected to become a second growth curve, with new clients like Adidas, Puma, and MUJI [1][20] - The company's global production base, particularly in Indonesia, provides cost advantages and flexibility in meeting client demands [77][80] B2C Business - The self-owned brand "90 Points" is expanding overseas and innovating in materials and functionality, while the partnership with Xiaomi is expected to drive growth, especially with the launch of Xiaomi's car in 2024 [1][10] - The domestic luggage market is highly fragmented, offering significant growth potential for the company to increase its market share [13][97] Industry Analysis - The global luggage market is expected to grow, with China's market projected to reach 25.28 billion USD by 2028, driven by increasing travel demand [97] - The apparel and fabric manufacturing industry is significantly larger than the luggage industry, providing substantial growth opportunities for the company [92] Competitive Advantages - The company has a strong client base, including leading brands like Nike, Dell, and Xiaomi, and a global production network that enhances its supply chain efficiency [76][77] - The acquisition of Shanghai Jiale has expanded the company's capabilities into the apparel and fabric manufacturing sector, offering vertical integration and cost advantages [20][92] - The company's focus on innovation and design has resulted in multiple awards, enhancing its brand recognition and product appeal [101][102]

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][10]. Core Views - The company experienced an 18% revenue growth in the first half of the year, driven by a rapid increase in its OEM (Original Equipment Manufacturer) business, particularly in bag production for well-known brands like Nike and Decathlon [1]. - The acquisition of a controlling stake in Shanghai Jiale contributed a one-time gain of 0.96 billion RMB, leading to a 230.1% year-on-year increase in net profit to 2.5 billion RMB [1]. - The gross margin improved by 2.3 percentage points to 23.9%, attributed to changes in customer structure, enhanced management efficiency, and increased overseas production capacity [1]. - The company expects continued double-digit revenue growth in the second quarter, with net profit increasing by 341.1% year-on-year to 1.8 billion RMB [1]. Summary by Sections Financial Performance - Revenue for the first half of the year reached 1.83 billion RMB, a year-on-year increase of 17.6% [1]. - The net profit attributable to shareholders rose to 2.5 billion RMB, with a non-recurring net profit of 1.6 billion RMB, reflecting an 85.0% year-on-year growth [1]. - The second quarter revenue was 9.2 billion RMB, up 12.8% year-on-year, with net profit reaching 1.8 billion RMB [1][2]. Business Segments - OEM Business: Revenue from bag OEM increased by 22.0% to 1.26 billion RMB, while garment OEM revenue grew by 19.9% to 270 million RMB [1]. - Brand Business: Revenue declined by 2.5% to 280 million RMB due to last year's high base and weak consumer demand [1]. Future Outlook - The company anticipates rapid growth in OEM revenue in 2024, supported by inventory replenishment from existing clients and new client acquisitions [1][9]. - The forecast for net profit for 2024-2026 is adjusted to 2.9 billion RMB, 3.4 billion RMB, and 3.9 billion RMB, respectively, excluding the one-time gain from the acquisition [1][9].

| 证券代码：300577 | 证券简称：开润股份 | 公告编号：2024-110 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 安徽开润股份有限公司 关于不向下修正"开润转债"转股价格的公告 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。 特别提示： 1、截至 2024 年 9 月 13 日，安徽开润股份有限公司（以下简称"公司"）股 票已出现任意连续三十个交易日中至少有十五个交易日的收盘价低于当期转股 价格 85%的情形，已触发"开润转债"转股价格的向下修正条款。 2、公司于 2024 年 9 月 13 日召开第四届董事会第十九次会议，审议通过了 《关于不向下修正"开润转债"转股价格的议案》，公司董事会决定本次不向下 修正"开润转债"转股价格，且自董事会审议通过次日起未来三个月内（即 2024 年 9 月 14 日至 2024 年 12 月 13 日），如再次触发"开润转债"转股价格向下修 正条款，亦不提出向下修正方案。下一触发转股价格修正条件的期间从 2024 年 12 月 14 日重新起算，若再 ...

| 证券代码：300577 | 证券简称：开润股份 | 公告编号：2024-109 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 安徽开润股份有限公司 第四届董事会第十九次会议决议公告 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。 安徽开润股份有限公司（以下简称"公司""本公司"）第四届董事会第十 九次会议通知于 2024 年 9 月 11 日以专人送达、电子邮件等方式发出，会议于 2024 年 9 月 13 日下午以通讯表决方式召开，本次会议应出席董事 7 人，实际出 席董事 7 人，会议由董事长范劲松先生主持。本次会议的召集召开及程序符合 《中华人民共和国公司法》《公司章程》等有关规定，会议合法有效。经与会董 事审议并表决，形成决议如下： 审议通过《关于不向下修正"开润转债"转股价格的议案》 表决结果：同意 7 票，反对 0 票，弃权 0 票。 备查文件：第四届董事会第十九次会议决议。 特此公告。 安徽开润股份有限公司 董事会 2024 年 9 月 13 日 公司董事会决定本次不向下修正"开润转债 ...

| 证券代码：300577 | 证券简称：开润股份 | 公告编号：2024-108 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 安徽开润股份有限公司 关于预计触发转股价格向下修正条件的提示性公告 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。 特别提示： 1、证券代码：300577 证券简称：开润股份 交所"）交易系统向社会公众投资者发售的方式进行，认购金额不足 22,300 万元 的部分由保荐机构（主承销商）包销。 （二）可转换公司债券上市情况 经深交所"深证上[2020]48 号"文件同意，公司可转换公司债券于 2020 年 1 月 23 日起在深交所挂牌交易，债券简称"开润转债"，债券代码"123039"。 （三）可转换公司债券转股期限 2、债券代码：123039 债券简称：开润转债 3、转股价格：29.64 元/股 4、转股期限：2020 年 7 月 2 日至 2025 年 12 月 25 日 5、自 2024 年 8 月 25 日至 2024 年 9 月 6 日，公司股票已有 10 个交易日 ...

| 证券代码：300577 | 证券简称：开润股份 | 公告编号：2024-107 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 8、 经营范围：一般项目：以私募基金从事股权投资、投资管理、资产管理 等活动（须在中国证券投资基金业协会完成登记备案后方可从事经营活动）；创 业投资（限投资未上市企业）。（除依法须经批准的项目外，凭营业执照依法自主 开展经营活动） 2024 年 9 月 4 日，宁波浦润根据《天津砺思星棠海河创业投资合伙企业（有 限合伙）合伙协议》及天津砺思企业管理咨询有限公司出具的《天津砺思星棠海 河创业投资合伙企业（有限合伙）缴款通知书》要求，完成第一期认缴出资额 800 万元的实缴。 安徽开润股份有限公司 关于全资子公司与专业机构共同投资的进展公告 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。 一、与专业投资机构共同投资情况概述 安徽开润股份有限公司（以下简称"公司""本公司"）全资子公司宁波浦润 投资合伙企业（有限合伙）（以下简称"宁波浦润"）于 2024 年 8 月 2 日与专业 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative increase of over 15% compared to the CSI 300 index in the next six months [2][7]. Core Insights - The company reported a strong performance in its OEM business, with a revenue increase of 17.6% year-on-year to 1.83 billion yuan in H1 2024, and a net profit increase of 230% year-on-year to 250 million yuan [3]. - The acquisition of Shanghai Jiale contributed significantly to the earnings, with a one-time gain of 96.31 million yuan recognized during the acquisition [3]. - The company's gross margin improved by 2.3 percentage points to 23.94% in H1 2024, driven by enhanced production efficiency and cost reduction efforts [3]. Summary by Sections Financial Performance - H1 2024 revenue reached 1.83 billion yuan, up 17.6% year-on-year, while net profit was 250 million yuan, reflecting a 230% increase [3]. - Q2 2024 revenue was 920 million yuan, a 12.8% year-on-year increase, with net profit soaring by 341% to 180 million yuan [3]. Business Segments - OEM business revenue grew by 21.6% to 1.53 billion yuan, with bag and apparel segments contributing 1.255 billion yuan and 273 million yuan respectively [3]. - Brand business revenue decreased by 2.5% to 281 million yuan, with online sales increasing by 25.2% while distribution channel sales fell by 11.1% [3]. Acquisition Impact - The acquisition of Jiale, which now holds 51.85% of the company, is expected to enhance revenue and profit through improved production efficiency and capacity release [3]. - Jiale's revenue in H1 2024 was 640 million yuan, up 17.3% year-on-year, with net profit increasing by 168% to 21 million yuan [3]. Future Outlook - The company is positioned as a leader in the bag OEM sector and aims to develop its apparel OEM business as a second growth driver [3]. - Projected net profits for 2024, 2025, and 2026 are 390 million yuan, 402 million yuan, and 500 million yuan respectively, with corresponding PE ratios of 12, 12, and 10 times [5].

| 证券代码：300577 | 证券简称：开润股份 | 公告编号：2024-106 | | --- | --- | --- | | | 债券简称：开润转债 | | | 债券代码：123039 | | | 安徽开润股份有限公司 关于回购公司股份的进展公告 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。 安徽开润股份有限公司（以下简称"公司""本公司"）于 2024 年 1 月 31 日召开第四届董事会第十次会议、第四届监事会第八次会议审议通过了《关于回 购公司股份方案的议案》，同意公司使用自有资金以集中竞价交易方式回购公司 发行的人民币普通股（A 股）（以下简称"本次回购"）用于股权激励或员工持 股计划。本次回购的资金总额不低于人民币 5,000 万元（含本数）且不超过 10,000 万元（含本数）；回购价格不超过人民币 20.85 元/股（含本数），按照回购金额 下限 5,000 万元、回购价格上限 20.85 元/股进行测算，预计可回购股份总额为 2,398,081 股，约占公司总股本的 1.0001%。按照回购金额上限 10,000 万元、回 购价格上限 ...

上 市 公 司 证 券 研 究 报 告 纺织服饰 2024 年 08 月 28 日 开润股份 (300577) ——24Q2 嘉乐并表贡献收益，全面进军服装制造领域 | --- | --- | |---------------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 27 日 | | 收盘价（元） | 18.09 | | 一年内最高/最低（元） | 24.65/9.18 | | 市净率 | 2.3 | | 息率（分红 / 股价） | 0.52 | | | 2,541 | | 流通 A 股市值（百万元） 上证指数 / 深证成指 | 2,848.73/8,103.76 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|------------------------| | | | | | | | 基础数据 : | 年 06 月 30 日 | | | 8.24 | | 每股净资产（元） | | ...