| 证券代码：300577 | 证券简称：开润股份 | 公告编号：2024-128 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 安徽开润股份有限公司 2024 年第三次临时股东大会决议公告 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： 2、召开地点：上海市松江区中心路 1158 号 21B幢 16 楼会议室 3、召开方式：现场投票与网络投票表决相结合的方式。 4、召集人及主持人：本次股东大会由安徽开润股份有限公司（以下简称 "公司"）董事会召集；董事长范劲松先生因工作原因无法出席本次会议，公 司过半数以上董事共同推举董事高晓敏女士主持本次会议。 1、本次股东大会无否决提案的情况； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、召开时间 （1）现场会议时间：2024 年 11 月 15 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网络投票的具体时间为 2024 年 11 月 15 日上午 9:15—9:2 ...

| 证券代码：300577 | 证券简称：开润股份 公告编号：2024-127 | | --- | --- | | 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： 一、 本次解除质押基本情况 | | 是否为 控股股 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | 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 | 质权人 | | 称 | 东及其 | 押数量 | 股份比例 | 股本比例 | 日 | | 期 | | | | 一致行 | | | | | | | | | | 动人 | | | | | | | | | | | | | ...

| 证券代码：300577 | 证券简称：开润股份 | 公告编号：2024-126 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 安徽开润股份有限公司 关于对外担保的进展公告 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。 公司于 2024 年 6 月 24 日召开第四届董事会第十六次会议，并于 2024 年 7 月 10 日召开 2024 年第二次临时股东大会，审议通过了《关于增加对外担保额度 预计的议案》，预计为上海嘉乐股份有限公司（以下简称"上海嘉乐"）及其子公 司提供担保的总额度为人民币 71,360 万元（含等值外币），其中公司对上海嘉乐 提供担保的总额度为人民币 50,000 万元，具体内容详见 2024 年 6 月 25 日于巨 潮资讯网 www.cninfo.com.cn 披露的《关于增加对外担保额度预计的公告》 （2024-076）。 二、本次担保进展 公司于近日与上海农村商业银行股份有限公司金山支行签署《最高额保证合 同》，同意为上海嘉乐提供最高债权人民币 11,440 万元的连带责 ...

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 [1][8]. Core Views - The company reported a revenue of 3.025 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 32.48%. The net profit attributable to shareholders was 321 million RMB, up 164.63% year-on-year [3]. - The third quarter of 2024 saw a revenue of 1.193 billion RMB, a year-on-year increase of 64.36%, and a net profit of 72 million RMB, up 57.52% year-on-year [3]. - The company is experiencing strong growth in its bag manufacturing segment, with a 28% increase in revenue for Q3 2024 compared to Q3 2023, driven by major clients, particularly in the sports sector [3]. - The apparel manufacturing segment saw a revenue increase of over 400% to 380 million RMB in Q3 2024, primarily due to the consolidation of Jia Le's financials [3]. - The brand business also showed growth, with a revenue increase of over 12% in Q3 2024, including a 20%+ growth for the Xiaomi brand [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 3.025 billion RMB, with a net profit of 321 million RMB. The third quarter alone contributed 1.193 billion RMB in revenue and 72 million RMB in net profit [3]. - The company plans to distribute a cash dividend of 1.46 RMB per 10 shares, indicating a potential increase in the annual dividend payout ratio [3]. Business Segments - Bag manufacturing revenue increased by 28% in Q3 2024, while apparel manufacturing revenue surged over 400% due to the integration of Jia Le [3]. - The brand business reported a revenue growth of over 12%, with notable performance from the Xiaomi brand [3]. Profitability Metrics - The gross margin for Q3 2024 decreased by 3.2 percentage points to 22.0%, primarily due to the higher proportion of lower-margin apparel manufacturing revenue [3]. - The net profit margin for Q3 2024 was 6.1%, down 0.3 percentage points year-on-year, influenced by increased foreign exchange losses [3]. Future Outlook - The company is positioned as a leader in bag manufacturing and is expanding into apparel manufacturing to create a second growth curve. The report anticipates continued revenue and profit growth driven by operational flexibility and market expansion [3]. - The projected net profits for 2024, 2025, and 2026 are 401 million RMB, 412 million RMB, and 515 million RMB, respectively, with corresponding PE ratios of 13.4, 13.1, and 10.5 [5].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Insights - The company reported a revenue of 1.2 billion in Q3 2024, representing a 64% year-on-year increase, and a net profit attributable to shareholders of 72 million, up 58% year-on-year [1]. - For the first three quarters of 2024, the company achieved a total revenue of 3 billion, a 32% increase year-on-year, and a net profit of 320 million, which is a significant 165% increase year-on-year [1]. - The gross profit margin for the first three quarters of 2024 was 23.2%, an increase of 0.4 percentage points, while the net profit margin attributable to shareholders was 10.6%, up 5.3 percentage points [1]. - The company is enhancing its product research and manufacturing capabilities, increasing investments in automation and digitalization to achieve high standards in order fulfillment [1]. - The company has established strong relationships with major clients such as Nike, Decathlon, and Uniqlo, receiving high evaluations for its production facilities [2]. Financial Performance Summary - The company’s revenue for 2022 was 2,740.99 million, with a projected revenue of 4,431.54 million for 2024, reflecting a growth rate of 42.73% [3]. - The net profit attributable to shareholders is expected to grow from 115.62 million in 2023 to 380.63 million in 2024, indicating a growth rate of 229.20% [3]. - The earnings per share (EPS) is projected to be 1.59 in 2024, with a price-to-earnings (P/E) ratio of 13.53 [3]. - The company’s total assets are expected to increase from 3,587.96 million in 2023 to 4,571.08 million in 2024 [6]. Operational Strategy - The company has strategically positioned its production capacity in Indonesia, enhancing its ability to respond quickly to market demands and reducing overseas trade risks [2]. - The introduction of the SAP system and lean management practices has enabled the company to digitize its operations, improving efficiency and reducing management costs [2].

Investment Rating - The report upgrades the investment rating of the company to "Buy" [1][4] Core Insights - The company reported a revenue of 3.025 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 32.48%, with a net profit attributable to shareholders of 321 million yuan, up 165% year-on-year [2] - The significant revenue increase in Q3 is attributed to the consolidation of Shanghai Jiale's financials, which contributed to a substantial rise in income, although profit growth was slightly lower due to Jiale's current efficiency ramp-up phase [2][3] - The brand business is expected to see a double-digit revenue growth in Q3, primarily driven by Xiaomi's distribution, which accounts for approximately 65% of brand revenue [2] - The company is expanding its production capacity in Indonesia, with expectations of a 50%-60% increase in bag production capacity and a 65%-70% increase in garment capacity by 2026-2027 [4] Financial Performance Summary - Total revenue for 2022 was 2.741 billion yuan, with projections of 3.105 billion yuan for 2023, 4.148 billion yuan for 2024, 5.034 billion yuan for 2025, and 6.059 billion yuan for 2026, reflecting a compound annual growth rate of 33.61% from 2023 to 2024 [1][10] - The net profit attributable to shareholders is forecasted to increase from 116 million yuan in 2023 to 394 million yuan in 2024, and further to 479 million yuan in 2026, indicating a significant growth trajectory [1][10] - The latest diluted EPS is projected to rise from 0.48 yuan in 2023 to 1.64 yuan in 2024, and reach 2.00 yuan by 2026 [1][10] Margin and Cost Analysis - The gross margin for Q3 2024 decreased by 3.2 percentage points to 21.96%, influenced by lower margins from the bag manufacturing and garment outsourcing segments [3] - The company’s expense ratio for Q3 2024 decreased by 2.39 percentage points to 14.81%, primarily due to lower expense ratios in Jiale's outsourcing business compared to the original 2C business [3]

Company and Industry Summary Company Overview - The company reported a total revenue of approximately 1.2 billion, representing a year-on-year growth of 64.4% in Q3 [1] - The revenue from garment manufacturing exceeded 380 million, more than five times that of the same period last year, largely due to the consolidation of Galer [1] - The company maintains a strong growth trajectory with key clients like Decathlon and Nike, both showing revenue growth exceeding 30% [1] Revenue Breakdown - In Q3, the company achieved over 970 million in revenue from its core business, with a growth rate exceeding 80% year-on-year [1] - The revenue from fragrance bag manufacturing was nearly 600 million, with a year-on-year growth of approximately 28% [1] - The brand management segment generated around 200 million in revenue, with a growth rate close to 13% compared to the previous year [2] Production Capacity and Expansion - The company is focusing on expanding its production capacity in Indonesia, expecting a 60% increase in fragrance bag capacity by 2026-2027 [2][13] - The garment production capacity is projected to expand by approximately 65-70% over the next two years [21][14] - The company is also planning to build a new 90-acre facility adjacent to the existing factory in the Baodao region [13] Profitability and Margins - The overall gross margin decreased by about 2 percentage points compared to the previous half-year, primarily due to the lower margins from Galer [3] - The gross margin for fragrance bag manufacturing remains high, around 27-29% [3] - The net profit margin for Galer stabilized at around 3% for the first three quarters, with expectations for improvement as operational efficiencies are realized [4] Client Performance and Market Position - The company has successfully streamlined its client base, focusing on major clients like Uniqlo, Adidas, Puma, and others, which are expected to drive future growth [5][9] - The company anticipates that the garment segment will contribute to a revenue target exceeding 15 billion, with a market capitalization potential above 50 billion [5] Future Outlook - The company expects a significant increase in revenue across all segments, with a conservative estimate of double-digit growth for the next year [18] - The net profit margin is projected to improve by 2-3 percentage points, driven by operational efficiencies and client growth [23] - The company is confident in its ability to maintain a high level of order visibility and revenue predictability, with over 80% of sales coming from top-tier global clients [36] Additional Insights - The company is undergoing a factory relocation process, which is expected to impact short-term efficiency but will ultimately lead to improved production capabilities [15][16] - The tax rate increase in Q3 was attributed to the consolidation of Galer and changes in profit structure, which is considered a normal fluctuation [25] This summary encapsulates the key points from the conference call, highlighting the company's performance, strategic initiatives, and future outlook in the context of its industry.

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、担保情况概述 | 证券代码：300577 | 证券简称：开润股份 | 公告编号：2024-125 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 安徽开润股份有限公司 关于对外担保的进展公告 三、被担保人基本情况 1、 企业名称：上海润米科技有限公司 2、 类型：有限责任公司（港澳台投资、非独资） 3、 法定代表人：范劲松 单位：万人民币 | | | 担保方 | 被担保 方最近 | | 本次担 | 本 次 实 | 本次担 | 剩余可 | 是 否 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 被担保 | | | 审议担 | 保前已 | | 保后已 | | | | 担保方 | | 持股比 | 一期资 | | | 际担保 | | 用担保 | 关 联 | | | 方 | 例 | 产负债 | 保额度 | 用担保 | 发生额 | 用担保 | 额度 | 担保 | | | | | ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [4][6]. Core Insights - The company reported strong performance in Q3 2024, with revenue reaching 11.9 billion yuan, a year-on-year increase of 64.4%, and a net profit of 0.7 billion yuan, up 57.5% year-on-year [4][6]. - The integration of Jia Le has significantly contributed to revenue growth, with the company expecting Jia Le to become a second growth driver in the future [5][6]. - The company has announced a cash dividend of 0.146 yuan per share, with a distribution rate of approximately 11% [4][6]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 30.2 billion yuan, a 32.5% increase year-on-year, and a net profit of 3.2 billion yuan, reflecting a 165% year-on-year growth [4][7]. - The gross margin for Q3 2024 was reported at 22.0%, a decrease of 3.2 percentage points year-on-year, primarily due to the lower profitability of Jia Le compared to the core bag manufacturing business [6][7]. - The company expects net profits for 2024 to reach 3.8 billion yuan, with projected earnings per share of 1.34 yuan [7][13].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][9] Core Views - The company reported a 64.4% year-on-year revenue growth in the third quarter, reaching 1.19 billion RMB, driven by the existing bag OEM business and the consolidation of Jiale [1] - The gross margin decreased by 3.2 percentage points to 22.0%, primarily due to Jiale's lower gross margin compared to the company's original business [1] - The net profit attributable to the parent company increased by 57.5% year-on-year to 0.7 billion RMB, influenced by increased investment income [1] - The company plans to distribute a cash dividend of 1.46 RMB per 10 shares, with a dividend payout ratio of approximately 10.8% [1] - The company expects to maintain high growth in its OEM business and improve profitability through capacity expansion in Indonesia over the next two years [1][7] Financial Performance Summary - Revenue for 2022 was 2,741 million RMB, projected to grow to 4,192 million RMB in 2024, reflecting a 35.0% increase [2][8] - Net profit for 2022 was 47 million RMB, expected to rise to 387 million RMB in 2024, indicating a growth of 234.3% [2][8] - Earnings per share (EPS) is projected to increase from 0.20 RMB in 2022 to 1.61 RMB in 2024 [2][8] - The company’s return on equity (ROE) is expected to improve from 2.7% in 2022 to 18.7% in 2024 [2][8] - The price-to-earnings (PE) ratio is projected to decrease from 115.0 in 2022 to 13.9 in 2024, indicating a more attractive valuation [2][8] Operational Insights - The company’s inventory increased by 96.2% year-on-year to 840 million RMB, mainly due to the consolidation of Jiale [1] - The inventory turnover days decreased by 2 days to 78 days, indicating stable operational efficiency [1] - Capital expenditures increased by 17.7% year-on-year to 40 million RMB, with plans for further capacity expansion in Indonesia [1][7]