证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_Title] 玉马科技：前瞻布局海外仓，产能&区域同步 扩张，订单稳步扩张 [Table_ReportDate] 2025 年 5 月 4 日 报告内容摘要: [Table_S 事件：公司发布 ummary]2024 年报&2025 一季报。2024 全年公司实现收入 7.69 亿元 （+16.1%），归母净利润 1.86 亿元（+12.5%），扣非归母净利润 1.81 亿元 （+12.9%）；单 Q4 公司收入 2.19 亿元（+17.8%），归母净利润 0.58 亿元 （+26.8%），扣非归母净利润 0.56 亿元（+27.0%）。25Q1 收入 1.51 亿元 （-4.9%），归母净利润 0.30 亿元（-17.6%），扣非归母净利润 0.29 亿元 （-20.3%）。我们预计海外客户提前备货&内销承压（部分客户加工出口美国） 导致 25Q1 收入略疲软，利润承压主要系新增股份支付费用。 产品结构优化，产能稳步扩张。2024 年阳光/全遮光/可调光面料收入分别为 2.66/2.22/1.67 亿元（同比分别+31 ...

证券研究报告 公司研究 | 投资评级 | 无评级 | | --- | --- | | 上次评级 | 无评级 | 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com [Table_Title] 玉马科技：前瞻布局海外仓，产能&区域同步 扩张，订单稳步扩张 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 玉马科技(300993) [Table_ReportDate] 2025 年 5 月 4 日 报告内容摘要: [Table_S 事件：公司发布 ummary]2024 年报&2025 一季报。2024 全年公司实现收入 7.69 亿元 （+16.1%），归母净利润 1.86 亿元（+12.5%），扣非归母净利润 1.81 亿元 （+12.9%）；单 Q4 公司收入 2.19 亿元（+17.8%），归母净利润 0.58 亿元 （+26.8%），扣非归母净利润 0.56 亿元（+27.0%）。25Q1 收入 1.51 亿元 （-4.9%），归母净利润 0.30 亿元（-17.6%），扣非归母净利润 ...

Investment Rating - The report indicates a positive outlook for the home furnishing sector, driven by domestic consumption stimulus and the recovery of retail channels [1]. Core Insights - The domestic home furnishing sector shows signs of recovery due to national subsidies, while export performance is experiencing marginal decline [4][6]. - The report highlights the performance of leading companies in the sector, which are expected to maintain better profitability due to strategic advantages and effective cost management [26]. Summary by Sections 1. Home Furnishing - Domestic sales in Q1 2025 showed a year-on-year revenue growth of +1.75%, while net profit increased by +7.07% compared to the previous year [13]. - Export figures for the home furnishing sector in Q1 2025 showed a decline of -8.0% year-on-year, indicating a downward trend in overall export sentiment [13]. - The report anticipates that the domestic market will gradually recover, supported by government subsidies and a stabilization in the real estate sector [13]. 1.1 Domestic Sales - Custom Home Furnishing - Retail channels are showing signs of improvement, while bulk channels remain under pressure [20]. - Leading companies are leveraging national subsidies to enhance retail demand, with pre-receipts showing improvement [38]. - Profitability among top-tier companies is improving, with effective cost control and product development strategies [26]. 1.2 Domestic Sales - Soft Home Furnishing - The soft home furnishing sector is under pressure due to real estate downturns, but improvements are noted in Q1 2025 for leading companies like Gujia and Mengbaihe [39]. - Gross margins for major players have shown slight improvements in Q1 2025, indicating a recovery trend [44]. - Pre-receipts for soft home furnishing companies have improved, reflecting a recovery in domestic demand [46]. 1.3 Export Home Furnishing - The overall export sentiment for home furnishings is declining, with a notable drop in export figures for Q1 2025 [51][53]. - Despite the challenges, high-quality enterprises are expected to maintain competitive advantages and better performance [51].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][18]. Core Views - The company is focused on enhancing its domestic and international market expansion capabilities, optimizing market layout, and improving logistics efficiency [4][5]. - The company plans to continue the construction of a new functional shading material project with an annual production capacity of 13 million square meters by 2025, which is expected to enhance production capacity and resource reserves [2]. - The company aims to strengthen new product research and promotion efforts, focusing on high value-added products and market demand [3]. Financial Performance Summary - In Q1 2025, the company reported revenue of 150 million, a decrease of 5% year-on-year, and a net profit attributable to the parent company of 30 million, down 18% year-on-year [1]. - For the full year 2024, the company expects revenue of 770 million, an increase of 16%, and a net profit of 190 million, an increase of 12% [1]. - The company's revenue from shading fabrics is projected to be 220 million, up 9%, with a gross margin of 41.99%, an increase of 2 percentage points [1]. - The company anticipates net profits of 175 million, 189 million, and 195 million for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.57, 0.61, and 0.63 [5][10]. Market and Competitive Position - The company is enhancing its domestic market and warehouse layout, establishing product showrooms and transit warehouses in key locations such as Shanghai and Guangdong to improve logistics efficiency [4]. - The company is actively responding to the U.S. "reciprocal tariff" policy by considering the establishment of overseas subsidiaries to expand its international market presence [4].

公司报告 | 年报点评报告 玉马科技（300993） 证券研究报告 提升国内和国际市场拓展能力 公司发布年报及一季报 25Q1 公司营收 1.5 亿同减 5%，归母净利 0.3 亿同减 18%，扣非后归母净利 0.3 亿同减 20%。 24A 营收 7.7 亿同增 16%，归母净利 1.9 亿同增 12%，扣非后归母净利 1.8 亿同增 13%。 24 年公司遮光面料收入 2.2 亿同增 9%，毛利率 41.99%同增 2pct； 可调光面料收入 1.7 亿同增 8%，毛利率 48.4%同减 3pct； 阳光面料收入 2.7 亿同增 31%，毛利率 45%同减 1pct。 继续推进功能性遮阳新材料项目建设 公司 2025 年将继续推进年产 1300 万方功能性遮阳新材料项目的建设，确 保项目按计划落成并投入运营，提升公司的生产能力和资源储备，进一步 巩固市场竞争力和盈利能力。 加强新产品研发与推广力度 在巩固现有产品的基础上，公司将持续强化新产品的研发与推广工作，深 入挖掘市场潜在需求，丰富产品品类，提升产品品质，同时将注重高附加 值产品的开发，通过精准把握市场需求和技术发展趋势，将创新理念融入 产品研发的各 ...

中信证券股份有限公司 关于山东玉马遮阳科技股份有限公司 2024年度持续督导工作现场检查报告 | 保荐人名称：中信证券股份有限公司 被保荐公司简称：玉马科技 | | | --- | --- | | 保荐代表人姓名：王笑雨 联系电话：010-60837521 | | | 保荐代表人姓名：梁勇 联系电话：010-60833012 | | | 现场检查人员姓名：王笑雨、屈亚楠 | | | 现场检查对应期间：2024 年 月 日-2024 年 月 日 1 1 12 31 | | | 现场检查时间：2025 年 4 月 14 日至 2025 年 4 月 15 日 | | | 一、现场检查事项 现场检查意见 | | | （一）公司治理 是 | 否 不适用 | | 现场检查手段： | | | 查阅了上市公司最新章程、三会议事规则及会议材料，取得上市公司董事、监事、高 级管理人员名单及其变化情况，取得上市公司关联方清单，查阅关于公司控股股东、 | | | 实际控制人、董事、监事、高级管理人员的信息披露文件，查看上市公司生产经营场 | | | 所，对上市公司高级管理人员进行访谈。 | | | 1.公司章程和公司治理制度是否完备 ...

中信证券股份有限公司 关于山东玉马遮阳科技股份有限公司 2024 年度 （以下无正文） 1 （本页无正文，为《中信证券股份有限公司关于山东玉马遮阳科技股份有限公司 2024 年度持续督导工作现场检查结果及提请公司注意事项》之盖章页） 中信证券股份有限公司 2025 年 4 月 28 日 2 持续督导工作现场检查结果及提请公司注意事项 山东玉马遮阳科技股份有限公司： 中信证券股份有限公司（以下简称"本保荐人"）作为对贵公司进行持续督 导的保荐人，按照《深圳证券交易所上市公司自律监管指引第 13 号——保荐业 务》的有关要求，对贵公司认真履行了持续督导职责。 基于 2024 年度现场检查，本保荐人特提请贵公司关注以下事项：目前，国 内外形势复杂多变，特别是地缘政治、关税政策等外部因素对全球经济的影响， 会给贵公司的生产经营及发展预期带来一定的不确定性。虽然贵公司及子公司对 美国的出口业务在整体业务中占比不高，但提醒贵公司积极应对，关注国内外环 境变化的风险。 附件：《中信证券股份有限公司关于山东玉马遮阳科技股份有限公司 2024 年 度持续督导工作现场检查报告》 ...

证券代码：300993 证券简称：玉马科技 山东玉马遮阳科技股份有限公司 投资者关系活动记录表 编号：2025-003 | 投资者关系活 | □ 特定对象调研 | □ 分析师会议 | □ 媒体采访 | | | --- | --- | --- | --- | --- | | 动类别 | √业绩说明会 | □ 新闻发布会 | □ 路演活动 | | | | □ 现场参观 | □ 其他-电话采访 | | | | | 中信证券 | 孙明新、肖昊、 施佳斌、周光裕 | 天风证券 | 张彤、徐杉 | | | 交银施罗德基金 | 谢欣怡 | 申万宏源 | 张海涛 | | | 东方证券 | 王树娟 | 国投证券 | 罗乾生 | | | 长江证券 | 仲敏丽 | 北京枫瑞私募基金 | 吴蕊 | | 参与人员姓名 | 国海证券 | 赵兰亭、孙馨 竹、林昕宇 | 国泰君安证券资产 | 黎思言 | | 及单位名称 | | | | | | | 中金公司 | 柳政甫 | 深圳市尚诚资产 | 黄向前 | | | 西部证券 | 谭鹭 | 上海混沌投资 | 黎晓楠 | | | 华西证券 | 唐爽爽 | 北京源乐晟资产 | 卢二毛 | | | 信 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to face short-term impacts due to tax increases, particularly affecting its overseas sales, which account for approximately 70% of its revenue. However, the company has advantages such as overseas warehouses that may help it capture market share during challenging periods for smaller clients [7] - The company has significant growth potential in outdoor fabric categories and expansion opportunities in regions like Europe, Southeast Asia, and Africa [7] - Revenue and net profit forecasts for 2025 and 2026 have been adjusted downward, while a new revenue forecast for 2027 has been introduced, indicating a long-term positive outlook for market share growth [7] Financial Performance Summary - For 2024, the company's revenue is projected to be 769 million, with a year-on-year growth of 16.0%. The net profit is expected to be 186 million, reflecting a 12.5% increase [9] - The gross margin for 2024 is estimated at 40.0%, with a slight decrease from the previous year [9] - The earnings per share (EPS) for 2024 is projected to be 0.61, with a growth trajectory leading to 0.88 by 2027 [9] Revenue Breakdown - In 2024, the company expects revenues from various product lines: shading fabrics (2.22 billion), adjustable light fabrics (1.67 billion), and sunlight fabrics (2.66 billion), with growth rates of 9.25%, 8.49%, and 31.44% respectively [3] - Domestic and international revenues are projected at 2.39 billion and 5.30 billion, with year-on-year growth of 8.55% and 19.78% respectively [3] Cost and Profitability Analysis - The company's gross margin for 2024 is expected to be 40%, with a slight decline from the previous year. The net profit margin is projected at 24.1%, also showing a decrease [4] - The increase in operating expenses has contributed to a decline in net profit margins, with sales, management, and R&D expenses rising [4] Inventory and Cash Flow - As of the end of 2024, the company's inventory is projected to be 1.85 billion, reflecting a 6% increase year-on-year. The inventory turnover days are expected to decrease by 15 days [5][6] - The operating cash flow for 2024 is expected to be 220 million, indicating a healthy cash generation capability [11]

Group 1 - The company guarantees the authenticity, accuracy, and completeness of the information disclosed in its quarterly report, and assumes legal responsibility for any false records or misleading statements [2][20]. - The first quarter report has not been audited [7][54]. - The company does not have any non-recurring profit and loss items that meet the definition of non-recurring profit and loss [3][4]. Group 2 - The company will hold its 2024 Annual General Meeting on May 23, 2025, at 14:00 [8][9]. - The meeting will be conducted in a combination of on-site voting and online voting, with specific voting times outlined [9][10]. - Shareholders must register to attend the meeting, with registration details provided [13][14]. Group 3 - The company's third Supervisory Board meeting approved several key resolutions, including the 2024 annual report and the 2024 profit distribution plan, which will be submitted for shareholder approval [22][30][54]. - The Supervisory Board also approved the use of idle funds for entrusted financial management, ensuring it does not adversely affect the company's operations [42]. - The company plans to apply for a total credit limit of up to 490 million yuan from banks for 2025 [39].