2024 年度业绩说明会投资者活动记录表 编 号 ： 投资者关系活 动类别 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 □现场参观 □电话会议 □其他： （请文字说明其他活动内容） 参与单位名称 及人员姓名 玉马科技2024年度业绩说明会采用网络远程方式进行，面向全体投资者 时间 年 月 地点 日深圳证券交易所"互动易平台"http://irm.cninfo.com.cn"云访谈"栏目 公司接待人员 姓名 董事长、总经理：孙承志 董事、副总经理：崔贵贤 独立董事：王伟 副总经理、董事会秘书：范英杰 财务总监：张清松 投资者关系活 动主要内容介 绍 2025 年 5 月 9 日（周五）15:00—16:30，公司通过 "互动易"平台"云 访谈"栏目举办公司 2024 年度业绩说明会。投资者可通过链接网站互动易云 访谈查看具体内容。 附件清单 无 日期 年 月 日 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 ...

Investment Rating - The report indicates a positive outlook for the home furnishing sector, driven by domestic consumption stimulus and the gradual recovery of retail channels [1]. Core Insights - The report highlights that the domestic consumption stimulus is beginning to show effects, with a notable recovery in retail channels, while export conditions are experiencing marginal declines [1][3]. - The performance of leading companies in the home furnishing sector is improving, particularly in the context of national subsidies and strategic adjustments [1][3]. Summary by Sections 1. Home Furnishing - Domestic sales show signs of recovery with a year-on-year revenue change of -12.44% in Q4 2024 and +1.75% in Q1 2025, while net profit for the same periods changed from -54.11% to +7.07% [13]. - Export performance for the furniture sector saw a cumulative year-on-year increase of +5.8% for 2024 but a decline of -8.0% in Q1 2025, indicating a downward trend in export conditions [13]. - The report anticipates that the domestic market will continue to recover in the short term due to national subsidy policies, while the export market may face ongoing pressures [13]. 1.1 Domestic - Custom Home Furnishing - Retail channels are showing marginal improvements, while bulk channels remain under pressure, with leading companies like Oppein and Sophia experiencing reduced revenue declines in Q1 2025 compared to previous quarters [20]. - The profitability of leading companies is improving, with a focus on cost control and product development, while second and third-tier brands may struggle to maintain performance [26]. - Prepayment and cash flow indicators show improvements for some leading companies, suggesting a gradual recovery in demand [38]. 1.2 Domestic - Soft Home Furnishing - The soft home furnishing sector is under pressure due to real estate downturns and changing consumer spending patterns, but companies like Kuka and Mengbaihe are showing signs of recovery [39]. - Profit margins are improving in Q1 2025 compared to 2024, with notable changes in gross and net profit margins across leading companies [44]. - Prepayment figures for soft home furnishing companies are showing positive growth, indicating a recovery in domestic demand [46]. 1.3 Export Home Furnishing - The overall export climate is declining, with a significant drop in cumulative export value in Q1 2025, reflecting challenges in the international market [51][53]. - Despite the overall decline, leading companies are still managing to perform well, showcasing resilience and strategic advantages [51].

Investment Rating - The report does not provide a specific investment rating for Yuma Technology (300993) [1] Core Views - Yuma Technology has achieved a revenue of 769 million yuan in 2024, representing a year-on-year growth of 16.1%, with a net profit of 186 million yuan, up 12.5% [1] - The company is expanding its overseas warehouse layout and synchronizing capacity and regional expansion, with a steady increase in orders [1] - The first quarter of 2025 saw a revenue decline of 4.9% to 151 million yuan, attributed to early stocking by overseas clients and pressure on domestic sales [1][2] Summary by Sections Financial Performance - In 2024, the revenue from sunlight, full shading, and adjustable light fabrics was 266 million, 222 million, and 167 million yuan, respectively, with growth rates of 31.4%, 9.3%, and 8.5% [2] - The gross profit margins for these products were 44.5%, 42.0%, and 48.4%, showing slight variations year-on-year [2] - The company’s total capacity reached 67.65 million square meters by the end of 2023, with a capacity utilization rate of approximately 85% in Q1 2025 [2] Market Expansion - The revenue from exports and domestic sales in 2024 was 530 million and 240 million yuan, respectively, with year-on-year growth of 19.8% and 8.6% [2] - The gross profit margins for exports and domestic sales were 46.1% and 26.6%, reflecting a competitive domestic market [2] - The company is constructing a 2,200 square meter overseas warehouse in the U.S. to enhance inventory management and customer delivery [2] Profitability and Costs - In Q1 2025, the gross profit margin was 40.7%, while the net profit margin was 20.0% [3] - The sales expense ratio increased to 16.3%, primarily due to stock compensation expenses and costs associated with the new overseas warehouse [3] - The operating cash flow for Q1 2025 was 7 million yuan, down from the previous year, mainly due to increased inventory for shorter delivery times [3] Future Projections - The projected net profits for 2025 to 2027 are 192 million, 232 million, and 272 million yuan, with corresponding P/E ratios of 16.1X, 13.4X, and 11.4X [3][5]

Investment Rating - The report does not provide a specific investment rating for Yuma Technology (300993) [1] Core Insights - Yuma Technology has reported a revenue of 769 million yuan in 2024, representing a year-on-year growth of 16.1%, and a net profit of 186 million yuan, up by 12.5% [1] - The company is expanding its overseas warehouse layout and synchronizing capacity and regional expansion, with a steady increase in orders [1] - The first quarter of 2025 saw a revenue decline of 4.9% to 151 million yuan, attributed to early stocking by overseas clients and pressure on domestic sales [1] - The company is focusing on optimizing product structure and steadily expanding capacity, with total capacity reaching 67.65 million square meters by the end of 2023 [2] - Yuma Technology's gross profit margin for Q1 2025 was 40.7%, showing a year-on-year increase of 1.3 percentage points [3] Financial Performance Summary - In 2024, the revenue from sunlight, full shading, and adjustable light fabrics was 266 million yuan, 222 million yuan, and 167 million yuan respectively, with growth rates of 31.4%, 9.3%, and 8.5% [2] - The company expects net profits for 2025 to be 192 million yuan, with projected P/E ratios of 16.1X, 13.4X, and 11.4X for 2025, 2026, and 2027 respectively [3][5] - The operating cash flow for Q1 2025 was 7 million yuan, down by 20 million yuan year-on-year, primarily due to increased inventory for shortening delivery times [3][7] - The company plans to build a production base in Vietnam to mitigate trade friction impacts [2]

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].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][18]. Core Viewpoints - The company is focused on enhancing its domestic and international market expansion capabilities, with a particular emphasis on optimizing market layout and improving logistics efficiency [4]. - The company plans to continue the construction of a new functional shading material project with an annual production capacity of 13 million square meters, aimed at boosting production capacity and resource reserves [2]. - There is a strong commitment to strengthening new product research and development, aiming to meet market demand and enhance product quality [3]. - The financial forecast has been adjusted due to uncertainties in the domestic real estate market and foreign trade environment, with expected net profits for 2025-2027 being 175 million, 189 million, and 195 million respectively [5]. Financial Performance Summary - In Q1 2025, the company reported revenue of 150 million, a decrease of 5% year-on-year, and a net profit 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’s total assets are projected to grow from 1,481 million in 2023 to 2,018 million by 2027 [12][13]. Market and Competitive Position - The company is actively responding to the U.S. "reciprocal tariff" policy by planning to establish overseas subsidiaries to enhance its international competitiveness [4]. - The company’s domestic revenue (excluding Hong Kong, Macau, and Taiwan) is expected to grow by 9% to 240 million, while revenue from Hong Kong, Macau, Taiwan, and other countries is projected to grow by 20% to 530 million [1].

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》 ...

Financial Performance - In Q1 2025, the company achieved operating revenue of 151 million yuan, a year-on-year decrease of 4.8% [2] - Net profit for the same period was 30.186 million yuan, down 17.57% year-on-year, primarily due to seasonal factors and increased costs from stock option incentives and R&D expenses [2][3] - The decline in net profit was more significant than the revenue drop, but excluding stock payment costs, the net profit decline was comparable to revenue [3] Export and Market Strategy - Revenue from exports to the U.S. accounts for approximately 10% of total revenue, with two subsidiaries and product warehouses established in the U.S. [3] - The company has completed the establishment of a subsidiary in Singapore and is in the process of setting up a production base in Vietnam, although construction has not yet begun [3] Product and Market Insights - The overall gross margin of products remains stable, with variations due to product sales structure and pricing strategies [4] - Key raw materials, including polyester fiber and PVC, are currently in ample supply, with prices at historical lows expected to remain stable [5] - The European market shows positive demand despite the impact of the Russia-Ukraine conflict, with plans for further market expansion [6] Industry Trends and Innovations - The trend of domestic substitution in the industry is emerging, particularly in transportation, high-end construction, and outdoor series, with the company focusing on targeted product development to replace imports [7] - The company emphasizes technological and business innovation, expanding its product range to include outdoor functional materials with higher performance standards [8] Production Capacity and Orders - Current order backlog is maintained at approximately 60-90 days, with ongoing projects aimed at increasing market coverage and share [9] - The company's production capacity utilization rate is around 80%, with a project for 13 million square meters of functional new materials under construction [9]

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]