证券代码：301397 证券简称：溯联股份 公告编号：2024-022 重庆溯联塑胶股份有限公司 截至2024 年 4 月 30 日，公司通过回购专用证券账户以集中竞价交易方式累计回购 公司股份528,670 股，占公司总股本的比例为0.53%，购买股份的最高成交价为 36.00 元 /股，最低成交价为 31.18 元/股，成交均价为 33.58 元/股，支付的资金总额为人民币 17,753,291.31 元（不含印花税、交易佣金等交易费用）。 本次回购股份符合公司既定的回购股份方案以及相关法律法规的要求。 二、其他说明 公司回购股份的时间、回购股份数量、回购股份价格及集中竞价交易的委托时 段等均符合《回购规则》《回购指引》的规定及公司回购股份方案的相关要求，具 体如下： 1、公司未在下列期间回购公司股份： 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。 重庆溯联塑胶股份有限公司（以下简称"公司"）于 2024 年2 月7 日召开的第三届 董事会第六次会议、第三届监事会第六次会议审议通过《关于使用部分超募资金以集中 竞价交易方式回购 ...

Summary of Conference Call Transcript Company Overview - The conference call pertains to Su Lian Co., which is discussing its first quarter performance for the year [1]. Key Financial Metrics - Su Lian Co. reported a total revenue of 2.31 billion for the first quarter [1]. Core Insights and Arguments - The management team, including CEO Han and CFO Liao, provided an overview of the company's operational status during the first quarter [1]. - The call included a segment for questions and answers, indicating engagement with investors and stakeholders [1]. Additional Important Information - The presence of key executives suggests a focus on transparency and communication with investors [1]. - The mention of the first quarter performance indicates a potential for future growth or challenges that may be elaborated upon in subsequent discussions [1].

Financial Performance - The company's revenue for Q1 2024 was CNY 230,579,335.07, representing a 4.16% increase compared to CNY 221,375,933.06 in the same period last year[5]. - Net profit attributable to shareholders for Q1 2024 was CNY 32,511,747.75, up 6.30% from CNY 30,585,912.68 year-on-year[5]. - The basic earnings per share decreased by 19.51% to CNY 0.33 from CNY 0.41 in the previous year[5]. - Total operating revenue for Q1 2024 was CNY 230,579,335.07, an increase of 4.4% compared to CNY 221,375,933.06 in the same period last year[23]. - Total operating costs for Q1 2024 were CNY 197,633,427.51, up 8.9% from CNY 181,469,952.86 in the previous year[23]. - The company's net profit attributable to shareholders was not explicitly stated, but the retained earnings increased to CNY 604,708,910.83 from CNY 572,197,163.08[22]. - The net profit for Q1 2024 was CNY 32,511,747.75, an increase of 6.3% compared to CNY 30,585,912.68 in Q1 2023[25]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 2,262,756,580.18, a decrease of 1.57% from CNY 2,298,850,775.50 at the end of the previous year[5]. - Current liabilities decreased significantly to CNY 271,636,821.04 from CNY 342,750,322.98, a reduction of 20.8%[21]. - Non-current liabilities increased to CNY 11,085,156.61 from CNY 572,318.28, indicating a substantial rise[21]. - Cash and cash equivalents at the end of the period were CNY 982,677,163.23, down from CNY 994,907,664.69[20]. - Inventory increased to CNY 256,227,372.71 from CNY 209,133,996.68, reflecting a growth of 22.5%[20]. - The total equity attributable to shareholders rose to CNY 1,980,034,602.53 from CNY 1,955,528,134.24, an increase of 1.2%[22]. Cash Flow - The company's cash flow from operating activities showed a net outflow of CNY 55,405,074.44, slightly worse than the outflow of CNY 54,230,544.33 in the same period last year, reflecting a -2.17% change[5]. - Cash inflow from operating activities was CNY 149,203,448.47, up from CNY 90,124,552.60 in Q1 2023, representing a growth of 65.5%[28]. - Cash outflow from operating activities totaled CNY 204,608,522.91, compared to CNY 144,355,096.93 in the previous year, indicating an increase of 42%[28]. - The net cash flow from operating activities was -CNY 55,405,074.44, slightly worse than -CNY 54,230,544.33 in Q1 2023[28]. - Cash inflow from investment activities was CNY 300,392,378.22, significantly higher than CNY 9,982,509.28 in the same quarter last year[28]. - The net cash flow from investment activities was -CNY 578,865,394.32, compared to -CNY 18,859,606.95 in Q1 2023, reflecting a substantial increase in cash outflow[28]. - Cash inflow from financing activities was CNY 34,900,000.00, up from CNY 10,000,000.00 in the previous year[29]. - The net cash flow from financing activities was -CNY 36,742,091.67, a decrease from a positive net flow of CNY 6,333,959.51 in Q1 2023[29]. - The ending cash and cash equivalents balance was CNY 306,296,011.09, down from CNY 9,852,249.37 at the end of Q1 2023[29]. Investments and Future Plans - The company plans to invest RMB 280 million to establish an intelligent factory for new energy vehicle fluid pipeline systems in Liyang Economic Development Zone[16]. - The company has completed the feasibility study and environmental assessment reports for the new energy vehicle project and successfully auctioned the project land[16]. - The company is actively pursuing market expansion strategies, including potential mergers and acquisitions to enhance its competitive position[19]. - The company is focused on developing new products and technologies to meet market demands and enhance operational efficiency[19]. Shareholder Actions - As of March 31, 2024, the company has repurchased 227,188 shares, accounting for 0.23% of the total share capital, with a total expenditure of RMB 8,003,409.46[17]. - The maximum repurchase price was RMB 56.69 per share, with a highest transaction price of RMB 36.00 and a lowest of RMB 34.35, averaging RMB 35.23 per share[17]. - The company plans to distribute a cash dividend of RMB 10 per 10 shares and to increase capital by 2 shares for every 10 shares held, pending shareholder approval[18]. - The company has initiated a share buyback program to support employee stock ownership plans and equity incentives[17]. - The total number of ordinary shareholders at the end of the reporting period was 15,448[13]. Other Financial Metrics - The company reported a significant decrease of 66.60% in trading financial assets, down to CNY 30,089,882.70 from CNY 90,101,188.70[11]. - The company experienced a 131.70% increase in prepayments, rising to CNY 8,121,918.82 from CNY 3,505,399.13, indicating increased supplier payments[11]. - The financial expenses for Q1 2024 were reported at CNY -1,699,995.27, a drastic change of -460.26% compared to CNY 471,886.10 in the previous year, primarily due to increased investment income[11]. - Research and development expenses increased to CNY 12,819,186.85, a rise of 23.7% compared to CNY 10,360,966.66 in Q1 2023[23].

Investment Rating - The report maintains a "Recommended" rating for the company [7][20]. Core Insights - The company has shown continuous high revenue growth, with a reported revenue of 1,010.52 million yuan in 2023, representing a year-on-year increase of 19.0% [6][24]. - The decline in gross profit margin is attributed to a decrease in product prices, with the overall gross margin for 2023 at 28.11%, down from 32.72% in 2022 [6][24]. - The company has made significant strides in expanding its customer base, securing certifications from major suppliers in both automotive and non-automotive sectors, which is expected to enhance profitability [25]. Revenue and Profitability - The company achieved a net profit of 150.75 million yuan in 2023, a slight decrease of 1.47% compared to the previous year [6][24]. - The revenue growth is primarily driven by the sales of fuel and evaporative emission pipelines, as well as thermal management pipelines for new energy vehicles, with new energy vehicle revenue exceeding 4.35 billion yuan, up over 28% year-on-year [24][25]. - The company forecasts net profits of 170.23 million yuan, 209.84 million yuan, and 246.73 million yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.70, 2.10, and 2.47 yuan [7][23]. Market Position and Future Outlook - The company is positioned as a leader in the nylon pipeline sector, with strong R&D capabilities and market expansion potential [7]. - The report highlights that new products and projects are expected to boost profitability, as the company has added over 1,000 new product designations and is in collaboration with major clients in the automotive and energy sectors [25]. - The stock is currently trading at a PE ratio of 19, 16, and 13 for the years 2024, 2025, and 2026, respectively, indicating a favorable valuation compared to expected earnings growth [7][23].

Summary of the Conference Call for Su Lian Co., Ltd. Company Overview - Su Lian Co., Ltd. is a leading manufacturer of nylon pipes and fluid pipe assemblies in China, with a solid fundamental base and over 30 downstream customers [3][4][6]. Financial Performance - In 2023, Su Lian's sales revenue reached 1 billion, increasing from 849 million, representing a 19% growth [4]. - The net profit attributable to shareholders remained stable at approximately 1.15 billion, while the non-recurring net profit decreased by 13% to 130 million [4][5]. - Earnings per share were reported at 1.72, with a total net asset growth of 215 million, reaching nearly 2 billion [5]. - Total assets increased by 132% to approximately 2.3 billion, with cash flow from operating activities declining by 27% to over 880 million [5][6]. Market Position and Product Development - Su Lian's products have transitioned from traditional fuel vehicles to new energy vehicles (NEVs), with NEV-related revenue accounting for over 43% of total income [9][10]. - The company has entered the supply chains of major clients such as Changan, BYD, and SAIC-GM-Wuling, with significant orders expected from new models [10][11]. - The company is focusing on the development of thermal management systems for battery packs in electric vehicles, which have higher requirements compared to traditional fuel systems [8][9]. Industry Trends and Competitive Landscape - The market share of nylon pipes in fuel vehicles is over 90%, while in NEVs, it is expected to reach 50-60% as new designs are adopted [21][24]. - The company is also exploring opportunities in the energy storage and charging station sectors, with collaborations underway with major players in the industry [15][16]. Challenges and Future Outlook - The company anticipates challenges in maintaining profit margins due to rising material costs and competitive pressures in the fuel vehicle market, which is expected to decline [41][42]. - However, growth is expected to come from NEVs, with projections indicating a significant increase in revenue from this segment [42][44]. - The overall goal for 2024 is to maintain a gross margin of around 28%, with efforts to improve production efficiency and reduce costs through automation and new product development [39][52]. Key Customer Insights - The top five customers include Changan, BYD, SAIC-GM-Wuling, CATL, and GAC, with a notable shift towards NEV orders [10][11]. - The average unit value for fuel vehicles is estimated between 200 to 300, while NEVs are expected to have higher margins due to their advanced technology and materials [35][47]. Conclusion - Su Lian Co., Ltd. is well-positioned in the growing NEV market, with a strong focus on innovation and customer relationships. The company aims to navigate challenges in the traditional fuel vehicle market while capitalizing on the opportunities presented by the transition to electric vehicles and energy solutions [39][44].

Investment Rating - The report maintains a "Buy" rating for the company, consistent with the previous rating [6][18]. Core Insights - The company achieved a revenue of 1.01 billion yuan in 2023, representing a year-on-year growth of 19%. However, the net profit attributable to the parent company was 151 million yuan, a slight decline of 1.7% year-on-year. The decrease in net profit is attributed to factors such as price reductions at the customer end, increased R&D expenditures, and rising management costs [6][18]. - The gross profit margin for 2023 was 28.1%, down 4.6 percentage points year-on-year, while the net profit margin was 14.9%, down 3.1 percentage points year-on-year [6][18]. - The company is expected to see a 30% increase in production capacity in 2024, driven by new projects and cost control measures [6][18]. Financial Summary - Total revenue projections for 2024-2026 are as follows: 1.23 billion yuan in 2024, 1.45 billion yuan in 2025, and 1.95 billion yuan in 2026, with respective growth rates of 21.6%, 17.9%, and 34.8% [2]. - Net profit forecasts for the same period are 188 million yuan in 2024, 217 million yuan in 2025, and 289 million yuan in 2026, with growth rates of 24.5%, 15.7%, and 33.2% respectively [2][18]. - The report indicates that the company's EPS (Earnings Per Share) is projected to be 1.88 yuan in 2024, 2.17 yuan in 2025, and 2.89 yuan in 2026, with corresponding P/E ratios of 19, 16, and 12 [2][18].

446 数据来源：聚源、华金证券研究所 投资建议：公司 2023 年收入基本符合预期；展望 2024 年，新能源汽车行业有望 维持景气，结合公司新增客户及新增定点的逐步落地，预期公司业务稳定向好。长 期来看，公司是国内较为稀缺的车用尼龙管路厂商之一，或受益于未来车用尼龙管 路的渗透加速；同时，公司积极布局液冷等新业务，有望带来新的增长点。我们预 计 2024-2026 年营业总收入分别为 12.33 亿元、15.18 亿元、18.27 亿元，同比增 速分别为 22.0%、23.2%、20.3%；对应归母净利润分别为 1.73 亿元、2.19 亿元、 2.60 亿元，同比增速分别为 14.7%、26.6%、18.6%；对应 EPS 分别为 1.73 元、 2.19 元、2.60 元，对应 PE 分别为 20.3x、16.0x、13.5x，首次覆盖，给予增持-A 评级。 | --- | --- | --- | --- | --- | --- | |---------------------|-------|-------|-------|-------|-------| | 会计年度 | 2022A | 2023 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company achieved a revenue of 1.011 billion yuan in 2023, representing a year-on-year increase of 19%, while the net profit attributable to shareholders was 151 million yuan, a slight decrease of 1.74% year-on-year. The revenue growth was primarily driven by the acquisition of new automotive industry clients and the ramp-up of new product capacity. The slight decline in net profit was attributed to product price reductions and increased operating expenses [8][9] - The company has established long-term stable partnerships with over 30 automotive manufacturers, including major brands such as BYD, Changan Automobile, and SAIC General Motors Wuling. The expansion of high-quality client relationships is expected to inject vitality into performance growth [11] Financial Summary - The company's financial performance is projected to improve, with estimated net profits for 2024, 2025, and 2026 being 218 million yuan, 269 million yuan, and 324 million yuan respectively. The corresponding EPS for these years is expected to be 2.18 yuan, 2.69 yuan, and 3.24 yuan, with current stock prices reflecting P/E ratios of 16.1, 13.0, and 10.8 times respectively [8][9] - The company's gross margin for 2023 was 28.1%, with a net margin of 14.9%. The return on equity (ROE) was reported at 7.7% [6][8] Capacity and Production - The company increased its production capacity by over 35% in 2023, achieving a production capacity of 41.4764 million automotive fluid pipeline assemblies, with a utilization rate of 84.56%. The production capacity for new energy vehicle fluid pipeline assemblies reached 37.6213 million, accounting for 90.71% of total capacity [9] - The company completed the main capacity construction of its fundraising factory and expanded its existing facilities, with expectations for a further increase in capacity of over 30% in 2024 [9]

Financial Performance - The company's operating revenue for 2023 was ¥1,010,519,689.47, representing a 19.00% increase compared to ¥849,181,527.71 in 2022[19]. - The net profit attributable to shareholders for 2023 was ¥150,754,546.21, a decrease of 1.74% from ¥153,002,041.11 in 2022[19]. - The net profit after deducting non-recurring gains and losses was ¥131,276,733.76, down 13.27% from ¥150,940,562.01 in 2022[19]. - The net cash flow from operating activities decreased by 27.39% to ¥88,165,335.24 from ¥121,424,164.94 in 2022[19]. - Basic and diluted earnings per share for 2023 were both ¥1.72, a decline of 15.69% from ¥2.04 in 2022[19]. - Total assets increased by 132.06% to ¥2,298,850,775.50 in 2023 from ¥990,601,944.50 in 2022[19]. - Net assets attributable to shareholders rose by 215.17% to ¥1,955,528,134.24 in 2023 from ¥620,420,111.31 in 2022[19]. - The company achieved a revenue of 1,010.52 million yuan in 2023, representing a year-on-year growth of 19.00% due to an increase in customers and the continuous ramp-up of new products[62]. - Net profit for the year was 150.75 million yuan, a decrease of 1.74% compared to the previous year, primarily due to price reductions on existing products and increased operating expenses[62]. - Revenue from the new energy vehicle segment reached approximately 435 million yuan, marking a year-on-year increase of 28.32%, accounting for about 43.05% of total revenue[63]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of 10 RMB per 10 shares (including tax) and to increase capital by 2 shares for every 10 shares held[4]. - The cash dividend distribution will account for 100% of the total profit distribution amount, with a cumulative distributable profit of 398,743,360.48 CNY[194]. - The company has established a cash dividend policy where at least 10% of the annual distributable profit must be distributed in cash, and at least 30% over any three consecutive years[191]. - In the case of significant capital expenditures, the minimum cash dividend ratio is set at 20% for companies in a growth phase[195]. - The board of directors has approved the profit distribution plan, which is pending approval from the annual general meeting[195]. Company Structure and Governance - The registered address of the company is located at 18 Gangning Road, Jiangbei District, Chongqing, with a postal code of 400026[15]. - The company’s website is http://www.cqsulian.com, providing access to further information and disclosures[15]. - The accounting firm engaged by the company is Tianjian Accounting Firm, located in Hangzhou, Zhejiang Province[18]. - The company’s stock code is 301397, and it is listed under the name "Sulian Shares" on the stock exchange[15]. - The company’s legal representative is Han Zongjun, who oversees the company's operations and compliance[15]. - The company has a dedicated board secretary, Han Xiao, and a securities representative, Yi Junping, for investor relations[16]. - The company has established a robust governance structure, ensuring compliance with legal regulations and enhancing operational efficiency[138]. - The board of directors held four meetings during the reporting period, focusing on strategic planning and development initiatives[139]. - The company has established an independent financial accounting department and a complete accounting system, ensuring no interference from shareholders in financial decisions[149]. Risk Management and Future Outlook - The company emphasizes the importance of risk awareness regarding future plans and performance forecasts, highlighting potential operational risks[4]. - The company faces risks related to macroeconomic conditions and industry policies, particularly the potential impact of economic slowdowns on the automotive sector[122]. - The company is exposed to raw material price risks, primarily for nylon materials, and has implemented strategies such as price agreements with suppliers and increasing domestic material sourcing to mitigate these risks[126]. - The company is increasing R&D investment to enhance its capabilities in developing components for NEVs, while also facing risks related to rapid technological changes and potential project failures[127]. - The company is addressing market competition risks by enhancing its technological capabilities, reducing costs through local sourcing, and improving service responsiveness to maintain and grow market share[129]. Research and Development - The company focuses on the design, research and development, production, and sales of automotive plastic fluid pipeline products, offering over 4,000 specifications across 7 major categories[41]. - The company is actively involved in the development of new energy vehicles, with a goal for new energy vehicle sales to account for 20% of total vehicle sales by 2025[40]. - The company has developed over 2,000 products, with a focus on lightweight materials and integrated fluid control components, aligning with industry trends towards vehicle lightweighting and energy efficiency[59]. - The company is actively investing in the development of new technologies and products related to battery management systems and hydrogen fuel cells, positioning itself as a leading integrator in the automotive and new energy fluid control systems market[60]. - The company has established a comprehensive technical testing center that has received national certification, enhancing its ability to conduct systematic testing for new energy vehicle thermal management systems[52]. Market and Industry Trends - The company is classified under the "automobile manufacturing" industry, adhering to relevant disclosure requirements[31]. - In 2023, China's automobile production and sales reached 30.161 million and 30.094 million units, respectively, marking a year-on-year growth of 11.6% and 12%[32]. - Sales of Chinese brand passenger vehicles reached 14.596 million units in 2023, with a year-on-year increase of 24.1%, capturing a market share of 56%, up by 6.1 percentage points[32]. - New energy vehicle production and sales in 2023 were 9.587 million and 9.495 million units, respectively, reflecting a year-on-year growth of 35.8% and 37.9%, with a market share of 31.6%[32]. - The overall development trend of the automotive industry remains positive, with significant growth potential in production and sales[34]. Employee and Management Information - The total number of employees at the end of the reporting period was 1,199, with 793 in the parent company and 406 in major subsidiaries[184]. - The company has a total of 54,450,000 shares held by its directors and senior management, with no changes in shareholding during the reporting period[155]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 6.7286 million[176]. - The company has established a competitive compensation management system to ensure fair and reasonable employee remuneration[185]. - The company aims to create a harmonious work environment while implementing training plans to enhance employee skills and motivation[186]. Investment and Financing Activities - The company reported a total investment of ¥857,360,930.81 during the reporting period, a 159.75% increase compared to ¥330,066,093.18 in the same period last year[97]. - The company raised a total of RMB 133,228.27 million through its initial public offering, with a net amount of RMB 118,431.54 million after deducting issuance costs[102]. - The company has a remaining balance of RMB 70,461.26 million in raised funds, which includes interest income and cash management returns[103]. - The company has not engaged in any securities or derivative investments during the reporting period[100][101]. - The company has not reported any changes in the use of raised funds during the reporting period[109].

目 录 | 一、审计报告……………………………………………………… 第 1—6 | 页 | | --- | --- | | 二、财务报表……………………………………………………… 第 7—14 | 页 | | （一）合并资产负债表…………………………………………… 第 | 7 页 | | （二）母公司资产负债表………………………………………… 第 | 8 页 | | （三）合并利润表………………………………………………… 第 | 9 页 | | （四）母公司利润表………………………………………………第 | 10 页 | | （五）合并现金流量表……………………………………………第 | 11 页 | | （六）母公司现金流量表…………………………………………第 | 12 页 | | （七）合并所有者权益变动表……………………………………第 | 13 页 | | （八）母公司所有者权益变动表…………………………………第 | 14 页 | | | | 我们审计了重庆溯联塑胶股份有限公司（以下简称溯联股份公司）财务报表， 包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司 利 ...