Core Viewpoint - Qingdao Qinghe has voluntarily withdrawn its IPO application on the Shanghai Stock Exchange, marking a significant setback for the company after more than two years of attempts to go public [2][3]. Company Overview - Qingdao Qinghe specializes in the research, production, and sales of artificial turf and grass yarn, ranking second globally in production and sales scale [2]. - The company has a global market share of 12.9% in artificial turf as of 2023, according to AMI Consulting [2]. Financial Performance - Revenue has shown consistent growth, but net profit has fluctuated significantly from 2019 to 2023, with figures of 24.71 million, 142 million, 137 million, 100 million, and 129 million yuan respectively [3]. - The net profit decline in 2021 and 2022 was attributed to exchange rate losses, with exchange gains accounting for a significant portion of total profits during the reporting period [3]. Accounts Receivable - As of June 2024, accounts receivable reached 490 million yuan, representing 20.58% of total assets, a 50.81% increase from the end of the previous year [3]. Shareholding Structure - The company has undergone 12 equity transfers and 9 capital increases since its establishment, resulting in a large shareholder base with 14 individual and 22 institutional shareholders [4]. - The actual controller's shareholding is only 36.34%, which may pose risks to control stability and decision-making if the company goes public [4]. International Operations - Qingdao Qinghe has faced operational challenges in its overseas business, particularly in Mexico, where a production base has been less efficient and has led to increased management difficulties [5]. - A fire incident in February 2024 at the Mexican facility resulted in a loss of 59.63 million yuan, significantly impacting the company's financial performance [6]. Legal Issues - The company has been involved in multiple patent disputes since 2020, including two significant cases with the leading artificial turf producer, which have been resolved [6]. - An ongoing lawsuit from POLYLOOM claims that Qingdao Qinghe infringed on its patents in the U.S. [6]. R&D Expenditure - Qingdao Qinghe's R&D expenditure has been notably lower than its competitors, with rates of 1.26%, 1.41%, 1.51%, and 1.03% of revenue during the reporting periods, compared to an average of 3.22% to 3.70% for its peers [7].

Core Viewpoint - Jiangsu Gongchuang Artificial Turf Co., Ltd. has completed the cancellation of 169,000 stock options that were granted but not exercised under the 2024 stock option and restricted stock incentive plan [1][2]. Group 1 - The company's board and supervisory board approved the cancellation of stock options during meetings held on April 25, 2025 [1]. - The cancellation was due to compliance with relevant regulations outlined in the incentive plan draft [1]. - The stock options being canceled do not affect the company's capital structure and will not have a substantial impact on its financial status or operational results [2]. Group 2 - The cancellation of the stock options was confirmed by the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, and was completed on May 12, 2025 [2]. - The cancellation aligns with the provisions of the "Management Measures for Equity Incentives of Listed Companies" and the relevant regulations in the incentive plan draft [2].

盈利能力表现靓丽，费用管控优异。2025Q1 公司毛利率32.6%（同比+2.1pct），归母净利率19.7%（同 比+2.1pct）；费用端方面，Q1 期间费用率为9.4%（同比-0.6pct），其中销售/研发/管理/财务费用率分 别为4.5%/2.3%/3.3%/-0.7%（同比分别-0.7pct/-0.4pct/-0.8pct/+1.4pct）。 事件：公司发布2024 年报&2025 一季报。2024 年公司实现收入 29.52 亿元（同比+19.9%），归母净利 润5.11 亿元（同比+18.6%），扣非归母净利润5.05 亿元（同比+20.6%）；单Q4 收入为6.93 亿元（同比 +27.1%），归母净利润1.18 亿元（同比+48.9%），扣非归母净利润1.17 亿元（同比+51.6%）。25Q1 收 入为7.93 亿元（同比+15.3%），归母净利润1.56 亿元（同比+28.7%），扣非归母净利润1.55 亿元（同 比+32.0%）。我们预计Q1受益于内部降本、原材料价格降价、美国高毛利业务占比提高等因素，业绩 表现靓丽。根据AMI Consulting，自 2011 年开始共创人造草坪销 ...

姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 共创草坪：份额提升、结构改善，盈利能力稳 步提升 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 共创草坪(605099) | 投资评级 | 无评级 | | --- | --- | | 上次评级 | 无评级 | [Table_ReportDate] 2025 年 05 月 05 日 [Table_S 事件：公司发布 ummary] 2024 年报&2025 一季报。2024 年公司实现收入 29.52 亿 元（同比+19.9%），归母净利润 5.11 亿元（同比+18.6%），扣非归母净利 润 5.05 亿元（同比+20.6%）；单 Q4 收入为 6.93 亿元（同比+27.1%），归 母净利润 1.18 亿元（同比+48.9%），扣非归母净利 ...

Core Insights - The report highlights that the inbound economy may boost China's GDP by approximately 0.2 percentage points in 2025, driven by policy changes aimed at optimizing the outbound tax refund system and increasing inbound consumption [5][6][7] - The report provides a detailed analysis of various industries and companies, indicating a mixed performance across sectors, with some companies showing strong growth while others face challenges [3][4] Industry Overview - **Chemical Industry**: Huafeng Chemical (002064.SZ) reported Q1 performance exceeding expectations, with revenue of 6.314 billion yuan, a year-on-year decrease of 5.15%, and a net profit of 504 million yuan, down 26.21% year-on-year, but a significant increase of 145.60% quarter-on-quarter [28][29] - **Coal Mining**: Lu'an Environmental Energy (601699.SH) faced a decline in both volume and price, leading to a projected annual revenue of 35.85 billion yuan, down 16.9% year-on-year, and a net profit of 2.45 billion yuan, down 69.1% year-on-year [32][33] - **Textiles and Apparel**: Mousse Co., Ltd. (001323.SZ) reported a Q1 revenue of 1.12 billion yuan, a decrease of 6.7% year-on-year, with expectations for recovery following government subsidies [54][55] - **Home Appliances**: Dechang Co., Ltd. (605555.SH) achieved a Q1 revenue of 1 billion yuan, up 21.33% year-on-year, with a focus on expanding production capacity in Southeast Asia [40][41] Company-Specific Insights - **Huafeng Chemical**: The company is consolidating its position in the polyurethane industry through vertical mergers and acquisitions, maintaining a "buy" rating with projected net profits of 2.474 billion, 3.110 billion, and 3.822 billion yuan for 2025-2027 [28][30] - **Lu'an Environmental Energy**: The company is expected to see a rebound in coal prices, with a focus on capacity growth and price elasticity, maintaining a "buy" rating despite recent performance challenges [32][34] - **Mousse Co., Ltd.**: The company is enhancing its multi-channel and multi-category market layout, with a projected net profit of 799 million, 872 million, and 956 million yuan for 2025-2027 [54][55] - **Dechang Co., Ltd.**: The company is expanding its overseas production capacity and expects significant growth in its automotive motor segment, maintaining a "buy" rating [40][41]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [8][15]. Core Insights - The company reported excellent performance in Q1 2025, with significant revenue growth and deepening global capacity layout [1][10]. - In 2024, the company achieved a revenue of 2.952 billion yuan, representing a year-on-year growth of 19.92%, and a net profit of 511 million yuan, up 18.56% [4][9]. - The company plans to distribute a cash dividend of 6.40 yuan per 10 shares, totaling 257 million yuan, with a payout ratio of 50.28% [4]. Financial Performance - In Q1 2025, the company reported revenue of 793 million yuan, a 15.27% increase year-on-year, and a net profit of 156 million yuan, up 28.73% [4][6]. - The gross margin improved from 29.50% in Q4 2024 to 32.55% in Q1 2025, while the net margin increased from 16.98% to 19.67% in the same period [6]. - The company’s revenue from leisure grass, sports grass, and paving business in 2024 was 2.052 billion yuan, 594 million yuan, and 288 million yuan, respectively, with growth rates of 22.43%, 6.38%, and 37.18% [5]. Capacity Expansion - The company is expanding its production capacity with new projects in Vietnam and Mexico, aiming for a total annual capacity of 172 million square meters after completion [7]. - The Vietnam facility is expected to produce 40 million square meters of artificial turf annually, while the Mexico facility is projected to produce 16 million square meters [7]. Future Projections - The company forecasts net profits of 600 million yuan, 703 million yuan, and 812 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.49 yuan, 1.75 yuan, and 2.02 yuan [9][12]. - The projected revenue growth rates for the next few years are 16.10% for 2025, 14.60% for 2026, and 12.40% for 2027 [9].

Core Viewpoint - The company has demonstrated solid growth in Q1 2025, with significant increases in both revenue and profit metrics, indicating strong operational performance and profitability improvements [2][7]. Operating Performance - The total operating revenue reached 793 million yuan, a year-on-year increase of 15.27% - The net profit attributable to shareholders was 156 million yuan, up 28.73% year-on-year - The net profit after deducting non-recurring gains and losses was 155 million yuan, reflecting a 31.98% year-on-year increase [2]. Profitability - The gross profit margin stood at 32.55%, an increase of 8.22 percentage points year-on-year - The net profit margin was 19.67%, up 11.68 percentage points year-on-year, indicating effective cost control and enhanced product value [3]. Expense Control - Total operating expenses (selling, administrative, and financial expenses) amounted to 56.1 million yuan, accounting for 7.07% of revenue, which is a year-on-year increase of 3.89% - Overall, expense control remains within a reasonable range [4]. Cash Flow and Asset Status - The company's cash and cash equivalents reached 1.126 billion yuan, a year-on-year increase of 14.53% - However, interest-bearing liabilities rose from 105 million yuan to 336 million yuan, a significant increase of 220.64%, which may pose future financial pressure [5]. Accounts Receivable - Current accounts receivable stand at 691 million yuan, representing 135.22% of profit, highlighting potential risks related to bad debts [6]. Dividends and Financing - Since its listing, the company has raised a total of 619 million yuan and distributed dividends totaling 832 million yuan, resulting in a dividend-to-financing ratio of 1.34, indicating a commitment to shareholder returns [7].

Summary of the Conference Call for "Co-Creation Turf" Company Overview - **Company**: Co-Creation Turf - **Industry**: Turf and Landscaping Products Key Financial Performance - **Q1 2025 Revenue Growth**: 15% increase, with profits growing over 28%, marking the best performance since the company went public [2][3] - **2024 Revenue Growth**: Close to 20%, with similar profit growth, achieving stock incentive targets [3] - **Cash Flow**: Strong operating cash flow supports profit performance [3] Market Insights and Strategies - **Market Focus**: Enhanced focus on key markets and improved marketing strategies led to significant sales share increases in both primary and global markets [2][4] - **Cost Reduction Measures**: Achieved cost reductions through energy savings, improved labor efficiency, and benefited from declining raw material prices and currency fluctuations [2][4] - **Sales Performance by Region**: - **2024 Sales Growth**: 10% for sports turf, 30% for leisure turf; Americas and Europe saw over 30% growth, while Asia-Pacific and other regions approached 10% [2][8] - **Q1 2025 Sales Growth**: Over 10% in the Americas and Europe, with a decline in Asia-Pacific and other regions [2][9] Production and Capacity - **Vietnam Production**: Near full capacity utilization in 2024, with net profit margins exceeding 20%, higher than domestic margins [4][16] - **New Projects**: High-quality completion of the Vietnam Phase III project planned for 2025 [2][7] Human Resource Management - **Employee Incentives**: Implemented HR mechanism reforms, optimizing compensation, performance, and career development systems, along with stock and cash incentives to boost employee motivation [2][6] Future Plans - **2025 Goals**: Aim for at least 15% revenue growth by expanding market reach and developing new customers, alongside comprehensive cost reduction across various functions [2][7] - **Process Improvement**: Initiating process system construction with consulting firms for planning and transformation [7] Tariff and Trade Policy Impact - **Tariff Situation**: Facing a 46% tariff on exports to the U.S., currently delayed by 90 days, with an additional 10% already imposed, costs passed to customers [2][10] - **Long-term Outlook**: Despite potential tariffs, Vietnam maintains a cost advantage over U.S. production, making local expansion unlikely [10][11] Competitive Landscape - **Market Position**: Co-Creation Turf holds over 50% market share in the U.S., with limited competition from smaller domestic firms [18] - **Cost Comparison**: Estimated production costs in Mexico are about 30% higher than in Vietnam, influencing future production decisions based on tariff changes [15][16] Revenue Streams and Product Performance - **Other Products**: Coatings and other products, including grass fibers and artificial plants, saw revenue growth exceeding 30% [22] - **Price Trends**: Average prices for sports turf decreased by approximately 4%, while leisure turf prices fell by about 6% due to raw material price drops and currency fluctuations [8][14] Dividend and Capital Expenditure - **Dividend Policy**: The company maintains a fixed 50% dividend payout ratio, expected to remain unchanged unless significant capital expenditures arise [18] Conclusion and Outlook - **Overall Assessment**: The company has enhanced its competitiveness through improvements in market, manufacturing, R&D, and management, positioning itself well to meet 2025 targets [26] - **Investment Potential**: Current valuation is considered low, indicating potential for further appreciation and better returns for investors [26]

Investment Rating - The investment rating for the company is "Buy" with a target price of 25.33 RMB [8][9]. Core Views - The company achieved a revenue of 2.952 billion RMB in 2024, representing a year-over-year growth of 19.92%, and a net profit of 511 million RMB, up 18.56% year-over-year [1]. - The company is experiencing steady growth in sales across its product lines, with significant increases in revenue for its sports grass, leisure grass, and paving businesses [2]. - The company is expanding its production capacity, with ongoing projects in Vietnam and Mexico, which will enhance its market position [4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 693 million RMB, a year-over-year increase of 27.08%, and a net profit of 118 million RMB, up 48.94% year-over-year [1]. - The gross margin for artificial turf business in 2024 was 30.17%, a decrease of 1.09 percentage points year-over-year, attributed to market competition and global inflation [2]. - The operating cash flow for 2024 was 466 million RMB, reflecting a 14.2% increase year-over-year [3]. Capacity Expansion - The company is advancing its production capacity with the third phase of its Vietnam facility expected to commence construction in Q2 2024, and the Mexico facility is in the process of obtaining land ownership certificates [4]. Profit Forecast and Valuation - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected to be 1.49 RMB, 1.76 RMB, and 2.06 RMB respectively [5]. - The company is assigned a price-to-earnings (PE) ratio of 17 times for 2025, with a target price adjustment from 26.84 RMB to 25.33 RMB [5].

Summary of the Conference Call for "Co-Creation Turf" Industry Overview - The conference call pertains to the artificial turf industry, specifically focusing on "Co-Creation Turf" and its market performance in 2024 and early 2025. Key Points and Arguments 1. **Sales Growth and Product Performance** - In 2024, Co-Creation Turf achieved over 25% sales growth, with leisure turf growing at 30% and sports turf at 10% - Average prices decreased by 5.6%, with sports turf and leisure turf prices dropping approximately 4% and 6% respectively - Revenue increased by 18%, with sports turf and leisure turf revenues growing by 6% and 22% respectively [2][4][5] 2. **Q1 2025 Performance** - In Q1 2025, overall sales growth was in single digits, with a decline in sports turf sales but a price increase of nearly 9%, leading to a 13% increase in total revenue - Strong performance was noted in the Americas and Europe, while the Asia-Pacific, Africa, and Middle East regions performed poorly [2][3][4] 3. **Cost Control Measures** - The company optimized material consumption and improved labor efficiency in its factories in Vietnam and domestically, effectively controlling costs and solidifying its competitive advantage - Cost savings from raw materials amounted to approximately 20 million yuan, with a year-on-year savings of about 10 million yuan [2][6][13] 4. **Regional Market Insights** - The Americas and Europe are the main contributors to growth, with both regions showing over 30% volume increase - The company holds a global market share of about 20%, with expectations of a 15% growth in the U.S. market in 2025 [4][22][24] 5. **Human Resource Mechanism Changes** - In 2024, the company underwent significant changes in its human resource mechanisms, including value assessment and distribution to enhance employee motivation and promote healthy corporate development [2][7] 6. **Impact of Tariffs and Market Dynamics** - A 10% tariff imposed on Vietnamese exports to the U.S. is largely absorbed by customers, with no significant impact on shipment volumes - Chinese companies account for 70%-80% of the U.S. market, with Co-Creation Turf and Qinghe being the primary suppliers [10][23] 7. **Future Outlook** - The company anticipates a 15% revenue growth for the full year, primarily driven by traditional markets in Europe and the Americas - There is potential for recovery in demand from the Asia-Pacific, Middle East, and Africa regions, although tariff uncertainties remain a variable [11][31] 8. **Expansion Plans** - The third phase of the Vietnam base is in the equipment installation phase, with plans to introduce new production equipment to enhance supply chain security and reduce costs [12] 9. **Market Share and Competitive Landscape** - Co-Creation Turf's net profit margin in Vietnam is 22%, significantly higher than the domestic margin of 10%, attributed to higher order profit margins and internal settlement methods [18] 10. **Price Trends** - In Q1, prices increased by approximately 15% quarter-on-quarter and over 8% year-on-year, with expectations for prices to remain stable or slightly increase throughout the year [25] Additional Important Insights - The company is actively monitoring the impact of external variables on market dynamics, particularly in the context of fluctuating oil prices and trade policies [14][16] - The competitive landscape is expected to intensify, especially as more companies seek to establish overseas operations [21]