Summary of Conference Call Notes on Su Mei Da Company Overview - Su Mei Da was established in 1978, originally as Jiangsu Mechanical Equipment Export Company, focusing on industrial product exports. The company underwent mixed ownership reform in 1998 and was listed in 2017 after restructuring with Changling Co. [2] Industry and Business Segments 1. Company Performance and Growth Points - The company reported a revenue growth of approximately 5% with a stable growth trend. The shipbuilding business generated revenue of 4.6 billion, contributing over 10% to total profits despite accounting for less than 4% of total revenue. Expected revenue and profit growth for 2024 is over 30%. The company commits to distributing 40% of net profit as dividends, with a consistent dividend payout ratio of around 40% from 2020 to 2023, exceeding 40% in 2023. Profit forecasts for 2024 to 2026 are 1.082 billion, 1.132 billion, and 1.174 billion respectively [1][10][17]. 2. Advanced Manufacturing Business - This segment includes outdoor power equipment, diesel generators, and shipbuilding. The shipbuilding orders extend to the first half of 2028, with 82 vessels ordered, ranking first globally in a specific category. Expected growth for the shipbuilding business is 30% in 2024, with subsequent growth stabilizing [3][11]. 3. Consumer Business - The consumer segment includes clothing exports, textile blankets, and branded school uniforms. The clothing export business consistently contributes over 10 billion in revenue, with the school uniform business exceeding 1 billion, collaborating with over 5,000 schools and benefiting from high gross margins [4][12]. 4. Environmental Business - The environmental segment encompasses clean energy and ecological protection. The company is involved in major wastewater treatment projects, contributing approximately 1.9 billion in revenue in 2023. Future developments will align with the Belt and Road Initiative, focusing on clean energy projects [5][13]. 5. Supply Chain Business - The supply chain primarily involves bulk commodity trading, with a low market concentration indicating growth potential. However, revenue from bulk commodities declined by 21.33% in 2022 due to demand fluctuations. The import business for electromechanical equipment remains stable, contributing around 15 billion in revenue [6][14][15]. Financial Status and Forecast - In 2023, total revenue exceeded 120 billion, with a stable net profit margin of 2.52%. The dividend payout ratio increased from 26.38% in 2019 to 42.80% in 2023, with future ratios expected to remain above 40%. Revenue growth is projected to decline from 7% in 2024 to 5% in 2026, while profit growth is expected to decrease from 5% to 3.7% [7][16][18]. Valuation and Market Outlook - The current valuation is around 9 to 10 times earnings, with a potential increase to 12 times by 2025, suggesting a market value between 12 billion and 13 billion. Compared to industry peers like CITIC Metal and Yulong Co., which have valuations of 16, 14, and 13 times, Su Mei Da's valuation is considered advantageous [19][20]. Key Takeaways - The primary growth driver for the company is the shipbuilding sector, while other segments are more susceptible to macroeconomic conditions. The company maintains a stable long-term dividend ratio above 40%, providing a reliable return for shareholders [20].

Investment Rating - The report gives a "Recommend" rating for the company, with an initial coverage [1][3] Core Views - The company's main business includes two major sectors: the industrial chain sector and the supply chain sector The industrial chain sector achieved revenue of 31 318 billion yuan in 2023, with a 3-year CAGR of 8 75%, and a profit of 2 505 billion yuan, with a 3-year CAGR of 24 26% [1] - The company's "dual circulation" strategy has shown significant results, with a focus on both domestic and international markets, reducing reliance on a single market The company has completed over 50 projects in more than 20 countries along the "Belt and Road" initiative [1] - The company has a strong shareholder background, with the largest shareholder being the state-owned China National Machinery Industry Corporation (Sinomach), which provides extensive overseas operational experience and channel resources [1] - The company has a high and stable dividend payout ratio, with the dividend rate increasing from 30 23% in 2019 to 41 88% in 2023, and the dividend yield rising from 1 84% to 4 65% over the same period [1] - The company is expected to achieve net profits attributable to the parent company of 1 082 billion yuan, 1 132 billion yuan, and 1 174 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 5 1%, 4 6%, and 3 7% [1] Business Overview - The company's industrial chain sector includes three main businesses: environmental protection (clean energy, ecological protection), advanced manufacturing (outdoor power tools, diesel generator sets, shipbuilding and shipping), and consumer goods (clothing, home textiles, school uniforms) [1] - The supply chain sector focuses on high-margin products such as petrochemicals, with the petrochemical sector's operating volume increasing by 146% year-on-year in 2023 [1] - The company has a diversified market structure, with significant contributions from both domestic and international markets The domestic market accounted for 57 16% of revenue in 2023, while the international market accounted for 42 62% [24][25] Financial Performance - The company's revenue in 2023 was 122 981 billion yuan, with a year-on-year decrease of 12 9%, while net profit attributable to the parent company was 1 030 billion yuan, with a year-on-year increase of 12 8% [2] - The company's revenue from the supply chain sector was 913 93 billion yuan in 2023, accounting for 74 32% of total revenue, while the industrial chain sector contributed 313 18 billion yuan, accounting for 25 68% [23] - The company's gross profit margin and net profit margin remained stable, with gross profit margin at 5 69% and net profit margin at 2 52% in 2023 [30][31] Advanced Manufacturing Sector - The advanced manufacturing sector includes outdoor power equipment, diesel generator sets, and shipbuilding and shipping The outdoor power equipment business achieved revenue of 3 468 billion yuan in 2023, with a gross profit margin of 21 37% [39] - The diesel generator set business achieved revenue of 1 126 billion yuan in 2023, with a year-on-year increase of 88 79%, and a gross profit margin of 12 43% [42][43] - The shipbuilding and shipping business achieved revenue of 4 44 billion yuan in 2023, with a year-on-year increase of 21 74%, and a gross profit margin of 9 94% [44][45] Consumer Goods Sector - The consumer goods sector includes clothing, home textiles, and branded school uniforms The clothing business achieved revenue of 6 74 billion yuan in 2023, with a gross profit margin of 16 20% [48] - The home textiles business achieved revenue of 3 225 billion yuan in 2023, with a year-on-year increase of 15 35%, and a gross profit margin of 23 3% [49][50] - The branded school uniform business achieved revenue of 1 109 billion yuan in 2023, with a year-on-year increase of 16 94%, and a gross profit margin of 34 43% [50][51] Environmental Protection Sector - The environmental protection sector includes clean energy (photovoltaic products, engineering construction, operation and maintenance) and ecological protection (sewage treatment, garbage treatment, soil remediation, etc ) The clean energy business achieved revenue of 7 5 billion yuan in 2023, with a gross profit margin of 15 5% [52][53] - The ecological protection business achieved revenue of 2 2 billion yuan in 2023, with a year-on-year increase of 28%, and a gross profit margin of 15% [53][54] Supply Chain Sector - The supply chain sector includes bulk commodity operations and mechanical and electrical equipment imports The bulk commodity business achieved revenue of 913 93 billion yuan in 2023, with a year-on-year decrease of 17 41%, and a gross profit margin of 1 96% [62] - The mechanical and electrical equipment import business focuses on textile production equipment, mechanical processing equipment, and other high-end equipment, with a comprehensive service model that includes technology introduction, resource supply, product distribution, and logistics services [63][64]

第二阶段（1998-2003）：市场导向，改革体制与经营模式。为应对入世及国 家外贸体制改革带来的进出口风险，公司进行集团化改组，建立以市场为导向的 专业化经营体系，成立成套、船舶、机电、五金、轻纺、进口六大业务子公司， 1998 年同步开启混改进程，实施骨干员工持股制度。2001 年，公司提出贸易为 引领、实业为支撑、技术为推动的商业模式，开启"贸工技"一体化之路。 第四阶段（2010-至今）：多元发展，打造国际化千亿集团。2013 年在中国香 港设立国际化投融资平台，从跨国贸易转向跨国经营。2016 年在上交所主板成 功上市。目前，公司业务覆盖 150 多个国家和地区，共设立近 40 家海外分支机 构，基本形成了总部在中国内地，研发机构在中国内地、欧洲，金融及航运中心在 中国香港、新加坡，实业基地在东南亚的国际化格局。2024 年 4 月，公司主动披 露第一份 ESG 报告，获得万得 A 评级，排名为目前 wind 行业三级分类贸易公司 与工业品经销商中第 6/46。 表1：公司各类业务简介 | --- | --- | --- | --- | --- | |-----------------|------ ...

请参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要、泄露、散布、转发电话会议纪要任何泄露电话会议纪要等禁忌的行为均为侵权行为声望洪源研究保留追究泄露转发者法律责任的权利 各位投资者大家好苏美达上周发的中报的业绩预告也是非常亮眼今天我们也很荣幸请到了苏美达的IR韩总跟我们做一个交流我们先请韩总对苏美达的半年报的业绩还有各个版号的趋势做一个展望后面我们进入提问时间好的感谢首席感谢各位投资人你们宝贵的时间 我们上周呢如首席所说我们也发了我们的业绩快报总体来讲呢现在这个市场上比较低迷的这种情况之下那我们呢也是这个拼尽全力取得了这样的一个比较稳健的这种业绩那跟大家汇报一下我们的营收呢大概是559.3亿元同比呢这个有所减少 这边主要是由于我们整个的大宗商品这边的量价的齐跌所以说确实给了我们整个营收段的一些压力但是我们的整个利润总额这边和我们的规模的口径投币还是有很大的这样一个增长第二个向各位来汇报一下整个我们供应链和产业链板块整个当期的一个占比的一个情况 首先我们供应链板块的利润总额在当期的占比中大概是44%左右然后我们的产业链这边整个 ...

苏美达股份有限公司 证券代码：600710 证券简称：苏美达 公告编号：2024-032 苏美达股份有限公司 关于 2024 年二季度获得政府补助情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 2024 年 4-6 月，苏美达股份有限公司（以下简称"公司"）及子公司累计 收到各类政府补助资金共计人民币 3,884.33 万元（未经审计），占公司最近一 期经审计归属于上市公司股东净利润的 3.77%。具体情况如下： | 序号 | 获得时间 | 补助 类型 | 补助金额 （万元） | 占公司最近一期经审计 净利润比例（%） | | --- | --- | --- | --- | --- | | 1 | 2024 年 4 月 | 与收益相关 | 1,395.91 | 1.35 | | 2 | 2024 年 5 月 | 与收益相关 | 1,882.04 | 1.83 | | 3 | 2024 年 6 月 | 与收益相关 | 606.38 | 0.59 | | | 合计 | | 3,884.33 | 3.77 ...

请参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要、泄露、散布、转发电话会议纪要任何泄露电话会议纪要等禁忌的行为均为侵权行为申望洪源研究保留追究泄露转发者法律责任的权利 各位投资者大家好苏美达上周发的中报的业绩预告也是非常亮眼今天我们也很荣幸请到了苏美达的艾尔韩总跟我们做一个交流我们先请韩总对苏美达的半年报的业绩还有各个版号的趋势做一个展望后面我们进入提问时间好的感谢首席感谢各位投资人你们宝贵的时间 我们上周呢如首席所说我们也发了我们的业绩快报总体来讲呢现在这个市场上比较低迷的这种情况之下那我们呢也是这个拼尽全力取得了这样的一个比较稳健的这种业绩那跟大家汇报一下我们的营收呢大概是559.3亿元同比呢这个有所减少 这边主要是由于我们整个的大宗商品这边的量价的提跌所以说确实给了我们整个营收段的一些压力但是我们的整个利润总额这边和我们的规模的口径投币还是有很大的这样一个增长第二个向各位来汇报一下整个我们供应链和产业链板块整个当期的一个占比的一个情况 首先我们供应链板块的利润总额在当期的占比中大概是44%左右然后我们的产业链这边整个 ...

[Table_Summary] 核心观点： | --- | --- | --- | --- | --- | --- | |----------------------------------------------|-----------------|-----------------|---------------|---------------|-------------| | 盈利预测： | | | | | | | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） 增长率（ % ） | 141148 -16.3% | 122981 -12.9% | 129017 4.9% | 139093 7.8% | 147668 6.2% | | EBITDA （百万元） | 4861 | 4578 | 5312 | 5768 | 6272 | | 归母净利润（百万元） | 913 | 1030 | 1113 | 1233 | 1367 | | 增长率（ % ） | 19.0% | 12.8% | 8.1% | 10.8% | ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 公 司 更 新 报 告 ——苏美达 2024 年半年度业绩快报点评 投资要点： [Table_Summary 维持增持。]维持预测 2024-26 年 EPS 为 0.83/0.93/1 元增速 6/11/8%， 维持目标价 10.42 元，维持增持。 公司披露 2024 年半年度业绩快报：1)H1 营收约 559.3 亿元/-13.3%， 归母净利 5.7 亿元/+12%，扣非净利 4.96 亿元/+16.2%；2)我们测算 H1 归母净利率约 1.02%/+0.23pct，扣非净利率 0.89%/+0.23pct；3)按 H1 推测，Q2 营收约 321.8 亿元/-3.9%，归母净利 3.05 亿元/+17.4%，扣 非净利 2.65 亿元/+26.4%，Q2 增速较 Q1 显著好转(备注：Q1 营收/归 母/扣非增速分别-23.4/+5.1/+5%)；4)我们认为，Q2 增速及盈利能力好 于此前预期因持续优化市场与客户结构，通过"产业链+供应链"双轮 驱动，产业链板块中船舶制 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 2024年上半年，公司实现营业收入559.28亿元，实现归属于上市公司股东的 净利润5.70亿元，同比增长12.04%。公司持续优化市场与客户结构，通过"产业 链+供应链"双轮驱动，产业链板块中船舶制造与航运、生态环保、纺织服装业 务抢抓国内外市场机遇、聚焦主流客户，助力公司利润稳健增长，经营质量进一 步提升。 2.追溯调整或重述的原因说明：公司于2023年11月完成聚恒美工程技术（宁 波）有限公司股权收购交易，将其纳入合并财务报表范围，该交易构成同一控制 苏美达股份有限公司董事会 注： 苏美达股份有限公司 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | --- | --- | --- | --- | --- | |------------------------------------------------|--------------|--------------|----------------------------------------------|----------------------| | 项目 本 ...

苏美达股份有限公司 2023 年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： A 股每股现金红利 0.33 元 证券代码：600710 证券简称：苏美达 公告编号：2024-030 相关日期 苏美达股份有限公司 每股分配比例 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/7/4 | － | 2024/7/5 | 2024/7/5 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 5 月 9 日的 2023 年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2023 年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股 东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本 1,306 ...