第二条 本办法适用于公司及公司直接或间接全资、控 股和实际控制的子公司（以下简称子公司）。 第三条 本办法所管理的金融衍生业务包括公司及子 公司在境内外从事的以商品为标的资产的商品期货业务（以 下简称商品类金融衍生业务）和以货币、利率、汇率等为标 的资产的远期合约、掉期业务（以下简称货币类金融衍生业 务）。除此之外，各公司不得开展期权等其他金融衍生业务。 第四条 开展金融衍生业务遵循以下四个原则： （一）依法合规原则：开展金融衍生业务应当遵守国家 有关金融、期货、外汇、行业监管及公司制度等方面的管理 规定，依法合规开展业务。 （二）稳健审慎原则：开展金融衍生业务应坚持稳健审 慎原则，坚持以客观需求和必要性作为业务开展的前提，树 立"风险中性"理念，禁止盲目冒进，减少商品或货币波动 对经营利润的影响，保持公司健康平稳发展。 苏美达股份有限公司 金融衍生业务管理办法 第一章 总 则 第一条 为规范苏美达股份有限公司（以下简称公司） 金融衍生业务的管理与运作，完善金融衍生业务的内部控制 体系，建立健全风险防范机制，依法合规开展金融衍生业务， 利用金融衍生业务的套期保值、规避风险功能，科学保障业 务稳健发展，根据《关 ...

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：2024-048 苏美达股份有限公司 关于公司2025年日常关联交易预计的公告 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： ⚫ 该事项需提交至苏美达股份有限公司（以下简称"公司"）股东大会审 议。 （二）前次日常关联交易的预计和执行情况 | | | | | 单位：万元 本次预计金 | | --- | --- | --- | --- | --- | | 关联 | | 2024 年度 | 2024 年度实 | 额与上年实 | | 交易 | 关联人及其子公司 | 预计发生金 | 际发生额 | 际发生金额 | | 类别 | | 额 | （1-11 月） | 差异较大的 | | | | | | 原因 | | | 中国机械工业建设集团有限公司 | 20,000.00 | 7,742.91 | 当 期 实 际 发 生业务较少 | | | 中恒纺织交易市场（广东）有限 | 15,000.00 | | 当 期 未 发 生 | | 销售 | 公司 | | ...

苏美达股份有限公司 苏美达股份有限公司（以下简称"公司"）第十届董事会第十二次会议通知 及相关资料于 2024 年 12 月 12 日分别以书面、电子邮件方式向全体董事发出， 会议于 2024 年 12 月 17 日下午以现场结合通讯方式召开。本次会议应出席董事 9 人，实际出席董事 9 人（其中以视频方式出席董事 2 人，以通讯方式出席董事 4 人，无委托出席董事），公司部分监事及高级管理人员列席了会议。本次会议 的通知、召开及表决程序符合《中华人民共和国公司法》等有关法律、行政法规、 部门规章、规范性文件和《公司章程》的有关规定，决议合法有效。 本次会议由董事长杨永清先生主持，审议通过了以下议案： 一、 关于修订《公司决策事项及权限表》的议案 表决结果：赞成票 9 票，反对票 0 票，弃权票 0 票，通过本议案。 二、 关于修订《公司董事会授权事项清单》的议案 表决结果：赞成票 9 票，反对票 0 票，弃权票 0 票，通过本议案。 证券代码：600710 证券简称：苏美达 公告编号：2024-046 苏美达股份有限公司 第十届董事会第十二次会议决议公告 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 ...

Core Viewpoint - Sumida is actively pursuing its annual target for Q4 2024, with a focus on supporting domestic clients in their overseas ventures through strategic partnerships and equipment supply [1] Group 1: Project and Equipment Details - Sumida's technical company has collaborated with Nanjing Kesi Chemical Co., Ltd. on a project in Malaysia, which aims to produce 10,000 tons of sunscreen products annually [1] - The first batch of production equipment has been shipped, including storage tanks, reactors, distillation towers, and dryers, with a total volume of nearly 80,000 cubic meters [1] Group 2: Business Growth and Market Trends - The technical company has aligned its services with the trend of Chinese enterprises expanding overseas, providing comprehensive service solutions for these clients [1] - In the first three quarters of this year, the technical company achieved a shipment value of electromechanical equipment that increased by 363% year-on-year [1]

Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 86.941 billion CNY, with a net profit attributable to shareholders of 1.001 billion CNY, representing a year-on-year growth of 12.03% [2] - The net profit after deducting non-recurring gains and losses was 0.893 billion CNY, showing a year-on-year increase of 27.28% [2] - Basic earnings per share reached 0.77 CNY, with a return on equity (ROE) of 13.79% [2] Dividend Policy - Since its restructuring and listing, the company has distributed a total of 1.823 billion CNY in dividends, significantly exceeding the amount raised from private placements [2] - The dividend amount for the previous year was 0.431 billion CNY, with a payout ratio of 42% and a dividend yield of 4.63% [2] - The company has established a three-year shareholder return plan, committing to distribute at least 40% of the annual distributable net profit in cash as long as it maintains positive retained earnings [2] Business Structure and Strategy - The company has evolved from import-export trade to a diversified business model, focusing on the synergy between its industrial and supply chains [3] - It has maintained a professional approach, avoiding unrelated sectors like real estate and finance, while ensuring each business segment is managed by experienced teams with over 30 years of expertise [3] - The company emphasizes high-quality development, focusing on cash flow and profit growth to enhance intrinsic value [2] Shipbuilding and Orders - As of September 2024, the company had a total of 84 ships on order, with production scheduled through 2028, primarily consisting of bulk carriers [3] - In the first three quarters of 2024, the company delivered 19 ships and received new orders for 37 vessels, including from clients like Japan's Kasuga Shipping [3] Textile and Apparel Sector - The textile and apparel segment generated a total profit of 1.076 billion CNY last year, with a year-on-year growth of 21.68% [3] - In the first three quarters of this year, the segment saw a further increase of 15% compared to the previous high base [3] - New export contracts in this sector amounted to 1.09 billion USD, reflecting a year-on-year growth of 20.8% [3] Environmental Engineering - The company is committed to domestic environmental engineering, focusing on water pollution governance and solid waste disposal, while also expanding into biodegradable plastic engineering [4]

Group 1: Financial Performance - The company distributed cash dividends of 3.30 CNY per 10 shares in 2023, totaling 4.31 billion CNY, with cumulative dividends since restructuring amounting to 18.23 billion CNY, exceeding the raised funds [1] - In the first three quarters of 2024, the net profit attributable to shareholders reached 1.001 billion CNY, a year-on-year increase of 12.03% [1] - The company achieved a total revenue of 11.26 billion CNY from large diesel generator sets in 2023, marking a year-on-year growth of 89% [2] Group 2: Business Segments and Growth - The consumer goods sector's total profit reached 1.076 billion CNY in 2023, reflecting a 22% increase year-on-year, with clothing and home textile profits growing by 28% and 19% respectively [2] - The shipbuilding business has 84 vessels on order, with delivery schedules extending to 2028, and achieved a record number of deliveries in 2023 [2] - The company’s large diesel generator sets business is expanding into new markets, with over 7 million USD in new export contracts signed in the first half of 2024, a 237% increase year-on-year [3] Group 3: Strategic Initiatives - The company has updated its shareholder return plan for 2024-2026, committing to distribute at least 40% of the net profit attributable to shareholders annually [1] - The company emphasizes a diversified development strategy while focusing on enhancing core competencies in existing business segments [3] - To protect investor interests, the company has implemented measures such as optimizing business structure and enhancing transparency in information disclosure [3]

Group 1: Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 86.941 billion CNY, a year-on-year decrease of 1.73% [1] - The net profit attributable to shareholders was 1.001 billion CNY, a year-on-year increase of 10.01% [1] - The non-recurring net profit attributable to shareholders reached 893 million CNY, up 27.28% year-on-year [1] - The basic earnings per share were 0.77 CNY, with a return on equity (ROE) of 13.79% [1] Group 2: Quarterly Breakdown - In Q3 2024, the company reported operating revenue of 31.013 billion CNY, an increase of 11.91% year-on-year [1] - The net profit attributable to shareholders for Q3 was approximately 400 million CNY, reflecting a year-on-year increase of 45.22% [1] - The quarterly revenue growth rates for the first three quarters were -23.4%, -1.7%, and +11.9% respectively, while the net profit growth rates were +5.1%, +19.1%, and +11.9% [1] Group 3: Business Segments - The shipbuilding segment delivered 19 vessels in the first three quarters and received orders for 37 additional vessels, totaling 84 vessels in hand as of September 2024 [2] - The textile and apparel segment achieved a total profit of 1.076 billion CNY in 2023, a year-on-year increase of 22%, with clothing profits growing by 28% and home textiles by 19% [2] - The company’s textile and apparel business saw a new export order value of 1.09 billion USD, a year-on-year increase of 20.8% [2] Group 4: Trade Performance - The total import and export value for the first three quarters of 2024 was 9.9 billion USD, reflecting an 8% year-on-year growth [2] - Exports grew by 16%, while imports increased by 3% during the same period [2]

Investment Rating - The report initiates coverage on SUMEC (600710) with an "Overweight" rating, indicating a positive outlook on the stock's performance relative to the market [5][7] Core Views - SUMEC has demonstrated steady growth driven by its dual-wheel strategy of industrial chain and supply chain operations, with a diversified business model covering environmental protection, advanced manufacturing, and consumer sectors [1][3] - The company's advanced manufacturing segment, particularly shipbuilding, is benefiting from industry tailwinds, with a significant increase in orders and a robust order book extending to 2028 [4][5] - SUMEC's supply chain operations, while impacted by commodity price fluctuations, remain a key revenue driver, contributing 74% of total revenue in 2023 [1][3] - The company has maintained a consistent dividend policy, with a payout ratio of 42% in 2023, reflecting its commitment to shareholder returns [3][7] Business Segments Summary Industrial Chain Operations - The industrial chain segment, comprising environmental protection, advanced manufacturing, and consumer businesses, contributed 21% of total revenue and 68% of gross profit in 2023 [1][3] - Advanced manufacturing, particularly shipbuilding, saw a 94% YoY increase in orders in H1 2024, with 82 vessels in the order book as of H1 2024 [4][5] - The environmental protection segment, focused on clean energy and ecological projects, accounted for 5% of revenue and 16% of gross profit in 2023 [1][3] - The consumer segment, including apparel, home textiles, and branded school uniforms, contributed 9% of revenue and 33% of gross profit in 2023 [1][3] Supply Chain Operations - Supply chain operations, primarily involving commodity trading and electromechanical equipment import/export, accounted for 74% of revenue and 26% of gross profit in 2023 [1][3] - Despite a 19% YoY decline in supply chain revenue in H1 2024, the segment remains a critical component of SUMEC's business, with efforts to optimize product and customer structures [3][5] Financial Performance and Forecast - In H1 2024, SUMEC reported revenue of RMB 55.9 billion, down 13.3% YoY, but net profit attributable to shareholders increased by 12.12% YoY to RMB 570 million [3][5] - The company is expected to achieve revenue of RMB 120.4 billion, RMB 132 billion, and RMB 139.2 billion in 2024, 2025, and 2026, respectively, with net profit growth of 9.41%, 8.45%, and 10.44% over the same period [5][7] - SUMEC's valuation multiples (PE ratios of 10.94x, 10.09x, and 9.13x for 2024-2026) are below the industry average, suggesting potential undervaluation [5][7] Industry and Competitive Position - SUMEC's shipbuilding business, particularly its "Crown" series of bulk carriers, has gained a strong reputation in the market, with its subsidiary New Dayang Shipbuilding ranking first globally in handymax bulk carrier orders [4][5] - The company's supply chain operations benefit from its integration of upstream and downstream resources, with a focus on digital transformation to enhance efficiency and mitigate risks [47][49] - SUMEC's diversified business model and strong market position in multiple sectors provide resilience against industry cyclicality [1][3]

股 票 研 究 证 券 研 究 报 告 ——苏美达 2024 年三季报点评 | --- | --- | |---------------------|-----------------| | | | | 刘越男 ( 分析师 ) | [table_Authors] | | | | | 021-38677706 | | | liuyuenan@gtjas.com | | | S0880516030003 | 登记编号 | | --- | --- | |--------------------------|-------| | | | | | | | | | | | | | 021-38677906 | | | chenxiao015813@gtjas.com | | | S0880518020002 | | 本报告导读： Q3 扣非高增 45%，核心业务延续较快增长，成行前景可期。 投资要点： 公 司 更 新 报 告 [Table_Summary] 维持增持。公司前三季度营收 869.4 亿元/-9.5%，归母净利 10 亿元 /+12%，扣非 8.93 亿元/+27.3%；Q3 单季营收 310 亿元/-1.7 ...

[Table_StockInfo] 2024 年 10 月 24 日 证券研究报告•2024 年三季报点评 当前价：8.69 元 苏 美 达（600710）商贸零售 目标价：——元（6 个月） 建造绿色能源船舶，细分船型市场领先 [Table_Summary 事件：2024 年前三季度公司实现营业收入 ] 869.4 亿元，同比下降 9.5%；实现 归母净利润 10 亿元，同比增加 12%，扣非归母净利润为 8.9 亿元，同比增长 27.3%。其中第三季度单季度实现营收 310.1亿元，归母净利润 4.3亿元，同比 增长 11.9%。 经营品种扩展，完善供应链板块业务布局。公司已在大宗商品运营板块深耕多 年，具备了向高成长性品类复制延伸的能力，目前公司大宗板块业务虽多以金 属矿产、黑色、有色及煤炭为主，但目前积极探索将经营商品种类向其他增长 较快、利润率水平较高的粮食、纸浆、新能源材料等品种扩展，在完善供应链 板块业务布局同时，还能平滑周期波动。尽管今年大宗商品供应链业务承压， 在公司积极应对下，公司供应链板块的营收及利润总额均有所改善。 供应链企稳，产业链持续发展。公司是国内领先的供应链运营商和产业链服务 ...