Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.71 CNY, indicating a potential upside from the current price of 9.36 CNY [2]. Core Insights - The company's performance met expectations, with a revenue of 4.804 billion CNY for the first three quarters, representing a year-on-year growth of 9.0%. The net profit attributable to the parent company was 623 million CNY, up 15.6% year-on-year [1]. - Gross margin continues to improve, with a gross margin of 28.3% for the first three quarters, an increase of 0.3 percentage points year-on-year. The third quarter gross margin was 28.8%, reflecting a 0.7 percentage point increase both year-on-year and quarter-on-quarter [1]. - The company's cash flow from operating activities showed a significant increase, with a net cash flow of 571 million CNY, up 226.0% year-on-year, primarily due to increased cash receipts from sales [1]. Financial Performance Summary - For 2024-2026, the forecasted net profit attributable to the parent company is 851 million CNY, 1.060 billion CNY, and 1.321 billion CNY respectively, with adjustments made from previous estimates [4]. - The company is expected to maintain a comparable company PE average valuation of 21 times for 2024, supporting the target price of 10.71 CNY [4]. - The company's revenue is projected to grow from 5.861 billion CNY in 2023 to 10.129 billion CNY by 2026, with a compound annual growth rate of 25.5% [7].

证券研究报告·公司点评报告·汽车零部件 岱美股份（603730） 2024 年三季报点评：2024Q3 业绩符合预期， 品类拓展打开成长空间 2024 年 10 月 31 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 5146 | 5861 | 6605 | 7806 | 9236 | | 同比（ % ） | 22.27 | 13.90 | 12.69 | 18.18 | 18.32 | | 归母净利润（百万元） | 569.81 | 653.98 | 861.80 | 1,036.22 | 1,244.84 | | 同比（ % ） | 36.95 | 14.77 | 31.78 | 20.24 | 20.13 | | EPS- 最新摊薄（元 / ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 11.70 [6][4]. Core Views - The company reported Q3 revenue of RMB 1.519 billion, a year-over-year decrease of 0.71% and a quarter-over-quarter decrease of 10.45%, primarily due to weak overseas demand [1][2]. - The company achieved a net profit of RMB 203 million in Q3, reflecting a year-over-year increase of 1.25% and a quarter-over-quarter decrease of 9.83% [1]. - The report highlights the company's expansion into roof systems and other interior products, which is expected to enhance the per-vehicle value and create a secondary growth curve [1][2]. Summary by Sections Q3 Performance - Q3 revenue was RMB 1.519 billion, down 0.71% year-over-year and down 10.45% quarter-over-quarter, impacted by weak overseas demand [1]. - For the first three quarters of 2024, revenue reached RMB 4.804 billion, up 8.96% year-over-year, with a net profit of RMB 623 million, up 15.56% year-over-year [1]. Profitability and Cost Management - The gross margin in Q3 improved by 0.66 percentage points year-over-year and 0.71 percentage points quarter-over-quarter to 28.83%, attributed to a higher proportion of high-value-added products and structural optimization [3]. - The net profit margin also stabilized, increasing by 0.26 and 0.09 percentage points to 13.36% [3]. - The company has effectively controlled sales, management, and R&D expenses, with respective rates of 1.77%, 5.63%, and 3.89%, showing a decrease compared to the previous year [3]. Earnings Forecast and Valuation - The report maintains previous profit forecasts, estimating net profits of RMB 889 million, RMB 1.074 billion, and RMB 1.273 billion for 2024, 2025, and 2026, respectively [4]. - The target price is set at RMB 11.70, based on a 2025 PE ratio of 18 times, down from a previous value of RMB 13.99 [4].

Revenue and Profit Performance - Revenue for the reporting period decreased by 0.71% year-over-year to RMB 4,803,698,201.42, with a year-to-date increase of 8.96%[2] - Net profit attributable to shareholders increased by 1.25% year-over-year, reaching RMB 623,031,333.45, with a year-to-date growth of 15.56%[2] - Total operating revenue for the first three quarters of 2024 reached 4,803,698,201.42 yuan, an increase from 4,408,508,753.41 yuan in the same period of 2023[13] - Net profit for the first three quarters of 2024 was 623,031,333.45 yuan, up from 539,164,043.03 yuan in the same period of 2023[14] - Operating profit for the first three quarters of 2024 was 737,742,984.01 yuan, up from 642,395,042.46 yuan in the same period of 2023[14] Cash Flow and Financial Activities - Operating cash flow surged by 226.00% year-to-date to RMB 570,904,251.44, driven by increased cash receipts from sales and services[3][6] - Sales revenue from goods and services received in cash for the first three quarters of 2024 was RMB 5,319,736,749.30, an increase from RMB 4,474,021,792.50 in the same period of 2023[16] - Total cash inflow from operating activities for the first three quarters of 2024 was RMB 5,660,074,654.26, compared to RMB 4,679,227,438.14 in the same period of 2023[17] - Net cash flow from operating activities for the first three quarters of 2024 was RMB 570,904,251.44, up from RMB 175,126,482.01 in the same period of 2023[17] - Cash paid for goods and services in the first three quarters of 2024 was RMB 3,567,317,460.63, compared to RMB 3,196,385,023.13 in the same period of 2023[17] - Cash paid to employees in the first three quarters of 2024 was RMB 1,119,808,325.91, up from RMB 1,003,407,634.05 in the same period of 2023[17] - Net cash flow from investing activities for the first three quarters of 2024 was RMB -290,555,581.08, compared to RMB -374,908,283.90 in the same period of 2023[17] - Cash received from borrowings in the first three quarters of 2024 was RMB 600,000,000.00, down from RMB 1,100,000,000.00 in the same period of 2023[17] - Net cash flow from financing activities for the first three quarters of 2024 was RMB -538,694,986.56, compared to RMB 819,227,161.19 in the same period of 2023[19] - The net increase in cash and cash equivalents for the first three quarters of 2024 was RMB -280,715,778.58, compared to RMB 631,068,396.79 in the same period of 2023[19] - The ending balance of cash and cash equivalents as of the end of the third quarter of 2024 was RMB 858,437,567.19, down from RMB 1,126,761,425.46 at the end of the same period in 2023[19] Earnings and Shareholder Metrics - Basic and diluted earnings per share (EPS) both increased by 15.15% year-to-date to RMB 0.38[3] - Weighted average return on equity (ROE) increased by 1.15 percentage points year-to-date to 13.59%[3] - Basic earnings per share for the first three quarters of 2024 were 0.38 yuan, up from 0.33 yuan in the same period of 2023[15] - Total comprehensive income for the first three quarters of 2024 was 585,305,037.83 yuan, compared to 554,634,231.61 yuan in the same period of 2023[15] Assets and Liabilities - Total assets grew by 1.61% compared to the end of the previous year, reaching RMB 7,036,439,780.30[3] - Shareholders' equity increased by 1.70% year-over-year to RMB 4,594,938,365.52[3] - Total assets as of Q3 2024 were 7,036,439,780.30 yuan, compared to 6,925,186,608.83 yuan in the previous period[12] - Total liabilities as of Q3 2024 were 2,441,501,414.78 yuan, compared to 2,407,035,228.57 yuan in the previous period[11] - Total equity attributable to the parent company's shareholders was 4,594,938,365.52 yuan, slightly up from 4,518,151,380.26 yuan in the previous period[12] - Monetary funds increased from 859,849,709.84 to 1,155,667,933.11[9] - Trade receivables decreased from 1,020,620,336.97 to 1,030,185,075.24[9] - Inventory increased from 2,153,302,835.20 to 1,940,837,484.85[10] - Total current assets increased from 4,552,906,723.00 to 4,471,687,380.04[10] - Total non-current assets increased from 2,483,533,057.30 to 2,453,499,228.79[10] - Total assets increased from 7,036,439,780.30 to 6,925,186,608.83[10] Shareholder Information - Total number of ordinary shareholders at the end of the reporting period is 10,866[7] - Zhejiang Zhoushan Daimei Investment Co., Ltd. holds 56.37% of the shares, totaling 931,693,389 shares[7] - Jiang Yintai holds 14.62% of the shares, totaling 241,630,701 shares[7] - Jiang Ming holds 7.70% of the shares, totaling 127,234,859 shares[7] Expenses and Non-Recurring Items - Non-recurring gains and losses amounted to RMB 6,753,044.30 for the reporting period, with government subsidies contributing RMB 2,838,923.56[4][5] - R&D expenses for the first three quarters of 2024 were 161,226,159.80 yuan, a decrease from 171,266,756.28 yuan in the same period of 2023[13] - Financial expenses for the first three quarters of 2024 were 11,781,194.14 yuan, compared to -45,981,373.38 yuan in the same period of 2023[13]

重要内容提示： 一、董事会会议召开情况 | 证券代码：603730 | 证券简称：岱美股份 公告编号：2024-062 | | --- | --- | | 债券代码：113673 | 债券简称：岱美转债 | 上海岱美汽车内饰件股份有限公司 第六届董事会第十五次会议决议公告 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。 表决结果：6票赞成，0票反对，0票弃权 特此公告。 上海岱美汽车内饰件股份有限公司董事会 2024 年 10 月 31 日 上海岱美汽车内饰件股份有限公司（以下简称"公司"）第六届董事会第十 五次会议于 2024 年 10 月 30 日以通讯表决的方式召开。会议通知和材料于 2024 年 10 月 24 日以电子邮件及专人送达方式发出。本次会议应出席董事 6 名，实 际出席董事 6 名。公司监事及高级管理人员列席了本次会议。会议由董事长姜银 台先生主持，会议的召开符合《公司法》和《公司章程》的规定。 公司全体董事出席了本次会议。 本次董事会全部议案均获通过，无反对票。 二、董事会会议审议情况 1、审议并通过了《 ...

重要内容提示： | 证券代码：603730 | 证券简称：岱美股份 | 公告编号：2024-063 | | --- | --- | --- | | 债券代码：113673 | 债券简称：岱美转债 | | 具体内容详见与本公告同时披露于上海证券交易所网站（www.sse.com.cn） 及指定媒体的《上海岱美汽车内饰件股份有限公司 2024 年第三季度报告》。 上海岱美汽车内饰件股份有限公司 第六届监事会第十三次会议决议公告 表决结果：3 票赞成，0 票反对，0 票弃权 本公司监事会及全体监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。 一、监事会会议召开情况 上海岱美汽车内饰件股份有限公司（以下简称"公司"）第六届监事会第十 三次会议于 2024 年 10 月 30 日以通讯表决的方式召开。会议通知和材料于 2024 年 10 月 24 日以电子邮件及专人送达方式发出。本次会议应出席监事 3 名，实 际出席监事 3 名。会议由监事会主席陆备军先生主持，会议的召开符合《公司法》 和《公司章程》的规定。 二、监事会会议审议情况 1、审议并通过了《20 ...

| 证券代码：603730 | 证券简称：岱美股份 | 公告编号：2024-061 | | --- | --- | --- | | 债券代码：113673 | 债券简称：岱美转债 | | 上海岱美汽车内饰件股份有限公司 可转债转股结果暨股份变动公告 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个别及连带责任。 重要内容提示 一、可转债发行上市概况 根据中国证券监督管理委员会《关于同意上海岱美汽车内饰件股份有限公 司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕1273 号） 同意注册，上海岱美汽车内饰件股份有限公司（以下简称"公司"）于 2023 年 7 月 18 日发行了 907.939 万张可转换公司债券，每张面值人民币 100 元，发行总 额 90,793.90 万元，期限 6 年。票面利率为：第一年 0.30%、第二年 0.50%、第 三年 1.00%、第四年 1.50%、第五年 1.80%、第六年 2.00%。转股期限为 2024 年 1 月 24 日至 2029 年 7 月 17 日。 经上海证券交易所自 ...

| 证券代码：603730 | 证券简称：岱美股份 公告编号：2024-060 | | --- | --- | | 债券代码：113673 | 债券简称：岱美转债 | 上海岱美汽车内饰件股份有限公司 关于使用闲置募集资金进行现金管理进展的公告 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： 履行的审议程序：上海岱美汽车内饰件股份有限公司（以下简称"公司"） 于 2024 年 5 月 20 日召开了第六届董事会第十三次会议和第六届监事会第十一 次会议，分别审议通过了《关于使用部分闲置募集资金进行现金管理的议案》， 同意在确保不影响募集资金投资项目建设和募集资金使用的情况下，使用总金额 不超过人民币 30,000.00 万元的闲置募集资金进行现金管理，使用期限自董事会 审议通过之日起 12 个月内有效。在上述额度及决议有效期内，可循环滚动使用。 闲置募集资金现金管理到期后归还至募集资金专户。在额度范围内，董事会授权 公司管理层负责办理使用闲置募集资金购买低风险的保本型银行理财产品、银行 结构性存款或低风险保本型证券 ...

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。 上海岱美汽车内饰件股份有限公司（以下简称"公司"）于 2024 年 5 月 20 日召开了第六届董事会第十三次会议和第六届监事会第十一次会议，审议通过了 《关于使用闲置募集资金暂时补充流动资金的议案》，同意使用不超过人民币 30,000.00 万元闲置募集资金暂时补充流动资金，使用期限不超过董事会审议通 过之日起 12 个月，到期将及时足额归还至相关募集资金专户。具体内容详见公 司于 2024 年 5 月 21 日披露的《上海岱美汽车内饰件股份有限公司关于使用闲置 募集资金暂时补充流动资金的公告》（公告编号：2024-029）。截至 2024 年 9 月 25 日，公司实际使用暂时补充流动资金的闲置募集资金累计人民币 30,000.00 万元。 截至本公告日，公司已将 20,000.00 万元暂时补充流动资金的闲置募集资 金归还至募集资金专用账户，并及时将上述部分募集资金的归还情况告知保荐 人，其余用于暂时补充流动资金的 10,000.00 万元募集资金将在到期日之前归 还。 | ...

| 证券代码：603730 | 证券简称：岱美股份 公告编号：2024-058 | | --- | --- | | 债券代码：113673 | 债券简称：岱美转债 | 上海岱美汽车内饰件股份有限公司 关于债券持有人及其一致行动人持有 可转换公司债券比例变动达 10%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。 上海岱美汽车内饰件股份有限公司（以下简称"公司"）于2024年9月20日 收到公司控股股东浙江舟山岱美投资有限公司（以下简称"岱美投资"）的通知， 2024年9月3日至2024年9月20日期间，岱美投资通过上海证券交易所交易系统以 大宗交易方式合计减持"岱美转债"944,000张，占发行总量的10.40%。具体情 况如下： 公司控股股东岱美投资及其一致行动人姜银台先生、姜明先生、叶春雷先生、 上海富善投资有限公司－富善投资安享尊享 11 号私募证券投资基金共计配售 "岱美转债"7,357,680 张，占公司可转债发行总量的 81.04%。 二、债券持有人持有可转换公司债券变动情况 2024 年 5 月 16 日 ...