公司报告 | 年报点评报告 共创草坪（605099） 证券研究报告 优质出口标的成长可期 公司发布年报及一季报 25Q1 公司营收 8 亿，同增 15%，归母净利 1.6 亿，同增 29%，扣非后归母 净利 1.6 亿，同增 32%。 24 年公司营收 30 亿，同增 20%，归母净利 5 亿，同增 19%，扣非后归母 净利 5.1 亿，同增 21%。 公司全年累计销售人造草坪 9107 万方，同增 25.48%。其中，休闲草收入 21 亿，同增 22.43%，运动草收入 5.9 亿，同增 6.38%。铺装服务及其他产 品收入 3 亿，同增 34.83%。 主营业务毛利率 30.17%，同减 1.09 个百分点。 24 年国际市场收入 26 亿元，同增 20.85%，占总 88.91%，同增 0.68pct， 是公司业绩增长核心来源。其中休闲草仍是国际市场增长主要支撑，销量 和收入均显著增长，分别增长 30.14%和 22.43%，收入增速低于销量系原材 料价格和人民币汇率处相对低位，部分区域市场竞争愈加充分，且在全球 通胀影响下，部分消费者在消费时更倾向于选择价格较低产品。 总体来看，公司销量增长表现突出， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Insights - The company reported strong performance in Q1 2025, with revenue of 7.9 billion yuan (up 15.3% year-on-year) and net profit of 1.6 billion yuan (up 28.7% year-on-year). The overall revenue for 2024 was 29.5 billion yuan (up 19.9% year-on-year) and net profit was 5.1 billion yuan (up 18.6% year-on-year) [6]. - The company is expected to maintain its leading position in the industry due to its global capacity expansion, with projected net profits of 6.10 billion yuan, 6.94 billion yuan, and 7.75 billion yuan for 2025, 2026, and 2027 respectively [6]. Financial Performance - In 2024, the company achieved a gross margin of 30.0% (down 1.6 percentage points) and a net profit margin of 17.3% (down 0.2 percentage points). For Q1 2025, the gross margin improved to 32.5% (up 2.1 percentage points) and the net profit margin increased to 19.7% (up 2.1 percentage points) [7]. - The company sold 91.07 million square meters of artificial turf in 2024 (up 25.5%), with significant revenue contributions from leisure turf (20.5 billion yuan, up 22.4%) and sports turf (5.9 billion yuan, up 6.4%) [8]. Revenue Breakdown - The international market contributed 26.2 billion yuan in revenue in 2024 (up 20.9%), accounting for 88.9% of total revenue, while domestic revenue was 3.3 billion yuan (up 13.0%) [8]. - The company is focusing on refined operations in key regions and increasing new customer development to further enhance its global market share [8]. Financial Summary and Valuation Metrics - The company’s projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.52 yuan, 1.73 yuan, and 1.93 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 13.1, 11.5, and 10.3 [9]. - The financial metrics indicate a stable growth trajectory, with revenue expected to reach 33.83 billion yuan in 2025, reflecting a year-on-year growth of 14.6% [9].

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].

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]

证券代码：605099 证券简称：共创草坪 公告编号：2025-014 江苏共创人造草坪股份有限公司 关于 2024 年股票期权与限制性股票激励计划 预留部分第二次授予的公告 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个别及连带责任。 重要内容提示： 江苏共创人造草坪股份有限公司（以下简称"公司"）《2024 年股票期权与限 制性股票激励计划（草案）》（以下简称《激励计划》）规定的预留授予条件已经 成就，根据公司 2024 年第二次临时股东大会的授权，公司于 2025 年 4 月 25 日 召开第三届董事会第八次会议，审议通过《关于 2024 年股票期权与限制性股票 激励计划预留部分第二次授予的议案》，同意以 2025 年 4 月 28 日为预留部分第 二次授予日，向符合条件的激励对象授予股票期权 35,000 份，行权价格 16.68 元/股。 现将有关事项说明如下： 一、2024 年股票期权与限制性股票激励计划权益授予情况 （一）已履行的决策程序和信息披露情况 1、2024 年 7 月 8 日，公司召开了第三届董事会第二次会议及 ...

江苏共创人造草坪股份有限公司监事会 关于公司 2024 年股票期权与限制性股票激励计划预留部分第二次授 予激励对象名单（预留部分第二次授予日）的核查意见 （3）最近 12 个月内因重大违法违规行为被中国证监会及其派出机构行政处 罚或者采取市场禁入措施； （4）具有《公司法》规定的不得担任公司董事、高级管理人员的情形的； （5）法律法规规定不得参与上市公司股权激励的； （6）中国证监会认定的其他情形。 江苏共创人造草坪股份有限公司（以下简称"公司"）监事会依据《中华人民 共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简 称《证券法》）、《上市公司股权激励管理办法》（以下简称《管理办法》）和 《江苏共创人造草坪股份有限公司章程》（以下简称《公司章程》）等有关规定， 对公司 2024 年股票期权与限制性股票激励计划（以下简称"本激励计划"）预留 部分第二次授予的激励对象名单发表如下核查意见： 1、本次授予的激励对象均符合公司 2024 年第二次临时股东大会审议通过的 公司《2024 年股票期权与限制性股票激励计划（草案）》中所规定的授予激励 对象范围。 2、本次授予的激励对象具备《公司法》《证 ...

江苏共创人造草坪股份有限公司 2024 年股票期权与限制性股票激励计划 注：1、上述激励对象通过全部有效的股权激励计划获授的本公司股票均未超过公司目前总股本的 1%。 公司全部有效的激励计划所涉及的标的股票总数累计不超过公司目前股本总额的 10%。 2、本激励计划激励对象不包括独立董事、监事、单独或合计持有公司 5%以上股份的股东或实际控制人 及其配偶、父母、子女。 3、上表中数值若出现总数与各分项数值之和尾数不符，均为四舍五入原因所致。 江苏共创人造草坪股份有限公司董事会 2025 年 4 月 29 日 1 预留部分第二次授予激励对象名单 （预留部分第二次授予日） 一、预留部分第二次授予的股票期权分配情况 | 激励对象类别 | 获授的股票期 | 占本激励计划 授予股票期权 | 占目前总股 | | --- | --- | --- | --- | | | 权数量（份） | 总量的比例 | 本的比例 | | 核心技术（业务）骨干（2 人） | 35,000 | 0.93% | 0.009% | ...

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]

江苏共创人造草坪股份有限公司 2024 年度董事会审计委员会履职情况报告 根据《上市公司治理准则》《上海证券交易所股票上市规则》《上海证券交 易所上市公司自律监管指引第 1 号——规范运作》等相关规范性文件、业务规则 及《公司章程》《公司董事会审计委员会工作细则》的规定，公司董事会审计委 员会始终坚持认真、规范、有效地履行审计委员会的职责，全面关注公司的发展 状况，切实有效地监督、评估公司的外部审计机构工作，指导公司内部审计工作， 促进公司建立有效的内部控制。现将公司 2024 年度董事会审计委员会履职情况 报告如下： 一、董事会审计委员会基本情况 | 召开日期 | | 会议内容 | 重要意见和建议 年年报及财务决 1.2023 | 其他履行职责情况 1.在 年度财务 2023 | | --- | --- | --- | --- | --- | | | | | 年第一季 算报告、2024 度报告编制规范，真实公 | 报告和 年第一 2024 季度报告的编制过 | | | 审议： | | 允地反映了报告期内的 | 程中，审计委员会严 | | | | | 经营成果与财务状况，内 | 格遵循相关规则，全 | | | ...