干源证券 公 司 研 究 轻工制造/家居用品 2024H1 国内海外收入双增，产能扩张龙头地位稳固 共创草坪（605099.SH） 2024 年 09 月 03 日 ——公司信息更新报告 | --- | --- | --- | --- | --- | |-------------------------------|-------------|----------------------------------------------------------------|---------------------------------------------------------------------|---------------------------------------------------------------| | 投资评级：买入（维持） \n日期 | 2024/9/2 | 吕明（分析师） \nlvming@kysec.cn \n证书编号： S0790520030002 | 周嘉乐（分析师） \nzhoujiale@kysec.cn \n证书编号： S0790522030002 | 骆 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 25.80 CNY, maintaining the rating [1][5]. Core Views - The company is expected to see a continued recovery in profitability in the second half of 2024, with a significant increase in revenue and net profit in the first half of 2024 compared to the previous year [2][5]. - The global artificial turf market is projected to grow at a CAGR of 6.50% from 2023 to 2027, with the company holding a market share of 16.7% in 2023 [3][5]. - The company has made strategic investments in production capacity in Vietnam and Mexico to meet increasing demand from the Americas [4][5]. Financial Performance - In H1 2024, the company achieved revenue of 1.509 billion CNY, a year-on-year increase of 18.82%, and a net profit of 283 million CNY, up 25.08% [2][5]. - The gross margin for H1 2024 was 30.93%, with a net margin of 18.76%, reflecting improvements in operational efficiency [5][7]. - The company expects revenues of 2.904 billion CNY, 3.378 billion CNY, and 3.921 billion CNY for 2024, 2025, and 2026 respectively, with corresponding net profits of 514.6 million CNY, 610.3 million CNY, and 735.7 million CNY [5][6]. Market Dynamics - The overseas revenue for H1 2024 was 1.407 billion CNY, representing a year-on-year growth of 19.30%, primarily driven by the leisure turf segment [3][5]. - The company is actively expanding its market share in the domestic market despite reduced investment in basic sports facilities [3][5]. - The company is well-positioned to benefit from the anticipated easing of inflationary pressures in the US and a resilient macroeconomic environment [3][5].

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 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 股票研究 /[Table_Date] 2024.09.02 —共创草坪 2024 年中报点评 业绩超预期，产能扩张加速 共创草坪(605099) 耐用消费品[Table_Industry] /可选消费品 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|----------------------------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | [table_Authors] 刘佳昆 ( 分析师 ) | | | | | | | | | | | 021-38038184 | | | | | | | | | | | liuji ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 19.18 yuan [5]. Core Views - The company reported a revenue of 1.509 billion yuan for the first half of 2024, representing a year-on-year increase of 18.82%, and a net profit attributable to shareholders of 283 million yuan, up 25.08% year-on-year [1]. - The company is the global leader in artificial turf production and sales, with significant growth in both domestic and international markets [3]. - The report forecasts net profits for 2024-2026 to be 530 million, 620 million, and 690 million yuan respectively, with corresponding PE ratios of 15, 13, and 11 times [3]. Financial Performance - In H1 2024, the company's artificial turf sales reached 46.48 million square meters, a year-on-year increase of 25.5% [2]. - The revenue breakdown shows that leisure turf generated 1.103 billion yuan (73.05% of total revenue), while sports turf contributed 268 million yuan (17.76%) [2]. - The gross margin for H1 2024 was 30.93%, slightly down by 0.34 percentage points year-on-year, while the net margin improved by 0.94 percentage points to 18.76% [1]. Market Dynamics - The company experienced a 19.3% year-on-year increase in overseas revenue, amounting to 1.407 billion yuan, with a strong performance in European and American markets [2]. - Domestic revenue was 94 million yuan, reflecting a 14.35% increase, primarily driven by sports turf sales linked to local sports facility construction [2]. - The company has four production bases with a total annual capacity of 116 million square meters, with plans to expand capacity to 172 million square meters upon completion of new projects in Vietnam and Mexico [2]. Cost Management - The total expense ratio for H1 2024 was 8.78%, down 1.53 percentage points year-on-year, indicating improved cost efficiency as revenue grew [3]. - Sales and management expenses increased by 14.42% and 15.23% respectively, primarily due to higher personnel and intermediary costs [3].

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥1,509,334,418.89, representing an increase of 18.82% compared to ¥1,270,227,507.83 in the same period last year[14]. - The net profit attributable to shareholders was ¥283,200,087.18, up 25.08% from ¥226,407,007.66 in the previous year[14]. - The net profit after deducting non-recurring gains and losses was ¥277,963,039.77, reflecting a 27.72% increase from ¥217,628,203.53 year-on-year[14]. - The basic earnings per share increased to ¥0.71, a rise of 25.08% compared to ¥0.57 in the same period last year[15]. - The diluted earnings per share also stood at ¥0.71, marking a 25.08% increase from the previous year[15]. - The weighted average return on equity rose to 11.13%, an increase of 1.48 percentage points from 9.65% year-on-year[15]. - In the first half of 2024, the company achieved a net profit attributable to shareholders of 283.20 million yuan, an increase of 25.08% year-on-year, with a net profit margin of 18.76%, up by 0.94 percentage points[31]. - The company sold 46.48 million square meters of artificial turf products, representing a year-on-year growth of 25.50%, and achieved operating revenue of 1,509.33 million yuan, an increase of 18.82% compared to the same period last year[31]. Cash Flow and Assets - The net cash flow from operating activities decreased by 48.15% to ¥16,691,710.69 from ¥32,194,635.09 in the previous year[14]. - Total assets decreased by 5.43% to ¥2,950,794,392.59 from ¥3,120,099,828.57 at the end of the previous year[14]. - The company's cash flow from operating activities decreased by 48.15% to 166.92 million yuan, primarily due to an increase in accounts receivable[32]. - The company's total assets included 191.56 million yuan in overseas assets, accounting for 64.92% of total assets[35]. - The company's current assets totaled CNY 2,078,005,594.23, down from CNY 2,215,708,988.21, indicating a decrease of about 6.2%[68]. - Cash and cash equivalents decreased to CNY 628,526,827.63 from CNY 979,363,878.55, reflecting a decline of approximately 35.7%[68]. - Accounts receivable increased significantly to CNY 717,271,894.95 from CNY 474,622,466.87, marking an increase of around 50.9%[68]. - Total liabilities decreased to CNY 428,223,075.18 from CNY 627,932,567.93, representing a decline of approximately 31.8%[70]. Market Position and Industry Insights - The company is positioned in the artificial turf industry, which is experiencing rapid growth, with global demand expected to reach €4.141 billion by 2027, growing at a CAGR of 6.50%[17]. - The domestic artificial turf market is primarily driven by the sports turf segment, with significant growth potential as investments in sports infrastructure continue to increase[19]. - The company holds a 16.7% global market share in the artificial turf industry, with a production volume of 74.6 million square meters in 2023[22]. - The company is one of the eight global preferred suppliers of artificial turf for FIFA, World Rugby, and FIH, highlighting its industry leadership[22]. - The company’s products are exported to over 140 countries and regions, indicating a strong international presence[22]. Research and Development - The company has obtained a total of 65 authorized patents, including 25 invention patents and 40 utility model patents, enhancing its R&D capabilities[27]. - The company invested 4,382.74 million RMB in R&D, representing 2.90% of its operating revenue, indicating a strong commitment to innovation[43]. - The company reported a significant increase in accounts receivable by 51.12% year-on-year, indicating a growing customer base[33]. - The company has developed high-performance sports grass and low-carbon environmentally friendly systems, with some new products exceeding FIFA Quality Pro standards[28]. Compliance and Governance - The company did not distribute profits or increase capital reserves during the reporting period[3]. - The company has not faced any non-operational fund occupation by controlling shareholders or related parties[4]. - There are no violations of decision-making procedures regarding external guarantees[4]. - The company has maintained good integrity, with no violations of court judgments or significant debts reported[60]. - The company has committed to fair pricing in related party transactions, adhering to market prices[61]. Risks and Challenges - The company faces risks from intensified market competition, particularly as major players expand capacity and new entrants emerge in the artificial turf sector[40]. - The company is exposed to risks related to the fluctuation of raw material prices, particularly plastic particles, which are influenced by oil price volatility[43]. - The company’s reliance on international markets for revenue makes it vulnerable to geopolitical and economic changes in importing countries[42]. - The company’s overseas production expansion, particularly in Vietnam, presents management challenges that could lead to operational risks if not properly managed[44]. Financial Reporting and Audit - The report has not been audited[2]. - The company maintains its commitment to the accuracy and completeness of the financial report as stated by its responsible personnel[2]. - The company has received no adverse audit opinions in the previous annual report[58]. Shareholder Information - The top ten shareholders include Wang Qiangxiang with 54.87% ownership (219,517,200 shares) and Jiangsu Best Investment Group Co., Ltd. with 15.93% ownership (63,730,800 shares)[64]. - The total number of common shareholders as of the end of the reporting period is 8,831[64]. - The company held two shareholder meetings during the reporting period, with all proposals approved[47]. Environmental Initiatives - The company implemented a photovoltaic power generation project, generating approximately 4.89 million kWh in the first half of 2024, reducing CO2 emissions by about 3,073 tons[52].

关于会计政策变更的公告 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。 证券代码：605099 证券简称：共创草坪 公告编号：2024-044 重要内容提示： 江苏共创人造草坪股份有限公司 2024 年 3 月，中华人民共和国财政部（以下简称"财政部"）会计司编 写并发行《企业会计准则应用指南汇编 2024》（以下简称"《准则应用指南 2024》"）， 其中明确了与保证类质量保证费用相关的账目处理发生变更。因此，根据《准则 应用指南 2024》的规定，公司对相关会计政策进行相应调整。 指南 2024》的相关规定执行，其余未变更部分仍按照财政部前期颁布的《企业会 计准则——基本准则》和各项具体会计准则、企业会计准则应用指南、企业会计 准则解释公告以及其他相关规定执行。 二、会计政策变更的具体情况和对公司的影响 本次会计政策变更是公司根据法律法规和国家统一的会计制度的要求进 行的变更，无需提交公司董事会和股东大会审议，不会对公司财务状况、经营成 果和现金流量产生重大影响。 一、会计政策变更概述 （一）会计政策变更的原因及时间 ...

江苏共创人造草坪股份有限公司 章 程 2024 年 8 月 | 第一章 | | 总则 | 1 | | --- | --- | --- | --- | | 第二章 | | 经营宗旨和范围 | 2 | | 第三章 | | 股份 | 2 | | 第一节 | | 股份发行 | 2 | | 第二节 | | 股份增减与回购 | 3 | | 第三节 | | 股份转让 | 4 | | 第四章 | | 股东和股东大会 | 5 | | 第一节 | | 股东 | 5 | | 第二节 | | 股东大会的一般规定 | 7 | | 第三节 | | 股东大会的召集 | 9 | | 第四节 | | 股东大会的提案与通知 | 10 | | 第五节 | | 股东大会的召开 | 12 | | 第六节 | | 股东大会的表决和决议 | 14 | | 第五章 | 董事会 | | 19 | | 第一节 | | 董 事 | 19 | | 第二节 | | 董事会 | 21 | | 第六章 | | 总经理及其他高级管理人员 | 26 | | 第七章 | 监事会 | | 27 | | 第一节 | | 监 事 | 27 | | 第二节 | | 监事会 | 28 ...

证券代码：605099 证券简称：共创草坪 公告编号：2024-041 （二）审议通过《关于变更公司注册资本、经营范围及修订<公司章程>的议 案》 江苏共创人造草坪股份有限公司 第三届董事会第四次会议决议公告 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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 江苏共创人造草坪股份有限公司（以下简称"公司"）于 2024 年 8 月 19 日 向全体董事发出通知，召开公司第三届董事会第四次会议。会议于 2024 年 8 月 29 日以通讯方式召开，应出席董事 7 名，实际出席董事 7 名，由董事长王强翔 先生主持。本次会议的召集、召开符合《中华人民共和国公司法》《公司章程》 等的有关规定，会议决议合法、有效。 二、董事会会议审议情况 （一）审议通过《关于公司 2024 年半年度报告及其摘要的议案》 第三届董事会审计委员会第二次会议已事前审议通过本议案，并同意将其提 交本次董事会审议。 批准报送《江苏共创人造草坪股份有限公司 2024 年半年度报告》及《江苏 共创人造草坪股份有限公司 2024 年半年度报 ...

江苏共创人造草坪股份有限公司 关于股东与一致行动人之间内部转让股份完成暨减 持股份结果公告 本公司董事会、全体董事及相关股东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： 股东及一致行动人持股的基本情况 王强众先生作为江苏共创人造草坪股份有限公司（以下简称"公司"）控股 股东、实际控制人的一致行动人，现同王强翔先生、淮安创享创业投资中心（有 限合伙）、葛兰英女士、王淮平先生、江苏百斯特投资集团有限公司、马莉女士 及"外贸信托•福字 15888 号财富传承财产信托"及"外贸信托•福字 18888 号财 富传承财产信托"（以下合并称"财产信托"）合计持有公司股票 360,000,000 股， 占公司目前总股本的 89.6557%。本次减持计划正式实施前，王强众先生持有 17,703,000 股，占公司目前总股本的 4.4088%，来源于首次公开发行前持有的股 份；财产信托为近期新增一致行动人，在本次减持计划实施前并未持有公司股份。 证券代码：605099 证券简称：共创草坪 公告编号：2024-040 减持计划的实施结果情况 公司于 2 ...

股票期权登记日：2024 年 8 月 13 日 股票期权登记数量：335.90 万份 证券代码：605099 证券简称：共创草坪 公告编号：2024-038 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股票期 权首次授予结果公告 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： 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、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》"）的有关规定，公司已于 2024 年 8 月 13 日在中国证券登记结算有限责任公司上海分公司办理完成公司 2024 年股票期权与限制性股票激励计划之股票期权的首次授予登记工作，现将有关事 项说明如下： 一、股票期权授予情况 2024 年 7 月 26 日，公司分别召开第三届董事会第三次会议和第三届监事会 第三次会议，审议通过《关于调整 2024 年股票期权与限制性股票激励计划相关 事项的议案》和《关于向 202 ...