Key Points Industry and Company - **Industry**: Automotive Seat Industry - **Company**: Shanghai Yanpu Core Views and Arguments - **Market Size**: China's market size is nearly 150 billion RMB, with a global market size of about 45-50 billion RMB [3]. - **Competitive Advantage**: Shanghai Yanpu has a significant competitive advantage in the automotive seat industry, with the potential to become a global leader [3]. - **Growth Potential**: The company is expected to achieve a leapfrog development from 0 to N in the massive market, rather than the traditional 0 to 1 process [3]. - **Platformization**: Shanghai Yanpu is entering the platformization phase of automotive seat frames in 2025, with a projected 2 billion RMB in fixed-point scale over the next five years [4]. - **New Business Expansion**: The company plans to gradually enter the passenger car seat market in 2025, capitalizing on its accumulated experience in seat frames and platformization models [4]. - **Profitability**: The company's high-speed rail seat and railway container projects are expected to start generating significant profits in 2025, with the high-speed rail seat project having stronger profitability [4]. - **Revenue and Profit Growth**: The company's 2023 revenue was approximately 15 billion RMB, with nearly 10 billion RMB coming from automotive seat frames. The revenue growth rate is expected to exceed 30% over the next three years, with profit growth exceeding 50% [4]. - **Investment Value**: The company's investment value lies in its explosive growth in traditional businesses, expansion of passenger car seat business, and放量 of emerging businesses, driving rapid performance growth [4]. - **Domestic Market Opportunity**: The domestic passenger car seat market is mainly occupied by foreign and joint-venture companies, with significant room for domestic substitution. Shanghai Yanpu is expected to seize market share with its technical advantages and platformization model [4]. Other Important Points - **Annual Gold Stock**: Shanghai Yanpu is selected as the annual gold stock for 2025 based on its entry into the platformization phase of automotive seat frames, expansion of existing customer cooperation, and entry into the passenger car seat market [5]. - **Revenue Structure**: In 2023, 60% of the company's revenue came from automotive seat frames, with the remaining part coming from plastic injection, stamping parts, molds, and other automotive parts [6]. - **Passenger Car Seat Business**: Shanghai Yanpu plans to gradually break through the passenger car seat business from 2025, capitalizing on its 17 years of technical experience in seat frames and platformization models [7]. - **New Business Expansion**: The company will start to scale up new businesses such as high-speed rail seats and railway containers in 2025, significantly improving the company's overall profitability [8]. - **Investment Logic**: Investors choose Shanghai Yanpu as an investment target based on the following core logic: explosive growth in traditional businesses, entry into the passenger car seat market, and放量 of emerging businesses such as high-speed rail seats and railway containers [9]. - **Future Outlook**: From 2024 to 2026, the company's revenue growth rate is expected to exceed 30%, with profit growth exceeding 50%. Based on the 2025 net profit of 2.5 billion RMB, the market value is expected to reach more than 70 billion RMB, with a growth space of more than 50% compared to the current market value [10].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The leading seat frame manufacturer has significant potential to enter the complete seat market, with ongoing platform transformation expected to enhance performance, driven by ASP and market share growth [1][2] Summary by Sections Company Overview - The company specializes in automotive seat frame assemblies and has been deeply involved in the industry for approximately 20 years, with a focus on continuous revenue growth [17][21] - The company operates in the midstream of the supply chain, sourcing raw materials primarily from steel and supplying to Tier 1 suppliers and OEMs [21][23] Market Potential - The domestic automotive seat market is projected to reach 117.4 billion yuan by 2026, with a compound annual growth rate (CAGR) of 10% [49] - The overall automotive seat market is characterized by high ASP and low localization rates, indicating a strong potential for the emergence of domestic leading companies [51][52] Financial Projections - Revenue forecasts for 2024-2026 are 22.9 billion, 33.3 billion, and 40.5 billion yuan, representing year-on-year growth rates of 51%, 44%, and 23% respectively [4] - The net profit attributable to the parent company is expected to reach 1.4 billion, 2.5 billion, and 3.5 billion yuan for the same period, with growth rates of 58%, 71%, and 42% respectively [4] Competitive Landscape - The report highlights that the top five global seat manufacturers are all foreign companies, with a combined market share of 78%, indicating a high level of market concentration [29][30] - Domestic competitors include Yanfeng International, which holds a 32% market share, and other players like Jifeng and Tiancheng, which are still developing their market presence [37][38] Strategic Initiatives - The company is undergoing a platform transformation that has already resulted in securing 2.3 billion yuan in platform frame orders, reflecting strong recognition from OEMs [8][9] - The company is also expanding into high-speed rail seat production, which is expected to serve as a gateway into the complete seat market [8][9]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 36.98 CNY per share [17]. Core Insights - The company has achieved significant revenue growth, with projected revenues of 24.82 billion CNY, 32.39 billion CNY, and 41.91 billion CNY for the years 2024, 2025, and 2026 respectively [19]. - The company has received multiple new project approvals, which are expected to contribute approximately 60.59 billion CNY in revenue over the next five years, significantly boosting its financial performance [3][19]. - The company is expanding its customer base from Tier 2 to Tier 1 suppliers, enhancing its market position and revenue potential [3]. Financial Projections - Revenue is projected to grow from 1,519 million CNY in 2023 to 4,191 million CNY in 2026, reflecting a compound annual growth rate (CAGR) of 35.4% to 29.4% [5][21]. - Net profit is expected to increase from 91 million CNY in 2023 to 330 million CNY in 2026, with a net profit margin improving from 6.00% to 7.88% [6][21]. - Earnings per share (EPS) are forecasted to rise from 0.70 CNY in 2023 to 2.54 CNY in 2026, indicating strong profitability growth [5][21]. Business Expansion - The company is diversifying its product offerings beyond automotive seating to include components for railways and new energy sectors, which is expected to enhance long-term growth prospects [19]. - Recent project wins include contracts for automotive seat frame assemblies with significant revenue potential, indicating a robust pipeline for future earnings [17][19]. Customer Development - The company has established long-term relationships with major clients, including partnerships with leading automotive suppliers, which have contributed to a stable revenue stream [3]. - The expansion into new customer segments and product categories is anticipated to drive further revenue growth and market share gains [3][19].

| 证券代码：605128 | 证券简称：上海沿浦 | 公告编号：2025-001 | | --- | --- | --- | | 转债代码：111008 | 转债简称：沿浦转债 | | 上海沿浦金属制品股份有限公司 关于可转债转股结果暨股份变动的公告 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： 一、可转债上市概况 经中国证券监督管理委员会（证监许可［2022］2211 号）文核准，上海沿浦金属制品 股份有限公司（以下简称"上海沿浦"或"本公司"或"公司"）于 2022 年 11 月 2 日公 开发行了 384 万张可转换公司债券，每张面值 100 元，发行总额 3.84 亿元，期限 6 年。 2、因公司实施 2023 年度利润分配及资本公积金转增股本，自 2024 年 5 月 20 日起， 沿浦转债转股价格由人民币 46.99 元/股调整为人民币 31.50 元/股，详见公司于 2024 年 5 月 14 日在上海证券交易所网站（www.sse.com.cn）及指定媒体披露的《上海沿浦金属制品 股份 ...

Group 1 - The company Shanghai Yanpu (605128) announced that its wholly-owned subsidiary Huizhou Yanpu has received a designated notification from an important customer for the production of automotive seat frame assemblies for a specific vehicle model [1] - The project is expected to have a lifecycle of 5 years, generating approximately 5.09 billion yuan in revenue according to customer forecasts [2] - Another wholly-owned subsidiary, Wuhan Pujiang Yanpu Automotive Parts Co., Ltd., has also received a designated notification from a customer for the production of automotive seat frame assemblies for a different vehicle model, with an expected revenue of about 7.2 billion yuan over the same 5-year period [3]

股票简称：上海沿浦 股票代码：605128 转债简称：沿浦转债 转债代码：111008 上海沿浦金属制品股份有限公司 Shanghai YanPu Metal Products Co., Ltd. （上海市闵行区浦江镇江凯路 128 号） 2023 年度向特定对象发行 A 股股票 上市公告书 保荐人（主承销商） （上海市广东路 689 号） 二〇二四年十二月 1 特别提示 一、发行数量及价格 1、发行数量：11,584,068 股 2、发行价格：32.89 元/股 3、募集资金总额：人民币 380,999,996.52 元 4、募集资金净额：人民币 375,311,317.28 元 二、本次发行股票预计上市时间 本次发行新增股份在其限售期满的次一交易日在上海证券交易所上市交易 （预计上市时间如遇法定节假日或休息日，则顺延至其后的第一个交易日）。 三、新增股份的限售安排 本次发行对象共有 12 名，均以现金参与认购，全部发行对象认购的股票自 发行结束之日起六个月内不得转让。法律法规、规范性文件对限售期另有规定的， 依其规定。发行对象基于本次交易所取得的上市公司向特定对象发行的股票，因 上市公司分配股票股利、资本 ...

海通证券股份有限公司 关于上海沿浦金属制品股份有限公司 向特定对象发行 ▲ 股股票 之 上市保荐书 保荐机构(主承销商) 海道证券股份有限公司 HAITONG SECURITIES CO., LTD. (上海市广东路 689 号 ) 二〇二四年十二月 声 明 本保荐机构及其保荐代表人已根据《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》等法律法规和中国证券监督管理委员会（以 下简称"中国证监会"）及上海证券交易所的有关规定，诚实守信，勤勉尽责， 严格按照依法制定的业务规则和行业自律规范出具上市保荐书，并保证所出具文 件真实、准确、完整。 1 | 声 明. | | --- | | 月 え | | 一、发行人基本情况 | | 二、发行人本次发行情况 | | 三、本次证券发行上市的项目保荐代表人、协办人及项目组其他成员情况 11 | | 四、保荐机构是否存在可能影响公正履行保荐职责情形的说明 …………………………………12 | | 五、保荐机构承诺事项 . | | 六、本次证券发行上市履行的决策程序 | | 七、保荐机构关于符合国家产业政策和板块定位的核查情况 …………………………………… ...

| 证券代码：605128 | 证券简称：上海沿浦 | 公告编号：2024-095 | | --- | --- | --- | | 转债代码：111008 | 转债简称：沿浦转债 | | 上海沿浦金属制品股份有限公司 关于调整"沿浦转债"转股价格的公告 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： 证券停复牌情况：适用 因上海沿浦金属制品股份有限公司（以下简称"公司"）向特定对象发行股票，引 起"沿浦转债"转股价格调整,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 111008 | 沿浦转债 | 可转债转股停 牌 | 2024/12/20 | 全天 | 2024/12/20 | 2024/12/23 | 一、转股价格调整依据 根据中国证监会出具的《关于同意上海沿浦金属制品股份有限公司向特定对 象发行股票注册的批复》（证监许可 ...

| 证券代码：605128 | 证券简称：上海沿浦 | 公告编号：2024-096 | | --- | --- | --- | | 转债代码：111008 | 转债简称：沿浦转债 | | 上海沿浦金属制品股份有限公司 关于控股股东、实际控制人持股比例被动稀释超过 1% 的提示性公告 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： ● 本次权益变动为上海沿浦金属制品股份有限公司（以下简称"公司"） 向特定对象发行股票导致公司总股本增加，公司控股股东、实际控制人周建清 先生持股比例被动稀释，不涉及股东主动减持股份，不触及要约收购。 ● 本次权益变动前后，公司控股股东、实际控制人周建清先生持股比例从 38.39%被动稀释至34.97%，被动降低了3.42%。 ● 本次权益变动不会导致公司控股股东及实际控制人发生变化，不会对 公司治理结构及持续经营产生影响。 一、本次权益变动基本情况 | 姓名 | 周建清 | | --- | --- | | 性别 | 男 | | 国籍 | 中国 | | 身份证号码 | 31022 ...

| 证券代码：605128 | 证券简称：上海沿浦 | 公告编号：2024-097 | | --- | --- | --- | | 转债代码：111008 | 转债简称：沿浦转债 | | 上海沿浦金属制品股份有限公司 关于向特定对象发行股票结果暨股本变动的公告 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： 1、 本次发行履行的内部决策程序 2023 年 5 月 24 日，公司召开第四届董事会第二十四次会议，会议审议通过了《关于公 司符合向特定对象发行 A 股股票条件的议案》《关于公司 2023 年度向特定对象发行 A 股股票 方案的议案》《关于公司 2023 年度向特定对象发行 A 股股票预案的议案》《关于公司 2023 年 度向特定对象发行 A 股股票募集资金使用可行性分析报告的议案》《关于公司前次募集资金 发行数量：11,584,068 股 发行价格：32.89 元/股 预计上市时间：上海沿浦金属制品股份有限公司（以下简称"公司"、"上海沿浦" 或"发行人"）向特定对象发行 A 股股票新增 11,5 ...