| 证券代码：605128 | 证券简称：上海沿浦 | 公告编号：2024-093 | | --- | --- | --- | | 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 关于调整募投项目拟投入募集资金金额的公告 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。 一、募集资金基本情况 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﹝2024﹞860号），上海沿浦金属制品股份有限公 司（以下简称"公司"）向特定对象发行人民币普通股（A股）11,584,068股，发行 价格为32.89元/股，募集资金总额为380,999,996.52元，扣除与本次发行有关费用人 民币5,688,679.24元（不含增值税），实际募集资金净额为人民币375,311,317.28元。 以上募集资金已于2024年12月4日全部到账，并由立信会计师事务所（特殊普通合伙） 对本次发行的募集资金到位情况进行了审验，出具了《验资报告》（信会师报字 [2024]第Z ...

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 使用部分闲置募集资金临时补充流动资金的核查意见 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）作为上海沿浦金 属制品股份有限公司（以下简称"上海沿浦"或"公司"）持续督导保荐机构，根据 《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求》《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 11 号——持续督导》《上海证券交易所上市公司自律监管 指引第 1 号——规范运作》等有关规定，对公司使用部分闲置募集资金临时补充流 动资金事项进行了核查，具体情况如下： 一、募集资金基本情况 （一）此次向特定对象发行股票募集资金到账时间、金额及存储情况 经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﹝2024﹞860号），上海沿浦金属制品股份有限公 司（以下简称"公司"）向特定对象发行人民币普通股（A股）11,584,068股，发行 价格为32.89元/股，募集资金总额为380,999,996.52元。 2024 年 12 月 4 ...

Investment Rating - The report maintains a "Buy" rating for Shanghai Yanpu (605128) [2] Core Views - The company successfully completed a private placement of 11.58 million shares at 32.89 yuan per share, raising a net amount of 375 million yuan [1] - The issuance price was 111.53% of the minimum price, indicating strong investor confidence [1] - Funds will be primarily used for seat frame projects, with 38% allocated to Huizhou Yanpu's advanced new energy vehicle seat frame production, 38% to Zhengzhou Yanpu's annual production of 300,000 sets of seat frame assemblies, and 24% to Tianjin Yanpu's annual production of 7.5 million plastic parts [1] - Revenue growth is driven by strong sales of AITO M7 and Xpeng Mona03, with AITO M7 sales exceeding 150,000 units in 24Q1-24Q3, a nearly 11-fold increase year-over-year, and Xpeng Mona03 achieving over 10,000 units in September 2024 [1] - The company is the sole supplier of seat frames for AITO M7 and Xpeng Mona03, benefiting from the rapid growth of downstream automakers [1] - The company has obtained all necessary qualifications for high-speed rail seat samples and passed factory audits, with mass production expected by early 2025 [1] - The company has secured new projects worth 2.35 billion yuan, covering full seat frame assemblies for domestic and new energy vehicle brands, indicating a strong partnership with Dongfeng Li'er and a solid foundation for future growth [1] - The company is transitioning to a platform-based development model, with a recent announcement of securing a seat frame assembly project from a leading new energy vehicle manufacturer, showcasing its ability to directly engage with OEMs [1] Financial Forecasts - Revenue is expected to grow from 2.39 billion yuan in 2024 to 3.73 billion yuan in 2026, with a CAGR of 25% [1] - Net profit attributable to shareholders is projected to increase from 164 million yuan in 2024 to 359 million yuan in 2026, with a CAGR of 48% [1] - The PE ratio is forecasted to decrease from 28x in 2024 to 13x in 2026 [1] - ROE is expected to rise from 12.78% in 2024 to 20.08% in 2026 [4] Financial Highlights - Revenue for 2023 was 1.52 billion yuan, with a 35.38% year-over-year growth [4] - Net profit attributable to shareholders for 2023 was 91 million yuan, a 99.32% increase year-over-year [4] - The company's gross margin improved from 16.12% in 2023 to 19.29% in 2026 [4] - The net margin is expected to increase from 5.78% in 2023 to 9.42% in 2026 [4] Related Reports - "Seat Frame Platform Transformation, Future Growth Enters Fast Lane" dated October 27, 2024 [3] - "Downstream Customers Rapidly Expanding, Capacity Utilization Drives Margin Improvement" dated October 22, 2024 [3] - "Company Secures New Project, Adding Approximately 2.3 Billion Yuan in Revenue Over 5 Years" dated September 3, 2024 [3]

上海沿浦金属制品股份有限公司 向特定对象发行 A 股股票认购资金 实收情况的验证报告 截至 2024年12月4日 10 点 25 分止 I 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acco.net.gov.cn）"进行查查 【8 =会计师事务所(特殊普通合伙) HINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS 验 资 报 告 信会师报字[2024]第 ZA14477 号 上海沿浦金属制品股份有限公司全体股东: 我们接受委托,审验了上海沿浦金属制品股份有限公司(以下简 称"贵公司")截至 2024年 12 月 4 日 10 点 25 分止新增注册资本及股 本情况。按照法律法规以及协议、章程的要求出资,提供真实、合法、 完整的验资资料,保护资产的安全、完整是全体股东及贵公司的责任。 我们的责任是对贵公司新增注册资本及股本情况发表审验意见。我们 的审验是依据《中国注册会计师审计准则第 1602 号 -- 验资》进行 的。在审验过程中,我们结合贵公司的实际情况,实施了检查等必要 的审验程序。 贵公司原注册资本为人民币 118,405,160.0 ...

关于上海沿浦金属制品股份有限公司 2023 年度向特定对象发行 A 股股票 发行过程和认购对象合规性的报告 保荐人（主承销商） （上海市广东路 689 号） 二〇二四年十二月 海通证券股份有限公司 经中国证券监督管理委员会（以下简称"中国证监会"）《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[2024]860 号），同意上海沿浦金属制品股份有限公司（简称"上海沿浦"、"发行人"或 "公司"）向特定对象发行 A 股股票的注册申请。 海通证券股份有限公司（以下简称"海通证券"、"主承销商"、"保荐人 （主承销商）"）作为上海沿浦本次向特定对象发行 A 股股票（以下简称"本 次发行"）的保荐人（主承销商）对发行人本次发行过程及认购对象的合规性进 行了审慎核查，认为上海沿浦的本次发行过程及认购对象符合《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》"）《证券发行与承销管理办法》（以下 简称"《承销管理办法》"）《上 市公司证券发行注册管理办法》（以下简称 "《注册管理办法》"）和《上海证 券交易所上市公司证券发行与承销业务实施 细 ...

股票简称:上海沿浦 (上海市广东路 689 号) 发行情况报告书 保荐人（主承销商） 二〇二四年十二月 载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法律责 任。 沿道征券股份有限公司 HAITONG SECURITIES CO., LTD. 股票代码: 605128 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 董事签名： 监事签名： 周建清 钱 勇 张思成 顾铭杰 顾静飞 乐 伟 韩维芳 钱 俊 袁 锋 张思成 钱 勇 顾铭杰 上海沿浦金属制品股份有限公司 1 发行人全体董事、监事、高级管理人员声明 本公司全体董事、监事及高级管理人员承诺本发行情况报告书不存在虚假记 易重学 谌祖单 胡学仲 高级管理人员签名： 秦艳芳 年 月 日 发行人全体董事、监事、高级管理人员声明 本公司全体董事、监事及高级管理人员承诺本发行情况报告书不存在虚假记 载、误导性陈述或重大遗漏,并对其真实性、准确性、完整性承担相应的法律责 任。 独立董事签名: 袁 锋 上海沿 ...

上海市广发律师事务所 关于上海沿浦金属制品股份有限公司 向特定对象发行股票发行过程和认购对象合规性的 法律意见 电话：021－58358013|传真：021－58358012 网址：http://www.gffirm.com|电子信箱：gf@gffirm.com 办公地址：上海市浦东新区南泉北路 429 号泰康保险大厦 26 楼|邮政编码：200120 上海市广发律师事务所 关于上海沿浦金属制品股份有限公司 向特定对象发行股票发行过程和认购对象合规性的法律意见 致：上海沿浦金属制品股份有限公司 上海市广发律师事务所（以下简称"本所"）接受上海沿浦金属制品股份有 限公司（以下简称"发行人"或"公司"）的委托，作为其申请向特定对象发行 股票事宜（以下简称"本次发行"）的专项法律顾问。根据《中华人民共和国公 司法》《中华人民共和国证券法》（以下简称"《证券法》"）及中国证券监督 管理委员会（以下简称"中国证监会"）《上市公司证券发行注册管理办法》（以 下简称"《注册管理办法》"）、《证券发行与承销管理办法》（以下简称"《承 销管理办法》"）、《上海证券交易所上市公司证券发行与承销业务实施细则》 （以下简称"《实施细 ...

| 证券代码：605128 | 证券简称：上海沿浦 | 公告编号：2024-087 | | --- | --- | --- | | 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发行情况的提示性的公告 二〇二四年十二月十一日 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。 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的发行总结 及相关文件已经上海证券交易所备案通过，公司将依据相关规定尽快办理本次发行新增股份 的登记托管事宜。本次发行的具体情况详见公司于 2024 年 12 月 12 日在上海证券交易所网 站（www.sse.com.cn）披露的《上海沿浦金属制品股份有限公司 2023 年度向特定对象发行 A 股股票发行情况报告书》及相关发行文件。 特此公告 上海沿浦金属制品股份有限公司 董 事 会 ...

Group 1: Company Overview - Shanghai Yanpu Metal Products Co., Ltd. was established on April 19, 1999, primarily producing metal components for automotive parts, including seat frame assemblies and precision stamped parts [5] - The company has established good cooperative relationships with well-known automotive parts manufacturers such as Dongfeng Lear and Magna, becoming a key strategic supplier [6] - As of June 30, 2024, the company's total share capital is RMB 118,404,400 [6] Group 2: Financial Performance - In 2023, the company achieved operating revenue of RMB 1.519 billion, a year-on-year increase of 35.38% [8] - The net profit attributable to shareholders was RMB 91.1782 million, up 99.32% year-on-year, while the net profit after deducting non-recurring gains and losses was RMB 87.8707 million, a growth of 174.72% [8] - For the first three quarters of 2024, the company reported operating revenue of RMB 1.499 billion, a year-on-year increase of 46.97% [9] Group 3: Product Categories - The main products include: 1. Seat frame assemblies (including seat slides) 2. Precision stamped parts (for seat belts, locking systems, exhaust systems, etc.) 3. Precision injection molded parts 4. Molds used in conjunction with the above products [8] Group 4: Market Position and Growth - The revenue from seat frame assemblies accounted for over 50% of total revenue in the first three quarters of 2024, with stable supply to major clients like Dongfeng Lear [9] - The company's strong growth in profits is attributed to technological innovation and effective cost control [9]

Summary of Conference Call Company and Industry - The discussion primarily revolves around the automotive seating industry, specifically focusing on Shanghai Yanpu, a company positioned as a leading player in the high-end seating market for automobiles [1][5][11]. Core Insights and Arguments 1. **Tenfold Stock Analysis**: The speaker reflects on the concept of "tenfold stocks," emphasizing that such stocks typically arise from two main factors: industry trends and valuation expansion. Historical examples indicate that a combination of profit growth and valuation expansion can lead to significant stock price increases [1][2]. 2. **Shanghai Yanpu's Potential**: The company is projected to have a valuation increase from approximately 15 times earnings to potentially 45-50 times, driven by expected profit growth. The speaker estimates a profit growth rate of around 3.5 times over three years [2][3]. 3. **Market Dynamics**: The automotive industry is undergoing a transformation, with domestic Chinese brands gaining market share against foreign competitors. The speaker notes that tariffs imposed on foreign vehicles could further enhance the competitive position of local manufacturers [4][12]. 4. **Industry Size and Growth**: The automotive seating market is substantial, with estimates suggesting a potential market size of 400-500 billion globally. If domestic players capture even 10% of this market, it could translate to significant revenue opportunities [4][5]. 5. **Competitive Landscape**: The seating industry is currently dominated by foreign companies, but there is a shift occurring as local firms begin to establish themselves. The speaker highlights the importance of vertical integration in seating production as a competitive advantage [5][6]. 6. **Platformization Strategy**: Shanghai Yanpu is transitioning from a Tier 2 supplier to a Tier 1 platform provider, which allows for direct engagement with major automotive manufacturers. This shift is expected to enhance the company's growth prospects significantly [11][12]. 7. **Sales Growth of Key Clients**: The sales performance of key clients such as BYD and Xpeng is robust, with BYD's sales surpassing 500,000 units in October, reflecting a 60% year-on-year increase. This growth is expected to benefit Shanghai Yanpu as a core supplier [13][14]. 8. **Incremental Business Opportunities**: The company is poised to benefit from the upcoming high-speed rail seat replacement cycle, with significant profit contributions anticipated starting in 2025. The company has already secured necessary certifications for production [15][16]. 9. **Valuation Outlook**: The projected profit growth for 2024-2026 is estimated at over 58%, with a target market valuation exceeding 7 billion. Current market fluctuations have brought the company's stock price down, presenting a potential buying opportunity [17][18]. Other Important Insights - The discussion touches on geopolitical factors, particularly U.S.-China relations, which may create opportunities for domestic companies as foreign competitors potentially withdraw from the Chinese market [12][17]. - The speaker emphasizes the importance of innovation and adaptation within the industry, noting that companies must evolve to maintain competitiveness in a rapidly changing market environment [6][9]. This summary encapsulates the key points discussed during the conference call, highlighting the strategic positioning of Shanghai Yanpu within the automotive seating industry and the broader market dynamics at play.