新业科技的分会场一季度呢我们也是看到公司这个收入端在去年同期高技术的一个背景下仍然取得了很好的一个增长然后包括这个鞋包带皮革这一块呢也有一定的恢复然后鸿星呢也是依然保持着比较快的一个增长然后也获得了这个新的定点所以我们今天呢也是再次有幸请到公司的这个IR张总来跟我们再做进一步的交流和分享 首先我先把时间交给张总请张总带我们做一个简单的一个情况的更新然后后续我们会再开放QA环节好的各位投资者大家下午好由我先对公司23年度跟24年一季度的一个情况跟大家做一个简要的汇报23年度就是从鞋包带业务方面来看的话也是受到了终端社会付出缓慢的影响 然后下游客户的这个采购需求也是趋谨慎行业景气度偏冷但是成品比价格的走低也使得天然皮革材料的性价比更加的凸显天然皮革呢就是在这种像小白鞋啊休闲鞋啊以及运动鞋等新品类的使用量有所增加的还有呢就是近年来制革行业的一些中小企业的退出也使得行业的竞争格局可以改善那么海外市场方面呢就是欧美国家的经济复苏带动了这个消费的回暖然后海外品牌的 经过去过春秋之后采购量也是有所回升的整体看海外市场对天然皮革的需求是向好的汽车内置皮革也是随着国家对于汽车行业的一些政策还有一些多地的一些促销政策的推出然后对 ...

公司报告 | 年报点评报告 请务必阅读正文之后的信息披露和免责申明 1 更新盈利预测，维持"买入"评级 风险提示：环保政策风险；产品创新与技术进步的风险；主要原材料价格 波动的风险；汇率风险；流行趋势变化致使天然皮革在鞋面用皮革使用量 减少的风险等；项目开展情况存在不确定性风险等。 | --- | --- | --- | --- | --- | --- | |-----------------------------|----------|----------|----------|----------|----------| | 营业收入 ( 百万元 ) | 1,987.71 | 2,699.52 | 3,243.47 | 3,861.35 | 4,317.76 | | 增长率 (%) | 15.14 | 35.81 | 20.15 | 19.05 | 11.82 | | EBITDA( 百万元 ) | 364.49 | 557.94 | 538.59 | 635.36 | 686.14 | | 归属母公司净利润 ( 百万元 ) | 150.57 | 186.31 | 267.31 | 340.29 | 4 ...

证券代码：002674 证券简称：兴业科技 公告编号：2024-024 兴业皮革科技股份有限公司 关于 2023 年股票期权激励计划预留授予登记完成的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 1.预留授予的股票期权登记数量：85 万份 2.预留授予的激励对象：30 人； 3.预留授予的股票期权简称及代码：兴业 JLC2，037431； 4.股票来源：公司向激励对象定向发行公司 A 股普通股股票； 5.预留授予登记完成日：2024 年 5 月 9 日。 一、激励计划的决策程序和批准情况 （一）2023 年 4 月 22 日，公司召开第六届董事会第二次会议，审议通过了 《关于公司<2023 年股票期权激励计划（草案）>及其摘要的议案》《关于公司<2023 年股票期权激励计划实施考核管理办法>的议案》及《关于提请股东大会授权董事 会办理公司 2023 年股票期权激励计划相关事项的议案》等议案，公司独立董事就 本激励计划相关议案发表了独立意见。 同日，公司召开第六届监事会第二次会议，审议通过了《关于公司<2023 年 股票期权激励计划（草案 ...

买入（维持评级） 股票信息 行业 纺织服装 证券研究报告 | 公司动态点评 2024 年 04 月 26 日 兴业科技（002674.SZ） 宏兴汽车皮革获得新客户定点通知，内饰业务毛利率提升显著 | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------| | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 1,988 | 2,700 | 3,252 | 3,832 | 4,466 | | 增长率 yoy （ % ） | 15.1 | 35.8 | 20.5 | 17.9 | 16.5 | | 归母净利润（百万元） | 151 | 186 | 267 | 339 | 417 | | 增长率 yoy （ % ） | -17.0 | 23.7 | 43.2 | 27.0 | 22.9 | | ROE （ % ） | 6.8 | 8.9 | 10.6 | 12.5 | 1 ...

股 票 研 究 证 券 研 究 报 告 兴业科技 深证成指 [Table_MainInfo] [Table_Title] 兴业科技(002674) 业绩符合预期，汽车内饰业务快速放量 | --- | --- | --- | --- | |----------|------------------------------------|---------------------------------------|----------------------------------| | | 刘佳昆 ( 分析师 ) \n021-38038184 | 曹冬青 ( 研究助理 ) \n0755-23976666 | 赵博 ( 研究助理 ) \n010-83939831 | | | liujiakun029641@gtjas.com | caodongqing026730@gtjas.com | zhaobo026729@gtjas.com | | 证书编号 | S0880524040004 | S0880122070070 | S0880122070053 | 本报告导读： 2023 年及 2024Q1 业绩符合预期， ...

公 司 研 究 投资评级：买入（维持） | --- | --- | |-------|---------------------------| | | | | | 张霜凝（联系人） | | | zhangshuangning@kysec.cn | | | | | | 证书编号： S0790122070037 | -32% -16% 0% 16% 32% 2023-04 2023-08 2023-12 2024-04 兴业科技 沪深300 《Q3 汽车内饰皮革量价齐升，新定点 奠定 2024年增长信心—公司信息更新 报告》-2023.11.15 《2023H1 业绩靓丽，主业改善&汽车 内饰用皮革高增—公司信息更新报 告》-2023.8.29 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 表 2: 公司信息更新报告 | --- | --- | --- | |-------|-----------------------------------------------------------|-------| | | | | | | 1、 践行一站式牛皮革材补供应商战略，延续高分红比例 | | | | ...

[Table_Title] 兴业科技（002674）2023年报&一季报点评 2024 年 04 月 25 日 开拓海外市场，探索多元化业务结构发展。2023 年，在行业景气度趋 冷的情况下，受益于休闲鞋、运动鞋等新品类使用量提升，以及海外 需求向好，公司鞋包带用皮革业务整体营业收入同比增长 19.59%至 18.66 亿元。报告期内，公司持续积极开拓海外市场，服务 VF 集团（威 富集团）、COLEHAAN（歌涵）等海外品牌，后续随着印尼工厂扩建完 成，产能进一步释放，有望贡献业绩增量。此外，公司还积极探索电 子包覆用皮革、家具用皮革等新品类，优化业务结构，2023 年销量和 收入均实现增长。子公司宝泰皮革从事的二层皮胶原产品原料业务也 实现高速增长，2023 年实现营业收入 1.35 亿元，同比大幅增长 165.52%。多元的业务结构有助于公司抗风险能力提升，助力业绩稳 健增长。 2023 年，公司实现营业收入 27.00 亿元，同比增长 35.81%；实现归 母净利润 1.86 亿元，同比增长 23.74%；实现扣非归母净利润 1.80 亿 元，同比增长 36.86%。 | --- | --- | |- ...

2、参与方式：投资者可登录全景网投资者关系互动平台（https://ir.p5w.net）， 参与公司 2023 年度网上业绩说明会。 证券代码：002674 证券简称：兴业科技 公告编号：2024-023 兴业皮革科技股份有限公司 关于举行 2023 年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 兴业皮革科技股份有限公司（以下简称"公司"）已于 2024 年 4 月 23 日在巨 潮资讯网（www.cninfo.com.cn）披露了《2023 年年度报告》。为使广大投资者进 一步了解公司 2023 年度的经营情况，公司定于 2024 年 4 月 30 日（星期二）下 午 15:00—17:00 举行 2023 年度网上业绩说明会，具体事宜如下： 一、业绩说明会安排 1、召开时间：2024 年 4 月 30 日（星期二）下午 15:00—17:00 （问题征集专题页面二维码） 特此公告。 兴业皮革科技股份有限公司董事会 2024 年 4 月 25 日 3、会议参加人员：董事长吴华春先生，董事、总裁孙辉永先生，独立董事 陈守德先生，副 ...

投资者应注意，在法律允许的情况下，本公司及其本公司的关联机构可能会持有报告中涉及的公司所发行的证 券并进行交易，并可能为这些公司正在提供或争取提供投资银行、财务顾问和金融产品等各种金融服务。本公 司及其本公司的关联机构或个人可能在本报告公开发布之前已经使用或了解其中的信息。 本报告版权归"中泰证券股份有限公司"所有。事先未经本公司书面授权，任何机构和个人，不得对本报告进 行任何形式的翻版、发布、复制、转载、刊登、篡改，且不得对本报告进行有悖原意的删节或修改。 公司点评 请务必阅读正文之后的重要声明部分 - 3 - 兴业科技(002674.SZ)/纺服 证券研究报告/公司点评 2024 年 4 月 23 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------|-------|-------|-------|-----------------------|----------------- ...

Dividend and Profit Distribution - The company plans to distribute a cash dividend of 6 CNY per 10 shares to all shareholders, based on a total of 291,862,944 shares[3]. - The company plans to distribute a cash dividend of CNY 6.00 per 10 shares, totaling CNY 175,117,766.40, which represents 100% of the profit distribution[192][194]. - The total distributable profit available for shareholders was CNY 551,228,903.78 after accounting for previous distributions[194]. - The company has not proposed any stock bonus distribution for the reporting period[192]. Financial Performance - The company's operating revenue for 2023 reached ¥2,699,515,768, representing a 35.81% increase compared to ¥1,987,712,444 in 2022[18]. - The net profit attributable to shareholders of the listed company for 2023 was ¥186,309,609, a 23.74% increase from ¥150,567,194 in 2022[18]. - The net cash flow from operating activities improved significantly to ¥25,215,994, a 122.69% increase from a negative cash flow of ¥111,127,012 in 2022[19]. - Basic earnings per share for 2023 were ¥0.6383, up 23.73% from ¥0.5159 in 2022[19]. - The total assets of the company as of December 31, 2023, were ¥4,112,131,121, an 8.58% increase from ¥3,787,049,972 in 2022[19]. - The net assets attributable to shareholders of the listed company increased to ¥2,401,088,281, a 2.15% rise from ¥2,350,440,600 in 2022[19]. - The company reported a net profit of CNY 113,445,816.50 for the fiscal year 2023[194]. Operational Stability and Governance - The company has not reported any changes in its main business since its listing, indicating stability in operations[16]. - The company has no changes in its controlling shareholders, ensuring continuity in governance[16]. - The company has confirmed the accuracy and completeness of its financial reports, with key personnel signing off on the annual report[2]. - The company maintains independent financial operations, with a dedicated finance department and independent financial decision-making processes[155]. - The board of directors consists of 7 members, including 3 independent directors, ensuring compliance with governance standards[147]. - The company has established a complete and independent procurement, production, sales, and R&D system, ensuring no competition with the controlling shareholder[151]. Environmental and Production Strategies - The company is focused on environmental protection strategies in its production processes to minimize risks to humans and the environment[9]. - The company has a comprehensive approach to clean production, aiming to maximize social and economic benefits while reducing potential hazards[10]. - The company emphasizes environmental protection by implementing advanced wastewater treatment solutions and has obtained pollution discharge permits for its subsidiaries[45]. - The company is developing chromium-free, low-formaldehyde ecological leather products, aiming to enhance product quality and customer satisfaction[92]. - The ecological health product development focuses on chromium-free tanning and low volatile organic compounds, ensuring consumer health and safety[92]. Research and Development - The company has established a dual R&D system with a technical center at headquarters and product development teams in business units, focusing on cutting-edge development and basic research in leather technology[42]. - In 2023, the company undertook 29 R&D projects and has accumulated 101 valid patents, including 86 invention patents, demonstrating its commitment to innovation[46]. - The total R&D investment for 2023 was approximately 71.99 million yuan, representing a 30.74% increase from 55.06 million yuan in 2022[94]. - The number of R&D personnel increased to 283, up 8.43% from 261 in 2022, with the proportion of R&D staff in the company rising to 8.63%[94]. Market Position and Sales - The company focuses on high-end leather products for shoes and bags, serving well-known domestic and international brands, which helps maintain its competitive edge[37]. - The company’s subsidiary, Hongxing Automotive Leather, has established partnerships with major automotive brands, including Li Auto and NIO, enhancing its market position in the automotive leather sector[39]. - Revenue from automotive interior leather surged by 94.21% to CNY 599,180,295.30, driven by the growth in the new energy vehicle market[59]. - Sales of leather for shoes and bags accounted for 69.13% of total revenue, with a year-on-year growth of 19.59%[59]. - The company successfully entered the supply chains of brands such as VF Group and COLEHAAN, enhancing its presence in overseas markets[54]. Challenges and Risks - The company faces risks related to environmental policies, which may lead to increased operational costs due to stricter pollution control measures and the need for additional environmental facilities[131]. - Fluctuations in the price of raw materials, particularly cowhide, significantly impact the company's financial performance, with potential adverse effects on profitability[133]. - The company is exposed to exchange rate risks due to substantial imports of raw materials, primarily settled in foreign currencies like USD, which could affect revenue as the business scales[135]. - Ongoing US-China trade tensions pose risks, including potential tariffs on leather products exported to the US, which could affect sales and increase procurement costs for raw materials[138]. Employee and Management Structure - The total number of employees at the end of the reporting period was 3,281, with 2,250 in production, 91 in sales, 514 in technology, 45 in finance, and 381 in administration[185][186]. - The company emphasizes employee training and development to enhance workforce capabilities and support business growth[188]. - The company has a strong focus on technological innovation and has participated in multiple patent designs and inventions[164]. - The company’s management team includes professionals with advanced degrees from prestigious institutions, contributing to its strategic direction[165]. Future Outlook - The company plans to deepen market penetration and expand into new sectors such as electronic product covering leather and furniture leather, while maintaining its position in the footwear and bag leather markets[128]. - In 2024, the company anticipates a recovery in downstream customer orders as the domestic macroeconomic environment improves and overseas brands resume production orders[129]. - The company will leverage its overseas production capacity in Indonesia to enhance service for international clients while stabilizing its domestic market presence[129]. - The company has provided a performance guidance for 2024, expecting a revenue growth of 10% to 12%[172].