公司报告 | 年报点评报告 开润股份（300577） 证券研究报告 嘉乐成长可期 公司发布年报及一季报 25Q1 公司营收 12 亿，同增 36%。归母净利 0.9 亿，同增 20%；扣非后归 母净利 0.8 亿，同增 7%；营收增长系服装及箱包收入增加，本期财务费用 0.3 亿，24Q1 为 686 万元，系并购企业并表后未实现汇兑损益增加所致。 24 年公司营收 42 亿，同增 37%。归母净利 3.8 亿，同增 229.5%。扣非后 归母净利 2.9 亿，同增 109.7%。 目前，开润美国业务主要为箱包及服装代工制造，占公司收入约 15%，由 印尼生产并出口。公司与客户主要采用 FOB，该模式下由客户承担货物装 运上船后的运费并自行清关支付关税。 包括印尼在内东南亚国家是继中国之后，当下全球纺织制造产品最主要生 产和出口国，美国消费市场及美国纺服品牌客户对其产能依赖度很高。东 南亚国家因其人口基数和人力成本优势，成为诸如箱包、鞋、服生产等劳 动密集型行业的重要产能地，而美国人力成本显著高于东南亚，通过关税 政策倒逼纺服制造行业回流至美国本土的可能性较低。 公司通过在中国、印尼、印度等多地建厂布局全球化 ...

嘉乐成长可期 公司发布年报及一季报 25Q1 公司营收 12 亿，同增 36%。归母净利 0.9 亿，同增 20%；扣非后归 母净利 0.8 亿，同增 7%；营收增长系服装及箱包收入增加，本期财务费用 0.3 亿，24Q1 为 686 万元，系并购企业并表后未实现汇兑损益增加所致。 24 年公司营收 42 亿，同增 37%。归母净利 3.8 亿，同增 229.5%。扣非后 归母净利 2.9 亿，同增 109.7%。 目前，开润美国业务主要为箱包及服装代工制造，占公司收入约 15%，由 印尼生产并出口。公司与客户主要采用 FOB，该模式下由客户承担货物装 运上船后的运费并自行清关支付关税。 包括印尼在内东南亚国家是继中国之后，当下全球纺织制造产品最主要生 产和出口国，美国消费市场及美国纺服品牌客户对其产能依赖度很高。东 南亚国家因其人口基数和人力成本优势，成为诸如箱包、鞋、服生产等劳 动密集型行业的重要产能地，而美国人力成本显著高于东南亚，通过关税 政策倒逼纺服制造行业回流至美国本土的可能性较低。 公司报告 | 年报点评报告 开润股份（300577） 证券研究报告 公司通过在中国、印尼、印度等多地建厂布局全球化 ...

开润股份（ [Table_StockNameRptType] 300577） 公司点评 业绩增长亮眼，盈利能力有望进一步提升 [Table_Rank] 投资评级：买入（维持） 报告日期： 2025-4-28 | [Table_BaseData] 收盘价（元） | 19.94 | | --- | --- | | 近 12 个月最高/最低（元） | 30.99/15.20 | | 总股本（百万股） | 240 | | 流通股本（百万股） | 140 | | 流通股比例（%） | 58.48 | | 总市值（亿元） | 48 | | 流通市值（亿元） | 28 | [公司价格与沪深 Table_Chart] 300 走势比较 -23% -3% 18% 38% 58% 4/24 7/24 10/24 1/25 开润股份 沪深300 执业证书号：S0010523120001 邮箱：xucai@hazq.com 分析师：余倩莹 执业证书号：S0010524040004 邮箱：yuqianying@hazq.com [Table_CompanyReport] 相关报告 [Table_Author] 分析师：徐偲 1.开润股 ...

| | | 债券代码：123039 债券简称：开润转债 安徽开润股份有限公司 关于对外担保的进展公告 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。 一、担保情况概述 注：本次新增担保为已用担保的续做，续做前后最高保证额均为 1,200 万美元，因汇率 差异，前次担保折合人民币 8,247.72 万元，本次担保折合人民币 8,647.92 万元。 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》等相关文件的规定，本次担保 在预计担保额度内，无需提交公司董事会或股东大会审议。 安徽开润股份有限公司（以下简称 "公司""本公司"）于 2024 年 12 月 6 日召开第四届董事会第二十一次会议，并于 2024 年 12 月 23 日召开 2024 年第 四次临时股东大会，审议通过了《关于对外担保额度预计的议案》，预计公司及 控股子公司为子公司提供担保的总额度为人民币 373,600 万元（含等值外币）， 其中为 Korrun International Pte.Ltd（以下简称"开润国际""债务人 ...

2025 年 4 月 28 日 当前价：19.94 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 公司研究 24 年业绩高增，箱包+服装双轮驱动、海外产能布局优势期待凸显 ——开润股份（300577.SZ）2024 年年报及 2025 年一季报点评 买入（维持） 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 2.40 | | 总市值(亿元)： | 47.81 | | 一年最低/最高(元)： | 15.20/30.99 | | 近 3 月换手率： | 96.69% | 股价相对走势 -12% 3% 19% 34% 49% 04/24 07/24 10/24 01/25 开润股份 沪深300 | 收益表现 | | | | | --- | --- | --- | - ...

Group 1: Financial Performance - In 2024, the company achieved a revenue of CNY 4.24 billion, a year-on-year increase of 36.56% [2] - The net profit attributable to shareholders reached CNY 381 million, up 229.52% year-on-year [2] - For Q1 2025, the company reported a revenue of CNY 1.23 billion, a growth of 35.57% compared to the previous year [3] Group 2: Business Segments - The OEM manufacturing segment generated revenue of CNY 3.53 billion in 2024, reflecting a significant growth of 44.61% [3] - The brand operation segment recorded revenue of CNY 658 million, with a modest increase of 5.07% [4] Group 3: Market Impact and Strategy - The U.S. market accounts for approximately 15% of the company's revenue, primarily from OEM manufacturing [4] - The company maintains a FOB cooperation model, which mitigates the impact of increased tariffs on operational costs [4] - The company has over 70% of its production capacity located overseas, enhancing its competitive edge [5] Group 4: Recent Developments - The acquisition of Shanghai Jiale in June 2024 has integrated fabric and garment manufacturing capabilities into the company [5] - Shanghai Jiale has received multiple awards for its innovative fabric technologies, enhancing the company's product development capabilities [5]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue and net profit for 2024 are projected to be 4.24 billion and 0.381 billion respectively, representing year-on-year growth of 36.6% and 229.5% [2] - The significant growth in performance is attributed to factors such as inventory replenishment in the 2B bag OEM industry, improved capacity utilization, and the consolidation of Jia Le starting from June [2][5] - The company plans to distribute a cash dividend of 1.91 yuan for every 10 shares, resulting in a dividend rate of 21% and a yield of 1.88% for 2024 [3] Financial Summary - The company’s total revenue for 2024 is estimated at 4.24 billion yuan, with a year-on-year growth of 36.6% [11] - The net profit attributable to the parent company is projected to be 0.381 billion yuan, reflecting a year-on-year increase of 229.5% [11] - The gross margin for 2024 is expected to be 22.9%, slightly down from the previous year [11] Business Segments - The 2B bag OEM segment is expected to benefit from inventory replenishment, with a revenue forecast of 3.534 billion yuan for 2024, marking a 44.61% increase [4] - The 2C segment, driven primarily by Xiaomi, is projected to generate 0.658 billion yuan in revenue, a 5.07% increase [6] - Jia Le's contribution post-acquisition is expected to enhance the company's growth trajectory, with its revenue for 2024 estimated at 1.489 billion yuan, a 15.81% increase [5] Future Projections - Revenue for 2025 is forecasted to reach 6.069 billion yuan, with a net profit of 0.461 billion yuan, indicating a year-on-year growth of 43.1% and 21.0% respectively [11] - The company anticipates continued growth in the 2B segment, with a focus on capacity utilization and customer expansion [9] - The earnings per share (EPS) for 2025 is projected at 1.92 yuan, with a price-to-earnings (PE) ratio of 10.37 [11]

Event Overview - In 2024, the company's revenue, net profit attributable to shareholders, net profit excluding non-recurring items, and operating cash flow were 4.24 billion, 0.381 billion, 0.291 billion, and 0.232 billion yuan, respectively, with year-on-year growth of 36.56%, 229.52%, 109.67%, and a decline of 47.16%, aligning with performance forecasts [1] - The significant growth in performance was primarily driven by: 1) inventory replenishment in the 2B bag OEM industry and improved capacity utilization leading to net profit margin recovery; 2) changes in Xiaomi's profit model enhancing net profit margins; 3) consolidation of Jia Le starting from June [1] - The operating cash flow was lower than net profit due to increased investment income and rising operating receivables [1] Financial Performance - For Q4 2024, revenue, net profit, and net profit excluding non-recurring items were projected to be 1.215 billion, 0.060 billion, and 0.066 billion yuan, respectively, with year-on-year growth of 47.91%, 1198.61%, and 7846.95% [1] - In Q1 2025, revenue, net profit, and net profit excluding non-recurring items were expected to be 1.234 billion, 0.085 billion, and 0.083 billion yuan, respectively, with year-on-year growth of 35.57%, 20.12%, and 6.64% [1] - The growth in revenue and profit was mainly attributed to the contribution from Jia Le's consolidation and steady growth in bag OEM business [1] Dividend Policy - The company plans to distribute a cash dividend of 1.91 yuan for every 10 shares, resulting in a total dividend of 0.34 yuan per share for 2024, with a dividend payout ratio of 21% and a dividend yield of 1.88% [2] Business Segments - The 2B bag OEM segment benefited from inventory replenishment, achieving a revenue of 3.534 billion yuan in 2024, a year-on-year increase of 44.61% [4] - The revenue from bag and clothing OEM was 2.372 billion and 1.162 billion yuan, respectively, with year-on-year growth of 20.27% and 146.43% [4] - The total capacity for bags in 2024 was 41.8245 million units, a year-on-year increase of 10.95%, with a capacity utilization rate of 91.16%, up 5.06 percentage points [4] Jia Le Acquisition - Jia Le was consolidated in June 2024, contributing to a turnaround in profitability, with revenue of 1.489 billion yuan in 2024, a year-on-year increase of 15.81% [5] - The clothing OEM revenue growth was primarily driven by the acquisition of Jia Le, with contributions from clients such as Uniqlo, Adidas, Puma, and MUJI [5] 2C Business Growth - The 2C business revenue was 0.658 billion yuan, with a year-on-year growth of 5.07%, driven mainly by Xiaomi [6] - The online and distribution revenues were 0.160 billion and 0.498 billion yuan, with year-on-year changes of -25.19% and 20.79% [6] - The 2C gross margin was 25.52%, a year-on-year decrease of 1.03 percentage points, mainly due to product and channel structure adjustments [6] Financial Ratios - In 2024, the company's gross margin was 22.86%, a year-on-year decrease of 1.49 percentage points, while the net profit margin attributable to shareholders was 8.99%, an increase of 5.27 percentage points [7] - For Q1 2025, the gross margin and net profit margin were 24.71% and 6.92%, respectively, with year-on-year changes of 0.55 and -0.89 percentage points [8] Inventory and Receivables - By the end of 2024, the company's inventory amounted to 0.868 billion yuan, a year-on-year increase of 76%, primarily due to increased stocking of bags and the impact of Jia Le's consolidation [9] - Accounts receivable reached 1.051 billion yuan, a year-on-year increase of 78%, with accounts receivable turnover days of 70 days, an increase of 8 days [9] Investment Outlook - The company is expected to benefit from its strategic position in Indonesia, with a focus on the 2B bag OEM business, which is projected to achieve double-digit growth in 2025 [10] - The acquisition of Jia Le opens up a new growth avenue in the clothing OEM sector, with potential for margin recovery [10] - Revenue forecasts for 2025 and 2026 have been adjusted to 6.069 billion and 6.970 billion yuan, respectively, with net profit estimates of 0.461 billion and 0.565 billion yuan [10]

Group 1 - The core viewpoint indicates that the company has exceeded profit expectations for 2024, with a projected revenue of 4.24 billion yuan, representing a year-on-year increase of 36.56%, and a net profit of 380 million yuan, up 229.5% [1] - The company is expanding its OEM categories from bags to clothing, leveraging differentiated production capacity in Indonesia, which is expected to sustain order growth and improve efficiency [1] - The company maintains a "buy" rating, with projected net profits for 2025-2027 at 366 million, 459 million, and 555 million yuan respectively, corresponding to PE ratios of 13.1, 10.4, and 8.6 times [1] Group 2 - In the OEM segment, revenue for 2024 is expected to reach 3.53 billion yuan, a 45% increase, with a gross margin of 22.6% [1] - The bag OEM revenue for 2024 is projected at 2.37 billion yuan, a 20.3% increase, with expectations of continued double-digit growth in 2025 [1] - The clothing OEM segment is anticipated to see significant growth, with a projected revenue of 1.16 billion yuan in the second half of 2024, a 146% increase, and a net profit turnaround to 48.92 million yuan [1] Group 3 - The brand business for 2024 is expected to generate revenue of 660 million yuan, a 5% increase, with a gross margin of 25.5% [2] - Xiaomi is launching over ten new bag products and has opened a flagship store on Tmall, leading to a revenue growth of over 30% in Q1 2025 [2] - The company has improved its operational capabilities, with a net profit margin of 9% in 2024, an increase of 5.3% year-on-year [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][30] Core Views - The company is expected to see a significant increase in its net profit margin in 2024, with a projected revenue of 4.24 billion yuan (up 36.56% year-on-year) and a net profit of 380 million yuan (up 229.5%) [5][12] - The company has expanded its OEM categories from bags to clothing, leveraging differentiated production capacity in Indonesia, which is expected to sustain order growth and improve efficiency [5][26] - The forecast for net profit from 2025 to 2027 is 366 million yuan, 459 million yuan, and 555 million yuan respectively, with corresponding P/E ratios of 13.1, 10.4, and 8.6 times [5][26] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 4.24 billion yuan, with a net profit of 380 million yuan and a non-GAAP net profit of 290 million yuan, reflecting a significant increase due to one-time gains from the consolidation of Shanghai Jiale [5][12] - The first quarter of 2025 saw a revenue of 1.23 billion yuan (up 35.6% year-on-year) and a net profit of 85 million yuan (up 20.1%) [5][12] OEM Business - The OEM revenue for 2024 reached 3.53 billion yuan (up 45%), accounting for 83% of total revenue, with a gross margin of 22.6% [5][26] - The bag OEM segment generated 2.37 billion yuan in revenue (up 20.3%), with expectations for continued double-digit growth in 2025 [5][26] - The clothing OEM segment saw a significant increase in revenue, with a projected growth of over 25% in 2025 due to new orders from major clients like Adidas and Uniqlo [5][26] Brand Business - The brand business generated 660 million yuan in revenue (up 5%) in 2024, with a gross margin of 25.5% [5][6] - Xiaomi's product line saw a revenue increase of over 30% in the first quarter of 2025 due to the launch of new products and channel optimization [5][6] Operational Efficiency - The company achieved a gross margin of 22.9% in 2024, with a net profit margin of 9% [5][18] - Inventory increased to 870 million yuan (up 76%) primarily due to the consolidation of Shanghai Jiale, while cash and cash equivalents stood at 530 million yuan [5][19]