Company and Industry Summary Company Overview - The company reported a total revenue of approximately 1.2 billion, representing a year-on-year growth of 64.4% in Q3 [1] - The revenue from garment manufacturing exceeded 380 million, more than five times that of the same period last year, largely due to the consolidation of Galer [1] - The company maintains a strong growth trajectory with key clients like Decathlon and Nike, both showing revenue growth exceeding 30% [1] Revenue Breakdown - In Q3, the company achieved over 970 million in revenue from its core business, with a growth rate exceeding 80% year-on-year [1] - The revenue from fragrance bag manufacturing was nearly 600 million, with a year-on-year growth of approximately 28% [1] - The brand management segment generated around 200 million in revenue, with a growth rate close to 13% compared to the previous year [2] Production Capacity and Expansion - The company is focusing on expanding its production capacity in Indonesia, expecting a 60% increase in fragrance bag capacity by 2026-2027 [2][13] - The garment production capacity is projected to expand by approximately 65-70% over the next two years [21][14] - The company is also planning to build a new 90-acre facility adjacent to the existing factory in the Baodao region [13] Profitability and Margins - The overall gross margin decreased by about 2 percentage points compared to the previous half-year, primarily due to the lower margins from Galer [3] - The gross margin for fragrance bag manufacturing remains high, around 27-29% [3] - The net profit margin for Galer stabilized at around 3% for the first three quarters, with expectations for improvement as operational efficiencies are realized [4] Client Performance and Market Position - The company has successfully streamlined its client base, focusing on major clients like Uniqlo, Adidas, Puma, and others, which are expected to drive future growth [5][9] - The company anticipates that the garment segment will contribute to a revenue target exceeding 15 billion, with a market capitalization potential above 50 billion [5] Future Outlook - The company expects a significant increase in revenue across all segments, with a conservative estimate of double-digit growth for the next year [18] - The net profit margin is projected to improve by 2-3 percentage points, driven by operational efficiencies and client growth [23] - The company is confident in its ability to maintain a high level of order visibility and revenue predictability, with over 80% of sales coming from top-tier global clients [36] Additional Insights - The company is undergoing a factory relocation process, which is expected to impact short-term efficiency but will ultimately lead to improved production capabilities [15][16] - The tax rate increase in Q3 was attributed to the consolidation of Galer and changes in profit structure, which is considered a normal fluctuation [25] This summary encapsulates the key points from the conference call, highlighting the company's performance, strategic initiatives, and future outlook in the context of its industry.

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 | 证券代码：300577 | 证券简称：开润股份 | 公告编号：2024-125 | | --- | --- | --- | | 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 三、被担保人基本情况 1、 企业名称：上海润米科技有限公司 2、 类型：有限责任公司（港澳台投资、非独资） 3、 法定代表人：范劲松 单位：万人民币 | | | 担保方 | 被担保 方最近 | | 本次担 | 本 次 实 | 本次担 | 剩余可 | 是 否 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 被担保 | | | 审议担 | 保前已 | | 保后已 | | | | 担保方 | | 持股比 | 一期资 | | | 际担保 | | 用担保 | 关 联 | | | 方 | 例 | 产负债 | 保额度 | 用担保 | 发生额 | 用担保 | 额度 | 担保 | | | | | ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [4][6]. Core Insights - The company reported strong performance in Q3 2024, with revenue reaching 11.9 billion yuan, a year-on-year increase of 64.4%, and a net profit of 0.7 billion yuan, up 57.5% year-on-year [4][6]. - The integration of Jia Le has significantly contributed to revenue growth, with the company expecting Jia Le to become a second growth driver in the future [5][6]. - The company has announced a cash dividend of 0.146 yuan per share, with a distribution rate of approximately 11% [4][6]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 30.2 billion yuan, a 32.5% increase year-on-year, and a net profit of 3.2 billion yuan, reflecting a 165% year-on-year growth [4][7]. - The gross margin for Q3 2024 was reported at 22.0%, a decrease of 3.2 percentage points year-on-year, primarily due to the lower profitability of Jia Le compared to the core bag manufacturing business [6][7]. - The company expects net profits for 2024 to reach 3.8 billion yuan, with projected earnings per share of 1.34 yuan [7][13].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][9] Core Views - The company reported a 64.4% year-on-year revenue growth in the third quarter, reaching 1.19 billion RMB, driven by the existing bag OEM business and the consolidation of Jiale [1] - The gross margin decreased by 3.2 percentage points to 22.0%, primarily due to Jiale's lower gross margin compared to the company's original business [1] - The net profit attributable to the parent company increased by 57.5% year-on-year to 0.7 billion RMB, influenced by increased investment income [1] - The company plans to distribute a cash dividend of 1.46 RMB per 10 shares, with a dividend payout ratio of approximately 10.8% [1] - The company expects to maintain high growth in its OEM business and improve profitability through capacity expansion in Indonesia over the next two years [1][7] Financial Performance Summary - Revenue for 2022 was 2,741 million RMB, projected to grow to 4,192 million RMB in 2024, reflecting a 35.0% increase [2][8] - Net profit for 2022 was 47 million RMB, expected to rise to 387 million RMB in 2024, indicating a growth of 234.3% [2][8] - Earnings per share (EPS) is projected to increase from 0.20 RMB in 2022 to 1.61 RMB in 2024 [2][8] - The company’s return on equity (ROE) is expected to improve from 2.7% in 2022 to 18.7% in 2024 [2][8] - The price-to-earnings (PE) ratio is projected to decrease from 115.0 in 2022 to 13.9 in 2024, indicating a more attractive valuation [2][8] Operational Insights - The company’s inventory increased by 96.2% year-on-year to 840 million RMB, mainly due to the consolidation of Jiale [1] - The inventory turnover days decreased by 2 days to 78 days, indicating stable operational efficiency [1] - Capital expenditures increased by 17.7% year-on-year to 40 million RMB, with plans for further capacity expansion in Indonesia [1][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company reported significant growth in its Q3 2024 performance, with a revenue increase of 32.48% year-on-year, reaching 3.025 billion yuan, and a net profit attributable to shareholders of 321 million yuan, up 164.63% year-on-year [1] - The acquisition of Shanghai Jiale has been integrated into the company's consolidated financial statements, contributing positively to revenue growth, while also leading to a temporary decline in gross margin due to restructuring efforts [1] - The company is expanding into the textile and apparel contract manufacturing market, which presents substantial growth opportunities [1] Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 23.16%, a year-on-year increase of 0.37 percentage points, while the gross margin for Q3 2024 was 21.96%, a decrease of 3.20 percentage points year-on-year [1] - The company’s operating income for Q3 2024 was 1.193 billion yuan, representing a year-on-year growth of 64.36%, with a net profit of 72 million yuan, up 57.52% year-on-year [1] - The company’s net profit margin for the first three quarters of 2024 was 10.60%, an increase of 5.29 percentage points year-on-year [1] Future Projections - Revenue projections for 2024, 2025, and 2026 are 4.242 billion yuan, 5.183 billion yuan, and 6.068 billion yuan, respectively, with year-on-year growth rates of 36.6%, 22.2%, and 17.1% [4] - The net profit attributable to shareholders is projected to be 403 million yuan, 364 million yuan, and 476 million yuan for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 248.4%, -9.7%, and 30.8% [4] Cost Structure and Efficiency - The company has seen a decrease in sales, management, R&D, and financial expense ratios, indicating improved operational efficiency [1] - The sales expense ratio for Q3 2024 was 4.82%, down 1.43 percentage points year-on-year, while the management expense ratio was 6.15%, down 0.74 percentage points year-on-year [1] Strategic Initiatives - The acquisition of Shanghai Jiale is expected to enhance the company's capabilities in the textile and apparel sector, leveraging Jiale's established relationships with global brands like Uniqlo [1] - The company is focusing on expanding its own brand offerings and enhancing its product lineup to capture the recovering consumer spending in travel [1]

证券代码：300577 证券简称：开润股份 安徽开润股份有限公司 投资者关系活动记录表 编号：2024-012 | --- | --- | --- | |---------------------|------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | ■特定对象调研 □分析师会议 | | | | □媒体采访 □业绩说明会 | | | 投资者关系 活动类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他 | | | 参与单 ...

证券代码：300577 证券简称：开润股份 安徽开润股份有限公司 投资者关系活动记录表 编号：2024-011 | --- | --- | --- | |-----------------------|-------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

开源证券 纺织服饰/服装家纺 公 司 研 究 开润股份（300577.SZ） 2024 年 10 月 30 日 Q3 并表致表观收入高增，品牌业务恢复增长 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|------------| | 日期 | 2024/10/29 | | 当前股价 ( 元 ) | 23.70 | | 一年最高最低 ( 元 ) | 28.95/9.18 | | 总市值 ( 亿元 ) | 56.83 | | 流通市值 ( 亿元 ) | 33.24 | | 总股本 ( 亿股 ) | 2.40 | | 流通股本 ( 亿股 ) | 1.40 | | 近 3 个月换手率 (%) | 73.8 | 股价走势图 -60% -30% 0% 30% 60% 90% 2023-10 2024-02 2024-06 开润股份 沪深300 数据来源：聚源 相关研究报告 《Q2 扣非净利率维持高位，收购嘉乐 致一次性收益增厚利润—公司信息更 新报告》-2024.8.28 《箱包代工壁垒坚实，一体化服装代 工锦上添花—公司信息更新报告》 - ...

安徽开润股份有限公司 2024 年第三季度报告 证券代码：300577 证券简称：开润股份 公告编号：2024-121 债券代码：123039 债券简称：开润转债 安徽开润股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、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.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 1 安徽开润股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------|------------------|------------------- ...

| 证券代码：300577 | 证券简称：开润股份 公告编号：2024-120 | | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | 安徽开润股份有限公司 第四届监事会第十四次会议决议公告 本公司及监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。 安徽开润股份有限公司（以下简称"公司""本公司"）第四届监事会第十 四次会议通知于 2024 年 10 月 25 日以电子邮件与传真相结合的方式向发出，会 议于 2024 年 10 月 29 日下午在上海市松江区中心路 1158 号 21B 幢 16 楼会议室 召开。本次会议应出席监事 3 名，实际出席监事 3 名，会议由公司监事会主席范 丽娟女士主持。本次会议的召集召开及程序符合《中华人民共和国公司法》《公 司章程》等有关规定，会议合法有效。经与会监事审议并表决，形成决议如下： 一、审议通过《2024 年第三季度报告》 监事会认为：《2024 年第三季度报告》的编制和审核程序符合相关法律、法 规和《公司章程》的规定；报告的内容和格式符合中国证券监督管理委员会和深 圳证券交易所的要求，所包含的 ...