联明股份20240530

Key Points Company Overview 1. Establishment and Business Scope: Shanghai Lianming Machinery Co., Ltd. was founded in 2003 and primarily focuses on automotive body parts and supply chain comprehensive services. The company has production and service bases in Yantai, Shenyang, Wuhan, and Tianjin, with five wholly-owned subsidiaries and one控股 subsidiary. [3] 2. Industry Position: Lianming is a professional automotive parts manufacturer and a first-tier supplier for SAIC General Motors and SAIC Volkswagen. [5] 3. Business Segments: The company's main business segments include automotive body parts and supply chain comprehensive services. [6] Automotive Body Parts Business 1. Product Range: The company produces automotive body parts such as wheel hubs, column assemblies, sunroof frames, rear end plates, trunk lids, taillight brackets, side panels, and middle channels. [7] 2. Customer Base: The company's customers include SAIC General Motors, SAIC Volkswagen, and other brands such as Buick, Chevrolet, Cadillac, Skoda, and Audi. [7] 3. Competitive Advantages: - Technical R&D: Lianming has a strong technical R&D team with extensive experience in product development and advanced capabilities in die design and product development. [8] - Quality and Testing: The company adheres to the IATF16949:2016 quality management system and has a laboratory to ensure product quality. [9] - Customer Resources and Location: The company has stable customer relationships with leading enterprises in the industry and is located near or at customer main plants, providing a competitive advantage. [10] Supply Chain Comprehensive Services Business 1. Service Scope: The company provides various supply chain services, including circular logistics equipment management, VMI, inbound logistics, packaging equipment, and cold chain logistics. [11] 2. Customer Base: The company's main customers are large manufacturing enterprises in the automotive industry. [11] 3. Competitive Advantages: - Advanced Circular Logistics Equipment Management: Lianming's subsidiary, Chuntong Logistics, is one of the earliest enterprises in China to engage in circular logistics equipment supply chain management. [12] - Packaging Equipment Business: Lianming Packaging, another subsidiary, is one of the earliest enterprises in China to specialize in automotive parts packaging equipment and has accumulated extensive experience in packaging design and manufacturing. [12] - Team Advantage: The company has a skilled management team with experience in lean management and supply chain management. [13] - Industry Integration: The company has integrated assets to provide comprehensive supply chain services covering the upstream and downstream of the logistics industry. [14] Financial Performance 1. 2023 Annual Revenue: 1.137 billion yuan, a decrease of 7.61% from the previous year. [16] 2. 2023 Net Profit: 105 million yuan, a decrease of 28.72% from the previous year. [16] 3. 2023 Profit Decline: Mainly due to the provision of credit impairment losses and asset impairment losses. [17] 4. 2024 Q1 Revenue: 170 million yuan, a decrease of 28.70% from the previous year. [20] 5. 2024 Q1 Net Profit: 13.7955 million yuan, a decrease of 49.38% from the previous year. [20] Business Highlights and Outlook 1. 2024 Business Plan: The company plans to focus on cost reduction and efficiency improvement, expand market development, promote the research and development of new processes and products, upgrade logistics systems, and seek industry integration opportunities. [21] 2. Profit Distribution: The company's 2023 profit distribution plan includes a cash dividend of 2.80 yuan per share, totaling 71.1912 million yuan, accounting for 67.49% of the 2023 net profit. [23] 3. Strategic Development: The company aims to develop into an influential product and service supplier in the industry by focusing on manufacturing and logistics, integrating upstream and downstream industries, and developing towards intelligent manufacturing and smart logistics. [25]