Core Insights - The company reported a revenue of 18.492 billion yuan for 2024, a year-on-year increase of 12.03%, while the net profit attributable to shareholders was 512 million yuan, a decrease of 6.69% [1] - The fourth quarter of 2024 saw a revenue of 6.446 billion yuan, up 30.1% year-on-year, with a net profit of 36 million yuan, reflecting a significant increase of 185.3% [1] Revenue Performance - The traditional steel structure business generated a revenue of 16.311 billion yuan in 2024, growing by 14.02% year-on-year, while the EPC business achieved a revenue of 1.872 billion yuan, up 4.68% [1] - The overall revenue growth was supported by the strong performance of the steel structure segment [1] Profitability Metrics - The comprehensive gross margin for 2024 was approximately 12.7%, a decrease of 0.3 percentage points year-on-year, with steel structure and EPC business gross margins declining by 0.26 and 0.56 percentage points to 11.91% and 12.84%, respectively [2] - The company reported an increase in asset and credit impairment losses totaling approximately 267 million yuan, up 124 million yuan year-on-year, primarily due to increased impairments on contract assets, fixed assets, and inventory [2] Cash Flow and Financial Health - Operating cash flow improved significantly, reaching 771 million yuan in 2024, a year-on-year increase of 63.9%, driven by enhanced collection efforts [2] - The company's asset-liability ratio stood at 65.0%, an increase of 1.6 percentage points year-on-year, while the interest-bearing debt ratio decreased by 3.2 percentage points to 22.0% [2] Dividend Policy - The company announced a dividend of 0.08 yuan per share, resulting in a payout ratio of 31% and an implied dividend yield of approximately 2.6% [2] Growth Prospects - The company secured new contracts totaling 21.97 billion yuan in 2024, a year-on-year increase of 8.4%, with steel structure sales reaching 1.353 million tons, up 10.9% [3] - Emerging businesses showed strong growth, with EPC and prefabricated business contracts amounting to 4.79 billion yuan, a year-on-year increase of 44.7% [3] - The overseas business orders reached 3 billion yuan, a substantial increase of 202.9% year-on-year, representing 13.7% of total orders [3] Earnings Forecast and Valuation - Due to increased asset and credit impairment provisions, the estimated net profit attributable to shareholders for 2025 was revised down by 16.3% to 546 million yuan, with a new estimate for 2026 at 584 million yuan [4] - The current stock price corresponds to a P/E ratio of 11.1x for 2025 and 10.4x for 2026, with a target price of 3.58 yuan implying an upside potential of 18.5% [4]

Core Insights - The company reported a steady increase in revenue and a significant improvement in cash flow from operating activities for the year 2024 [1][2] Financial Performance - In 2024, the company achieved steel structure sales of 1.353 million tons, a year-on-year increase of 10.9% [1] - The total revenue reached 18.492 billion yuan, up 12.03% year-on-year, with the steel structure segment contributing 16.31 billion yuan, a 14.02% increase [1] - Integrated and EPC revenue was 1.872 billion yuan, growing by 4.68% [1] - The net profit attributable to shareholders was 512 million yuan, a decline of 6.69% year-on-year, while the net profit excluding non-recurring items was 442 million yuan, down 9.48% [1] - Operating cash flow net amount was 770 million yuan, reflecting a significant increase of 63.9% due to higher cash receipts from sales of goods and services [1] Profitability and Asset Management - The gross margin for 2024 was 12.66%, a decrease of 0.34 percentage points, while the net margin was 2.85%, down 0.61 percentage points [2] - The expense ratio was 7.94%, a decline of 0.72 percentage points [2] - Accounts receivable increased to 4.158 billion yuan, up 709 million yuan year-on-year, but the aging structure improved with the proportion of receivables over three years old decreasing from 20.6% to 15% [2] - The asset-liability ratio rose to 64.96%, an increase of 1.59 percentage points [2] - Total asset impairment and credit impairment losses amounted to 267 million yuan, an increase of 124 million yuan year-on-year, primarily due to increased provisions for contract assets, fixed assets, and inventory [2] Order Growth and Emerging Business - The company signed new orders worth 21.97 billion yuan in 2024, a year-on-year increase of 8.4%, with overseas new orders reaching 3 billion yuan, up 202.9%, increasing their share of total orders from 4.9% to 13.7% [3] - Major projects include the Lusail Stadium for the 2022 World Cup, the Jeddah Tower, and the new Hong Kong airport [3] - Emerging business contracts totaled 5.86 billion yuan, a growth of 50.4%, with EPC and prefabricated business contracts at 4.79 billion yuan, up 44.7% [3] - Industrial chain and strategic franchise contracts reached 850 million yuan, a 94.0% increase, while BIPV contracts were 220 million yuan, up 48.4% [3] Investment Outlook - The company is expected to achieve net profits attributable to shareholders of 592 million yuan, 696 million yuan, and 835 million yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth of 15.7%, 17.56%, and 20.02% [3] - Corresponding P/E ratios are projected to be 10.27, 8.73, and 7.28 times [3]

长江精工钢结构（集团）股份有限公司 | | | 长江精工钢结构（集团）股份有限公司 关于"精工转债"付息公告 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个别及连带责任。 重要内容提示： 长江精工钢结构（集团）股份有限公司（以下简称"本公司"）于 2022 年 4 月 22 日公开发行的可转换公司债券（以下简称"精工转债"、"可转债"）将于 2025 年 4 月 22 日开始支付自 2024 年 4 月 22 日至 2025 年 4 月 21 日期间的利息。 根据本公司《长江精工钢结构（集团）股份有限公司公开发行可转换公司债券募 集说明书》（以下简称"募集说明书"）有关条款的规定，现将有关事项公告如下： 一、可转债发行上市概况 （八）票面金额和发行价格：本次发行的可转债每张面值人民币 100 元， 按面值发行。 （九）发行总额：人民币 20 亿元 本次发行的可转债每年付息一次，到期归还未偿还的可转债本金和最后一年 利息。 1、计息年度的利息计算 计息年度的利息（以下简称"年利息"）指本次发行的可转债持有人按持有 的可转债票面总金额自可 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][16]. Core Views - The company achieved a revenue of 18.49 billion yuan in 2024, representing a year-on-year growth of 12.03%, while the net profit attributable to shareholders was 512 million yuan, down 6.69% year-on-year [1][4]. - The company is experiencing a transformation in its business structure, focusing on areas such as prefabricated buildings, industrial chains, and BIPV, which is expected to optimize its business model [1][4]. - The company has seen a significant increase in overseas business, with new orders growing by 8.4% year-on-year to 21.97 billion yuan, and the international orders increased by 202.9% [2][4]. Financial Performance - The gross margin for 2024 was 12.7%, a slight decrease of 0.33 percentage points year-on-year, while the net profit margin was 2.85%, down 0.61 percentage points [3][4]. - The company reported a cash flow from operations (CFO) of 771 million yuan, an increase of 301 million yuan year-on-year, indicating improved cash flow management [3][4]. - The company expects a steady growth in net profit for the years 2025 to 2027, with projections of 572.93 million yuan, 644.81 million yuan, and 721.65 million yuan respectively, reflecting a growth rate of 12% each year [4][5]. Market Position and Growth Potential - As a leading player in the steel structure industry, the company has strong brand advantages and customer loyalty, with potential for increased market share in the medium to long term [4][5]. - The company aims to achieve a new order target growth of over 10% for 2025, supported by its expanding overseas business and emerging sectors [2][4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][16]. Core Views - The company achieved a revenue of 18.49 billion yuan in 2024, representing a year-on-year growth of 12.03%, while the net profit attributable to shareholders was 511.68 million yuan, down 6.69% year-on-year [1][4]. - The company is experiencing a transformation in its business structure, focusing on prefabricated buildings, industrial chains, strategic alliances, and BIPV (Building Integrated Photovoltaics), which is expected to optimize its business model [1][4]. - The company has seen a significant increase in overseas business, with new orders growing by 8.4% year-on-year to 21.97 billion yuan, and the international orders increased by 202.9% [2][4]. Financial Performance - The gross margin for 2024 was 12.7%, a slight decrease of 0.33 percentage points year-on-year, while the net profit margin was 2.85%, down 0.61 percentage points [3][4]. - The company reported a cash flow from operations (CFO) of 771 million yuan, an increase of 301 million yuan year-on-year, indicating improved cash flow management [3][4]. - The company expects net profits for 2025-2027 to be 572.93 million yuan, 644.81 million yuan, and 721.65 million yuan, respectively, with growth rates of 12%, 12.55%, and 11.92% [4][5]. Market Position and Growth Potential - As a leading player in the steel structure industry, the company has strong brand advantages and customer loyalty, with potential for increased market share in the medium to long term [4][5]. - The company aims to accelerate its overseas expansion and leverage emerging businesses to create a second growth curve [4][5].

Investment Rating - The report maintains a positive outlook on the construction and decoration industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [1]. Core Insights - The construction sector experienced a weekly decline of 3.43%, underperforming the Shanghai Composite Index, which fell by 3.11% and the CSI 300 Index, which decreased by 2.87% [3][6]. - Key sub-sectors that performed best during the week included infrastructure state-owned enterprises (-1.33%), international engineering (-1.63%), and steel structures (-4.16%) [6][10]. - Notable companies with significant weekly gains included China Railway (+0.89%), Chalco International (+1.51%), and Honglu Steel Structure (+0.97%) [6][10]. - Year-to-date, the international engineering sector has seen a rise of 1.73%, with Chalco International leading with a 7.03% increase, and Honglu Steel Structure showing a 16.51% increase [6][10]. Summary by Sections Industry Performance - The construction industry saw a weekly decline of 3.43%, outperforming the Shenzhen Composite Index (-5.13%), the Small and Medium Enterprises Board (-4.32%), and the ChiNext Index (-6.73%) [3][6]. - The best-performing sub-sectors for the week were infrastructure state-owned enterprises, international engineering, and steel structures [6][10]. Key Company Developments - Jinggong Steel Structure reported a 12.03% increase in revenue for 2024, but a 6.69% decrease in net profit [18]. - Honglu Steel Structure reported a 1.25% increase in new sales contracts for the first quarter, with a production increase of 14.29% compared to the same period in 2024 [18]. - China Railway secured a major project worth 66.772 billion yuan, representing 5.77% of its total revenue for 2024 [18]. Investment Analysis - The report suggests that infrastructure investment is expected to recover in 2025, highlighting the investment value in cyclical high-elasticity sectors [2][18]. - Recommended stocks include Honglu Steel Structure in the steel structure sector, and China Railway and China State Construction Engineering in the state-owned enterprise category [2][18].

Group 1 - The core viewpoint of the news is the disclosure of the 2024 annual report by Jinggong Steel Structure (600496.SH), highlighting the significant institutional ownership and changes in shareholding among major investors [1] - As of April 11, 2025, a total of 171 institutional investors hold shares in Jinggong Steel Structure, with a combined holding of 741 million shares, representing 36.82% of the total share capital [1] - The top ten institutional investors account for 35.05% of the total shares, with a decrease of 1.89 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, two funds reduced their holdings compared to the previous quarter, with a decrease in holding proportion of 0.12% [2] - A total of 163 new public funds were disclosed during this period, including notable funds such as the Zhaoshang Quantitative Selected Stock Initiation A and Guojin Quantitative Multi-Factor A [2] - Three public funds were not disclosed in this period, including Southern CSI 1000 ETF and Huaxia CSI 1000 ETF [2]

Financial Performance - The company's operating revenue for 2024 reached ¥18,492,059,121, representing a 12.03% increase compared to ¥16,506,363,890 in 2023[20] - The net profit attributable to shareholders of the listed company for 2024 was ¥511,680,273, a decrease of 6.69% from ¥548,394,414 in 2023[20] - The net cash flow from operating activities increased significantly to ¥771,312,205, marking a 63.92% rise from ¥470,534,694 in the previous year[20] - The total assets of the company at the end of 2024 were ¥25,613,694,880, reflecting a 9.80% increase from ¥23,327,231,090 at the end of 2023[20] - The company's net assets attributable to shareholders increased to ¥8,941,482,793, a 5.05% rise from ¥8,511,951,676 in 2023[20] - The basic earnings per share for 2024 were ¥0.2571, down 6.71% from ¥0.2756 in 2023[21] - The diluted earnings per share decreased to ¥0.2432, a decline of 1.98% from ¥0.2481 in the previous year[21] Dividend Distribution - The company plans to distribute a cash dividend of ¥0.80 per 10 shares, totaling approximately ¥159,209,930.88, which accounts for 31.12% of the net profit attributable to shareholders[5] - The cash dividend amount distributed was RMB 159,209,930.88, representing 31.12% of the net profit attributable to ordinary shareholders[133] - Over the last three fiscal years, the cumulative cash dividend amount was RMB 350,261,251.80, with an average annual net profit of RMB 586,476,342.86, resulting in a cash dividend ratio of 59.72%[135] - The company has not proposed a cash profit distribution plan despite having positive profits available for distribution to shareholders[132] Contract and Sales Performance - In 2024, the company signed new contracts totaling RMB 21.97 billion, representing an 8.4% year-on-year increase[28] - The company's steel structure sales reached 1.353 million tons, a year-on-year growth of 10.9%[28] - Revenue for the year was RMB 18.49 billion, reflecting a 12.0% increase compared to the previous year[28] - The company achieved overseas contract orders of RMB 3 billion, a remarkable year-on-year growth of 202.9%, increasing its share of total orders from 4.9% to 13.7%[28][29] Research and Development - Research and development expenses amounted to 681,679,216.21 CNY, accounting for 3.70% of total revenue[65] - The number of R&D personnel is 1,420, which constitutes 16.80% of the total workforce[66] - The company has developed an AI software for steel structure design that enhances efficiency by automatically generating detailed drawings[32] - The company has developed a modular construction system with an assembly rate of up to 95%[40] - The company added 48 new authorized invention patents and 12 provincial-level construction methods during the reporting period[42] Operational Efficiency - The company has reduced costs by over 100 million RMB through various efficiency improvement initiatives[33] - The company achieved a net operating cash flow of 770 million RMB in 2024, representing a year-on-year increase of 63.9%[33] - The proportion of accounts receivable aged over three years decreased from 20.6% to 15%[33] - The company is committed to improving operational efficiency and controlling product costs through lean management practices[100] Environmental and Social Responsibility - The company invested RMB 1,434.64 million in environmental protection during the reporting period[143] - The company has achieved a waste gas treatment efficiency of over 90% with its RTO activated carbon adsorption and catalytic combustion equipment[147] - The company has reduced carbon emissions by 22,651.2 tons through various measures, including the introduction of a "digital factory" solution and the use of low-energy equipment[154] - The company has actively promoted green construction practices, contributing to sustainable development[153] Corporate Governance - The company will continue to enhance its governance structure in accordance with the Company Law and relevant regulations[104] - The company maintains independence from its controlling shareholders in terms of assets, personnel, finance, and business operations[104] - The company’s internal control report for 2023 indicated no significant defects or important deficiencies[120] - The company has established a comprehensive risk management system to enhance financial oversight and control[140] Future Outlook and Strategy - The company aims for a new order growth of over 10% year-on-year in 2025, focusing on strategic customer management and organizational capability building[95] - The company is transitioning towards becoming a comprehensive service provider in the steel structure construction industry, aiming to establish a full industry chain ecosystem[94] - The company is actively pursuing international expansion and quality improvement in its overseas operations, particularly in the context of the Belt and Road Initiative[92] - The company is preparing for intensified competition in the low-end market while focusing on high-end market segments with higher technical requirements[100] Shareholder Information - The total number of common shareholders increased to 90,275, up from 88,562 in the previous month[191] - The largest shareholder, Jinggong Holding Group, holds 300,000,000 shares, representing 14.90% of the total shares, with 200,000,000 shares pledged[193] - The second-largest shareholder, Jinggong Holding Group Co., Ltd., holds 237,069,604 shares, accounting for 11.78% of the total shares, with 227,220,000 shares pledged[193] - The company has no reported changes in the control of major shareholders during the reporting period, indicating stability in ownership[197]

长江精工钢结构（集团）股份有限公司 内部控制审计报告 回為新聞 25 E 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://acc.mcf.gv.cn）"进行整理。 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://acc.mof.gov.cn）"进行查验。 ZHONGHU 内部控制审计报告 众会字(2025) 第 01757 号 长江精工钢结构(集团)股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我 们审计了长江精工钢结构(集团) 股份有限公司(以下简称贵公司)2024年12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是贵公 司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表 审计意见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 ZHONGHI 四、财务报告内部控制审计意见 我们认为，贵公司于 2024 ...

国泰海通证券股份有限公司 2024 年度募集资金存放与使用情况之核查意见 截至 2024 年 12 月 31 日，公司募集资金实际使用情况为： | 明细 | 金额(元) | | --- | --- | | 2022 年度募集资金扣除承销费和保荐费金额 | 1,988,000,000.00 | | 减：置换 2022 年度预先已投入募集资金投资项目的自筹资金 | 517,222,000.00 | | 减：置换以自有资金支付的发行费用 | 1,196,400.00 | | 减：募集资金投入项目的资金 | 966,466,494.64 | 1 关于长江精工钢结构（集团）股份有限公司 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"，曾用 名国泰君安证券股份有限公司）作为长江精工钢结构（集团）股份有限公司（以 下简称"精工钢构"或"公司"）2022 年公开发行可转换债券的保荐机构，根据 《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》《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》和《上海证券 交易所上市公司自律监管指引第 11 号——持续督导》等相关法律法规和规范性 ...