Summary of Jinggong Steel Structure Conference Call Company Overview - **Company**: Jinggong Steel Structure - **Year**: 2024 Key Financial Performance - **Revenue Growth**: Revenue increased by 12% year-on-year to 18.5 billion [2] - **Net Profit**: Net profit decreased by 6.7% year-on-year to 500 million [2] - **Operating Cash Flow**: Operating cash flow surged by 63.9% to 770 million, indicating strong cash management [1][2] International Business Expansion - **Overseas Orders**: Overseas orders grew by 202.9% year-on-year to 3 billion, becoming a new growth engine for the company [1][3] - **Market Advantage**: The overseas market offers less competition and better payment terms, enhancing project quality and profitability [3][4] New Business Models and Technological Advancements - **EPC and Prefabricated Construction**: EPC and prefabricated construction grew by 44%, while industrial chain and strategic franchise businesses grew by 94% and BIPV (Building Integrated Photovoltaics) by 48% [1][5] - **Future Growth Potential**: These new business segments are expected to optimize product structure and improve profitability [5] Shift Towards Industrial Construction - **Project Composition**: The company has increased the proportion of industrial construction projects to 70%, reducing reliance on government projects and mitigating associated risks [1][6] - **Market Demand**: The shift aligns with China's industrial structure adjustment and the growing demand for new productive forces [7][8] Management Strategies - **Process Management**: The company has implemented comprehensive process management inspired by Huawei to enhance organizational efficiency and market responsiveness [9] - **Accounts Receivable Management**: Efforts to reduce long-term accounts receivable have been successful, decreasing the proportion of receivables over three years from 20% to 15% [9] Challenges and Responses - **Economic Environment**: The company faces challenges such as labor shortages and funding pressures, prompting a shift towards industrialization and innovation [20] - **Cost Management**: The decline in steel prices is beneficial for cost management, potentially improving competitiveness in steel structure construction [26] Future Outlook - **International Business Goals**: The company aims to increase the share of overseas business to 50% by 2025, leveraging its first-mover advantage and addressing domestic capacity transfer needs [17] - **EPC Business Model**: The company aspires to transition entirely to the EPC model, which is expected to enhance profitability and cash flow management [18][19] Additional Insights - **Profitability Trends**: The slight decline in gross margin is attributed to intense domestic competition, but the company expects to stabilize or improve margins through overseas expansion and cost efficiency [27][28] - **Project Involvement**: The company is involved in significant projects like the Jeddah Tower, which is expected to enhance its international business profile [30][31] Conclusion - **Overall Performance**: The company has demonstrated resilience and growth potential despite economic challenges, with a strong focus on international expansion and innovative business models [36]

Financial Performance - Total operating revenue for Q1 2025 reached CNY 481,981.88 million, a year-on-year increase of 41.17%[5] - Operating profit increased to CNY 14,893.70 million, reflecting a growth of 27.57% compared to the same period last year[5] - Net profit attributable to shareholders was CNY 12,310.44 million, up 26.28% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 10,947.02 million, an increase of 25.13%[5] - Basic earnings per share rose to CNY 0.06, representing a 26.33% increase from the previous year[5] Assets and Equity - Total assets at the end of the reporting period were CNY 2,504,169.87 million, a decrease of 2.23% from the beginning of the period[5] - Shareholders' equity attributable to the parent company increased to CNY 904,476.00 million, a growth of 1.16%[5] - The weighted average return on equity increased by 0.23 percentage points to 1.37%[5] Business Outlook - The company reported sufficient orders on hand, contributing to the overall positive business performance[7] - The company emphasizes the importance of monitoring investment risks due to preliminary financial data[8]

精工钢构（600496）公告，2025年第一季度营业总收入48.2亿元，同比增长41.17%。归属于上市公司股 东的净利润1.23亿元，同比增长26.28%。 ...

4月16日，长江精工钢结构(集团)股份有限公司(以下简称"精工钢构（600496）")发布公告称，今年前三 个月，公司(包括控股子公司)共新签合同169项，累计新签合同金额61.4亿元，同比增长0.7%。 其中，今年一季度，精工钢构新签海外业务订单19.9亿元(含前期已公告签约的菲律宾项目的供货合同 部分7.46亿元)，同比增长142.5%，新签海外业务订单已超过2024年全年海外业务订单(30亿元)的60%。 精工钢构董秘沈月华对《证券日报》记者表示，海外市场的拓展不仅为公司带来了新的收入增长点，也 有助于提升公司的国际影响力和品牌知名度。 那么，精工钢构海外订单同比高增的原因有哪些？中国投资协会上市公司投资专业委员会副会长支培元 向《证券日报》记者表示，一方面，随着共建"一带一路"倡议的持续推进，共建"一带一路"国家对展 馆、商务场所、工业厂房等需求增长，为钢结构企业带来广阔的发展空间。另一方面，经过多年的发 展，精工钢构在国内积累了大量的钢结构项目的建设经验，形成了一套成熟的项目管理体系和施工流 程。这些经验和能力可以有效地复制到海外市场项目中，确保项目的顺利实施和交付。 国内市场方面，今年一季度，精工 ...

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 2025 年第一季度经营数据的公告 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。 一、业务签约及销量情况 2025 年 1-3 月，公司（包括控股子公司）共新签合同 169 项，累计合同金额 61.4 亿元，同比增长 0.7%。 2025 年 1-3 月，公司钢结构销量 38.5 万吨，同比增长 31.6%。 二、具体业务发展情况 | 单位：亿元 | | --- | | | | 2025 | 年 1-3 | 月 | 2024 | 年 1-3 | 月 | 同比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 专业分包一体化 | 30.8 | 项目金额 | | 35.0 | 项目金额 | | -12.0% | | | 工业建筑 公共建筑 | | | 25.5 5.3 | | | 23.8 11.2 | 7.2% -52.6% | | | 新兴业务 | 10.3 ...

精工钢构：1-3月共新签合同169项，累计合同金额61.4亿元 金十数据4月16日讯，精工钢构公告，2025年1-3月，公司（包括控股子公司）共新签合同169项，累计 合同金额61.4亿元，同比增长0.7%。2025年1-3月，公司钢结构销量38.5万吨，同比增长31.6%。 ...

精工钢构（600496）公告，2025年1-3月，公司新签合同169项，累计合同金额61.4亿元，同比增长 0.7%。钢结构销量38.5万吨，同比增长31.6%。 ...

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 ...