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 ...

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 独立董事意见 本人作为长江精工钢结构（集团）股份有限公司（以下简称"公司"、"本公 司"）独立董事，根据《上市公司治理准则》《上海证券交易所股票上市规则》和 《公司章程》《公司独立董事工作制度》等有关规定，在认真审查了公司第九届 董事会第二次会议《公司 2024 年度内部控制评价报告》《公司 2024 年度利润分 配预案》《关于续聘众华会计师事务所（特殊普通合伙）为公司 2025 年度会计及 内部控制审计机构的议案》《关于计提资产减值准备的议案》《关于公司及控股子 公司 2025 年度银行授信的议案》《公司董事、其他高级管理人员 2024 年度薪酬 及<2025 年度绩效管理实施方案>的议案》《关于与中建信集团及下属企业开展日 常关联交易的议案》等相关资料，并听取有关说明后，现发表独立意见如下： 1、报告期内，公司对纳入评价范围的业务与事项均已建立内部控制，并得 以有效执行，达到公司内部控制目标，不存在重大缺陷。 2、同意公司《公司 2024 年度利润分配预案》，本次利润分配相关事宜是根 据公司的实际情况制定的。该方案有利于公司长远发展， ...

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