证券研究报告 | 2025年04月15日 广日股份（600894.SH） 优于大市 年报点评：归母净利润同比增长 7%，高分红及回购重视股东 回报 2024 年营收/归母净利润同比变动-1.68%/+6.56%。公司 2024 年实现营收 72.60 亿元，同比下降 1.68%；归母净利润 8.12 亿元，同比增长 6.56%，扣 非归母净利润 7.41 亿元，同比增长 2.35%；单四季度实现营收 23.16 亿元， 同比增长 14.61%，归母净利润 2.66 亿元，同比增长 1.97%，业绩实现增长 主要系公司通过供应链管理、技术创新以及数字化建设等方式深化卓越绩效 管理，整体盈利能力持续提升。2024 年公司毛利率/净利率分别为 15.42%/10.95%，同比变动+1.03/+1.18 个 pct。 电梯主业市场开拓成效显著，持续完善全国化布局。2024 年电梯业务/电梯 零部件业务收入分别为 31.00/34.20 亿元，同下降 2.36%/0.63%，对应毛利 率分别为 25.08%/6.47%，同比变动+2.19/-0.34 个 pct。电梯整机方面，战 略客户开拓成效日益显著，新增中国建筑第 ...

Core Viewpoint - In 2024, despite weak demand in the downstream industry and pressure on the elevator sector, the company achieved relative revenue stability through increased rail transit orders and growth in overseas business, with fluctuations significantly lower than the industry average [1] Financial Performance - In 2024, the company reported operating revenue of 7.26 billion yuan, a year-on-year decrease of 1.68%, and a net profit attributable to shareholders of 812 million yuan, an increase of 6.56% [2] - The fourth quarter alone saw operating revenue of 2.316 billion yuan, a year-on-year increase of 14.61%, while net profit attributable to shareholders was 266 million yuan, up 1.97% [2] Industry Context - The cumulative area of completed housing in China fell by 27.70% year-on-year to 73.7 million square meters in 2024, with the production of elevators, escalators, and lifts decreasing by 8% to 1.492 million units [3] - The company's elevator business revenue declined by 2.36% to 3.1 billion yuan, while the elevator components business saw a smaller decline of 0.63% to 3.42 billion yuan [3] - The company produced 29,067 elevators, a year-on-year increase of 5.44%, and sold 28,714 units, up 0.95% [3] Profitability - The overall gross margin was 15.42%, an increase of 1.03 percentage points year-on-year, with the elevator assembly business gross margin at 25.08%, up 2.19 percentage points [4] - The net profit margin improved to 10.95%, an increase of 1.18 percentage points, attributed to cost control through supply chain management and operational optimizations [4] Dividend Policy - The company announced a cash dividend of 0.60 yuan per share, totaling 515 million yuan, which represents 63% of the net profit attributable to shareholders for 2024 [6] - The total amount of interim and annual dividends for 2024 reached 1.166 billion yuan, exceeding the net profit attributable to shareholders by 143.64% [6] Future Outlook - The company is expected to achieve operating revenues of 7.553 billion yuan, 7.761 billion yuan, and 7.957 billion yuan from 2025 to 2027, with respective year-on-year growth rates of 4.03%, 2.75%, and 2.52% [7] - Projected net profits attributable to shareholders for the same period are 848 million yuan, 872 million yuan, and 885 million yuan, with growth rates of 4.50%, 2.77%, and 1.58% respectively [7]

广日股份 20250409 摘要 Q&A 请简要介绍广日股份 2024 年的业绩表现。 2024 年，广日股份实现营业收入 72.6 亿元，同比微降 1.68%。但由于营业成本 下降超过 3%，整体毛利率有所提升。归属于上市公司股东的净利润为 8.12 亿 元，同比增长 6.56%；扣非净利润为 7.41 亿元，同比增长 2.35%。净资产收益 率为 8.84%，每股收益 0.9,373 元。尽管房地产市场持续下行、电梯行业竞争 加剧，公司依然通过管理团队的密切配合，高质量完成了利润优化目标，创下 • 广日股份 2024 年营收略降，但扣非净利润增长 2.35%至 7.41 亿元，创历 史新高，净资产收益率 8.84%，每股收益 0.9,373 元。公司通过管理优化， 成功应对房地产市场下行和行业竞争加剧的挑战。 • 广日电梯在 2024 年积极拓展战略客户，轨道交通领域中标济南六号线和天 津八号线等项目，订单金额约 4.5 亿元，行业领先。电梯后市场更新改造 方案签约额同比增长 63%，海外业务增幅超 95%。 • 面对市场压力，广日股份通过降本增效提升毛利率超一个百分点，并实施 高比例分红回报投资者，中期 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Views - The company has demonstrated stable operational performance with a focus on high dividends, achieving a cash dividend payout ratio of 144% in 2024, resulting in a dividend yield of 9.25% [9][10]. - The company is expected to benefit from the growth of Hitachi Elevator and the upward trend in its main businesses, including elevator assembly and after-market services [9]. Summary by Sections Recent Performance - In 2024, the company reported revenue of 7.26 billion yuan, a year-on-year decrease of 1.68%, while net profit attributable to shareholders was 812 million yuan, an increase of 6.56% [5]. - The gross margin was 15.42%, up by 1.02 percentage points, and the net profit margin was 10.95%, up by 1.19 percentage points [5]. Business Segments 1. **Hitachi Elevator**: - Revenue from Hitachi Elevator (China) was 27.56 billion yuan, a slight increase of 0.1%, with net profit of 3.32 billion yuan, down by 4.5% [6]. - The company received an investment income of 726 million yuan from Hitachi Elevator, a decrease of 6.6% [6]. 2. **Elevator Components and Logistics**: - Revenue was 3.96 billion yuan, a decrease of 0.5%, with a gross margin of 7.24% [6]. - The company made progress in expanding its customer base and product offerings [6]. 3. **Complete Elevator Business**: - The company sold 28,700 elevators in 2024, an increase of 1%, with revenue of 3.1 billion yuan, a decrease of 2% [6]. - The gross margin for this segment was 25.08%, an increase of 2.19 percentage points [6]. 4. **After-Market Services**: - The company benefited from policies promoting the installation and replacement of elevators in old buildings, with a year-on-year increase of 63% in renovation orders [7]. - The self-maintenance rate for elevators exceeded 20%, with plans to increase this through various strategies [7]. Financial Forecast - The company is projected to achieve revenues of 7.623 billion yuan in 2025, 8.053 billion yuan in 2026, and 8.490 billion yuan in 2027, with corresponding net profits of 871 million yuan, 947 million yuan, and 1.030 billion yuan respectively [8][9]. - The expected P/E ratios for the next three years are 11, 10, and 9 times [9].

Core Viewpoint - The company reported its 2024 annual results, showing stable performance in its main business segments despite a slight decline in overall revenue compared to the previous year [1][3]. Financial Performance - In 2024, the company achieved revenue of 7.26 billion yuan, a year-on-year decrease of 1.68%, while net profit attributable to shareholders was 812 million yuan, an increase of 6.56% [1]. - The gross margin was 15.42%, up by 1.02 percentage points, and the net profit margin was 10.95%, up by 1.19 percentage points [1]. - For Q4 2024, the company reported revenue of 2.316 billion yuan, a year-on-year increase of 14.61%, and a net profit of 266 million yuan, up by 1.97% [2]. Business Segments - **Hitachi Elevator**: In 2024, Hitachi Elevator (China) generated revenue of 27.56 billion yuan, a slight increase of 0.1%, but net profit decreased by 4.5% to 3.32 billion yuan. The company’s investment income from Hitachi Elevator was 726 million yuan, down by 6.6% [3]. - **Elevator Components and Logistics**: Revenue for this segment was 3.96 billion yuan, a decrease of 0.5%, with a gross margin of 7.24%, down by 0.3 percentage points. The company made progress in expanding its customer base and product offerings [3]. - **Complete Elevator Business**: The company sold 28,700 elevators in 2024, a year-on-year increase of 1%, with revenue of 3.1 billion yuan, down by 2%. The gross margin improved to 25.08%, up by 2.19 percentage points [4]. - **Aftermarket Business**: The company benefited from policies promoting the installation of elevators in old buildings, with a 63% increase in renovation orders. The self-maintenance rate for elevators exceeded 20% [4]. Future Outlook - The company forecasts revenues of 7.623 billion yuan, 8.053 billion yuan, and 8.490 billion yuan for 2025-2027, with net profits of 871 million yuan, 947 million yuan, and 1.03 billion yuan respectively [5]. - The company plans to maintain a cash dividend payout ratio of no less than 60% from 2024 to 2026, having already achieved a 144% cash dividend ratio in 2024, resulting in a dividend yield of 9.25% [5]. - The company is considered a high-dividend asset with both cyclical and growth attributes being less pronounced, maintaining a "buy" rating [6].

| | 和 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 601228 | 广州港 | 0.1280 | 96443.07 | -10.63 | 1407293.13 | 6.66 | | 301488 | 豪恩汽 | 1.1000 | 10091.18 | -11.15 | 140893.71 | 17.25 | | | 电 | | | | | | | 001324 | 长青科 | 0.4361 | 6018.00 | -16.41 | 46042.71 | -13.16 | | | 技 | | | | | | | 002535 | 林州重 | 0.1189 | 9534.40 | -18.47 | 168353.14 | -8.38 | | | 机 | | | | | | | 002075 | 沙钢股 | 0.0700 | 16258.29 | -27.75 | 1441626.09 | -7.69 | | | 份 | | | | | | | 002860 | 星帅尔 | 0.4700 | 14369.40 | -29.03 | 207 ...

Group 1 - The company has recognized asset impairment provisions totaling RMB 17,559.97 million for the year 2024, with a reversal of provisions amounting to RMB 4,501.90 million, resulting in a reduction of the total profit for 2024 by RMB 13,058.07 million [3][5][6] - The audit committee supports the impairment provisions, stating that they reflect the company's asset status and operational results more fairly as of December 31, 2024 [4][6] - The board of directors agrees with the impairment provisions, emphasizing that they comply with accounting standards and accurately represent the company's financial situation [5][6] Group 2 - The company plans to distribute a cash dividend of RMB 0.60 per share (including tax), based on a total share capital of 873,858,595 shares, resulting in a total cash distribution of RMB 514,637,487.00 (including tax) [10][11] - The company has maintained a positive net profit for the year and has a positive retained earnings balance, ensuring compliance with the Shanghai Stock Exchange's regulations regarding cash dividends [13][14] - The board of directors and the supervisory board have approved the profit distribution plan, which will be submitted for shareholder approval [15][16] Group 3 - The company has announced the cancellation of 4.4001 million stock options and the repurchase of 5.377783 million restricted stocks as part of its 2023 stock option and restricted stock incentive plan [31][36] - The cancellation and repurchase are due to certain employees no longer qualifying for the incentive plan due to resignation or retirement, as well as unmet performance targets [36][37] - The repurchase will be funded by the company's own funds, and the impact on the company's financial status is expected to be minimal [43][45] Group 4 - The company will hold an annual performance briefing on April 21, 2025, to discuss its 2024 operational results and financial indicators with investors [49][50] - The briefing will be conducted via video and online interaction, allowing investors to submit questions in advance [51][52] - Key company executives, including the chairman and general manager, will participate in the briefing to address investor inquiries [50][51]

公司代码：600894 公司简称：广日股份 第一节 重要提示 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到http://www.sse.com.cn网站仔细阅读年度报告全文。 2、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，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。 3、公司全体董事出席董事会会议。 4、容诚会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 5、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司拟以实施权益分派股权登记日登记的总股本扣减回购专用证券账户的股数为基数分配利润，拟向全 体股东每10股派送现金红利6.00元（含税）。如在利润分配公告披露之日起至实施权益分派的股权登记 日期间，公司总股本扣减回购专用证券账户的股数发生变动，公司拟维持每股分配比例不变，相应调整 分配总额。本方案尚需提交股东大会审议。 报告期内，公司于2024年10月实施了2024年中期分红，以实施权益分派股权登记日登记的总股本扣减回 购专用证券账户股数为基数，向全 ...

Core Viewpoint - Guangri Co., Ltd. announced a cash dividend plan for the fiscal year 2024, proposing a distribution of 6 yuan per 10 shares (including tax), amounting to a total cash payout of 515 million yuan, which represents 63.41% of the net profit and a dividend yield of 5.54% based on the average trading price for the year [2][3]. Financial Performance - The company reported a total operating income of 7.26 billion yuan for the fiscal year 2024, a year-on-year decrease of 1.68% - The net profit reached 812 million yuan, reflecting a year-on-year increase of 6.56% - Basic earnings per share were 0.9373 yuan, with a weighted average return on equity of 8.84% [3]. Dividend History - This marks the 21st cash distribution since the company's listing, with a historical overview of past dividend distributions showing varying amounts and yields [2][3]. - The most recent dividend of 6 yuan per 10 shares is compared to previous distributions, with the highest being 7.5 yuan per 10 shares in June 2024 [2]. Market Position - In the machinery and equipment sector, Guangri Co., Ltd. ranks among 76 companies that have announced their 2024 dividend plans, with its cash payout of 515 million yuan placing it in a competitive position within the industry [5]. - The company’s dividend payout ratio of 63.41% is notable, indicating a strong commitment to returning value to shareholders [5].

股票简称：广日股份 股票代码：600894 编号：临 2025-022 广州广日股份有限公司 关于回购注销部分限制性股票通知债权人的公告 二、需债权人知晓的相关信息 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法律责任。 一、通知债权人的原由 广州广日股份有限公司（以下简称"广日股份"或"公司"）于 2025 年 4 月 7 日召开公司第九届董事会第三十一次会议及第九届监事会第二十次会议，审议通过 了《关于 2023 年股票期权与限制性股票激励计划注销部分股票期权及回购注销部 分限制性股票的议案》，具体内容详见 2025 年 4 月 9 日于《中国证券报》《上海证 券报》《证券时报》及上海证券交易所网站(www.sse.com.cn)披露的《广日股份关于 2023 年股票期权与限制性股票激励计划注销部分股票期权及回购注销部分限制性 股票的公告》（公告编号：临 2025-021）。 本次限制性股票回购注销事项完成后，公司总股本将由 873,858,595 股减少至 868,480,812 股，注册资本将由 873,858,595 元减少 ...