Financial Performance - The company's operating revenue for Q1 2025 was ¥1,247,861,833.40, a decrease of 9.96% compared to ¥1,385,895,990.38 in the same period last year[5] - The net profit attributable to shareholders was -¥13,001,500.41, worsening from -¥7,240,271.69 year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥20,254,338.58, a decline of 186.16% from ¥23,508,455.51 in the previous year[5] - The net cash flow from operating activities was -¥208,305,118.41, significantly lower than -¥14,661,043.21 in the same period last year[5] - Net loss for Q1 2025 was CNY 16,430,775.29, compared to a net loss of CNY 10,128,989.42 in Q1 2024, indicating a worsening of 62.5%[17] - The company reported a total comprehensive loss of CNY 16,398,844.85 for Q1 2025, compared to a loss of CNY 10,135,636.82 in Q1 2024, an increase of 62.1%[17] Assets and Liabilities - Total assets at the end of the reporting period were ¥14,324,748,153.81, down 2.68% from ¥14,719,249,634.00 at the end of the previous year[6] - The company's total assets as of March 31, 2025, were CNY 14,324,748,153.81, a decrease from CNY 14,719,249,634.00 as of December 31, 2024[14] - Total liabilities decreased to CNY 5,127,817,723.45 as of March 31, 2025, from CNY 5,481,868,850.30 at the end of 2024, a reduction of 6.4%[14] Shareholder Information - The equity attributable to shareholders decreased by 0.42% to ¥8,775,647,932.34 from ¥8,812,603,629.70 at the end of the previous year[6] - The number of ordinary shareholders at the end of the reporting period was 24,541[9] - The largest shareholder, Guangzhou Intelligent Equipment Industry Group Co., Ltd., holds 55.66% of the shares, totaling 486,361,929 shares[10] Cash Flow and Investments - The company's cash and cash equivalents were CNY 3,921,149,266.46 as of March 31, 2025, down from CNY 4,201,385,907.74 at the end of 2024, a decline of 6.7%[13] - In Q1 2025, the net cash flow from operating activities was -$208.31 million, compared to -$14.66 million in Q1 2024, indicating a significant decline[22] - Total cash inflow from operating activities in Q1 2025 was $1.54 billion, slightly down from $1.57 billion in Q1 2024[22] - Cash outflow for purchasing goods and services increased to $1.41 billion in Q1 2025 from $1.22 billion in Q1 2024, reflecting a 15.5% rise[22] - The net cash flow from investing activities was -$21.64 million in Q1 2025, an improvement from -$162.97 million in Q1 2024[22] - Cash outflow for fixed asset purchases decreased significantly to $21.69 million in Q1 2025 from $63.09 million in Q1 2024[22] - The net cash flow from financing activities was -$35.58 million in Q1 2025, compared to -$59.88 million in Q1 2024, showing a reduction in cash outflow[22] - Cash and cash equivalents at the end of Q1 2025 stood at $3.72 billion, down from $4.77 billion at the end of Q1 2024[22] - The company received $0 in new borrowings in Q1 2025, contrasting with $0.56 million in Q1 2024[22] - The total cash outflow for dividend distribution and interest payments was $452.89 million in Q1 2025, a significant decrease from $53.86 million in Q1 2024[22] - The impact of exchange rate changes on cash and cash equivalents was positive at $12.31 million in Q1 2025, compared to a negative impact of -$19.52 million in Q1 2024[22] Research and Development - Research and development expenses for Q1 2025 were CNY 48,356,897.12, down from CNY 55,226,197.61 in Q1 2024, a decrease of 12.8%[17] Inventory - The company’s inventory increased to CNY 1,201,200,278.72 as of March 31, 2025, from CNY 1,048,005,683.75 at the end of 2024, an increase of 14.6%[13] Earnings Per Share - Basic and diluted earnings per share for Q1 2025 were both CNY -0.0154, compared to CNY -0.0084 in Q1 2024, reflecting a decrease of 83.3%[19] Non-Recurring Gains - The company recognized non-recurring gains of ¥7,252,838.17 during the reporting period, including government subsidies and asset disposal gains[7] Return on Assets - The weighted average return on net assets was -0.15%, a decrease of 0.07 percentage points compared to -0.08% in the previous year[5]

Group 1 - The report highlights the release of Guangzhou's "Mergers and Acquisitions Ten Articles," aiming to promote industrial development through mergers and acquisitions, targeting at least 60 deals by 2027 [3][35][38] - In the recent period, eight companies disclosed significant restructuring events, maintaining the same level as the previous period, with an equal number of companies involved in changes of actual controllers [3][12] - The restructuring index fell by 5.68%, underperforming compared to the Shanghai Composite Index (-3.37%) and the CSI 300 (-4.21%), while slightly outperforming the CSI 1000 (-6.48%) [3][25][29] Group 2 - The report analyzes key merger cases, including the acquisition of New潮传媒 by 分众传媒, valued at 8.3 billion yuan, which aims to integrate high-end urban resources with community resources in lower-tier cities [4][12] - The acquisition of 映日科技 by 呈和科技, valued at 1.8 billion yuan, focuses on technological synergy in the high-performance sputtering target materials sector, enhancing competitiveness in the display industry [4][12] - 湖南发展 plans to acquire four hydropower companies, increasing its installed capacity to 778,000 kilowatts, aligning with national carbon neutrality goals and enhancing operational synergy [5][12] Group 3 - The report identifies investment opportunities based on the "12218" industrial map, including strategic industry clusters such as 广汽集团 and 冠昊生物, and modern service industries like 广电计量 and 山水比德 [6][12][35] - The report emphasizes the encouragement of mergers and acquisitions in the biopharmaceutical and sports sectors, with various government departments advocating for financial support for these initiatives [35][36][38] - The report outlines the strategic focus on integrating upstream and downstream assets in key industries, aiming for significant mergers and acquisitions to enhance technological capabilities and market competitiveness [38]

Group 1 - The company achieved a revenue of 7.26 billion yuan in 2024, a year-on-year decrease of 1.68%, while the net profit attributable to shareholders was 0.812 billion yuan, an increase of 6.56% [1] - The company’s fourth-quarter revenue reached 2.316 billion yuan, a year-on-year increase of 14.61%, with a net profit of 0.266 billion yuan, up 1.97% [1] - The overall profitability improved due to supply chain management, technological innovation, and digital construction [1] Group 2 - The elevator business generated revenue of 3.1 billion yuan, while the elevator components business brought in 3.42 billion yuan, with respective year-on-year declines of 2.36% and 0.63% [2] - The gross margins for the elevator business and components were 25.08% and 6.47%, showing changes of +2.19 and -0.34 percentage points year-on-year [2] - The company successfully expanded its strategic customer base, including major state-owned enterprises and private enterprises, and secured significant contracts in the rail transit sector [2] Group 3 - The company is focusing on digitalization, internationalization, and the elevator aftermarket to drive high-quality development [3] - The overseas business revenue increased by 95.55% year-on-year, reflecting successful market expansion in regions such as the CIS, Middle East, Southeast Asia, and Africa [3] - The company established a fund for the elevator aftermarket, laying a solid foundation for future growth in this sector [3] Group 4 - The company announced a cash dividend of 6.00 yuan per 10 shares, totaling approximately 0.515 billion yuan, along with a mid-year profit distribution of 0.651 billion yuan, leading to a total cash dividend of about 1.166 billion yuan for the year [4] - The total amount for cash dividends and share buybacks reached 1.327 billion yuan, accounting for 163.48% of the net profit attributable to shareholders [4] - The company implemented a stock option incentive plan, granting options that represent 3% of the total share capital to 291 individuals [4]

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]