Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 13.10, compared to the current price of 7.69 [2][11]. Core Views - The report highlights the company's strong position in the low-altitude economy, which has been recognized as a strategic emerging industry by the central economic work conference. The company has extensive experience and technical accumulation in this field, actively expanding into areas such as drone operation and provincial system construction [11]. - The projected EPS for 2023-2025 is 1.03, 1.16, and 1.25 respectively, indicating growth rates of 3%, 13%, and 8% [11]. - The low-altitude economy is expected to contribute between 3 trillion to 5 trillion yuan to the national economy by 2025, with the company providing comprehensive consulting services in this area [11]. - The company's AI design products significantly enhance design efficiency, with the AIRoad system improving design efficiency by 8-10 times and overall design efficiency by 20-30% [11]. - The company is also involved in the autonomous driving sector, collaborating on products related to vehicle-road collaboration [11]. Summary by Sections Financial Performance - The company's net profit is projected to reach 7.2 billion yuan in 2023, with a growth rate of 5%, and 7.9 billion yuan in 2024, with a growth rate of 10% [15]. - The average PE ratio is expected to be 8.2 for 2023 and 6.1 for 2024, indicating a favorable valuation compared to historical averages [15]. Market Position - The company has provided engineering consulting services for 113 transport airports and 18 general airports, showcasing its strong market presence [11]. - The report notes that the company has a total market capitalization of 5.258 billion yuan and a circulating share ratio of 98% [12]. Industry Outlook - The low-altitude economy is positioned as a new growth engine, with government reports emphasizing its importance for future economic development [11]. - The report indicates that the company is well-prepared to leverage advancements in AI and digital technologies to enhance its service offerings and operational efficiency [11].

公司研究〃华设集团（603018）4 本人具有中国证券业协会授予的证券投资咨询执业资格，以勤勉的职业态度，独立、客观地出具本报告。本报告所采用的数据和信息均 来自市场公开信息，本人不保证该等信息的准确性或完整性。分析逻辑基于作者的职业理解，清晰准确地反映了作者的研究观点，结论 不受任何第三方的授意或影响，特此声明。 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------|------------|----------|-------|-----------------------------------------------------------| | 1. 投资评级的比较和评级标准： | 类 别 | 评 级 | | 说 明 | | 以报告发布后的 6 个月内的市场表现 | | 优于大市 | | 预期个股相对基准指数涨幅在 10% 以上； | | 为比较标准，报告发布日后 6 个月内 | 股票投资评 | 中性 | | 预期个股相对基准指数涨幅介于 -10% ...

| 证券代码：603018 | 证券简称：华设集团 公告编号：2024-036 | | --- | --- | | 转债代码：113674 | 转债简称：华设转债 | 华设设计集团股份有限公司 可转债转股结果暨股份变动公告 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法律责任。 重要内容提示： 一、可转债发行上市概况 （一）可转债发行情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意华设设计 集团股份有限公司向不特定对象发行可转换公司债券注册的批复》（证监许可 [2023]1322 号）同意，华设设计集团股份有限公司（以下简称"公司"或"本公 司"）于 2023 年 7 月 21 日向不特定对象发行可转换公司债券 400.00 万张，发行 价格为每张面值 100 元人民币，按面值发行，期限 6 年，募集资金总额为人民币 40,000.00 万元。可转债票面利率为：第一年 0.30%、第二年 0.50%、第三年 1.00%、 累计转股情况：截至 2024 年 3 月 31 日，累计有人民币 14,000 元"华设 转债" ...

| 证券代码：603018 | 证券简称：华设集团 | 公告编号：2024-035 | | --- | --- | --- | | 转债代码：113674 | 转债简称：华设转债 | | 截至2024年3月29日，公司通过上海证券交易所交易系统以集中竞价交易方 式回购的股份数量为3,839,200股，占公司总股本的比例为0.5615%，成交最高价 为7.25元/股，成交最低价为6.48元/股，已支付的资金总额为人民币27,115,036元 （不含交易费用）。上述回购进展符合既定的回购股份方案。 1 / 2 公司将严格按照相关规定实施股份回购并及时履行信息披露义务，敬请投 资者注意投资风险。 特此公告。 华设设计集团股份有限公司董事会 华设设计集团股份有限公司 关于回购股份进展情况的公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、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。 华设设计集团股份有限公司（以下简称"公司"）于2024年1月5日召开第五 届董事会第九次会议，审议通过了《关于以集中竞价交易方式回购公司股份方 案的议案》，同意公司使用自有及自筹资金以集中竞价交 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][9][8] Core Insights - The company's profitability is steadily improving, with a focus on expanding new business areas such as digitalization and low-carbon environmental initiatives [1][7] - In 2023, the company achieved operating revenue of 5.353 billion yuan, a year-on-year decrease of 8.32%, while net profit attributable to shareholders was 697.84 million yuan, an increase of 2.08% year-on-year [1][4] - The company has a strong cash dividend policy, distributing 210 million yuan in dividends, with a payout ratio of 30.4% and a corresponding dividend yield of 3.9% as of March 27 [1] Financial Performance Summary - Traditional business segments such as surveying and design, planning research, comprehensive testing, and EPC management generated revenues of 3.17 billion, 480 million, 520 million, and 320 million yuan respectively, with year-on-year changes of -14.7%, +7.7%, +32.3%, and -4.7% [2] - Emerging businesses in digital intelligence and low-carbon environmental sectors reported revenues of 390 million and 420 million yuan, with year-on-year growth rates of +17.8% and -22.3% respectively [2] - The overall gross profit margin for 2023 was 39.0%, an increase of 2.1 percentage points year-on-year, indicating enhanced profitability [3][18] Future Projections - The company has adjusted its net profit forecasts for 2024 and 2025 to 750 million and 812.71 million yuan respectively, with expected growth rates of 8.0% and 7.8% [3][4] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.10, 1.19, and 1.26 yuan respectively, reflecting a positive growth trajectory [4][18] Market Position - The company is positioned to leverage its first-mover advantage in the low-altitude economy sector, supported by its industry think tank and planning design capabilities [2][7] - The company’s cash flow remains robust, with a CFO net amount of 499.46 million yuan in 2023, indicating strong operational efficiency [3][4]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company has shown initial success in digital transformation and has significant growth potential in the low-altitude economy [1]. - In 2023, the company achieved a revenue of 5.353 billion yuan, a decrease of 8.32% year-on-year, primarily due to a high proportion of survey design and EPC [1]. - The net profit attributable to shareholders was 0.698 billion yuan, representing a year-on-year increase of 3.18% [1]. - The company’s gross profit margin improved to 39%, an increase of 2.05 percentage points year-on-year, with a net profit margin of 13.33%, up 1.18 percentage points [1]. - New contracts signed in 2023 saw significant growth, particularly in the water conservancy and rail sectors, with year-on-year increases exceeding 30% [1]. Financial Performance Summary - Revenue by business segment for 2023: Survey design (0.484 billion yuan, +2.08%), Comprehensive testing (3.171 billion yuan, +7.72%), Digital and smart business (0.516 billion yuan, +32.30%), Low-carbon and environmental business (0.390 billion yuan, +17.83%), EPC (0.422 billion yuan, -22.31%) [1]. - The company’s operating cash flow improved slightly, with a net cash flow from operating activities of 0.499 billion yuan, an increase of 0.099 billion yuan from 2022 [1]. - The company forecasts revenues of 5.708 billion yuan, 6.100 billion yuan, and 6.546 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 6.62%, 6.88%, and 7.30% [1]. Future Outlook - The company is expected to benefit significantly from the development opportunities in the low-altitude economy, leveraging its experience and technical expertise in planning and consulting for transport and general airports [1]. - The report anticipates net profits of 0.754 billion yuan, 0.839 billion yuan, and 0.924 billion yuan for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 8.04%, 11.30%, and 10.16% [1].

公 司 更 新 报 告 请务必阅读正文之后的免责条款部分 -10% 3% 17% 30% 44% 57% -36% -26% -15% -5% 6% 17% 2023-03 2023-08 2024-01 股票绝对涨幅和相对涨幅 华设集团价格涨幅 华设集团相对指数涨幅 -8% -3% 2% 6% 11% 16% 22A 23A 24E 25E 26E 利润率趋势 收入增长率(%) EBIT/销售收入(%) 12% 13% 14% 15% 16% 17% 22A 23A 24E 25E 26E 回报率趋势 净资产收益率(%) 投入资本回报率(%) [Table_Page] 华设集团(603018) 依托公司行业智库(北京民航院)+规划设计产业策划(公司本部)+行业运 用(中设航空)，形成低空经济业务格局。(1)公司在低空经济领域具备丰 富的经验和深厚的技术积累，可提供包括低空政策咨询、标准制定、规 划设计、空域管理、系统开发以及行业应用等在内的全方位服务，先后 为 113 个运输机场和 18 个通用机场提供工程咨询服务。(2)依托公司行 业智库(北京民航院)+规划设计产业策划(公司本部)+行业运用(中设航 空) ...

Financial Performance - In 2023, the company's operating revenue was approximately ¥5.35 billion, a decrease of 8.32% compared to ¥5.84 billion in 2022[22]. - The net profit attributable to shareholders was approximately ¥697.84 million, an increase of 2.08% from ¥683.63 million in 2022[22]. - The company achieved operating revenue of 5.353 billion yuan, with a net profit of 714 million yuan, representing a year-on-year growth of 0.57%[31]. - The company reported a basic earnings per share of ¥1.01 in 2023, compared to ¥1.00 in 2022[23]. - The company reported a gross margin of 39.15% in the service sector, with a decrease of 11.75% year-on-year[119]. - The company’s R&D expenses amounted to 249 million RMB, a decrease of 20.52% compared to the previous year[118]. - The company reported a net cash flow from operating activities of approximately ¥499.46 million, an increase of 2.03% from ¥489.53 million in 2022[22]. - The company’s cash flow from operating activities was 499 million RMB, an increase of 2.03% year-on-year[118]. - The company aims for over 5% growth in revenue and net profit in 2024 compared to 2023, with a target of achieving a net cash flow from operating activities of no less than 400 million yuan[150]. Dividend Policy - The company plans to distribute a cash dividend of 3.1 yuan (including tax) for every 10 shares, totaling approximately 211.97 million yuan, which accounts for 30.38% of the audited net profit attributable to shareholders of the parent company for 2023[7]. - The cash dividend amount for the year is approximately ¥211,972,095.12, which represents 30.38% of the net profit attributable to ordinary shareholders in the consolidated financial statements[199]. - The company has established a profit distribution plan for 2022-2024, committing to distribute at least 30% of the annual distributable profit to shareholders as cash dividends after reserving sufficient surplus funds[196]. - The company emphasizes a cash dividend policy, aiming for a minimum of 80% cash dividends during profit distribution when in a mature stage without major capital expenditure[195]. Audit and Compliance - The company has received a standard unqualified audit report from Rongcheng Accounting Firm[6]. - The company has established a comprehensive risk management system, enhancing internal controls and compliance management[114]. - The company did not experience significant changes in major customers or suppliers during the reporting period[124]. - The company has not faced any penalties from securities regulatory agencies in the past three years[181]. Innovation and Technology - The company is focusing on digital transformation and enhancing its design consulting and technological innovation capabilities[30]. - The company has developed new software products such as AiRoad2.0 and VRRoad2.0, enhancing design efficiency through AI integration[42]. - The company has developed a digital twin platform called "Ziyun Infrastructure," which integrates AI, BIM+GIS, and big data technologies, covering the entire lifecycle of infrastructure projects[71]. - The AI-powered EICAD+AIRoad interactive digital design platform has improved design efficiency by over 10 times, with approximately 80% of national traffic and municipal design institutes using the software[72]. - The company is leveraging advanced digital technologies and engineering insights to provide leading digital solutions in transportation and urban construction[56]. - The company is committed to digital transformation, aiming to become a leader in "digital design," "digital construction," and "digital services" within the industry[148]. Market Expansion and Strategic Initiatives - The company is actively involved in the digital economy, with initiatives to enhance digital infrastructure and promote the integration of digital technology in various sectors, including transportation[52]. - The company is exploring industrialization paths to transition from an engineering design firm to a full-chain technology integrator, focusing on customer needs and core technology leadership[149]. - The company is enhancing its international business capabilities and aims to strengthen its consulting services in the context of global market changes[149]. - The company is exploring acquisition opportunities in the tech sector, with a budget of 100 million allocated for potential deals[174]. - The company is participating in the establishment of a venture capital fund in Nanjing, indicating a strategy for investment diversification[182]. Human Resources and Management - The company has optimized its talent structure, with 2,174 employees holding a master's degree or above, accounting for 35.5% of the total workforce[112]. - The company has a total of 6,130 employees, with 3,210 in the parent company and 2,920 in major subsidiaries[192]. - The company appointed Yao Yu as the general manager on December 29, 2022, and appointed Xu Yigang and Zhai Jianfeng as executive vice presidents on January 9, 2023[176]. - The company has a new management team including six vice presidents: Hou Ligang, Fan Dongtao, Li Jianfeng, Zhang Jiankang, Chen Ruyang, and Cao Yali[176]. - The company emphasizes the importance of retaining professional talent, as the success of its engineering consulting business is closely tied to the quality and quantity of its workforce[156]. Environmental and Social Responsibility - The company is committed to environmental protection and sustainable development, as evidenced by the appointment of professionals with expertise in environmental engineering[178]. - The company is committed to green and low-carbon projects, including the establishment of green low-carbon technology centers for highway projects[97]. - The company has completed 10 million square meters of water environment governance and over 1,500 rural sewage treatment stations, showcasing its capabilities in ecological and environmental services[97]. - The company has designed over 4,800 kilometers of road landscape greening and 40 million square meters of urban greening, along with more than 100 ecological parks and wetlands[98]. Awards and Recognition - The company ranked 3rd in the "Top 100 National Survey and Design Enterprises by Revenue" and 1st in the "Chinese Private Engineering Design Enterprises List" in 2023[30]. - The company has received over 100 provincial and ministerial-level awards for its strategic planning and policy research in transportation[61]. - The company has received 55 authorized patents during the reporting period, including 28 invention patents, indicating a strong focus on technological innovation[46]. - The company has received multiple awards for its digital BIM platform, including the Jiangsu Province Excellent Industrial Software Award and the First Prize in Traffic BIM Engineering Innovation[78].

证券代码：603018 证券简称：华设集团 可转债代码：113674 可转债简称：华设转债 华设设计集团股份有限公司 向不特定对象发行可转换公司债券 受托管理事务报告 （2023 年度） 债券受托管理人 二〇二四年三月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"）《华设 设计集团股份有限公司（作为发行人）与华泰联合证券有限责任公司（作为受托管理 人）关于华设设计集团股份有限公司公开发行可转换公司债券之债券受托管理协议》 （以下简称"《受托管理协议》"）《华设设计集团股份有限公司向不特定对象发行可转 换公司债券并在主板上市募集说明书》（以下简称"《募集说明书》"）《华设设计集团 股份有限公司 2023 年年度报告》等相关公开信息披露文件、第三方中介机构出具的 专业意见等，由本期债券受托管理人华泰联合证券有限责任公司（以下简称"华泰联 合证券"）编制。华泰联合证券对本报告中所包含的从上述文件中引述内容和信息未 进行独立验证，也不就该等引述内容和信息的真实性、准确性和完整性做出任何保证 或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关事宜 做出独 ...

华设设计集团股份有限公司 对会计师事务所履职情况的评估报告 华设设计集团股份有限公司(以下简称"公司")聘请容诚会计师事 务所(特殊普通合伙)(以下简称"容诚所")作为公司 2023年年报 审计机构。根据财政部、国资委及证监会颁布的《国有企业、上市公 司选聘会计师事务所管理办法》,公司对容诚所在 2023年年度审计 中的履职情况进行了评估。经评估,公司认为,近一年容诚所资质等 方面合规有效,履职能够保持独立性,勤勉尽责、公允表达意见。具 体情况如下: 一、资质条件 1.基本信息 容诚所初始成立于 1988年8月,2013年 12月 10 日改制为特殊 普通合伙企业,是国内最早获准从事证券服务业务的会计师事务所 之一,长期从事证券服务业务,拥有 30多年的证券业务从业经验。 容诚所在全国设有 19 家分支机构,总部位于北京,注册地址为北京市 西城区阜成门外大街 22 号 1 幢外经贸大厦 901-22 至 901-26。 2.人员信息 容诚所首席合伙人肖厚发,截至2023年12月31日,容诚所共 有合伙人 179人,注册会计师 1395人,其中 745 人签署过证券服务 业务审计报告。 3.业务规模 容诚所经审 ...