证券代码：603909 证券简称：建发合诚 公告编号：2025-015 建发合诚工程咨询股份有限公司关于 2024 年度业绩暨现金分红说明会召开情况的公告 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。 建发合诚工程咨询股份有限公司（以下简称"建发合诚"或"公司"）2024 年度业绩暨现金分红说明会于 2025 年 3 月 28 日下午 14:00-15:00 通过上海证券 交易所上证路演中心（网址：http://roadshow.sseinfo.com）以网络互动的方式召 开。公司已于 2025 年 3 月 22 日在指定信息披露媒体刊登了《建发合诚关于召开 2024 年度业绩暨现金分红说明会的公告》（公告编号：2025-014）。现将说明会召 开情况公告如下： 一、 本次说明会召开情况 2025 年 3 月 28 日，公司总经理黄和宾先生、独立董事林朝南先生、董事会 秘书高玮琳女士、财务总监刘晓玲女士出席了本次说明会。公司与投资者进行了 互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行了回答。 二、 本次会 ...

建发合诚(603909)：施工业务高增 分红持续提升 事件：建发合诚发布2024 年报。2024 年，公司实现营收66.09 亿/同比+67.49%，实现归母净利润 0.96 亿/同比+45.03%。2024Q4，公司实现营收18.99 亿元/同比-0.93%，实现归母净利润0.32 亿/同 比-11.39%。 近3 年持续分红水平持续提升，重视股东回报。2024 年，公司计划向全体股东每10 股派发现金红 利1.2 元（含税），合计拟派发现金红利3128.08万元（含税），现金分红比例为32.72%。最近三个会计 年度，建发合诚累计现金分红金额为6416.58 万元，现金分红比例分别为21.22%/31.63%/32.72%，公司 持续重视股东回报，分红水平持续提升。 投资建议：公司聚焦交通、市政等土木工程领域，为客户提供综合性、跨阶段、一体化的工程技术 服务，近年公司建筑施工业务订单量显著提升，预计将在未来带来相对稳健的收益变现。综合预计 2025-2027 年归母净利润1.01/1.14/1.29 亿元，对应23x/21x/18xPE，给予"推荐"评级。 风险提示：订单不及预期、回款不及预期、项目进度不 ...

Group 1 - The report highlights the recent performance of the CSI 300 and ChiNext indices, showing a decline of 32% and 16% respectively over the past year [2] - The top-performing sectors yesterday included non-ferrous metals, home appliances, and banks, with respective gains of 1.14%, 0.95%, and 0.88% [2] - Conversely, the worst-performing sectors included computers, real estate, and defense, with declines of 1.92%, 1.77%, and 1.68% [2] Group 2 - The fixed income analysis indicates that high real interest rates are not a sufficient condition for interest rate cuts, emphasizing that current monetary policy is already supportive of the real economy [8][10] - The report discusses the efficiency of monetary policy transmission in China, stating that changes in policy rates directly influence lending rates without the need for intermediary market adjustments [11] - It is noted that the actual interest rate is more of an academic concept with limited impact on the real economy, as evidenced by the U.S. experiences during past crises [12] Group 3 - The automotive sector is witnessing significant advancements in autonomous driving technology, with multiple companies announcing progress towards Level 3 capabilities expected to be achieved by 2025 [20][21] - BYD has made notable announcements regarding its charging infrastructure and vehicle sales, indicating strong market activity and consumer interest [19] - The report emphasizes the importance of the automotive industry's transition to higher levels of automation and the competitive landscape among various manufacturers [20] Group 4 - The service consumption sector is experiencing robust growth, with travel bookings for the Qingming Festival showing positive trends, and companies like Tongcheng reporting significant revenue increases [26] - The education sector is also highlighted, with companies like Excellence Education Group and Thinking乐 reporting impressive revenue and profit growth, indicating a strong market recovery [27] - The report notes that the average per capita service consumption expenditure in China is expected to exceed 50% by 2030, reflecting a growing trend in service-oriented spending [27] Group 5 - In the chemical industry, the report indicates a continued upward trend in organic silicon prices, driven by strong manufacturer pricing intentions and potential supply shortages [32] - The urea market is also showing signs of recovery, with prices slightly increasing due to various market dynamics, including reduced inventories and seasonal demand [33] - The report recommends several companies in the chemical sector, including 合盛硅业 and 兴发集团, as potential investment opportunities [35] Group 6 - The media sector is focusing on AI applications and gaming, with significant developments in virtual reality films expected to enhance audience engagement and revenue generation [42] - The report highlights the approval of numerous new games, indicating a healthy pipeline for the gaming industry, which is expected to contribute positively to revenue growth [41] - Companies like Tencent and NetEase are recommended for their strong positions in the gaming market and ongoing innovations in AI technology [40]

建发合诚 20250324 摘要 Q&A 请介绍一下建发合诚 2024 年的整体年报情况。 2024 年，建发合诚在工程咨询和工程施工方面取得了显著进展。公司全年实现 营收 66.09 亿元，同比增长 68%；归母净利润 0.96 亿元，同比增长 45%；经营 活动产生的现金流净额为 4.7 亿元，同比增长 5.69%。公司董事会提议每 10 股 派发现金红利 1.2 元，占当年归母净利润的 31.72%。 在业务分布上，工程咨 询收入为 6.79 亿元，同比有所减少，但新签合同金额达到 9.95 亿元，保持了 一定增量。工程施工收入为 59.26 亿元，同比增长 83%，但新签合同金额较去 年同期有所下滑，仅完成了 45.75%。 • 建发合诚 2024 年营收稳健增长，净利润同比增长 5.69%，现金流状况良好， 董事会提议每 10 股派发现金红利 1.2 元，占当年归母净利润的 31.72%。 • 工程施工收入同比增长 83%，但新签合同金额同比下滑，仅完成 45.75%， 需关注未来业绩增长压力。工程咨询收入有所减少，但新签合同金额保持 一定增量。 • 公司实施区域聚焦策略，巩固福建、辽宁、浙江等市场 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has experienced significant year-on-year growth in revenue and net profit, primarily driven by a substantial increase in construction business, although the rising proportion of this segment has diluted the gross margin [5][6] - The overall business performance remains stable, and the company is expected to continue benefiting from synergies with its controlling shareholder, which may drive sustained revenue growth [5] Financial Performance Summary - In 2024, the company achieved total operating revenue of 6.609 billion yuan, representing a year-on-year increase of 67.49% - The net profit attributable to the parent company was 0.96 billion yuan, up 45.03% year-on-year, while the net profit excluding non-recurring items was 0.90 billion yuan, reflecting a 42.06% increase [6] - The gross margin was reported at 5.95%, with a net margin of 1.86%, showing declines of 2.19 percentage points and 0.17 percentage points respectively, mainly due to the lower margin of the construction business [6] - As of the end of 2024, the net cash flow from operating activities was 0.471 billion yuan, an increase of 5.69% year-on-year [6] Business Segment Performance - The construction business generated revenue of 5.698 billion yuan in 2024, a 90.51% increase, accounting for 86.21% of total revenue - The design consulting business saw revenue of 0.402 billion yuan, a decrease of 2.57%, contributing 6.08% to total revenue - The reinforcement business reported revenue of 0.211 billion yuan, a slight increase of 0.56%, making up 3.20% of total revenue - Despite a slowdown in industry growth, the engineering consulting segment maintained growth, with new contracts signed amounting to 0.995 billion yuan, a 0.4% increase year-on-year [7] Financial Forecasts - The company forecasts net profits attributable to the parent company for 2025, 2026, and 2027 to be 1.1 billion yuan, 1.3 billion yuan, and 1.3 billion yuan respectively, with corresponding EPS of 0.4 yuan, 0.5 yuan, and 0.5 yuan - The current stock price corresponds to P/E ratios of 23.3, 19.5, and 19.4 for the years 2025, 2026, and 2027 respectively [5][8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company reported a revenue of 6.609 billion RMB for 2024, representing a year-on-year increase of 67.49%, and a net profit attributable to shareholders of 0.96 billion RMB, up 45.03% year-on-year [1]. - The construction business has significantly contributed to the sustained high growth in performance since its initiation in 2022, with construction revenue reaching 5.926 billion RMB, a year-on-year increase of 83.12% [2]. - New contract signings for 2024 totaled 5.57 billion RMB, a decrease of 62.7% year-on-year, with engineering consulting contracts slightly increasing while construction contracts were adversely affected by the real estate sector [2]. - The company improved its cash flow, with a net operating cash flow of 4.71 billion RMB, up 5.69% year-on-year, and total cash collections reaching 6.155 billion RMB, an increase of 78% [3]. - The report forecasts net profits for 2025-2027 to be 1.29 billion RMB, 1.29 billion RMB, and 1.61 billion RMB, with respective growth rates of 34.9%, 0.3%, and 24.5% [4]. Summary by Sections Financial Performance - Revenue for 2024 is projected at 6.609 billion RMB, with a growth rate of 67.5% [7]. - Net profit for 2024 is expected to be 0.96 billion RMB, reflecting a growth rate of 45% [7]. - The diluted earnings per share for 2024 is estimated at 0.37 RMB [7]. Future Projections - Revenue projections for 2025 and 2026 are 8.675 billion RMB and 6.95 billion RMB, respectively, with growth rates of 31.3% and -19.9% [7]. - The company anticipates a return on equity (ROE) of 11.2% in 2025, increasing to 12.2% by 2027 [7]. Market Sentiment - The report indicates a consistent "Buy" sentiment in the market, with multiple recent recommendations supporting this view [11].

RSM 容诚 审计报告 建发合诚工程咨询股份有限公司 容诚审字|2025|361Z0062 号 容诚会计师事务所(特殊普通合伙) 中国 北京 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） 报告编码:京250CN 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | | | 2 | 合并资产负债表 | 1 | | 3 | 合并利润表 | 2 | | 4 | 合并现金流量表 | 3 | | 5 | 合并所有者权益变动表 | 4 | | 6 | 母公司资产负债表 | 5 | | 7 | 母公司利润表 | 6 | | 8 | 母公司现金流量表 | 7 | | 9 | 母公司所有者权益变动表 | 8 | | 10 | 财务报表附注 | 9 - 154 | 审计报告 容诚审字[2025]36 建发合诚工程咨询股份有限公司全体股东: 一、审计意见 我们审计了建发合诚工程咨询股份有限公司(以下简称建发合诚公司)财务 报表,包括2024年12月31日的合并及母公司资产负债表,2024年度的合并及母 公司利润表、合并及母 ...

【RSM 容 诚 内部控制审计报告 建发合诚工程咨询股份有限公司 容诚审字[2025]361Z0063 号 "诚会计师! 容诚会计师事务所(特殊普通合伙) 中国 北京 您可使用手机"扫一扫"或进入"注册用于证明该审计报告是否由具有执业许可的会计师事务所出具， 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.or.cn）"进行变 内部控制审计报告 容诚审字[2025]361Z0063 号 建发合诚工程咨询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 们审计了建发合诚工程咨询股份有限公司(以下简称"建发合诚公司")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,并评价其有效性是建发 合诚公司董事会的责任。 (此页无正文,为建发合诚工程咨询股份有限公司容诚审字[2025]361Z0063 号内部控制审计报告之签字盖章页。) 中国注册会计师: 层本少康发图母 李什谦 35020002017 ...

建发合诚工程咨询股份有限公司 独立董事 2024 年度述职报告（唐炎钊） 作为建发合诚工程咨询股份有限公司（以下简称"公司"）第四届董事会独立 董事，本人唐炎钊在 2024 年履职期间，严格遵循《中华人民共和国公司法》《中 华人民共和国证券法》《上市公司治理准则》《上市公司独立董事管理办法》等法 律法规及《公司章程》的规定，忠实履行独立董事职责，勤勉尽责，确保公司治 理的规范运作。 在履职过程中，本人重点关注公司发展战略，积极参与董事会及相关会议， 认真审议各项议案，并就重大事项提出专业意见。同时，本人深入了解公司生产 经营情况，审慎行使独立董事职权，切实维护公司及全体股东的合法权益，充分 发挥独立董事的监督与决策支持作用。现将 2024 年度履职情况汇报如下： 一、 独立董事的基本情况 （一）独立董事个人情况 唐炎钊：男，1968 年出生，中国国籍，无境外居留权，华中科技大学管理科 学与工程专业博士，厦门大学管理学院教授、博士生导师。曾于武汉冶金设备制 造公司党委组织部及车间从事组织管理、基层管理工作，于中国科技开发院医药 科技开发所从事风险投资的理论研究及评估工作。现任教于厦门大学，期间赴纽 卡斯尔大学、 ...

建发合诚工程咨询股份有限公司 独立董事 2024 年度述职报告（黄炳艺） 作为建发合诚工程咨询股份有限公司（以下简称"建发合诚"或"公司"） 第五届董事会的独立董事，本人在 2024 年度（2024 年 12 月 20 日—2024 年 12 月 31 日）履职期间，严格按照《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司独立董事管理办法》《公司章程》及各专门委员会工作制度等有关 规定，认真履行独立董事职责，积极发挥独立董事参与决策、监督制衡、专业咨 询的作用，维护了公司和全体股东尤其是中小股东的利益。现汇报如下： 作为公司独立董事，本人具备独立董事任职资格，符合法律法规规定的独立 性要求，未在公司担任除独立董事以外的其他职务，不存在受公司控股股东、实 际控制人及其他与公司存在利害关系的单位或个人影响的情形，亦不存在影响独 立客观判断的其他情形。 二、独立董事年度履职概况 一、独立董事的基本情况 （一）个人工作履历、专业背景及兼职情况 黄炳艺：男，1977 年出生，中国国籍，无境外居留权，厦门大学经济学博士， 北京大学光华管理学院工商管理（会计学）博士后，美国罗格斯大学访问学者。 现任厦门大学管理 ...