证券代码：002791 证券简称：坚朗五金 公告编号：2025-029 广东坚朗五金制品股份有限公司 公司及董事会全体成员保证信息披露的内容真实、准确、 完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 年度利润分配。 股份 4,413,388 股后的 349,471,625 股为基数，向全体股东每 10 股派 发现金红利 2.00 元（含税）。公司本次实际现金分红总额（元）= （353,885,013 股-4,413,388 股）/10 股×2.00 元=69,894,325.00 元， 以现金分红总额不变的原则进行相应调整。 算的每 10 股现金红利（含税）=实际现金分红总额÷公司总股本×10 股=69,894,325.00 元÷353,885,013 股×10 股=1.975057 元。 盘价-按公司总股本折算的每股现金红利（0.1975057 元/股）。 广东坚朗五金制品股份有限公司（以下简称"公司"）2024 年度 利润分配方案已获 2025 年 4 月 18 日召开的 2024 年年度股东会审议通 过，具体内容详见 2025 年 4 月 19 日在巨潮资讯网 （www.cninfo.com ...

3、本次权益分派实施后除权除息参考价计算时，按公司总股本折 算的每 10 股现金红利（含税）=实际现金分红总额÷公司总股本×10 股=69,894,325.00 元÷353,885,013 股×10 股=1.975057 元。 2024 年年度权益分派实施后除权除息参考价=股权登记日股票收 盘价-按公司总股本折算的每股现金红利（0.1975057 元/股）。 广东坚朗五金制品股份有限公司（以下简称"公司"）2024 年度 利润分配方案已获 2025 年 4 月 18 日召开的 2024 年年度股东会审议通 1 / 5 证券代码：002791 证券简称：坚朗五金 公告编号：2025-029 广东坚朗五金制品股份有限公司 2024 年年度权益分派实施公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、公司回购专用证券账户中的股份 4,413,388 股不参与 2024 年 年度利润分配。 2、公司 2024 年年度权益分派方案以公司现有总股本剔除已回购 股份 4,413,388 股后的 349,471,625 股为基数，向全体股东每 10 股派 发 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, with a focus on expanding overseas markets to counteract domestic challenges [1][2][4]. Financial Performance - In 2024, the company achieved revenue of 6.638 billion yuan, a year-on-year decrease of 14.92%, and a net profit of 90 million yuan, down 72.23% [1]. - Q4 2024 revenue was 1.727 billion yuan, a decline of 23.33%, with net profit of 57 million yuan, down 68.22% [1]. - For Q1 2025, revenue was 1.206 billion yuan, a decrease of 11.70%, with a net loss of 41 million yuan compared to a loss of 46 million yuan in the same period last year [1]. Revenue Breakdown - Domestic revenue faced pressure, totaling 5.754 billion yuan, down 18.17% year-on-year, while overseas revenue was 884 million yuan, up 14.72%, accounting for 13.32% of total revenue [2]. - Key product categories saw significant declines, particularly in real estate-related items, with window and door hardware systems revenue at 2.924 billion yuan (down 18.50%) and home products at 1.083 billion yuan (down 21.99%) [2]. - Public construction products showed relative stability, with point-supported glass curtain wall components revenue at 442 million yuan (up 11.35%) [2]. Profitability and Cost Management - The overall gross margin for 2024 was 31.65%, a slight decrease of 0.61 percentage points, primarily due to reduced scale effects from declining revenue [3]. - The company’s net profit margin fell to 1.83%, down 2.66 percentage points year-on-year, influenced by increased expense ratios and asset impairment losses totaling 207 million yuan [3]. - The company maintained a strong cash flow position, with net cash flow from operating activities at 394 million yuan and a collection ratio of 104.67% [3]. Strategic Outlook - The company aims to position itself as a "building component integrated supplier," focusing on risk control and expanding into overseas markets and new domestic applications [4]. - Future revenue growth is expected from overseas markets and new domestic scenarios, with projected revenues of 6.689 billion yuan, 6.799 billion yuan, and 6.934 billion yuan for 2025-2027 [4]. - Profitability is anticipated to improve with enhanced internal efficiency and a higher proportion of high-margin overseas business [4].

Investment Rating - The report highlights a "Buy" rating for seven selected stocks within the property value chain, indicating a positive outlook for these companies as they are well-positioned to benefit from recovering housing upgrade needs and building renovation demand [3][34]. Core Insights - The property value chain is expected to see a significant shift towards domestic demand, driven by potential policy support aimed at mitigating external uncertainties. This shift is projected to create a total addressable market (TAM) of Rmb5.7 trillion by 2035, representing a 70% increase compared to 2024 [3][34]. - The report anticipates an average 5% compound annual growth rate (CAGR) in topline revenue for the property value chain companies through 2035, with a notable improvement in profitability and dividend yields due to operational efficiencies and disciplined capital expenditures [5][34]. Summary by Sections Property Value Chain Stocks - The report identifies seven stocks (CRL, Yuhong, BNBM, Kinlong, Robam, KE, and Greentown Service) as beneficiaries of domestic stimulus, all rated as "Buy" [3][34][18]. Executive Summary - The property construction value chain, which constitutes approximately 30% of China's GDP, has faced challenges due to the downturn. However, potential policy support for domestic demand is expected to accelerate housing upgrades and boost secondary market transactions [29][34]. Implications for the Value Chain - The report outlines three main implications for the value chain: a decline in demand for building products, a consolidation of the developer industry, and a significant shift towards secondary market transactions, which are projected to account for 66% of total housing transactions by 2035 [31][32][51]. Housing Market Outlook - By 2035, housing demand is expected to be 40% below peak levels, with a significant portion coming from Tier-1 and Tier-2 cities. The secondary market is projected to overtake the primary market in terms of transaction volume and value [42][51]. Renovation Demand - Renovation demand is anticipated to nearly double by 2035, contributing approximately 60% of total construction gross floor area (GFA), which will help offset the decline in new builds [54][36].

2025年2月27日，广东坚朗五金制品股份有限公司发布关于董事减持股份的预披露公告，公司董事闫桂 林、赵键因个人资金需要，计划减持公司股份。 减持计划详情 截至公告披露日，闫桂林持有坚朗五金2499.9835万股，占总股本比例7.15%；赵键持有60.4884万股， 占总股本比例0.17% 。 闫桂林计划自公告披露之日起15个交易日之后的3个月内（即2025年5月28日至2025年8月27日），以集 中竞价或大宗交易方式减持不超过624.9959万股，占总股本比例1.79%，其中以集中竞价方式减持不超 过349.4716万股，占总股本比例1%。 赵键计划自公告披露之日起15个交易日之后的3个月内，以集中竞价方式减持不超过15.1221万股，占总 股本比例0.04% 。减持价格均根据市场价格确定。 登录新浪财经APP 搜索【信披】查看更多考评等级 承诺履行情况 两位董事均严格履行了自公司股票上市之日起三十六个月内不转让相关股份等一系列承诺，未出现违反 承诺的情形。包括任职期间每年转让股份限制、离职后股份转让限制、减持价格限制等承诺。若违反承 诺，将采取公开道歉、购回违规卖出股票、延长锁定期、上交违规所得等措施。 ...

证券代码：002791 证券简称：坚朗五金 公告编号：2025-028 广东坚朗五金制品股份有限公司 关于董事减持股份的预披露公告 公司董事闫桂林先生、赵键先生保证向本公司提供的信息内容 真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提 供的信息一致。 特别提示： 董事闫桂林先生持广东坚朗五金制品股份有限公司（以下简称 "公司"）股份 24,999,835 股（占本公司总股本比例 7.15%，总股本 以公司当前剔除回购专用账户股份后的股份数量为计算依据，下同）， 计划自本公告披露之日起 15 个交易日之后的 3 个月内（即 2025 年 5 月 28 日至 2025 年 8 月 27 日）以集中竞价或大宗交易方式减持本公 司股份不超过 6,249,959 股（占本公司总股本比例 1.79%），其中以 集中竞价方式减持不超过 3,494,716 股（占本公司总股本比例 1%）。 二、本次减持计划的主要内容 1、减持计划 （1）减持原因：个人资金需要。 （2）减持股份来源：首次公开发行前已发行的股份及参与公司 年度利润分配送转的股份。 公司董事赵键先生持 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 1.2 billion yuan for Q1 2025, a year-on-year decline of 12%, while the net profit attributable to shareholders was -40 million yuan, reflecting an 11% increase year-on-year. The non-recurring net profit grew by 15% year-on-year [2][4]. Summary by Sections Revenue Performance - The company has experienced continued revenue pressure, with a slight narrowing of the decline. The revenue growth rates over the past five quarters were 1%, -8%, -22%, -23%, and -12%, respectively. This decline is attributed to a persistently weak external environment, with a reported 14% year-on-year decrease in construction area for Q1 [11]. Profitability - The company's profitability remained resilient in Q1, with a gross margin of approximately 30.5%, an increase of 0.1 percentage points year-on-year. Despite rising raw material prices, the company managed to maintain stable profitability through cost reduction and efficiency improvements [11]. Cash Flow - The cash flow situation showed slight improvement, with a net cash flow from operating activities of -440 million yuan, compared to -610 million yuan in the same period last year. The cash collection ratio improved to approximately 1.12 from 1.01 year-on-year [11]. Strategic Positioning - The company is transitioning from an expansion phase to an optimization phase in its product categories. It has made strategic investments in quality enterprises, with long-term equity investments amounting to approximately 400 million yuan by the end of 2024 [11]. Market Strategy - The company adopts a direct sales model in the home improvement and building materials industry, which is inherently volatile. The revenue is sensitive to external economic conditions, particularly in the construction sector [11]. Future Projections - The company is projected to achieve net profits of approximately 180 million yuan, 380 million yuan, and 550 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding valuations of 45, 21, and 15 times [11].

Summary of China Building Products Conference Call Industry Overview - The conference call focused on the China building products industry, specifically six stocks across five sectors: steel structure, glass, construction hardware, ceramic tile, and anti-seismic [1][3]. Key Points and Arguments Sales Growth and Market Recovery - Sales growth showed recovery in 1Q25 after a weak 2024, with the steel structure sector leading year-over-year (yoy) revenue growth [3][19]. - Orders in 1Q25 indicated positive trends, but 2Q demand growth is critical for companies to meet full-year guidance [3][10]. - Infrastructure and manufacturing investments (FAI) were resilient, contributing to order growth in the steel structure sector, with SOE construction companies' overseas orders growing by 21% yoy in 1Q25 [3][21]. Sector-Specific Insights - **Steel Structure**: Honglu's orders turned around to +1% yoy after four quarters of decline, while Jinggong's orders moderated to +1% yoy from +8% yoy in FY24 [3][23]. - **Float Glass**: Order days improved from a 30% yoy decline in 1Q to a high-teens decline in April, with factory inventory down 10% since mid-March [3][30]. - **Construction Hardware**: Kinlong aimed for flat sales in FY25, with 1Q25 sales accelerating to +28% yoy [3][5]. - **Ceramic Tile**: The industry may see further volume contraction, with a significant share of aged accounts receivable (AR) rising [4][49]. - **Anti-Seismic**: Orders remained lukewarm due to weak public project constructions, particularly in high seismic areas [4][58]. Margin and Profitability Challenges - Margin pressure persisted, with gross profit margins (GPM) declining across the board in 2024 and 1Q25, primarily due to intensified retail competition and industry overcapacity [5][63]. - Companies are focusing on cost control to drive earnings recovery, with expectations of stable GPM in 2025E [6][10]. Capital Allocation and Cash Flow - Capital allocation has become more prudent, with average capex declining by approximately 20% quarter-over-quarter in 3Q/4Q24 and 1Q25 [6][10]. - Operating cash flow (OCF) showed weakness in 2024, with cash/accounting revenue ratios inching up by 5 percentage points [6][70]. Target Price and Stock Recommendations - Target prices for 2025E-27E earnings were revised down by an average of 1%, reflecting a 3% lower topline and recent margin trends [8][9]. - The steel structure and building materials indices have outperformed year-to-date, with selective buy ratings on Honglu and Kinlong, while Jinggong received a sell rating [10][13]. Additional Important Insights - The ceramic tile sector has seen a shift towards 2C channels, increasing from below 50% in 2021 to approximately 70% in 2024 [47]. - The share of aged AR is rising, particularly affecting companies like Dongpeng and Quakesafe, while Honglu and Kinlong are better positioned [7][49]. - The overall valuation for most sectors remains undemanding, with P/E and P/B ratios at low historical percentiles [14][10]. This summary encapsulates the key takeaways from the conference call, highlighting the recovery trends, sector-specific insights, margin pressures, and strategic recommendations for investors in the China building products industry.

Group 1: Investment Rating - The report maintains a "Recommended" rating for the companies analyzed, indicating a positive outlook for their future performance [10][19][33]. Group 2: Core Insights - The active bond fund market shows a slight increase in the number of funds and total assets, with 3,263 funds and a total scale of 7.90 trillion yuan, reflecting a 0.8% and 1.0% increase respectively [7][8]. - The performance of active bond funds in Q1 was influenced by rising government bond yields, with short-term pure bond funds performing particularly well [7][8]. - The report highlights a shift in asset allocation within mixed secondary bond funds, with increased holdings in sectors such as non-ferrous metals, pharmaceuticals, and steel [8][9]. - The medical device company Mindray achieved a revenue of 36.73 billion yuan in 2024, with a year-on-year growth of 5.14%, while its international business grew by 21.28% [10][11]. - Haibo Technology reported a revenue of 8.27 billion yuan in 2024, marking an 18.44% increase, with a significant focus on energy storage systems [15][18]. - The refrigerant manufacturer Sanmei achieved a revenue of 4.04 billion yuan in Q1 2025, reflecting a 26.42% increase, driven by strong demand in the home appliance and automotive sectors [26][27]. Group 3: Summary by Sections Active Bond Funds - As of Q1 2025, the number of active bond funds reached 3,263, with a total scale of 7.90 trillion yuan, and 43 new funds were issued, totaling 783.7 billion yuan [7][8]. - The performance of short-term pure bond funds was notably strong due to rising yields, while mixed bond funds showed volatility [7][8]. Mindray Medical - Mindray's revenue for 2024 was 36.73 billion yuan, with a net profit of 11.67 billion yuan, and a proposed cash dividend of 5.6 yuan per 10 shares [10][11]. - The company anticipates a recovery in domestic business in 2025, with international revenue expected to continue growing [11][12]. Haibo Technology - Haibo's revenue for 2024 was 8.27 billion yuan, with a focus on energy storage systems, which accounted for a significant portion of its revenue [15][18]. - The company has established partnerships with international firms to explore new market opportunities [18]. Sanmei - Sanmei's revenue for 2024 was 4.04 billion yuan, with a significant increase in refrigerant prices due to supply constraints [26][27]. - The company is well-positioned in the market with a leading share in the production of third-generation refrigerants [29]. Huayu Automotive - Huayu reported a revenue of 168.85 billion yuan in 2024, with a slight decline in net profit due to cost pressures [31][32]. - The company is adjusting its customer structure to mitigate risks associated with its largest client, SAIC [32][33].

Key Insights - The report highlights the growth in the active bond fund sector, with a total of 3,263 funds and a total scale of 7.90 trillion yuan, reflecting a 1.0% increase quarter-on-quarter [7][8] - The performance of active bond funds showed mixed results, with short-term pure bond funds performing well due to rising government bond yields, while mixed secondary bond funds saw increased volatility [7][8] - The report indicates a shift in asset allocation within bond funds, with a decrease in bond positions and an increase in equity positions, particularly in sectors like non-ferrous metals and pharmaceuticals [8] Group 1: Active Bond Fund Overview - As of the end of Q1 2025, the number of active bond funds increased by 0.8% compared to the previous quarter, while the total fund scale rose by 1.0% [7] - In Q1 2025, 43 new active bond funds were issued, totaling 783.7 billion yuan, which is a 16.7% decrease from the previous quarter [7] - The issuance of medium to long-term pure bond funds decreased by 31.5%, while mixed secondary bond funds saw a 65.1% increase in issuance [7] Group 2: Company-Specific Insights - For Mindray Medical (300760.SZ), the company reported a revenue of 36.726 billion yuan in 2024, a year-on-year increase of 5.14%, with a net profit of 11.668 billion yuan, up 0.74% [9][10] - The company’s international business grew by 21.28%, accounting for approximately 45% of total revenue, indicating a strong international expansion strategy [11] - The report anticipates a recovery in domestic business by Q3 2025, despite a significant year-on-year decline in Q1 2025 [11] Group 3: Industry Trends - The report on Haibo Technology (688411.SH) indicates a revenue of 8.270 billion yuan in 2024, a growth of 18.44%, with a focus on energy storage systems [14][15] - The company’s energy storage product output and sales saw significant increases, with a 35.40% rise in production and a 90.19% increase in sales [15] - The report emphasizes the company’s leading position in the domestic energy storage market and its successful international partnerships [17] Group 4: Financial Performance - For Sanmei Co., Ltd. (603379.SH), the company achieved a revenue of 4.040 billion yuan in 2024, a 21.17% increase, with a net profit growth of 178.40% [24][25] - The report highlights the impact of rising refrigerant prices and strong demand from the home appliance and automotive sectors on the company’s financial performance [25][26] - The company is expected to maintain strong performance due to favorable supply-demand dynamics in the refrigerant market [28] Group 5: Future Outlook - The report suggests that the domestic medical device market, particularly for Mindray Medical, is poised for recovery, with expectations of improved performance in 2025 [11][12] - Haibo Technology is projected to continue its growth trajectory, supported by its strong market position and international expansion efforts [17][18] - Sanmei Co., Ltd. is expected to benefit from ongoing demand in the refrigerant market, with projections for significant profit growth in the coming years [28]