Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 37.37 [8][9]. Core Views - The company reported a revenue of RMB 6.638 billion in 2024, a year-on-year decrease of 14.92%, and a net profit attributable to shareholders of RMB 89.99 million, down 72.23% year-on-year. The decline in revenue is attributed to weak downstream demand, but there is optimism for profit recovery if real estate sales improve from October 2024 [1][5]. - The company has seen a marginal improvement in the real estate sector, which may positively impact demand for its products in the future [4]. Revenue and Profitability - The company achieved a total revenue of RMB 6.638 billion in 2024, with a significant decline in various product segments, including a 18.5% drop in door and window hardware revenue [2]. - The overall gross margin for the year was 31.65%, a slight decrease of 0.57 percentage points year-on-year [2]. Cost Management and Cash Flow - The company has effectively managed its expenses, with a total expense ratio of 26.84%, an increase of 1.72 percentage points year-on-year, but the absolute value of expenses decreased by 9.1% [3]. - Operating cash flow for the year was RMB 3.9 billion, a decrease of 21.1% year-on-year, primarily due to reduced sales volume [3]. Employee and Cost Reduction - As of the end of 2024, the company reduced its workforce by 12.6% to 12,700 employees, and sales expenses decreased by 12.0% to RMB 1.1 billion [4]. Earnings Forecast and Valuation - The revenue growth forecast for 2025 and 2026 has been revised downwards by 13.8% and 16.2%, respectively, with expected revenues of RMB 6.6 billion and RMB 7.1 billion [5]. - The target price is set at 2x price-to-sales (PS) ratio, with a target price of RMB 37.37, reflecting a cautious outlook based on the company's strong correlation with the real estate market [5].

公司报告 | 年报点评报告 坚朗五金（002791） 证券研究报告 现金流表现仍然健康，期待后续迎来底部反弹 渠道+品类支撑业绩增长基础，维持"买入"评级 从原材料角度，以我们跟踪的锌合金、铝合金、不锈钢价格为例，24 年均 价同比分别+8.0%、+4.9%、-10.4%，原材料价格上涨或对盈利能力造成一 定影响。24 年公司期间费用率同比+1.69pct 至 26.84%，销售、管理、研发、 财务费用率同比分别+0.52、+0.84、+0.27、+0.06pct，除财务费用略有提升 外，其余各项费用绝对值均有不同程度下降，但收入下滑导致费用未能有 效摊薄。24 年公司计提资产及信用减值损失 2.07 亿元，同比多损失 0.71 亿元，综合影响下净利率同比-2.66pct 至 1.83%。24 年经营性现金流净额 为 3.94 亿元，同比少流入 1.06 亿元。 渠道持续发力，人效仍有提升空间 渠道方面，截至 24 年末公司销售人员数量 5341 人，同比-12.3%，人均产 出 124 万元，同比-3.0%，未来还会根据实际情况继续下沉。子公司方面， 坚宜佳、海贝斯、精密制造 24 年营收分别为 3.3、1 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][18]. Core Views - The company reported a revenue of 6.638 billion yuan for 2024, a decrease of 14.92% year-on-year, and a net profit attributable to shareholders of 90 million yuan, down 72.23% year-on-year. The performance is attributed to a decline in demand in the construction hardware market due to reduced growth in real estate development investment [1][2]. - The company is expanding its product categories and deepening its distribution channels, targeting markets such as schools and hospitals for growth. Additionally, it is actively developing markets in emerging countries related to the "Belt and Road" initiative, having established 20 overseas warehouses [1][3]. - The company’s revenue from Hong Kong, Macau, Taiwan, and overseas markets reached 880 million yuan in 2024, an increase of 14.72% year-on-year, accounting for 13.3% of total revenue [1]. Financial Performance Summary - In 2024, the core product line of door and window hardware generated revenue of 2.92 billion yuan, down 18.5% year-on-year, with a gross margin of 40.1%. Other categories, including home products and other construction hardware, saw revenues of 1.08 billion yuan and 1.02 billion yuan, down 22.0% and 9.8% respectively [2]. - The average prices of raw materials such as zinc alloy and aluminum alloy increased by 8.0% and 4.9% respectively in 2024, impacting profitability. The company’s operating cash flow was 394 million yuan, a decrease of 106 million yuan year-on-year [3][12]. - The company’s total assets were reported at 9.883 billion yuan in 2024, with a debt-to-asset ratio of 39.67% [7][12]. Future Projections - The projected net profit attributable to shareholders for 2025, 2026, and 2027 is estimated at 240 million yuan, 300 million yuan, and 370 million yuan respectively, reflecting a recovery from the significant decline in 2024 [1][12]. - The company expects to achieve a revenue growth rate of 8.71% in 2025, followed by 7.92% in 2026 and 7.14% in 2027 [12][13].

Investment Rating - The investment rating for the company is "Recommended" [1][8]. Core Insights - The company reported a revenue of 6.64 billion yuan for 2024, a year-on-year decline of 14.9%, with a net profit of 90 million yuan, down 72.2% year-on-year [4][7]. - The company plans to distribute a cash dividend of 2 yuan per 10 shares (including tax) [4]. - Despite the revenue decline, the company maintains a good operating cash flow, with a net cash flow from operating activities of 390 million yuan for 2024, which is significantly higher than the net profit [7][11]. Financial Performance Summary - Revenue and Profitability: - Revenue for 2024 is projected at 6.64 billion yuan, with a year-on-year decline of 14.9% [6][10]. - Net profit for 2024 is expected to be 90 million yuan, reflecting a significant drop of 72.2% year-on-year [6][10]. - The gross margin is expected to remain stable at around 31.7% for 2024 [6][10]. - Future Projections: - The company forecasts net profits of 298 million yuan in 2025, 383 million yuan in 2026, and 428 million yuan in 2027 [8][10]. - The projected P/E ratios for the upcoming years are 26.7 for 2025, 20.8 for 2026, and 18.6 for 2027 [8][10]. - Cash Flow and Balance Sheet: - The company’s cash flow from operating activities is expected to be 349 million yuan in 2024, with a decrease in accounts receivable continuing [11]. - Total assets are projected to reach 9.88 billion yuan in 2024, with a debt ratio of 39.7% [9][10]. Market and Product Insights - The company has experienced a decline in revenue across various product categories, with the most significant drops in window and door hardware and home products [7]. - The overseas business has shown good growth, with revenue from international markets increasing by 14.72% [7]. Conclusion - The company is positioned to recover in the coming years, with strong channel and product advantages, and potential for profit margin recovery as cost management improves [8].

公 司 报 告 2025年03月28日 建材 坚朗五金(002791.SZ) 经营性现金流良好，海外业务拓展较快 推荐 ( 维持) 股价:22.48元 主要数据 | 行业 | 建材 | | --- | --- | | 公司网址 | www.kinlong.com | | 大股东/持股 | 白宝鲲/35.51% | | 实际控制人 | 白宝鲲 | | 总股本(百万股) | 354 | | 流通A股(百万股) | 191 | | 流通B/H股(百万股) | | | 总市值(亿元) | 80 | | 流通A股市值(亿元) | 43 | | 每股净资产(元) | 16.12 | | 资产负债率(%) | 39.7 | 行情走势图 事项： 公司公布2024年年报，全年实现营收66.4亿元，同比下滑14.9%，归母净利润 0.9亿元，同比下滑72.2%，位于此前业绩预告区间（0.9-1.2亿元）。公司拟 每10股派发现金红利2元（含税）。 平安观点： 证 券 相关研究报告 【平安证券】坚朗五金（002791.SZ）*半年报点评* 收入端呈现韧性，毛利率保持平稳*推荐20240831 【平安证券】坚朗五金（002791.S ...

对于社保基金，本期较上一季度持股减少的社保基金共计1个，即全国社保基金一零三组合，，持股减 少占比达0.14%。 养老金视角，本期较上一季度新披露的养老金基金共计1个，即基本养老保险基金一六零三一组合。 外资态度来看，本期较上一季未再披露的外资机构即香港中央结算有限公司。 2025年3月28日，坚朗五金(002791.SZ)发布2024年年度报告。截至2025年3月27日，共有9个机构投资者 披露持有坚朗五金A股股份，合计持股量达2600.33万股，占坚朗五金总股本的7.35%。其中，机构投资 者包括全国社保基金一零三组合、中汇人寿保险股份有限公司-传统产品、全国社保基金四一三组合、 基本养老保险基金一六零三二组合、基本养老保险基金一六零三一组合、香港中央结算有限公司、华夏 磐益一年定开混合、平安均衡优选1年持有混合A、融通深证成份指数A/B，机构投资者合计持股比例达 7.35%。相较于上一季度，机构持股比例合计下跌了4.64个百分点。 公募基金方面，本期较上一季度新披露的公募基金共计2个，包括平安均衡优选1年持有混合A、融通深 证成份指数A/B。本期较上一季未再披露的公募基金共计5个，包括南方中证500ET ...

一、2024 年年审会计师事务所基本情况 （一）会计师事务所基本情况 中兴华会计师事务所（特殊普通合伙）（以下简称"中兴华事务所"） 成立于1993 年成立（由中兴华富华会计师事务所有限责任公司转制为特 殊普通合伙企业），注册地址为北京市丰台区丽泽路 20 号院1 号楼南楼 20 层，首席合伙人为李尊农。截至 2024 年 12 月 31 日，中兴华事务所 合伙人数量 199 人、注册会计师人数 1052 人、签署过证券服务业务 审计报告的注册会计师人数 522 人。 2023 年度，中兴华事务所业务总收入为 185,828.77 万元，审计 业务收入为 140,091.34 万元，证券业务收入为 32,039.59 万元。 广东坚朗五金制品股份有限公司 会计师事务所 2024 年度履职情况评估报告 广东坚朗五金制品股份有限公司（以下简称"公司"）聘请中兴华会 计师事务所（特殊普通合伙）（以下简称"中兴华会计师事务所"）作为公 司2024 年度审计机构，根据《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》《国有企业、上市公司选聘会计师事务所管 理办法》和《公司章程》《董事会审计委员会工作 ...

2024 年度募集资金存放与使用情况的专项报告 本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。 根据中国证券监督管理委员会（以下简称"中国证监会"）发布的 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管 要求》和深圳证券交易所颁布的《深圳证券交易所上市公司自律监管指 引第 1 号——主板上市公司规范运作》等相关法律、法规及规范性文件 的要求，广东坚朗五金制品股份有限公司（以下简称"公司"）董事会 编制了截至 2024 年 12 月 31 日募集资金年度存放与实际使用情况的专 项报告。现将相关情况说明如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 证券代码：002791 证券简称：坚朗五金 公告编号：2025-019 广东坚朗五金制品股份有限公司 经中国证券监督管理委员会《关于同意广东坚朗五金制品股份有限 公司向特定对象发行股票注册的批复》（证监许可〔2023〕2044 号）批 准，并经深圳证券交易所同意，本公司向特定对象发行人民币普通股（A 股） 32,345,013 股，每股发行价格为人民币 18.61 元,募集资金总额 ...

证券代码：002791 证券简称：坚朗五金 公告编号：2025-017 广东坚朗五金制品股份有限公司 关于 2024 年度计提资产减值准备及核销资产的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 根据《企业会计准则》《深圳证券交易所上市公司自律监管指引第 1 号—主板上市公司规范运作》等有关规定，为真实、准确反映广东坚朗五 金制品股份有限公司（以下简称"公司"）2024 年度财务状况和经营成 果，公司及子公司对各类资产进行充分评估和减值测试。基于谨慎性原则， 公司对截至 2024 年 12 月 31 日可能发生资产减值损失的有关资产计提资 产减值准备，并对无法收回的款项进行核销。现将具体情况公告如下： 一、 本次计提资产减值准备情况 单位：万元 | 项目 | 期初余额 | 加：本期 | 减：转销/ | 加：收 | 减：其 | 期末余额 | | --- | --- | --- | --- | --- | --- | --- | | | | 计提 | 核销 | 回 | 他变动 | | | 应收账款坏账 | 42,253.42 | 14935.42 | 9, ...