Core Viewpoint - Guangdong Jianlang Hardware Products Co., Ltd. has announced its 2024 annual performance report and will hold an online performance briefing on April 11, 2025, to engage with investors and address their concerns [1][4]. Group 1: Company Announcement - The 2024 annual report has been approved by the board and supervisory committee and was disclosed on March 28, 2025 [1]. - The company aims to gather investor feedback and will open a question collection channel for the performance briefing [1]. Group 2: Event Details - The online performance briefing is scheduled for April 11, 2025, from 15:00 to 17:00, conducted via remote text communication [1]. - Key personnel attending the briefing include the Chairman and President, the Board Secretary, an Independent Director, the Chief Financial Officer, and the Sponsor Representative [2]. Group 3: Participation Information - Investors can participate by searching for "Yao Diao Yan" in the WeChat mini-program or by scanning a provided QR code [3].

广东坚朗五金制品股份有限公司（以下简称"公司"）《2024 年 年度报告》及摘要经第四届董事会第二十六次会议和第四届监事会第 二十一次会议审议通过后，已于 2025 年 3 月 28 日在巨潮资讯网 （www.cninfo.com.cn）披露。 为便于广大投资者进一步了解公司 2024 年年度经营情况，公司 定于 2025 年 4 月 11 日（星期五）下午 15:00 至 17:00 时在"约调 研"小程序举行 2024 年度网上业绩说明会。 为广泛听取投资者的意见和建议，现就公司 2024 年度业绩说明 会向投资者公开征集问题，提问通道自发出公告之日起开放。公司将 在 2024 年度业绩说明会上，对投资者普遍关注的问题进行回答。具 体安排如下： 一、召开时间与方式 公司 2024 年度业绩说明会定于 2025 年 4 月 11 日（星期五）下 午 15:00 至 17:00，以网络远程文字交流的形式进行。 证券代码：002791 证券简称：坚朗五金 公告编号：2025-021 广东坚朗五金制品股份有限公司 关于举行2024年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved an annual revenue of 6.6 billion yuan, a year-on-year decrease of 15%, with a net profit attributable to shareholders of 90 million yuan, down 72% year-on-year [2][4]. - The company is transitioning from an expansion phase to an optimization phase, focusing on strategic positioning as an integrated supplier of building components, while also exploring overseas market opportunities [6]. - The company operates a direct sales model in the home building materials industry, which is sensitive to external economic conditions, leading to revenue volatility [6]. Financial Performance - In Q4, the company reported revenue of 1.73 billion yuan, a year-on-year decline of 23%, with a net profit of approximately 60 million yuan, down 68% year-on-year [2][4]. - The company's gross margin for 2024 was approximately 31.7%, a slight decrease of 0.6 percentage points year-on-year, with the core product, door and window hardware, maintaining relative stability [12]. - The cash flow remained strong, with a net cash inflow of 390 million yuan for the year, reflecting good operational quality [12]. Market Dynamics - The company faced revenue pressure due to a 28% year-on-year decline in construction area, impacting various product categories [12]. - The company’s revenue from the Hong Kong, Macau, and Taiwan markets, as well as overseas, was approximately 880 million yuan, a year-on-year increase of 15%, with a higher gross margin compared to the domestic market [12]. - The company plans to maintain a cautious approach in selecting investment targets to mitigate risks associated with long-term equity investments, which are projected to be around 400 million yuan by the end of 2024 [6].

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 6.638 billion yuan and a net profit attributable to shareholders of 90 million yuan for 2024, reflecting a year-on-year decline of 14.92% and 72.23% respectively. The fourth quarter alone saw a revenue of 1.727 billion yuan, with a net profit of 57 million yuan, marking a year-on-year decrease of 23.33% and 68.22% [1][6] - The construction industry remains in a deep adjustment phase, with demand being weak overall. However, public construction products, particularly point-supported glass curtain wall components, showed notable growth due to improved payment conditions from downstream enterprises [1] - The company is accelerating its overseas expansion, particularly in emerging markets related to the "Belt and Road" initiative, with overseas revenue reaching 884 million yuan in 2024, a year-on-year increase of 14.72%, accounting for 13.32% of total revenue [2] - The gross margin for the company was 31.7%, slightly down by 0.6 percentage points year-on-year, primarily due to rising raw material costs, while the net profit margin decreased to 1.8% [2] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 6.638 billion yuan, a decrease of 14.92% from the previous year. The net profit attributable to shareholders was 90 million yuan, down 72.23% year-on-year. The fourth quarter results showed a revenue of 1.727 billion yuan, with a net profit of 57 million yuan, reflecting a decline of 23.33% and 68.22% respectively [1][6] - The company expects revenues for 2025-2027 to be 6.581 billion yuan, 6.944 billion yuan, and 7.445 billion yuan respectively, with net profits projected at 214 million yuan, 269 million yuan, and 333 million yuan [3] Market Outlook - The company is focusing on risk control and enhancing internal management while exploring new market opportunities, particularly in overseas and new scene markets, which are expected to contribute to revenue growth [3] - The gross margin is expected to improve as the share of overseas business increases, which currently has a higher gross margin compared to domestic operations [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's overall revenue is under pressure, with a significant decline in domestic market performance, while overseas market expansion shows positive results [7] - The company reported a total revenue of 6.638 billion yuan in 2024, a year-on-year decrease of 14.92%, and a net profit attributable to shareholders of 0.90 billion yuan, down 72.23% year-on-year [7] - The company is actively developing new markets and products to counteract the downturn in the domestic market, with some new products experiencing rapid revenue growth [7] - The gross margin slightly decreased to 31.65% in 2024, impacted by intensified industry competition and changes in product structure [7] - The company maintains good operating cash flow and has reduced its debt ratio to 39.67% by the end of 2024 [7] - Future profit forecasts have been adjusted, with net profit predictions for 2025, 2026, and 2027 set at 2.60 billion, 3.45 billion, and 4.04 billion yuan respectively [7] Financial Summary - In 2024, the company achieved total revenue of 6.638 billion yuan, with a projected revenue increase of 6.04% in 2025 [8] - The net profit attributable to shareholders is expected to recover to 2.60 billion yuan in 2025, reflecting a significant rebound from the previous year's performance [8] - The company's earnings per share (EPS) for 2024 is projected at 0.25 yuan, with expectations of growth to 0.74 yuan in 2025 [8] - The price-to-earnings (P/E) ratio is forecasted to be 31.62 in 2025, indicating a potential recovery in valuation as earnings improve [8]

Summary of Jiangnan Hardware Conference Call Company and Industry Overview - The conference call pertains to Jiangnan Hardware, focusing on its financial performance and market strategies for 2024 and 2025 [2][3][27]. Key Financial Insights - In 2024, Jiangnan Hardware's core profit was expected to be at the upper end of the forecast range but ultimately fell to the lower limit due to asset impairment, particularly in equity investments in subsidiaries [3][4]. - The overall gross margin decreased in 2024, primarily due to lower capacity utilization, which prevented fixed costs from being diluted [3][4]. - Sales expense ratio increased, although the absolute value of sales expenses decreased less than the decline in sales revenue [3][4]. - Cash flow from operations was better than the revenue decline, benefiting from a cautious strategy in engineering and a decrease in receivables [3][4]. Market Trends and Orders - Domestic orders showed signs of stabilization in Q1 2025, but the overall trend for the year remains to be observed [5][12]. - Overseas orders continued to grow, with an increasing growth rate expected in 2025 [5][24]. - The company has not adopted a price reduction strategy in response to competition in lower-tier markets, maintaining a mid-to-high-end product positioning [11][28]. Strategic Adjustments - The channel penetration strategy has seen county market growth rates align with those of prefecture-level cities, indicating a transmission of real estate issues to local markets [6][8]. - The company is focusing on adjusting its channel strategies in response to market changes, particularly in the county market [6][8]. - Jiangnan Hardware plans to increase investment in non-real estate sectors while maintaining stability in the domestic market [28]. Accounts Receivable Management - The company has successfully reduced the absolute value of accounts receivable, partly due to new business clients with better financial conditions [13][14]. - However, the recovery of existing receivables remains challenging, with structural differentiation observed among clients [15]. International Market Expansion - Jiangnan Hardware is expanding its presence in Southeast Asia, Belt and Road countries, the Middle East, and Mexico, with expectations for continued growth in overseas orders [16][24]. - The company has established subsidiaries in over 100 countries to enhance its international market reach [16]. Product and Pricing Strategy - The average product price remains stable, with no significant adjustments, focusing on mid-to-high-end products [17][20]. - The company has not significantly changed its product structure, although it is exploring new application scenarios in sectors like hotels and hospitals [18][19]. Future Outlook - The company maintains a cautious optimism regarding the real estate market recovery, expecting a gradual improvement over time [28]. - Capital expenditures are projected to decrease in 2025, with no immediate expansion needs anticipated [26]. - The "Good House" concept is seen as a long-term positive trend, potentially increasing demand for higher-quality housing [22]. Conclusion - Jiangnan Hardware is strategically positioning itself to navigate the challenges in the real estate sector while expanding its international footprint and diversifying its product applications. The focus remains on maintaining financial stability and exploring growth opportunities in non-real estate markets.

上述人士还提到，在高度离散的市场格局下，市场需求还有很大的发展空间。公司在依托海外市场的持续深耕、新产品线的快速孵化以及精 益化管理能力的强化，将在行业调整周期中把握结构性机遇。 特别针对公司的海外布局，上述人士详细分析指出，2024年公司海外业务收入占比突破13%，海外市场持续发力。从单季度数据来看，海外 收入占比呈持续上升态势，单四季度的海外收入占比远超全年平均水平。 在海外收入增长的进程中，葡萄牙子公司业绩出现了约20%的下滑，这也是公司主动对葡萄牙公司业务进行战略性调整；自营渠道的海外板 块延续了2024年前三季度的良好增长态势，增长率接近 20%。 【环球网财经综合报道】3月30日，上市公司坚朗五金（002791.SZ）发布了《投资者关系活动记录表》，披露公司与长江证券、申万宏源、 平安调研证券举办了线上交流，公司董事会秘书殷建忠、财务总监邹志敏等管理层人士出席，并解答投资机构代表提问。 公开数据显示，2024年公司累计实现归母净利润约8998万、同比下降72%，营业收入66.38亿、同比下降 14.9%，第四季度降幅低于前三季 度；毛利率相对稳定，同比略有下降。对此，公司管理层人士表示，面对市场变 ...

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].