Investment Rating - The investment rating for the company is "Buy" [2][8] Core Views - The company has shown improvement in operational quality, with a focus on new market scenarios and steady progress in overseas business [1] - Despite a decline in revenue and net profit in the first half of 2024, the second quarter showed signs of recovery, indicating a potential turnaround [1] - The company plans to enhance its market presence both domestically and internationally, particularly in non-residential projects and new product development [1] Financial Performance Summary - The company reported a revenue of 3.21 billion yuan in the first half of 2024, a year-on-year decrease of 4.35%, with a net profit of 4.89 million yuan, down 62.02% [1] - The second quarter revenue was 1.844 billion yuan, a decline of 7.86% year-on-year, but the net profit was 50.76 million yuan, a decrease of 26.36% [1] - The gross margin improved to 31.27% in the first half of 2024, up 0.08 percentage points year-on-year, aided by a decrease in raw material prices [1] Product and Regional Performance - Revenue from non-residential and public construction products showed positive growth, with specific increases in point-supported glass curtain walls (up 18.15%) and stainless steel railing components (up 20.51%) [1] - Domestic revenue was 2.845 billion yuan, down 5.82% year-on-year, while overseas revenue reached 365 million yuan, an increase of 8.97% [1] Future Earnings Forecast - The company’s projected net profits for 2024, 2025, and 2026 are 250 million yuan, 336 million yuan, and 420 million yuan, respectively, with corresponding P/E ratios of 32x, 23x, and 19x [1][2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance is under pressure due to a decline in real estate projects, with expenses dilution and bad debt provisions impacting earnings [1][5] - In H1 2024, revenue decreased by 4.35% year-on-year to 3.21 billion yuan, and net profit attributable to shareholders fell by 62.02% to 4.89 million yuan [5][6] - The company is diversifying its product offerings to mitigate the impact of declining real estate-related sales [5][6] Financial Performance Summary - H1 2024 revenue by product: - Door and window hardware systems: 1.39 billion yuan, down 16.04% - Home products: 590 million yuan, up 13.67% - Other construction hardware: 518 million yuan, up 16.59% [5][6] - H1 2024 gross margin was 31.27%, a slight increase of 0.08 percentage points year-on-year [6] - H1 2024 operating cash flow showed a net outflow of 190 million yuan, an improvement of 238 million yuan year-on-year [6] Profit Forecast - The company forecasts net profit attributable to shareholders for 2024-2026 to be 271 million, 398 million, and 483 million yuan, respectively, with corresponding EPS of 0.77, 1.13, and 1.37 yuan [6][7] - The projected PE ratios for 2024-2026 are 28.94x, 19.70x, and 16.24x, respectively [6][7] Market Strategy - The company is expanding its market presence by replicating its domestic sales model in overseas markets, targeting emerging countries [5][6] - The company has established 16 overseas warehouses to enhance supply chain responsiveness and has products sold in over 100 countries [6][7]

招商证券股份有限公司 关于广东坚朗五金制品股份有限公司 向特定对象发行股票 之 上市保荐书 保荐机构（主承销商） （深圳市福田区福田街道福华一路 111 号） 二〇二四年八月 1 坚朗五金向特定对象发行股票 上市保荐书 声 明 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）接受广东 坚朗五金制品股份有限公司（以下简称"发行人"、"公司"或"坚朗五金"）的 委托，担任发行人向特定对象发行股票事项（以下简称"本次发行"）的保荐机 构。 本保荐机构及其保荐代表人已根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司证 券发行注册管理办法》（以下简称"《注册管理办法》"）、《证券发行上市保荐业 务管理办法》、《深圳证券交易所股票上市规则》（以下简称"《上市规则》"）等 法律法规和中国证券监督管理委员会（以下简称"中国证监会"）及深圳证券交 易所（以下简称"深交所"）的有关规定，诚实守信，勤勉尽责，严格按照依法 制订的业务规则和行业自律规范出具上市保荐书，并保证所出具文件真实、准确、 完整。 本上市保荐书中所有简称和释义，如无特别说明，均与 ...

证券简称：坚朗五金 股票代码：002791 广东坚朗五金制品股份有限公司 向特定对象发行股票新增股份 变动情况报告及上市公告书 保荐人（主承销商） $$=\frac{-\pi}{4}=|\pi|\not\in J\backslash\backslash\mathbb{F}$$ 广东坚朗五金制品股份有限公司 上市公告书 发行人及全体董事、监事、高级管理人员声明 广东坚朗五金制品股份有限公司 上市公告书 特别提示 本公司及全体董事、监事及高级管理人员承诺本上市公告书不存在虚假记载、 误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法律责任。 全体董事（签字）： 白宝鲲 白宝萍 陈平 王晓丽 闫桂林 殷建忠 赵键 许怀斌 赵正挺 张爱林 王立军 全体监事（签字）： 马龙 张平 詹美连 其他高级管理人员（签字）： 黄庭来 张德凯 陈志明 邹志敏 广东坚朗五金制品股份有限公司 年 月 日 2 广东坚朗五金制品股份有限公司 上市公告书 3 广东坚朗五金制品股份有限公司 上市公告书 4 | 目 录 5 | | --- | | 特别提示 7 | | 一、发行股票数量及价格 7 | | 二、新增股票上市安排 7 | ...

注1：本次发行后，公司董事长、总裁白宝鲲直接持有公司35.51%的股份，不存在间接 持有公司股份的情况； 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。 经中国证券监督管理委员会（以下简称"中国证监会"）出具的 《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），同意广东坚朗五金制品股份 有限公司（以下简称"公司"）向特定对象发行 A 股股票。公司本次 最终发行数量 32,345,013 股，发行价格为 18.61 元/股。 除公司控股股东、实际控制人白宝鲲参与此次认购外，公司其他 董事、监事和高级管理人员未参与此次认购。本次发行后，公司总股 本由 321,540,000 股增加至 353,885,013 股。公司董事、监事和高级 管理人员持有公司股份数量及持股比例的变动情况如下： | 本次发行前 | 本次发行后 | 发行前后持 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 直接间接 | 间接持 | 姓名 | ...

证券代码：002791 证券简称：坚朗五金 公告编号：2024-066 《广东坚朗五金制品股份有限公司向特定对象发行股票上市公 告书》等相关文件已于同日在巨潮资讯网（www.cninfo.com.cn）上 披露，敬请广大投资者注意查阅。 广东坚朗五金制品股份有限公司 关于向特定对象发行股票上市公告书披露的 提示性公告 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，没有虚假记载、误导性陈述或重大遗漏。 特此公告。 广东坚朗五金制品股份有限公司董事会 二○二四年九月四日 ...

证券代码：002791 证券简称：坚朗五金 公告编号：2024-065 广东坚朗五金制品股份有限公司 关于回购公司股份进展的公告 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。 广东坚朗五金制品股份有限公司（以下简称"公司"）于2024年 3月1日召开了第四届董事会第十三次会议，审议通过了《关于回购公 司股份方案的议案》，同意公司使用总额不低于人民币10,000万元（含） 且不超过人民币20,000万元（含）的自有资金，不超过人民币56.11 元/股（含），以集中竞价交易方式回购公司部分人民币普通股（A股） 股份，用于未来实施股权激励或员工持股计划。鉴于公司2023年年度 权益分派已实施完成，自2024年4月29日起回购价格上限由56.11元/ 股调整为56.01元/股。具体内容详见公司分别于2024年3月2日、2024 年4月20日登载于巨潮资讯网（www.cninfo.com.cn）的《关于回购公 司股份方案的公告》（公告编号：2024-004）、《2023年年度权益分派 实施公告》（公告编号：2024-030）。 根据《深圳证券交易所上市公司自律监管指引 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3.21 billion yuan in H1 2024, a year-on-year decrease of 4.35%, with a net profit attributable to shareholders of 4.89 million yuan, down 62.02% year-on-year. In Q2 2024, revenue was 1.84 billion yuan, a decline of 7.86%, and net profit was 50.76 million yuan, down 26.36% year-on-year [2] - Despite a weak market demand, the company has actively developed new scenarios and expanded into new markets, resulting in a revenue decline that is significantly less than the overall industry downturn [2] - The gross profit margin remained stable year-on-year at 31.27%, with a slight increase of 0.08 percentage points. The sales expenses were slightly diluted [2] - The company has reduced cash payments, leading to a year-on-year increase in operating cash flow, with a net cash flow from operating activities of -190 million yuan, an increase of 55.65% year-on-year [2] Financial Forecasts and Valuation - The company has adjusted its net profit forecasts for 2024-2026 to 274 million yuan, 379 million yuan, and 482 million yuan, respectively, with corresponding P/E ratios of 26X, 19X, and 15X. The rating remains "Buy" due to the potential for performance recovery and improvement in operational efficiency [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [5]. Core Insights - The company's revenue for the first half of 2024 was CNY 3.21 billion, a year-on-year decrease of 4.35%, while the net profit attributable to shareholders was CNY 0.05 billion, down 62.02% year-on-year. The performance aligns with previous forecasts [1]. - The company is expected to benefit from new financial measures supporting the real estate sector, which may improve demand in the medium to long term [1]. - The projected net profit for the years 2024 to 2026 is CNY 0.43 billion, CNY 0.52 billion, and CNY 0.64 billion, respectively [1]. Revenue and Profitability - The core product line of door and window hardware generated revenue of CNY 1.39 billion in the first half of 2024, a decline of 16.04% year-on-year, but the gross margin improved by 0.58 percentage points to 39.94% [2]. - Revenue from home products and other building hardware increased by 13.7% and 16.6% year-on-year, respectively, with gross margins of 29.2% and 16.7% [2]. - The overall gross margin for the first half of 2024 increased by 0.1 percentage points to 31.3% [2]. Cost Management and Efficiency - The company demonstrated improved profitability despite rising raw material costs, indicating an effective price transmission mechanism [3]. - The expense ratio increased by 0.39 percentage points to 27.95%, with variations in sales, management, R&D, and financial expense ratios [3]. Digital Transformation and Channel Development - The company has expanded its domestic and international sales network to over 1,000 points and has a sales team of over 6,000 people [4]. - The company is focusing on digital platforms, launching "Jianlang Cloud Procurement" for B-end clients and a new online platform "Jiayoumeiwu" for C-end users [4]. - Revenue from subsidiaries such as Jianyi Jia, Haibeisi, and Precision Manufacturing for the first half of 2024 was CNY 0.124 billion, CNY 0.078 billion, and CNY 0.199 billion, respectively [4].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 29.51 [1] Core Insights - The company reported a revenue of RMB 3.21 billion for H1 2024, a year-on-year decrease of 4.35%, and a net profit attributable to the parent company of RMB 4.89 million, down 62.02% year-on-year [1] - The company is focusing on expanding new scenarios and products, which has led to a stable gross margin of 31.27% in H1 2024, with specific product lines showing varied performance [2] - The company is actively pursuing channel expansion and overseas market development, with over 1,000 sales contact points established [4] Revenue and Profitability - H1 2024 revenue breakdown includes: RMB 1.39 billion from door and window hardware (down 16.0%), RMB 0.59 billion from home products (up 13.7%), and RMB 0.52 billion from other construction hardware (up 16.6%) [2] - The gross margin for H1 2024 was 31.27%, slightly up by 0.08 percentage points year-on-year [2] - The company’s net profit margin for H1 2024 was 0.15%, a decrease of 0.23 percentage points year-on-year [3] Financial Metrics - The company’s operating cash flow improved significantly, with a net cash flow from operating activities of -RMB 190 million, an increase of RMB 238 million year-on-year [3] - The company’s debt ratios include a total debt ratio of 43.5% and a interest-bearing debt ratio of 5.2%, both showing a decrease compared to the previous year [3] - The forecasted sales revenue for 2024-2026 is adjusted to RMB 7.30 billion, RMB 7.98 billion, and RMB 8.83 billion respectively [5] Market Position and Strategy - The company is leveraging opportunities in channel penetration and the long-tail effect of new product categories, with a focus on emerging markets related to the "Belt and Road" initiative [4] - The sales team has expanded to over 6,200 personnel, enhancing the company's market reach [4] - The company has established 16 overseas warehouses to replicate its domestic sales model, aiming for quick response to customer supply needs [4]