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.

证券研究报告 坚朗五金 (002791 CH) 收入短期承压，减员降费推进 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 29 日│中国内地 | 其他建材 | 坚朗五金发布年报，2024 年实现营收 66.38 亿元（yoy-14.92%），归母净 利 8998.92 万元（yoy-72.23%），扣非净利 4748.27 万元（yoy-83.54%）。 其中 Q4实现营收 17.27亿元（yoy-23.33%，qoq+1.58%），归母净利 5712.35 万元（yoy-68.22%，qoq+104.19%）。收入受下游需求短期低迷影响承压， 对费用摊薄能力削弱，但考虑到 24 年 10 月起地产销售边际改善，后续若 地产积极政策落地，我们看好公司盈利弹性，维持"买入"。 毛利率保持相对稳定，出海一定程度缓解国内需求压力 24 全年公司门窗五金/家居产品/其他建筑五金/门窗配套件/玻璃幕墙构配件 /门控五金/不锈钢护栏构配件实现收入 29.2/10.8/10.1/5.4/4.4/3.7/1.9 亿元， 同比-18.5%/-22. ...

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 ...

渠道+品类支撑业绩增长基础，维持"买入"评级 公司发布 24 年报，24 年实现营业收入 66.38 亿元，同比-14.92%，实现归 母净利润 0.90 亿元，同比-72.23%，扣非归母净利润 0.47 亿元，同比-83.54%， 业绩基本接近此前业绩预告披露的下限，单季度来看，24Q4 单季度收入、 归母净利润分别为 17.27、0.57 亿元，同比分别-23.33%、-68.22%，我们判 断公司业绩承压主要由于房地产开发投资增速降低压制了建筑五金市场需 求。往后来看，公司持续推动品类扩充和渠道下沉，开拓学校、医院等市 场来获取增量，同时在海外积极开发"一带一路"相关新兴国家市场，已 设立 20 个海外备货仓，将中国仓储式销售复制到海外，24 年中国港澳台 及海外营收 8.8 亿元，同比+14.72%，占比 13.3%，未来业绩仍具备增长基 础。考虑到公司 24 年业绩承压明显，我们预计公司 25-27 年归母净利润为 2.4、3.0、3.7 亿元（25-26 年前值为 5.2、6.4 亿元），维持"买入"评级。 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， ...

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 郑南宏 投资咨询资格编号 事项： | 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 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.SZ）*季报点评*毛 利率保持平稳，定增事宜落地*推荐20241030 证券分析师 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%， ...