证券代码：002791 证券简称：坚朗五金 编号：2024-003 广东坚朗五金制品股份有限公司 投资者关系活动记录表 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系 □新闻发布会 □路演活动 活动类别 □现场参观 ☑其他（电话会议） 长江证券、东吴证券、中泰证券、广发证券、中信证券、中金公司、 民生证券、申万宏源证券、泉果基金、博时基金、嘉实基金、国寿 资产、宝盈基金、贝莱德、博道基金、淡水泉、东方资管、工银瑞 参与单位名称 信、光大保德信、广发基金、国泰基金、华安基金、泓澄投资、华 安基金、华富基金、南方基金、农银基金、鹏华基金、平安基金、 及人员姓名 人保基金、东兴基金、敦和资产、富国基金、西部利得、圆信永丰、 中邮证券、上银基金、金鹰基金、太平资产、中汇人寿、农银人寿、 友邦人寿、固禾资产、等70余家机构投资者参加本次会议。 时间 2024年3 月27日 地点 公司会议室 董事长：白宝鲲 上市公司接待 董事会秘书：殷建忠 人员姓名 财务总监：邹志敏 1、2023 年公司整体经营情况。 ...

证券研究报告·公司点评报告·装修建材 坚朗五金（002791） 2023 年年报点评：新市场、新场景、新产品 稳步开拓，盈利能力逐步改善 2024 年 03 月 27 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|---------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 7,648 | 7,802 | 9,160 | 10,490 | 11,733 | | 同比 | -13.16% | 2.00% | 17.41% | 14.52% | 11.85% | | 归母净利润（百万元） | 65.60 | 324.01 | 502.82 | 658.66 | 773.80 | | 同比 | -92.62% | 393.89% | 55.19% | 30.99% | 17.48% | | EPS- 最新摊薄（元 / ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating a positive outlook despite some downward adjustments in profit forecasts [3][7]. Core Insights - The company reported a revenue of 7.8 billion yuan in 2023, a 2.0% increase from 2022, and a net profit of 320 million yuan, reflecting a significant growth of 393.9% year-on-year [3][9]. - The cash flow from operating activities for 2023 was 500 million yuan, a decrease of 430 million yuan compared to the previous year, primarily due to the repayment of prior payables [2][9]. - The company plans to distribute a cash dividend of 1.0 yuan per 10 shares [3]. Financial Performance Summary - Revenue and Profitability: - Revenue for 2023 was 7.8 billion yuan, with a year-on-year growth of 2.0% [10]. - Net profit for 2023 was 320 million yuan, with a year-on-year increase of 393.9% [10]. - Gross margin improved to 32.3% in 2023, up from 30.2% in 2022 [10][20]. - Future Projections: - Expected net profits for 2024, 2025, and 2026 are 402 million yuan, 518 million yuan, and 660 million yuan respectively, with corresponding P/E ratios of 30.9, 24.0, and 18.8 [10][20]. - Cash Flow and Debt: - The company’s cash flow from operating activities is projected to increase to 792 million yuan by 2026 [19]. - The debt ratio is expected to remain stable, with a projected asset-liability ratio of 46.0% in 2024 [20]. Market and Product Insights - The company is focusing on new markets and products, with notable growth in certain segments such as other construction hardware products, which saw a revenue increase of 20.29% [4][9]. - The company is actively expanding into county markets and new scenarios, enhancing its brand and product advantages [7][9].

Investment Rating - The report maintains a "Buy" rating for the company [8][10]. Core Views - The company has shown signs of performance improvement, with a revenue of 7.802 billion yuan in 2023, a year-on-year increase of 2.0%, and a net profit attributable to shareholders of 324 million yuan, a significant increase of 393.89% [5][8]. - The company is expected to continue expanding its product categories and deepening its market penetration in schools and hospitals, which may lead to improved operational quality [5]. - The decline in raw material prices is anticipated to enhance profitability, with a notable improvement in gross margin from 30.24% in 2022 to 32.3% in 2023 [6][7]. Financial Performance - In 2023, the company's core product, door and window hardware, generated revenue of 3.59 billion yuan, with a gross margin of 40.4%, reflecting a year-on-year increase of 3.95 percentage points [6]. - The company’s total revenue and net profit for 2024 are projected to be 9.034 billion yuan and 427 million yuan, respectively, indicating year-on-year growth rates of 15.79% and 31.91% [9][17]. - The company’s total assets decreased from 10.546 billion yuan in 2022 to 9.824 billion yuan in 2023, while total liabilities also decreased from 5.524 billion yuan to 4.485 billion yuan [23]. Market Position and Strategy - The company has established over 1,000 sales points domestically and internationally, with a sales team of over 6,000 people, and is focusing on digital platforms for both B2B and B2C markets [7]. - The report highlights the company's efforts in digital transformation, including the development of online platforms to enhance customer engagement and sales efficiency [7][14]. Future Outlook - The company is expected to benefit from a potential recovery in the real estate market, which could lead to continued outperformance in its financial results [5][8]. - The report projects a gradual increase in net profit to 635 million yuan by 2026, with a compound annual growth rate of 21.47% from 2023 to 2026 [9][17].

Investment Rating - The report maintains a "Buy" rating for the company [29] Core Views - The company has shown a profit margin recovery and is focusing on deepening its presence in county and overseas markets, which is expected to enhance operational quality [11] - The company achieved a revenue of 78.02 billion yuan in 2023, a year-on-year increase of 2%, and a net profit of 3.24 billion yuan, a significant year-on-year increase of 393.89% [11] - The growth in revenue is attributed to the expansion of new product categories and the performance in county and overseas markets, which are expected to contribute significantly to future growth [11] Financial Summary - **Revenue and Profitability**: - Revenue for 2022 was 76.48 billion yuan, and for 2023 it was 78.02 billion yuan, reflecting a growth rate of 2.0% [2] - Net profit increased from 0.66 billion yuan in 2022 to 3.24 billion yuan in 2023, marking a growth rate of 393.9% [4] - The gross profit margin improved to 32.26% in 2023, up by 2.06 percentage points from the previous year [11] - **Earnings Per Share (EPS)**: - EPS rose from 0.20 yuan in 2022 to 1.01 yuan in 2023 [2][4] - **Future Projections**: - Expected net profits for 2024, 2025, and 2026 are projected to be 5 billion yuan, 5.8 billion yuan, and 6.9 billion yuan respectively [11] - Corresponding P/E ratios are forecasted to be 23X, 20X, and 17X for the same years [11] - **Market Segmentation**: - The domestic market accounted for 90.12% of total revenue in 2023, with county-level markets showing a growth rate of approximately 10% [11] - The overseas market contributed 9.88% to total revenue, with expectations for recovery and growth in 2024 [11] - **Cost Management**: - The company managed to reduce its expense ratio to 25.15% in 2023, down by 0.98 percentage points from the previous year [11] - The net profit margin for 2023 was 4.49%, an increase of 3.35 percentage points year-on-year [11]

Financial Performance - The company's operating revenue for 2023 was CNY 7,801,549,830, representing a 2.00% increase compared to CNY 7,648,270,200 in 2022[22] - Net profit attributable to shareholders for 2023 reached CNY 324,010,465, marking a significant increase of 393.89% from CNY 65,559,444 in the previous year[22] - The net profit excluding non-recurring gains and losses was CNY 288,520,585, reflecting a 650.75% increase compared to CNY 38,387,204 in 2022[22] - The basic earnings per share for 2023 was CNY 1.01, a 405.00% increase from CNY 0.20 in 2022[22] - The total assets at the end of 2023 were CNY 9,824,260,480.78, a decrease of 7.05% from CNY 10,546,141,000 at the end of 2022[23] - The company's cash flow from operating activities was CNY 499,161,600, down 46.61% from CNY 934,950,141 in 2022[22] - The weighted average return on equity for 2023 was 6.55%, an increase from 1.37% in 2022[22] Business Strategy and Market Position - The company has maintained a strategic focus on becoming an integrated supplier of building hardware components, expanding into smart home products and other related fields[35] - The company has actively pursued new market opportunities and product categories, leveraging its direct sales channels and online platforms[35] - The company has identified a shift in consumer demand towards integrated building solutions, reflecting a trend towards higher quality and personalized products[34] - The company is focused on expanding its product range to meet the latest market trends and customer needs, thereby increasing brand influence[69] - The company is exploring potential acquisitions to strengthen its market position, with a focus on complementary technology firms[139] Research and Development - The company has accumulated over 1,000 patents, with 4 invention patents and more than 80 other patents obtained during the reporting period, indicating a leading position in the industry[42] - The company is developing new technologies for energy-efficient hardware systems, focusing on low-energy consumption and aesthetic design[68] - The company’s R&D investment amounted to ¥293,602,276.56 in 2023, representing a 2.43% increase from ¥286,629,881.69 in 2022, with R&D expenditure accounting for 3.76% of total revenue[71] - Research and development expenses increased by 2.43% to CNY 293,602,276.56 compared to the previous year[67] Operational Efficiency - The company has established a modern management system that leverages information technology for efficient operations, giving it a competitive edge in the industry[40] - The company has implemented a new supply chain strategy, resulting in a 15% decrease in operational costs[127] - The company has launched a project collaboration platform to provide a one-stop service system for engineering projects, improving overall service levels[50] Environmental Responsibility - The company has implemented environmental protection measures in accordance with multiple national laws and regulations[179] - The company reported a total emission of 5.0016 tons/year for particulate matter, which is below the regulatory limit of 16.5471 tons/year[182] - The company invested approximately 5.3963 million CNY in environmental protection upgrades and operations, with total environmental expenditure estimated at around 11.3801 million CNY[189] Governance and Compliance - The company has established a comprehensive governance structure and internal control system in compliance with relevant laws and regulations[177] - The company has maintained complete independence in assets, personnel, finance, organization, and business from its controlling shareholders and actual controllers[119] - The company has not reported any related party transactions that could harm its interests during the reporting period[124] Future Outlook - The company has set a performance guidance for the next fiscal year, projecting a revenue growth of 15% to 20%[127] - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[134] - The company plans to enhance its digital marketing efforts, allocating an additional 50 million RMB to boost online sales channels[139] Employee and Management - The total remuneration for directors, supervisors, and senior management in 2023 amounted to CNY 6.9526 million[144] - The company has established a training system focusing on new employee onboarding and ongoing professional development, with over 100 internal trainers[158] - The company has implemented a performance evaluation mechanism for senior management to enhance motivation and creativity[164]

证券代码：002791 证券简称：坚朗五金 编号：2024-002 广东坚朗五金制品股份有限公司 投资者关系活动记录表 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系 □新闻发布会 □路演活动 活动类别 □现场参观 ☑其他（电话会议） 长江证券、中泰证券、广发证券、中信证券、东吴证券、中金公司、 民生证券、天风证券、华泰证券、上海证券、瑞银、西南证券、东 参与单位名称 北证券、光大证券、长城证券、安信证券、国盛证券、海通证券、 银河证券、财通证券、华创证券、平安证券、西部证券、兴业证券、 及人员姓名 国信证券、华西证券、高盛、中银证券、华安证券、德邦证券、东 方证券、国联证券共33家机构投资者参加本次会议。 时间 2024年3 月26日 地点 公司会议室 董事长：白宝鲲 上市公司接待 董事会秘书：殷建忠 人员姓名 财务总监：邹志敏 1、2023 年公司整体经营情况。 公司 2023 年年度营业收入 78.02 亿元,同比增长约 2%，从单 ...

关于开展外汇套期保值业务的可行性分析报告 广东坚朗五金制品股份有限公司 关于开展外汇套期保值业务的可行性分析报告 一、开展外汇套期保值业务的背景 广东坚朗五金制品股份有限公司（以下简称"公司"）已开展海 外业务多年，日常经营及投融资业务均涉及本外币收付汇需求。为落 实公司发展战略，合理布局海内外市场，保障公司海外业务发展稳定 发展，当汇率出现较大波动时，为了降低汇率对公司经营业绩的影响， 减少部分汇兑损益，公司及子公司拟开展外汇套期保值业务。 二、公司开展外汇套期保值业务的必要性与可行性 鉴于国际金融环境及汇率波动的不确定性，公司的外币资产、外 币负债，以及未来的外币交易均将面临汇率波动风险，对公司经营业 绩及报表将带来一定的影响。为防范汇率及利率波动风险，实现稳健 经营，公司拟开展与日常经营及投融资活动相关的外汇套期保值业务。 公司已建立专门的内部控制和风险管理制度，对远期结售汇业务 审批权限、内部审核流程、责任部门及责任人、信息隔离措施、内部 风险管理等做出明确规定，公司具备开展外汇套期保值业务的可行性。 三、公司开展外汇套期保值业务的基本情况 （一）外汇套期保值交易概况 1 / 4 （一）汇率波动风险： ...

广东坚朗五金制品股份有限公司 2023 年度内部控制自我评价报告 根据《企业内部控制基本规范》、《企业内部控制应用指引》、《企业 内部控制评价指引》的要求以及其他内部控制规范体系的规定，结合本 公司（以下简称"公司"）内部控制制度和评价办法，在内部控制日常监 督和专项监督的基础上，我们对公司截至2023年12月31日（内部控制评 价报告基准日）的内部控制有效性进行了评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制， 评价其有效性，并如实披露内部控制评价报告是公司董事会的责任。监 事会对董事会建立和实施内部控制进行监督。管理层负责组织领导企业 内部控制的日常运行。公司董事会及董事、监事、高级管理人员保证本 报告内容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容 的真实性、准确性和完整性承担个别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财 务报告及相关信息真实完整，提高经营效率和效果，促进实现发展战略。 由于内部控制固有的局限性，故仅能为实现上述目标提供合理保证。此 外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策和程 序遵循的程度 ...

证券代码：002791 证券简称：坚朗五金 公告编号：2024-016 广东坚朗五金制品股份有限公司 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。 重要内容提示： 1、投资种类：安全性高、流动性好、短期（不超过一年）保本型 或低风险型理财产品，不投资于股票及其衍生产品、证券投资基金、 以证券投资为目的的委托理财产品。 关于 2024 年度使用部分闲置自有资金进行委托理财 的公告 2、投资金额：不超过人民币 10 亿元，资金额度在有效期内可滚 动使用。 3、特别风险提示：本次使用闲置自有资金进行委托理财事项尚 存在一定的操作风险、不可抗力风险等，敬请投资者注意投资风险。 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 25 日召开第四届董事会第十四次会议，审议通过了《关于 2024 年度使用部分闲置自有资金进行委托理财的议案》，同意公司及子公 司使用最高额度不超过人民币 10 亿元的闲置自有资金进行委托理财。 现将相关情况公告如下： 1 / 4 一、投资情况概述 董事会审议通过后，公司董事会授权公司董事长及其授权人在额 度范围内行使该 ...