公司研究丨点评报告丨坚朗五金（002791.SZ） 分析师及联系人 SAC：S0490513080001 SAC：S0490518080002 SFC：BQK473 坚朗五金（002791.SZ） cjzqdt11111 2024-03-30 [Table_Title2] 前期投入迎来正反馈公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 公司发布年报：2023 年收入约 78 亿元，同比增长 2%，归属净利润约 3.2 亿元，同比增长 394%，扣非净利润同比增长 651%。2023Q4 收入约 22.5 亿元，同比增长 1%，归属净利润约 1.8 亿元，同比增长 194%，扣非净利润同比增长 270%。 ⚫ 收入增长来自新品，为前期投入的正反馈。2023 年公司收入同比增长 2%，其中门窗五 金、门控五金收入分别同比增 1%、6%、现金流较差的工建类业务点支撑构配件、护栏构 配件收入分别同比下降 9%、17%。以家居类产品、其他建筑五金产品、门窗配套件作为 新产品系列，则 2023 年新产品收入占比提升至 40%（2019 年收入占比不到 20%），同 比增长 6%。此外公司会有针对性地开 ...

请务必阅读正文之后的免责声明及其项下所有内容 2023 年年报点评：坚守质量，经营效率逐步修复、盈利改善 | --- | --- | --- | --- | --- | --- | |----------------------------------------|-----------|-------------|-------------|----------------------------------|-------------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 7,648 | 7,802 | 8,753 | 10,098 | 11,441 | | (+/-%) | -13.2% | 2.0% | 12.2% | 15.4% | 13.3% | | 净利润(百万元) | 66 | 324 | 501 | 656 | 789 | | (+/-%) | -92.6% | 394.2% | 54.5% | 30.9% | 20.4% | | 每股收益（元） | 0.20 | 1.01 | 1.56 | 2. ...

公 司 点 评 报 告 ＃assAuthor＃ 公 司 研 究 | --- | --- | |-----------------------------------------|------------| | | | | ＃市场数据 marketData ＃ 市场数据日期 | 2024-03-26 | | 收盘价（元） | 38.62 | | 总股本（百万股） | 321.54 | | | | | 流通股本（百万股） | 164.30 | | 净资产（百万元） | 5088.21 | | 总资产（百万元） | 9824.26 | | 每股净资产 ( 元 ) | 15.82 | ＃相关报告 relatedReport＃ 《【兴证建材】坚朗五金 2023 年 三季报点评：Q3 毛利率持续提 升，县城市场放量可期》2023- 11-01 《【兴证建材】坚朗五金 2023 年 中报点评：Q2 盈利改善，关注 县城市场拓展》2023-08-29 《【兴证建材】坚朗五金 2022 年 报&2023 一季报点评：Q1 经营 改善，渠道+品类扩张效益有望 显现》2023-05-08 ＃分析师： 黄杨huangyang@xyz ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 49.35 CNY per share based on a reasonable PE valuation of 30 times for 2024 [19][26]. Core Insights - The company reported a revenue of 7.802 billion CNY for 2023, representing a year-on-year growth of 2.00%, and a net profit attributable to shareholders of 324 million CNY, up from 66 million CNY in the previous year [2][23]. - The company has successfully shifted its strategy during the downturn in the real estate market by expanding its product offerings and market reach, particularly in county-level cities, which saw a growth of 10% [2][9]. - The gross profit margin improved to 32.26% in 2023, an increase of 2.06 percentage points year-on-year, primarily due to a decrease in raw material costs [2][24]. Financial Summary - Revenue for 2023 was 7,802 million CNY, with a growth rate of 2.0% compared to the previous year [4]. - The company expects net profits for 2024-2026 to be 530 million CNY, 720 million CNY, and 900 million CNY respectively, with corresponding PE ratios of 22, 16, and 13 times [3][26]. - The operating cash flow for 2023 was 499 million CNY, a decrease of 436 million CNY year-on-year, attributed to increased procurement costs [10][3]. - The company’s net profit margin for 2023 was 4.15%, up 3.30 percentage points from the previous year, with a significant increase in the fourth quarter [24][23].

长城证券在法律允许的情况下可参与、投资或持有本报告涉及的证券或进行证券交易，或向本报告涉及的公司提供或争取提供包括投资 银行业务在内的服务或业务支持。长城证券可能与本报告涉及的公司之间存在业务关系，并无需事先或在获得业务关系后通知客户。 长城证券版权所有并保留一切权利。 特别声明 《证券期货投资者适当性管理办法》、《证券经营机构投资者适当性管理实施指引（试行）》已于 2017 年 7 月 1 日 起正式实施。因本研 究报告涉及股票相关内容，仅面向长城证券客户中的专业投资者及风险承受能力为稳健型、积极型、激进型的普通投资者。若您并非上 述类型的投资者，请取消阅读，请勿收藏、接收或使用本研究报告中的任何信息。 因此受限于访问权限的设置，若给您造成不便，烦请见谅！感谢您给予的理解与配合。 分析师声明 本报告署名分析师在此声明：本人具有中国证券业协会授予的证券投资咨询执业资格或相当的专业胜任能力，在执业过程中恪守独立诚 信、勤勉尽职、谨慎客观、公平公正的原则，独立、客观地出具本报告。本报告反映了本人的研究观点，不曾因，不因，也将不会因本 报告中的具体推荐意见或观点而直接或间接接收到任何形式的报酬。 投资评级说明 | ...

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]