Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance in the first three quarters of 2024 has been under pressure, with revenue of 6.548 billion yuan, a year-on-year decrease of 3.01%, and a net profit attributable to shareholders of 290 million yuan, down 27.63% year-on-year [1] - The decline in net profit is primarily due to project revenue recognition delays and fixed costs not decreasing proportionately, alongside increased R&D and operational expenses related to AI and computing power applications [1] - The computing power network business has seen rapid growth, while the communication network business remains stable, and both digital and energy network businesses have experienced declines [1][2] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 2.124 billion yuan, a year-on-year decrease of 1.55%, and a net profit of 54 million yuan, down 53.37% year-on-year [1] - The adjusted net profit forecasts for 2024 and 2025 are 357 million yuan and 459 million yuan, respectively, reflecting a reduction of 45% and 46% [3] Business Growth and Strategy - The company is focusing on enhancing its computing power network business, establishing a collaborative ecosystem with major clients, and has made significant investments in AI capabilities [2] - The "One City, One Computing Power" strategy has led to the rapid expansion of computing management and operation services, with successful implementations at national supercomputing centers [2] - AI technologies are being integrated across various business segments, improving operational efficiency and reducing costs in areas such as communication and renewable energy [3] Valuation and Future Outlook - The company is expected to benefit from its AI strategic development, with significant market potential in computing services, and the three main business segments are anticipated to gain from AI integration [3] - The projected P/E ratios for 2024, 2025, and 2026 are 24X, 18X, and 14X, respectively, indicating a potential recovery in fundamentals [3]

证券代码：002929 证券简称：润建股份 公告编号：2024-039 1、股东大会届次：2024 年第三次临时股东大会。 2、股东大会的召集人：公司第五届董事会。 润建股份有限公司 关于召开 2024 年第三次临时股东大会的通知 3、会议召开的合法、合规性：公司于 2024 年 11 月 17 日召开第五届董事会 第十六次会议审议通过了《关于召开 2024 年第三次临时股东大会的议案》。本 次股东大会的召开符合有关法律、行政法规、部门规章、规范性文件和《公司章 程》的有关规定。 本公司及董事会全体成员保证信息披露内容的真实、准确和 完整，没有虚假记载、误导性陈述或者重大遗漏。 4、会议召开日期、时间： 润建股份有限公司（以下简称"公司"、"润建股份"）第五届董事会第十六次 会议决定于 2024 年 12 月 4 日（星期三）召开公司 2024 年第三次临时股东大会， 现将本次股东大会的有关事项通知如下： （1）现场会议召开日期、时间：2024 年 12 月 4 日（星期三）下午 14:30 开 始； 一、会议召开的基本情况 ②通过深圳证券交易所互联网投票系统 http://wltp.cninfo.com.c ...

润建股份有限公司 关于公司与专业投资机构合作投资的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和 完整，没有虚假记载、误导性陈述或者重大遗漏。 近日，润建股份有限公司（以下简称"润建股份"或"公司"）作为有限合 伙人与普通合伙人劳埃德私募基金管理有限公司（以下简称"劳埃德基金"）签 署了《德州德创叁号创业投资基金合伙企业（有限合伙）合伙协议书》，共同投 资德州德创叁号创业投资基金合伙企业（有限合伙）（以下简称"德创叁号基金"）， 具体情况如下： 一、合作情况概述 为充分借助专业投资机构的资源优势及专业力量，拓宽公司产业布局和战略 视野，增强公司的综合竞争实力，公司以有限合伙人身份参与认购由劳埃德基金 作为普通合伙人发起设立的德创叁号基金份额。德创叁号基金募集规模为人民币 4,010 万元，其中，公司作为有限合伙人以自有资金认缴出资人民币 4,000 万元， 出资比例为 99.7506%。合伙企业布局符合公司新能源战略规划和产业发展方向 等有益于业务协同潜力和资本增值的产业。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 1 号——主板上市公司规范运作》及《公司章程》等 ...

证券代码：002929 证券简称：润建股份 公告编号：2024-037 润建股份有限公司 第五届董事会第十六次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和 完整，没有虚假记载、误导性陈述或者重大遗漏。 润建股份有限公司（以下简称"公司"）第五届董事会第十六次会议于2024 年11月17日以通讯会议的方式召开。本次会议的召开事宜由公司董事会于2024年 11月14日以电话、电子邮件等方式通知公司全体董事及其他列席人员。会议应到 董事9名，实到董事9名，会议由公司董事长李建国先生主持。本次会议的召开符 合《公司法》及《公司章程》的有关规定。经与会董事讨论，会议以书面表决方 式审议通过了如下决议： 一、审议通过了《关于增加经营范围及修改<公司章程>的议案》 表决结果：9 票同意，0 票反对，0 票弃权。 关于召开 2024 年第三次临时股东大会的通知详见公司于 2024 年 11 月 19 日 刊登在巨潮资讯网 www.cninfo.com.cn 及《证券时报》、《中国证券报》、《上 海证券报》和《证券日报》上的临时公告。 特此公告。 本议案尚须提交公司股东大会审议。 表决结果：9 票同意，0 ...

润建股份有限公司 章程 2024年11月 | | | | 第一章 | 总则 1 | | --- | --- | | 第二章 | 经营宗旨和范围 2 | | 第三章 | 股份 3 | | 第一节 | 股份发行 3 | | 第二节 | 股份增减和回购 4 | | 第三节 | 股份转让 5 | | 第四章 | 股东和股东大会 6 | | 第一节 | 股东 6 | | 第二节 | 股东大会的一般规定 9 | | 第三节 | 股东大会的召集 11 | | 第四节 | 股东大会的提案与通知 12 | | 第五节 | 股东大会的召开 14 | | 第六节 | 股东大会的表决和决议 17 | | 第五章 | 董事会 21 | | 第一节 | 董事 21 | | 第二节 | 董事会 25 | | 第六章 | 总经理及其他高级管理人员 28 | | 第七章 | 监事会 30 | | 第一节 | 监事 30 | | 第二节 监事会 31 | | | 第八章 财务会计制度、利润分配和审计 32 | | | 第一节 财务会计制度 33 | | | 第二节 内部审计 36 | | | 第三节 会计师事务所的聘任 36 | | | 第九章 ...

证券代码：002929 证券简称：润建股份 公告编号：2024-038 润建股份有限公司（以下简称"公司"）于2024年11月17日召开的第五届董 事会第十六次会议以9票同意、0票反对、0票弃权的表决结果，审议通过了《关 于增加经营范围及修改<公司章程>的议案》。公司根据《公司法》等相关法律、 法规及规范性文件的规定以及公司经营发展需求，拟增加经营范围并对《公司章 程》进行相应修订，修改内容如下： | 变更前 | 变更后 | | --- | --- | | 第十三条 经依法登记，公司的 | 第十三条 经依法登记，公司的 | | 经营范围为：许可项目：输电、供电、 | 经营范围为：许可项目：基础电信业 | | 受电电力设施的安装、维修和试验；发 | 务；互联网信息服务；第一类增值电信 | | 电业务、输电业务、供（配）电业务； | 业务；第二类增值电信业务；特种设备 | | 基础电信业务；第一类增值电信业务； | 安装改造修理；输电、供电、受电电力 | | 第二类增值电信业务；特种设备安装 | 设施的安装、维修和试验；发电业务、 | | 改造修理；雷电防护装置检测；建设工 | 输电业务、供（配）电业务；雷电防护 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a projected EPS of 1.29, 1.61, and 2.03 CNY for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 23.8x, 19.1x, and 15.1x [4][6]. Core Insights - The company has faced short-term pressure on performance, with a revenue decline of 3% year-on-year to 6.548 billion CNY and a net profit drop of 27.6% to 290 million CNY for the first three quarters of 2024. However, cash flow has improved compared to the previous year [2][4]. - The company is experiencing rapid growth in its computing network business, while the telecommunications network business remains stable. The digital network and energy network segments are relatively weak [2][3]. - The company has a strong order backlog and has been actively winning significant projects in various provinces, enhancing its competitive advantage [3]. Financial Performance Summary - For Q1-Q3 2024, the company reported a gross margin of 16.1%, down 2.6 percentage points year-on-year, and a net profit margin of 4%, down 1.7 percentage points [2]. - The company’s operating cash flow rate improved significantly to 81.3%, up 14.6 percentage points year-on-year, indicating a reduction in concerns regarding receivables [2][4]. - The Q3 2024 results showed a revenue of 2.124 billion CNY, a decrease of 1.6% quarter-on-quarter, and a net profit of 54 million CNY, down 53.4% quarter-on-quarter [2][4]. Research and Development - The company increased its R&D expenses by 2.2% to 273 million CNY, with an R&D expense ratio of 4.5%, up 0.5 percentage points [3]. - The company is focusing on enhancing its capabilities in computing cluster technology and has established significant projects in supercomputing and AI data management [3]. Future Projections - The company’s projected net profits for 2024, 2025, and 2026 are 363 million CNY, 453 million CNY, and 572 million CNY respectively, with corresponding revenue growth rates of 0.44%, 18.54%, and 20.68% [5][4]. - The report anticipates a gradual recovery in the company's performance in the medium to long term despite current challenges [4].

Revenue and Profitability - Revenue for Q3 2024 was CNY 2,124,225,344.67, a decrease of 1.55% year-over-year[3] - Net profit attributable to shareholders was CNY 53,779,189.16, down 53.37% compared to the same period last year[3] - Basic earnings per share decreased by 66.43% to CNY 0.1908[3] - The company reported a revenue of ¥6.55 billion for the current period, a decrease of 3.01% compared to ¥6.75 billion in the same period last year[9] - The company achieved a net profit of ¥290 million for the first three quarters of 2024, with a focus on risk control and organizational changes[15] - The net profit for the third quarter of 2024 is CNY 258,750,393.15, a decrease of 31.8% compared to CNY 379,217,208.07 in the same period last year[21] - The total comprehensive income attributable to the parent company is CNY 289,708,191.52, compared to CNY 400,236,544.80 in the previous year[21] Assets and Liabilities - Total assets increased by 11.39% to CNY 16,545,546,998.04 compared to the end of the previous year[3] - Accounts receivable increased by 28.51% to CNY 6,930,612,490.46, attributed to customer investment planning and budget approvals[7] - Inventory rose by 21.72% to CNY 2,117,542,654.14, reflecting increased project material reserves[7] - Short-term borrowings surged by 105.06% to CNY 4,177,087,098.64, due to increased bank loans to meet operational needs[8] - Contract liabilities increased by 26.03% to CNY 435,244,773.66, as some project prepayments have not yet met revenue recognition conditions[8] - Total liabilities increased to ¥10.30 billion from ¥8.88 billion, indicating a rise of around 16%[19] - The company's equity attributable to shareholders rose to ¥6.20 billion from ¥5.89 billion, reflecting an increase of approximately 5.3%[19] Cash Flow - Cash flow from operating activities showed a net outflow of CNY 2,701,266,102.36, a decrease of 25.54% year-over-year[3] - The net cash flow from operating activities was -¥2.70 billion, a decline of 25.54% year-on-year, primarily due to increased investments in new business segments and concentrated customer payments expected in Q4[9] - The cash flow from operating activities shows a net outflow of CNY -2,701,266,102.36, worsening from CNY -2,151,736,442.09 in the previous year[23] - The net cash flow from investment activities was -399,460,499.08, a significant decrease compared to 283,593,001.81 in the previous period[24] - Cash inflow from financing activities totaled 3,969,455,712.61, up from 3,202,308,517.12 in the previous period[24] - The net cash flow from financing activities was 1,797,867,417.31, an increase from 1,182,053,671.95 in the previous period[24] - The total cash and cash equivalents at the end of the period decreased to 581,407,407.59 from 1,169,377,603.62 in the previous period[24] - The net increase in cash and cash equivalents was -1,302,377,384.45, compared to -685,175,428.87 in the previous period[24] Research and Development - Research and development expenses increased by 3.17% to ¥253.31 million, reflecting the company's commitment to enhancing competitive advantages through increased investment in R&D[9] - The company plans to continue increasing R&D investment to support future growth, particularly in AI and computing applications[15] - Research and development expenses increased to CNY 253,308,676.05, up from CNY 245,516,429.41, reflecting a focus on innovation[20] Operational Efficiency - The company reported a decrease in net profit margin, with a weighted average return on equity dropping by 3.95 percentage points to 4.75%[3] - Sales expenses decreased by 12.55% to ¥193.61 million, indicating improved operational efficiency and cost control measures[9] - The total operating costs for the quarter are CNY 6,160,708,375.18, with operating costs specifically at CNY 5,495,971,145.25[20] Strategic Positioning - The company is strategically positioning itself as a leader in AI-driven digital network and energy network management and operations[14] - The company has a robust order backlog, ensuring sustained development in the future[15] Financial Performance - The financial expenses decreased significantly by 140.26% to -¥7.27 million, attributed to reduced bond interest expenses following the conversion of convertible bonds in August 2023[9] - The investment income reported a loss of CNY -6,962,952.52, compared to a loss of CNY -5,077,458.26 in the previous year[20] - The tax expenses for the quarter increased to CNY 20,963,594.87 from CNY 87,587,893.41 in the same period last year[20] Other Financial Metrics - The cash outflow from investment activities amounted to 829,672,080.14, compared to 1,037,972,752.49 in the previous period[24] - Cash received from borrowings was 3,862,800,113.22, an increase from 2,997,849,700.00 in the previous period[24] - Cash paid for debt repayment was 1,777,962,320.04, compared to 1,642,646,600.00 in the previous period[24] - The company's third-quarter report was not audited[25]

公司对陈菁菁女士在公司 2020 年公开发行可转换公司债券及持续督导期间 所做的工作表示衷心感谢！ 特此公告。 证券代码：002929 证券简称：润建股份 公告编号：2024-036 润建股份有限公司 关于变更持续督导保荐代表人的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和 完整，没有虚假记载、误导性陈述或者重大遗漏。 润建股份有限公司（以下简称"公司"）于近日收到保荐机构中信建投证券 股份有限公司（以下简称"中信建投证券"）出具的《关于变更润建股份有限公 司公开发行可转换公司债券持续督导保荐代表人的函》。 中信建投证券系公司 2020 年度公开发行可转换公司债券的保荐机构，项目 持续督导期至 2021 年 12 月 31 日止。鉴于公司募集资金尚未使用完毕，中信建 投证券继续履行募集资金相关的持续督导职责。 中信建投证券原委派保荐代表人陈菁菁女士、李一睿先生负责公司持续督导 工作。陈菁菁女士因个人工作变动，中信建投证券现委派保荐代表人王站先生（简 历附后）接替陈菁菁女士继续履行持续督导职责。 本次变更后，公司持续督导保荐代表人为王站先生、李一睿先生。 润建股份有限公司 董 事 会 2024 年 ...

证券时报e公司讯，企查查APP显示，近日，新和泽源储能科技有限公司成立，法定代表人为卢伟强， 注册资本1000万元，经营范围包含：人工智能公共服务平台技术咨询服务；人工智能公共数据平台；人 工智能基础资源与技术平台；人工智能基础软件开发等。 企查查股权穿透显示，该公司由润建股份、新和中科丝路华林新能源科技有限公司共同持股。 ...