Group 1: Company Strategy and Market Outlook - The company aims for high-quality development in response to the new industry landscape, focusing on market expansion and business structure optimization [2] - The construction industry is expected to stabilize with increased support for real estate policies and demand for affordable housing, leading to new market opportunities [2][5] - AI technology is transforming the design logic and efficiency in the construction industry, paving the way for higher quality and innovative development [3] Group 2: Technological Advancements - The company has invested significantly in BIM and AI technologies, enhancing its design capabilities and project management through platforms like CAPOL iBIM [6][7] - The integration of AI in design processes is being accelerated, with the company joining the Baidu PaddlePaddle technology partner program to explore AI applications [7] - The company has developed a comprehensive online management platform that integrates various data sources for improved project management [6][8] Group 3: Financial Performance and Shareholder Returns - The company plans to distribute at least 40% of its annual distributable profits as cash dividends, with a proposed dividend of 3.5 CNY per share for 2024, amounting to 55% of net profit [9] - The company reported a 22.55% decline in revenue due to the cyclical downturn in the real estate sector, affecting all business segments [15] - As of the end of 2024, the company has over 1 billion CNY in cash reserves, ensuring sufficient funding for business development [12] Group 4: Business Expansion and Market Position - The company has established a strong presence in the Guangdong-Hong Kong-Macao Greater Bay Area, with plans to expand internationally along the Belt and Road Initiative [11] - The newly established Huayang Digital Culture (Jiangxi) Co., Ltd. focuses on the micro-short drama business, with a team of over 100 people [10] - The company emphasizes continuous innovation in design and technology to meet the evolving demands for quality housing, including green and safe living environments [4]

| 证券代码：002949 | 证券简称：华阳国际 公告编号：2025-033 | | --- | --- | | 债券代码：128125 | 债券简称：华阳转债 | 深圳市华阳国际工程设计股份有限公司 关于召开 2024 年度业绩说明会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳市华阳国际工程设计股份有限公司（以下简称"公司"）已于 2025 年 4 月 25 日在巨潮资讯网（http://www.cninfo.com.cn）披露了《2024 年年度报 告》，为便于广大投资者更全面深入地了解公司 2024 年年度业绩和经营情况， 公司将于 2025 年 5 月 12 日（星期一）15:00—17:00 举办 2024 年度业绩说明会， 现将有关事项公告如下： 一、 业绩说明会类型 业绩说明会通过价值在线（www.ir-online.cn）网络文字互动方式召开，本 公司将针对 2024 年年度业绩和经营情况与投资者进行交流，在信息披露允许范 围内就投资者普遍关注的问题进行回答。 二、 召开时间及方式 （一）会议召开时间：2025 年 05 月 ...

Core Viewpoint - Huayang International's sales gross margin continues to improve in 2024, with a 15.4% revenue increase in Q1 2025, marking a return to profitability [1][4] Financial Performance - In 2024, revenue decreased by 22.6% to 1.17 billion yuan, with a net profit of 130 million yuan, down 22.3% [3] - The gross margin for 2024 was 35.1%, an increase of 2.88 percentage points, while the net profit margin was 10.7%, up 0.03 percentage points [3] - Q1 2025 revenue was 260 million yuan, a 15.4% increase, but net profit decreased by 20.2% to 2 million yuan [4] Operational Metrics - In 2024, the operating cash flow was 170 million yuan, down from 290 million yuan in the same period of 2023 [3] - The accounts receivable decreased by 11.4% to 390 million yuan in 2024 [3] - Q1 2025 operating cash flow was -130 million yuan, compared to -90 million yuan in Q1 2024 [4] Strategic Initiatives - The company is continuously upgrading and optimizing its BIM design platform, enhancing its capabilities across various engineering disciplines [5] - Huayang International is expanding its market presence in regions such as South China, Central China, East China, Southwest, and North China, while also pursuing international business along the Belt and Road Initiative [5] - The company is actively developing a digital cultural platform, focusing on micro-drama content, AI applications, and cultural exports [5] Dividend Policy - The annual profit distribution plan includes a dividend of 0.35 yuan per share, with a payout ratio of 54.76% for the current year [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The company's main business has stabilized, and it is expanding into the digital culture sector as a new growth engine [8]. - In 2024, the company achieved total revenue of 1.167 billion yuan, a year-on-year decrease of 22.55%, with a net profit attributable to shareholders of 125 million yuan, down 22.33% [2][8]. - In Q1 2025, the company reported revenue of 264 million yuan, a year-on-year increase of 15.36%, primarily driven by growth in the digital culture business [2][13]. Summary by Sections Financial Performance - For 2024, the company’s total revenue was 1.167 billion yuan, with a net profit of 125 million yuan and a non-recurring net profit of 113 million yuan, reflecting decreases of 22.55%, 22.33%, and 12.73% respectively [2][8]. - In Q1 2025, the company’s revenue was 264 million yuan, with a net profit of 2 million yuan, showing a year-on-year revenue growth of 15.36% but a net profit decline of 20.22% [2][8]. Business Segments - The architectural design business generated 950 million yuan in revenue, down 14.98%, while the prefabricated building segment brought in 440 million yuan, a decrease of 11.26% [13]. - The digital culture business achieved revenue of 8.4575 million yuan, indicating the potential for future growth [13]. Profitability and Margins - The company’s overall gross margin for 2024 was 35.10%, an increase of 2.87 percentage points year-on-year [13]. - The gross margins for various segments were 36.14% for residential design, 39.22% for public building design, and 29.72% for commercial complex design [13]. Cash Flow and Debt - In 2024, the net cash inflow from operating activities was 174 million yuan, a decrease of 113 million yuan year-on-year [13]. - The company’s asset-liability ratio improved to 47.08%, down 1.85 percentage points from the previous year [13]. Strategic Initiatives - The company is actively expanding its creative cultural industry chain, having established a subsidiary focused on micro-short drama production, with a team of nearly 100 people [13].

毛利率小幅提升，25Q1 财务费用率提升拖累利润：24 年公司毛利率/净利率为35.1%/12.4%,同比 +2.87/-0.19pcts。24 年公司销售/管理/财务/研发费用率为2.4%/9.7%/0.7%/3.8%,同 比-0.34/+1.67/+0.44/-0.68pcts。25Q1 年公司毛利率/净利率为19.5%/0.8%,同比+1.88/-0.29pcts。销售/管 理/财务/研发费用率为2.6%/10.1%/2.5%/3.6%,同比-0.71/-2.38/+3.54/-2.60pcts。公司总部大厦转固，以及 可转债利息资本化转为费用化导致财务费用率攀升，拖累利润增长。24年公司经营性现金流净流入1.7 亿元，较上年同期少流入1.1 亿元，25Q1 公司经营性净现金净流出1.3 亿元，较上年同期多流出0.4 亿 元。 数智化转型有望赋能成长，布局文化数字业务打造新增长点：公司深挖AI 技术潜力，不断拓宽AI 设计 的应用边界，如AI 辅助生成系统、智能审图平台、图形引擎、识图引擎、通用多模态大模型等，加快 AI 技术与设计全流程的深度融合，推动公司数智化转型。公司积极发展数字文化业务，培育新的 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, primarily due to substantial industry headwinds, leading to lower-than-expected performance [1][4]. Financial Performance - In 2024, the company achieved revenue of 1.17 billion, down 22.6% year-on-year, with a net profit of 125 million, also down 22.3%, falling short of the expected 189 million [1]. - For Q4 2024 and Q1 2025, revenues were 355 million and 264 million, reflecting a year-on-year change of -21.8% and +15.4%, respectively [1]. - The gross margin for 2024 was 35.1%, an increase of 2.87 percentage points year-on-year, attributed to a 22% reduction in workforce and a significant decrease in low-margin EPC business [1][2]. Business Segments - The architectural design segment generated revenue of 950 million in 2024, down 15.0%, with a gross margin of 36.4%, up 1.4 percentage points [2]. - The cost consulting segment reported revenue of 150 million, down 19.4%, with a gross margin of 37.9%, down 4.3 percentage points [2]. - The company established Huayang Digital Culture (Jiangxi) Co., Ltd. in September 2024 to expand into micro-short drama, covering key aspects of content, production, distribution, and copyright operations [2]. Expense and Cash Flow Analysis - The company’s expense ratio for 2024 was 16.6%, up 1.09 percentage points year-on-year, with variations in sales, management, R&D, and financial expense ratios [3]. - Operating cash flow for 2024 was 174 million, a decrease of 113 million year-on-year, with a cash collection/payment ratio of 107%/31% [3]. - In Q1 2025, the operating cash flow was -130 million, reflecting an increase in cash outflow of 35 million year-on-year [3]. Profit Forecast and Valuation - Due to ongoing challenges in the architectural design sector and the nascent stage of the digital culture transformation, the company has revised its net profit forecasts for 2025-2027 to 108 million, 97 million, and 93 million, representing a significant reduction [4]. - The company is expected to benefit from AI empowerment and its strong position in the construction design sector, leading to a target price of 16.47, based on a 30x PE for 2025 [4].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company experienced a decline in revenue and net profit in 2024, with revenue of 1.17 billion and a net profit of 130 million, representing year-on-year decreases of 22.6% and 22.3% respectively. However, in Q1 2025, the company saw a revenue increase of 15.4% year-on-year, although net profit decreased by 20.2% [1][2]. - The business structure has been optimized, with an increase in digital cultural business revenue contributing to the growth in Q1 2025. The company has established a new subsidiary focused on digital culture, aiming to create a comprehensive micro-drama platform [2][4]. - The company's gross margin slightly improved in 2024, reaching 35.1%, while the net profit margin was 12.4%. However, financial expenses increased in Q1 2025, impacting profit growth [3]. - The company is focusing on digital transformation and AI technology integration to drive growth, particularly in the digital culture sector, which is expected to become a new growth point [4]. Summary by Sections Financial Performance - In 2024, the company reported revenues of 1.17 billion, a decrease of 22.55% from the previous year, and a net profit of 130 million, down 22.33% [5]. - For Q1 2025, revenues were 260 million, reflecting a 15.4% increase year-on-year, while net profit was 2 million, a decrease of 20.2% [1][3]. Business Structure and Growth - The company has optimized its business structure, with architectural design and cost consulting generating revenues of 950 million and 150 million respectively in 2024, both showing declines [2]. - The new subsidiary, Huayang Culture, is actively developing digital cultural business, contributing to revenue growth in Q1 2025 [2][4]. Profitability and Margins - The gross margin for 2024 was 35.1%, an increase of 2.87 percentage points year-on-year, while the net profit margin was 12.4%, a slight decrease [3]. - In Q1 2025, the gross margin was 19.5%, with a net profit margin of 0.8% [3]. Future Outlook - The company has adjusted its profit forecasts for 2025 and 2026, predicting net profits of 135 million and 145 million respectively, with a new forecast for 2027 at 151 million [4]. - The report suggests that as the real estate market stabilizes, traditional business operations may recover, while growth in the digital culture sector is anticipated [4].

| 证券代码：002949 | 证券简称：华阳国际 | 公告编号：2025-033 | | --- | --- | --- | | 债券代码：128125 | 债券简称：华阳转债 | | 深圳市华阳国际工程设计股份有限公司 一、董事会会议召开情况 深圳市华阳国际工程设计股份有限公司(以下简称"公司")第四届董事会第 七次会议于 2025 年 4 月 25 日以现场及通讯表决相结合的方式召开，经第四届董 事会全体董事同意豁免会议通知时间要求。会议应出席董事 9 名，实际出席董事 9 名，会议由公司董事长唐崇武先生主持。本次会议的召集、召开及表决程序符 合有关法律、行政法规、部门规章、规范性文件及《公司章程》的规定。 具体内容详见公司同日刊登于巨潮资讯网(http://www.cninfo.com.cn)上 的《关于不向下修正"华阳转债"转股价格的公告》。 二、董事会会议审议情况 表决结果：9 名赞成，0 名弃权，0 名反对。 三、备查文件 1、审议通过《关于不向下修正"华阳转债"转股价格的议案》 第四届董事会第七次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述 ...

| 证券代码：002949 | 证券简称：华阳国际 | 公告编号：2025-032 | | --- | --- | --- | | 债券代码：128125 | 债券简称：华阳转债 | | 深圳市华阳国际工程设计股份有限公司 关于不向下修正"华阳转债"转股价格的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 根据相关法律法规规定和《深圳市华阳国际工程设计股份有限公司公开发行 可转换公司债券募集说明书》（以下简称"《募集说明书》"）规定，"华阳转债" 自 2021 年 2 月 5 日起可转换为公司股份，初始转股价格为 25.79 元/股。 公司 2020 年度股东大会审议通过《关于 2020 年度利润分配方案的议案》， 并于 2021 年 5 月 25 日实施了 2020 年度利润分配方案：向全体股东每 10 股派 4.00 元人民币现金（含税）。根据可转换公司债券转股价调整相关规定，"华阳转 债"的转股价格由 25.79 元/股调整为 25.39 元/股。调整后的转股价格于 2021 年 5 月 25 日生效。 公司 2021 年度股东大会审议通过《关于 ...

证券研究报告 华阳国际 (002949 CH) 本报告来源于"慧博投研",请勿外传! 积极转型数字文化,布局微短剧业务 | 华泰研究 | 年报点评 | | --- | --- | | 2025年4月25日 中国内地 | 建筑设计及服务 | 公司发布年报及一季报:2024年实现营收 11.7 亿,同比-22.6%,归母净利 1.25 亿,同比-22.3%,低于我们的预期(1.89亿),主要系行业下行压力较 大,公司收入低于预期所致。24Q4/25Q1 实现营收 3.55/2.64 亿,同比 -21.8%/+15.4%,归母净利 1342/248 万,同比-40.1%/-20.2%。我们认为 传统建筑设计业务需求承压,公司坚定推进"设计+科技"战略,持续加强 人工智能、BIM 等领域研发,推动 AI 与设计全流程深度融合,同时积极 拓展创意文化产业链,布局微短剧业务,打造转型抓手,维持"买入"。 24年综合毛利率同比提升,数字文化业务初步完成全栈式平台的搭建 24 年公司毛利率 35.1%,同比+2.87pct,主要系继续削减 22%的员工、低 毛利率的 EPC 业务经过 3 年的收缩降至 1176 万收入,24 ...