本次电话会议仅服务于国泰金安证券正式签约客户会议音频及文字记录的内容仅供国泰金安证券客户内部学习使用不得外发并且必须经国泰金安证券研究所审核后方可留存国泰金安证券未授权任何媒体转发此次电话会议相关内容 未经允许和授权转载转发金属侵权国泰金安证券将保留追究其法律责任的权利国泰金安证券不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提请广大投资者谨慎做出投资决策 大家好欢迎参加春特会华阳国际装配式建筑技术领先数字文化产业加速发展会议目前所有参会者均处于静音状态现在有请主持人开始发言谢谢 各位同学各位同学下午好我是国军建筑航空员船船船船船船船船船船船船船船船船船船船船船船船船船船船船 然后呢今天的专场是华山国际作为这个地产设计行业龙头在业务的转型科技运动上有比较有心得今天我们很荣幸请到副总下面就有请副总跟我们做个介绍副总有请好的大家好啊那个我记得上一次开会咱们是在去年底吧当时整个全年的数据还没有完全出来到现在这个时点其实24年的经营状况啊也都就都都收官了啊所以我想 先对公司24年的一些经营和业绩的状况业绩我可能还是会再改一下大数了做一些回顾我记得24年我们对24年整个行业的判断就是当时觉得上半年会比较难一个 ...

| 证券代码：002949 | 证券简称：华阳国际 公告编号：2025-001 | | --- | --- | | 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 2024 年第四季度可转债转股情况的公告 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。 经中国证监会"证监许可[2020]1220 号文"批准，公司于 2020 年 7 月 30 日公开发行了 450.00 万张可转换公司债券，每张面值 100 元，发行总额 45,000.00 万元，期限 6 年。 （二）可转债上市情况 经深交所"深证上〔2020〕718 号"文同意，公司 45,000.00 万元可转换公 司债券于 2020 年 8 月 21 日起在深交所挂牌交易，债券简称"华阳转债"，债券 代码"128125"。 （三）可转换公司债券转股价格调整情况 根据《深圳证券交易所股票上市规则》等有关规定和《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》的约定，本次发行的可 转债转股期自可转债发行结束之日（2020 年 8 月 5 日）满六 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 21.05 CNY per share, based on a 22x PE valuation for 2025 [29][30] Core Views - The company's traditional architectural design business has slowed down, prompting a strategic shift towards the digital culture sector, particularly micro-short dramas [1][40] - The micro-short drama market is rapidly expanding, with the market size reaching 37.39 billion CNY in 2023, a tenfold increase from two years ago, and is expected to surpass 100 billion CNY by 2027 [1][40] - The company has established a digital culture subsidiary and partnered with the Jiangxi government to develop a digital film and television industry base, leveraging policy support in the region [1][64] Business Transformation and Digital Culture Sector - The company has invested 100 million CNY to establish a digital culture industry development fund and set up a subsidiary, Huayang Digital Culture (Jiangxi) Company, focusing on micro-short dramas [32][35] - The company plans to collaborate with multiple platforms for content distribution and marketing, with a focus on paid content and advertising as primary revenue streams [7][9] - The micro-short drama industry is characterized by high revenue but low profitability, with significant costs associated with marketing and platform fees [7][49] Financial Performance and Projections - The company's revenue is expected to decline in 2024 due to the slowdown in its traditional architectural design business, but it is projected to recover in 2025 and 2026, with net profits of 151 million CNY, 188 million CNY, and 213 million CNY respectively [13][36] - The architectural design business, particularly in residential projects, is expected to see a decline in 2024 but recover in 2025 and 2026, with growth rates of -25%, 10%, and 10% respectively [70][72] - The engineering consulting business is expected to stabilize, with revenue growth of -15%, 15%, and 15% from 2024 to 2026, and a stable gross margin of around 40% [48][72] Industry and Market Analysis - The micro-short drama industry is highly competitive, with platforms dominating the revenue share due to their control over user traffic and marketing channels [7][9] - The company's entry into the micro-short drama market is seen as a strategic move to diversify its revenue streams and capitalize on the growing demand for digital content [1][40] - The company's partnership with the Jiangxi government provides a strategic advantage, with policy support for digital culture and streamlined approval processes for content production [64]

Group 1 - The company Hunan Huayang Cultural Development Co., Ltd. has been recently established with a registered capital of 10 million yuan [2] - The legal representative of the newly formed company is Xu Qingping [2] - The business scope of the company includes online cultural operations, performance brokerage, TV drama distribution, TV drama production, and second-class value-added telecommunications services [2] Group 2 - Qichacha's equity penetration shows that the company is wholly owned by Huayang International [1]

AI and Digital Transformation - The company is actively promoting digital transformation and exploring the application of AI in architectural design, achieving intelligent design and automatic drawing in certain scenarios (e.g., stairs, parking spaces, underground spaces, prefabricated structures, and structural and mechanical-electrical applications) [2] - The company has been certified as a partner of Baidu's PaddlePaddle technology ecosystem, accelerating the implementation of AI application scenarios and promoting the deep integration of AI technology with architectural design [2] - The company is expanding its digital cultural industry, leveraging digital technology to create, produce, distribute, and service cultural content, aiming to enhance China's global cultural influence and create new business growth points [2] Financial Performance and Challenges - The company's net profit for the first three quarters of 2024 decreased by 19.46% year-on-year, with a slight improvement in net profit margin [4] - Revenue has declined due to the cyclical nature of the industry, but the company has ensured profitability and healthy cash flow through business structure adjustments and cost control [4] - The company's accounts receivable/revenue ratio has been increasing due to extended payment cycles from clients affected by the real estate industry's downturn. The company is strengthening accounts receivable management to mitigate bad debt risks [4] Market and Industry Analysis - The construction industry faces both opportunities and challenges, with urbanization and high-quality development driving demand for high-quality design services [3] - The industry is expected to see new market demands and development opportunities with the emergence of technologies like AI and the advancement of the "Belt and Road" initiative [3] - The real estate market has been in a downward trend, impacting the company's revenue as a design unit in the construction field [3] Strategic Measures and Future Plans - The company is focusing on the "Design + Technology" strategy, enhancing the commercialization of technological R&D and increasing the penetration rate of technological applications to strengthen core competitiveness [3] - Efforts are being made to optimize the business structure, establish a strict project evaluation system, and focus on high-quality clients and projects to ensure long-term competitiveness [4] - The company plans to improve operational efficiency by enhancing design quality, strengthening accounts receivable collection, and ensuring financial control to maintain cash flow security [4] Valuation and Investor Relations - The company's P/E and P/B ratios are below the industry average, influenced by economic conditions, policy environment, and market sentiment. The company aims to improve its valuation by enhancing operational performance and intrinsic value [4] - The company participated in the "2024 Shenzhen Listed Companies Investor Online Collective Reception Day" to engage with investors and address their concerns [1]

Investment Rating - The investment rating for the company is "Buy" [2] - Previous rating was also "Buy" [2] Target Price - The target price is set at 16.37 CNY, with the last forecast also being 16.37 CNY [2] Current Price - The current price is 15.03 CNY [2] Company Overview - The company is actively expanding into the digital cultural industry, leveraging its strengths in creativity and content creation, which is expected to enhance profitability and core competitiveness [8] - The real estate policy and fundamental improvements are anticipated to support the company's main business development [8] Financial Performance - For the first three quarters of 2024, revenue decreased by 22.90% year-on-year to 812 million CNY, with net profit attributable to shareholders declining by 19.46% to 110 million CNY [8] - The expense ratio for the first three quarters of 2024 was 17.27%, an increase of 0.44 percentage points, while the net profit margin was 13.78%, up by 0.59 percentage points [8] - The company reported a negative operating cash flow of 27 million CNY for the first three quarters of 2024, compared to -30 million CNY in the same period of 2023 [8] Financial Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 0.83, 0.95, and 1.06 CNY respectively, reflecting a downward adjustment from previous estimates [8] - Revenue is expected to recover slightly in 2024 with a forecast of 1.54 billion CNY, followed by growth to 1.73 billion CNY in 2025 and 1.90 billion CNY in 2026 [8] Strategic Initiatives - The company has established an investment fund and a wholly-owned subsidiary to actively engage in the digital cultural industry, with an initial investment of 100 million CNY [8] - The company is enhancing its Building Information Modeling (BIM) capabilities and integrating artificial intelligence into its design processes [8] Market Position - The company has a total market capitalization of 2,946 million CNY and operates with a net asset value per share of 7.86 CNY, resulting in a price-to-book ratio of 1.9 [3][4] - The company has maintained a strong position in the prefabricated construction design sector, benefiting from optimized real estate policies [8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2]. Core Views - The company has actively reduced its business scale, leading to an improvement in operational quality [2][5]. - In the first three quarters, the company achieved operating revenue of 812 million yuan, a year-on-year decrease of 22.90%, and a net profit attributable to shareholders of 112 million yuan, down 19.46% year-on-year [2][5]. - The company is optimistic about the long-term potential of prefabricated buildings and BIM technology, as it is one of the early adopters in this field [6]. Summary by Sections Financial Performance - The comprehensive gross margin for the first three quarters was 34.03%, an increase of 2.09 percentage points year-on-year, while the gross margin for the third quarter was 45.20%, up 3.64 percentage points year-on-year [4]. - The net profit margin attributable to shareholders for the first three quarters was 13.78%, an increase of 0.59 percentage points year-on-year [4]. - The company reported a significant improvement in cash flow, with a cash collection ratio of 94.36% for the first three quarters, down 1.18 percentage points year-on-year, and a cash inflow of 98 million yuan in the third quarter [5]. Business Strategy - The company has proactively controlled its business scale, reducing the number of marketing personnel and market expenses, resulting in a significant contraction in business size in Q3 [5]. - The company is focused on enhancing its design and research capabilities, particularly in prefabricated construction and BIM technology, which are expected to contribute to future revenue growth [6]. Market Position - The current stock price is 15.26 yuan, with a total share capital of 19.604 million shares [7]. - The company has a net asset value per share of 7.27 yuan, with a 12-month high and low price of 16.60 yuan and 7.68 yuan, respectively [7].

Investment Rating - The investment rating for Huayang International is "Outperform the Market" and is maintained [1] Core Views - The report highlights a significant recovery in net profit for Q4, with a substantial increase in the dividend payout ratio [1] - The company achieved revenue of 812 million yuan in the first three quarters of 2024, a year-on-year decrease of 22.90%, while the net profit attributable to the parent company was 112 million yuan, down 19.46% [5] - The report emphasizes the narrowing decline in revenue in Q3, with a quarter-on-quarter improvement, and notes that impairment losses have negatively impacted net profit [5] - The company is actively adjusting its business layout, reducing low-margin EPC business, and increasing focus on BIM and prefabricated technology, which is expected to support steady growth in the future [5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a gross margin increase of 2.09 percentage points to 34.03% [5] - The operating cash flow improved, with a net outflow of 27 million yuan, a decrease of 10.42% year-on-year [5] - The company’s weighted average ROE decreased by 2.03 percentage points to 7.15% [5] Business Strategy - The company is enhancing its BIM design platform and has been recognized as a leader in BIM research and development by the Shenzhen Municipal Housing and Urban-Rural Development Bureau [5] - Huayang International is also investing in the digital cultural industry to expand its business scope and improve asset operation efficiency [5] Earnings Forecast - The forecast for net profit attributable to the parent company for 2024-2026 is 160 million, 180 million, and 200 million yuan respectively, with corresponding EPS of 0.81, 0.92, and 0.99 yuan [6][9] - The report provides a reasonable value range for the stock at 15.56-17.39 yuan per share based on a PE ratio of 17-19 times for 2025 [5][6]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting a potential upside of over 20% within the next six months [5][14]. Core Views - The company has experienced a decline in revenue and profit in Q3, with a year-on-year revenue drop of 22.9% and a net profit decrease of 19.46% for the first three quarters of 2024. However, the company is accelerating its business transformation towards the digital cultural industry, including a 20 million yuan investment fund and a 10 million yuan investment in a new subsidiary [1][4]. - The gross margin has improved significantly, reaching 34.0% for the first three quarters of 2024, up 2.09 percentage points year-on-year, attributed to an optimization of the business structure and a focus on high-quality clients [2]. - The company has successfully reduced absolute values of expenses, with a net profit margin of 14.61% for the first three quarters of 2024, reflecting a slight year-on-year increase. Cash flow remains a focus area for improvement [3]. Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 812 million yuan, with a net profit of 112 million yuan. The Q3 revenue was 293 million yuan, with a net profit of 53 million yuan [1]. - The gross margin for Q3 2024 was reported at 45.2%, indicating a year-on-year increase of 3.64 percentage points [2]. - The company’s net profit forecast for 2024-2026 has been adjusted to 150 million, 180 million, and 210 million yuan respectively, with corresponding P/E ratios of 20, 17, and 15 times [4].

CAPOL 華陽國際 2024 股票代码/002949 2024年10月 2024 Third-Quarterly Report 季度报告 099 23TAIつO22A 8 JANOITAVA3TML JC 深圳市华阳国际工程设计股份有限公司 2024 年第三季度报告 证券代码：002949 证券简称：华阳国际 公告编号：2024-098 深圳市华阳国际工程设计股份有限公司 2024 年第三季度报告 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，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财 务信息的真实、准确、完整。 3.第三季度报告是否经过审计 □是 否 2 一、主要财务数据 深圳市华阳国际工程设计股份有限公司 2024 年第三季度报告 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | -- ...