Investment Rating - The report maintains a "Buy-A" rating for the company, with a target price of 14.7 CNY for the next six months [7][22]. Core Insights - The company's revenue for 2023 was 1.507 billion CNY, a decrease of 17.46% year-on-year, while the net profit increased by 43.82% to 161 million CNY [6][19]. - The gross profit margin improved to 32.22%, up by 3.01 percentage points year-on-year, primarily due to business structure improvements [3][19]. - The company achieved a high dividend payout ratio of 97.21%, reflecting its commitment to shareholder returns [3][6]. Financial Performance - The company reported a net profit margin of 12.56%, a significant increase of 4.64 percentage points year-on-year, attributed to improved gross margins and reduced credit impairment losses [3][19]. - The operating cash flow for 2023 was a net inflow of 287 million CNY, representing an 8.17% year-on-year increase [3][19]. - The company’s earnings per share (EPS) for 2023 was 0.82 CNY, up 43.81% from the previous year [6][19]. Business Structure and Strategy - The company has actively reduced its low-margin EPC business, with its revenue share decreasing by 6.79 percentage points to 10.64%, while the design business revenue share increased to 74.15% [19]. - The company is focusing on expanding its public building business, with a 7.08% year-on-year increase in public building design revenue [19]. - The company has been involved in urban renewal projects since 2007 and has developed a competitive advantage in affordable housing and talent housing products [9]. Future Projections - Revenue projections for 2024-2026 are estimated at 1.659 billion CNY, 1.846 billion CNY, and 1.995 billion CNY, with year-on-year growth rates of 10.1%, 11.2%, and 8.1% respectively [22]. - The expected net profit for the same period is projected to be 197 million CNY, 217 million CNY, and 233 million CNY, with growth rates of 22.3%, 10.0%, and 7.3% respectively [22].

23 年公司毛利率为 32.2%，同比+3.0pct，期间费用率为 15.5%，同比-0.5pct， 其中销售/管理/研发/财务费用率分别为 2.7%/8.0%/4.5%/0.3%，同比分别 +0.25/-0.91/+0.14/-0.01pct，资产及信用减值损失为 0.57 亿元，同比少损失 0.4 亿元，综合影响下净利率同比+4.65pct 至 12.56%。23 年公司 CFO 净额 为 2.87 亿元，同+0.22 亿元，收现比同比+5.2pct 至 107.16%，付现比同比 -6.53pct 至 33.5%。 应收票据及应收账款 611.07 448.98 521.23 424.19 447.87 营业成本 1,292.35 1,021.20 1,041.06 1,095.88 1,174.02 长期借款 0.00 0.00 0.00 0.00 0.00 少数股东损益 32.36 27.98 54.75 65.91 76.42 存货周转率 分红率近 100%，关注中长期盈利能力持续提升 作者 其他 316.16 362.39 196.88 211.88 231.88 其他 134.46 70.20 ...

Financial Performance - The company's revenue for 2023 was ¥1,506,747,619.49, a decrease of 17.46% compared to ¥1,825,496,012.75 in 2022[23]. - Net profit attributable to shareholders for 2023 was ¥161,330,258.28, an increase of 43.82% from ¥112,176,074.94 in 2022[23]. - The net profit after deducting non-recurring gains and losses was ¥129,124,136.45, up 48.07% from ¥87,202,353.33 in 2022[23]. - The net cash flow from operating activities was ¥287,091,989.44, reflecting an increase of 8.17% compared to ¥265,398,430.26 in 2022[23]. - Basic earnings per share for 2023 were ¥0.8229, a rise of 43.81% from ¥0.5722 in 2022[23]. - Total assets at the end of 2023 were ¥3,263,496,438.88, a 1.31% increase from ¥3,221,154,307.69 at the end of 2022[23]. - Net assets attributable to shareholders increased by 6.95% to ¥1,583,155,160.93 from ¥1,480,331,233.68 at the end of 2022[23]. - The weighted average return on equity for 2023 was 10.57%, an increase of 2.84 percentage points from 7.73% in 2022[23]. - The company reported a net profit of 156.77 million yuan for the fiscal year 2023, with a proposed cash dividend of 8 yuan per 10 shares, totaling approximately 156.83 million yuan[179]. Market and Industry Trends - The construction industry is experiencing a digital transformation, with the government promoting digital management reforms across 27 regions, which will enhance project lifecycle management[34]. - The government is emphasizing the construction of affordable housing and public infrastructure, which is expected to drive demand in the construction sector[32]. - The integration of AI and emerging technologies is transforming the architectural design industry, promoting innovation and efficiency in construction processes[35]. - The company is focusing on modular integrated construction (MiC) technology to shorten construction cycles and improve cost efficiency, aligning with industry trends towards sustainable building practices[33]. Risks and Challenges - The company emphasizes potential risks including macroeconomic environment, industry competition, and technology development risks[4]. - Increased competition in the fragmented construction design industry poses a risk, with larger firms gaining market share and altering the competitive landscape[120]. - The company faces risks related to uncollectible accounts receivable due to potential defaults from major clients in the real estate sector, necessitating a robust credit management system to mitigate bad debt risks[122]. - The company faces risks from macroeconomic conditions and industry policy implementations that may not meet expectations, potentially impacting business operations[118]. Research and Development - The company is focusing on developing BIM technology for integrated design solutions, aiming to enhance efficiency and quality in architectural design[76]. - The company has initiated BIM technology research in 2008 and has since developed a comprehensive digital transformation strategy, enhancing collaboration efficiency and reducing project costs[40]. - The company has obtained 32 patents related to BIM technology, including 22 invention patents and 10 utility model patents, and has participated in the formulation of 17 national and municipal standards[45]. - The company aims to leverage advancements in BIM technology to support the modernization of the construction industry, promoting standardization and efficiency[78]. Corporate Governance - The company has established a comprehensive governance structure, holding 9 board meetings and 6 supervisory meetings during the reporting period, ensuring compliance with legal and regulatory requirements[130][131]. - The company maintains independence from its controlling shareholders in terms of business operations, personnel, and financial management, ensuring no competition with related parties[133]. - The company has established an independent financial department with a complete accounting system, allowing for independent financial decision-making and self-accounting[135]. - The company has adopted all suggestions made by its directors, reflecting a collaborative governance approach[162]. Employee and Social Responsibility - The total number of employees at the end of the reporting period was 3,281, with 2,913 being technical personnel, representing about 88.8% of the workforce[171]. - The company has implemented various employee training programs, including leadership development and management training, to enhance employee skills and career growth[173]. - The company actively engages in corporate social responsibility, creating value for shareholders while fulfilling its obligations[190]. - The company has established internship bases at several universities, enhancing collaboration between industry and academia[191]. Future Outlook - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new project acquisitions[154]. - The company plans to invest CNY 50 million in research and development for new technologies in the upcoming year[154]. - A strategic acquisition of a local engineering firm is anticipated to be completed by Q2 2024, expected to add CNY 30 million in annual revenue[154]. - The company plans to maintain a cash dividend policy that aligns with its sustainable development and aims to distribute at least 40% of profits as cash dividends in the future[178].

华阳国际（002949.SZ） | --- | --- | --- | --- | --- | --- | --- | |---------------------------|-------|-------|-------|-------|-------|-------| | 财务指标 | 2022A | 2023A | | 2024E | 2025E | 2026E | | 营业收入（百万元） | 1,825 | 1,507 | | 1,777 | 2,096 | 2,459 | | 增长率 yoy （ % ） | -36.5 | -17.5 | | 18.0 | 17.9 | 17.3 | | 归母净利润（百万元） | 112 | 161 | | 194 | 232 | 275 | | 增长率 yoy （ % ） | 6.5 | 43.8 | | 20.1 | 19.7 | 18.6 | | EPS 最新摊薄（元 / 股） | 0.57 | 0.82 | | 0.99 | 1.18 | 1.40 | | 净资产收益率（ % ） | 9.1 | 11.4 | | 13.3 | 14.6 | 15.4 | ...

深圳市华阳国际工程设计股份有限公司 2023 年度监事会工作报告 2023 年，深圳市华阳国际工程设计股份有限公司（以下简称"公司"）监事 会全体成员严格按照《公司法》《公司章程》《监事会议事规则》等相关规定，恪 尽职守、勤勉尽责，依法独立行使职权，促进公司的规范运作，切实维护公司和 股东的合法权益。监事会对公司经营活动、重大事项、财务状况以及董事、高级 管理人员履行职责情况进行了监督，保障公司健康、持续、稳定的发展。现将监 事会 2023 年主要工作情况报告如下： 一、2023 年监事会工作情况 1、公司全体监事 2023 年列席和出席了公司的 9 次董事会、4 次股东大会， 听取了公司各项重要提案和决议，了解了公司各项重要决策的形成过程，很好地 履行了监事会的知情监督检查职能。 2、报告期内，公司监事会共召开了 6 次会议，审议通过议案 29 项，会议情 况如下： | 序 号 | 会议日期 | | | 会议名称 | 事项内容 | 审议 结果 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 2023 | 年 | 2 | 第三届监事会第 | 1、关于使用 ...

| 证券代码：002949 | 证券简称：华阳国际 公告编号：2024-020 | | --- | --- | | 债券代码：128125 | 债券简称：华阳转债 | 一、授信基本情况 根据公司经营及资金使用计划的潜在需求，公司及控股子公司(含境内外子 公司)拟向商业银行等相关金融机构申请总计不超过人民币 18 亿元的综合授信 额度，用于办理流动贷款、银行承兑汇票、商业承兑汇票、保函、信用证、票据 贴现等。 本次向银行申请综合授信额度事项的授权期限自公司 2023 年度股东大会审 议通过之日起至 2024 年度股东大会召开之日止。在授信期限内，授信额度可循 环使用。 以上综合授信额度不等于公司的实际融资金额，实际融资金额应在授信额度 内，以公司实际发生的融资金额为准，具体融资金额将视公司运营资金的实际需 求来合理确定。融资币种、金额、期限、担保方式、授信形式及用途等以合同约 定为准。 二、对公司的影响 本次申请综合授信额度是为了满足公司业务发展、实现战略布局的需要。合 理使用银行融资，有利于公司获得稳定的信用评价，提高未来融资的效率、降低 融资成本，促进公司发展。同时，有利于建立和巩固与银行的战略合作关系。目 ...

非经营性资金占用及其他关联资金 往来情况专项说明 深圳市华阳国际工程设计股份有限公司 容诚专字[2024]510Z0052 号 容诚会计师事务所(特殊普通合伙) 中国·北京 容诚专字[2024]510Z0052 号 深圳市华阳国际工程设计股份有限公司全体股东： 我们接受委托，依据中国注册会计师审计准则审计了深圳市华阳国际工程设 计股份有限公司（以下简称华阳国际公司）2023 年 12 月 31 日的合并及母公司 资产负债表，2023 年度的合并及母公司利润表、合并及母公司现金流量表和合 并及母公司所有者权益变动表以及财务报表附注，并于 2024 年 3 月 28 日出具了 容诚审字[2024]510Z0027 号的无保留意见审计报告。 根据中国证券监督管理委员会《上市公司监管指引第 8 号——上市公司资金 往来、对外担保的监管要求》的要求及深圳证券交易所《深圳证券交易所上市公 司自律监管指南第 1 号——业务办理》的规定，华阳国际公司管理层编制了后附 的深圳市华阳国际工程设计股份有限公司 2023 年度非经营性资金占用及其他关 联资金往来情况汇总表（以下简称汇总表）。如实编制和对外披露汇总表并保证 其真实、准 ...

深圳市华阳国际工程设计股份有限公司 二、预算基本假设 1、公司所遵循的国家和地方的现行有关法律、法规和制度无重大变化； 2、公司主要经营所在地及业务涉及地区的社会经济环境无重大变化； 3、公司所处行业形势及市场行情无重大变化； 2024 年度财务预算报告 特别提示： 本预算为公司 2024 年度经营计划的管理控制指标，并不代表公司盈利预测， 能否实现取决于经济环境、市场情况、行业发展状况与公司管理团队的努力等多 方面因素，存在一定的不确定性，请投资者特别注意。 一、预算编制说明 深圳市华阳国际工程设计股份有限公司（以下简称"公司"）以经审计的 2023 年度财务报告为基础，结合公司发展战略和 2024 年度经营目标，充分研究了公 司目前的市场和行业状况，在此基础上，公司依照着客观、求实、稳健、谨慎的 原则，编制了 2024 年度财务预算。 1、本预算报告所选用的会计政策在各重要方面均与公司实际采用的相关会 计政策一致； 2、在公司制订的经营计划基础上编制本预算； 3、本预算范围包括公司合并报表范围内的母公司及所有分公司、子公司。 四、财务预算及说明 根据公司 2024 年度战略目标、市场拓展和运营计划，在考虑 ...

深圳市华阳国际工程设计股份有限公司 2023 年度独立董事述职报告 本人作为深圳市华阳国际工程设计股份有限公司（以下简称"公司"）第三 届董事会的独立董事，根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司独立董事管理办法》《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》等法律法规及《公司章程》《独立董事工作制度》 等有关规定和要求，在 2023 年的工作中，本着客观、公正、独立的原则，诚实、 勤勉、尽责、忠实履行职务，积极出席相关会议，认真审议董事会各项议案，切 实发挥独立董事的作用，维护了公司利益及全体股东的利益。 2023 年 3 月 20 日，本人因任期届满，不再担任公司独立董事及董事会下属 专门委员会委员职务。现将本人 2023 年度任职期间履行独立董事职责的情况报 告如下： 一、 基本情况 本人陈登坤，2000 年 7 月毕业于安徽财经大学会计学专业，本科学历，管 理学学士；2011 年获得中欧国际工商学院 EMBA 工商管理硕士学位；企业架构师 （TOGAF EA）、特许公认会计师（ACCA）、注册会计师（CICPA）。2000 年至 2012 年，任金蝶 ...

深圳市华阳国际工程设计股份有限公司 2023 年度独立董事述职报告 本人作为深圳市华阳国际工程设计股份有限公司（以下简称"公司"）第三 届董事会的独立董事，根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司独立董事管理办法》《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》等法律法规及《公司章程》《独立董事工作制度》 等有关规定和要求，在 2023 年的工作中，本着客观、公正、独立的原则，诚实、 勤勉、尽责、忠实履行职务，积极出席相关会议，认真审议董事会各项议案，切 实发挥独立董事的作用，维护了公司利益及全体股东的利益。现将本人 2023 年 度履行独立董事职责的情况报告如下： 一、 基本情况 本人田锋，1992 年 7 月毕业于兰州大学力学专业，本科学历；1996 年 4 月 毕业于北京理工大学力学专业，硕士研究生学历。曾任机械部经济信息中心工程 师、美国 ANSYS 公司北京办事处技术经理；2005 年 1 月至今，历任安世亚太科 技股份有限公司技术经理兼市场经理、技术总监和副总经理，现任高级副总裁； 2013 年至今，兼任北京市综合仿真实验室主任；2016 年至今， ...