广 东 信 达 律 师 事 务 所 关 于 深 圳 市 华 阳 国 际 工 程 设 计 股 份 有 限 公 司 2023 年 度 股 东 大 会 的 法 律 意 见 书 广东信达律师事务所（以下简称"本所"）接受深圳市华阳国际工程设计股 份有限公司（以下简称"公司"）的委托，指派律师出席公司 2023 年度股东大 会（以下简称"本次股东大会"）。本所律师根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《上市公司股东大会规则》（以下简称"《股东大会 规则》"）等相关法律、行政法规、规范性文件及《深圳市华阳国际工程设计股 份有限公司章程》（以下简称"《公司章程》"）的有关规定，对本次股东大会 进行见证并出具本法律意见书。 为出具本法律意见书，本所律师审查了公司本次股东大会的有关文件和材料。 本所及本所律师假定公司所提供的原始材料、副本、复印件等材料（包括但不限 于有关人员的居民身份证、股票账户卡、授权委托书等）、口头证言均符合真实、 准确、完整的要求，资料上的签字和/或印章均是真实的，有关副本、复印件等材 料与原始材料一致。 为出具本法律意见书，本所及本所律师依据《中华人民共和国证券法》《律 师事务所从 ...

债券代码：128125 债券简称：华阳转债 证券代码：002949 证券简称：华阳国际 编号：2024-02 | 投资者关 | □特定对象调研 □分析师会议 □媒体采访 业绩说明会  | | --- | --- | | 系活动类 | | | 别 | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 参与单位 | | | 名称及人 | 参与公司 2023 年度网上业绩说明会的投资者 | | 员姓名 | | | 时 间 | 2024 年 4 月 16 日 | | 地 点 | 公司会议室 | | | 董事长：唐崇武 | | 公司接待 | 董事、董事会秘书、财务总监：徐清平 | | 人员 | 董事：龙玉峰 | | | 独立董事：孟庆林 | | | 1、公司在营收同比有所下降的基础上，如何实现净利润大幅度上涨？ | | | 答：你好，公司利润增长的主要原因：1、持续优化业务结构，提升高毛利率业务的比重； | | | 2、严格执行预算动态监控，对亏损或低效的业务进行缩减或裁撤；3、聚焦高质量客户和项 | | | 目，加强应收账款催收，减少信用和资产减值损失，4、坚持投资建筑科技，通过技术研发 | | 投 ...

Investment Rating - The investment rating for Huayang International is "Buy" with a target price of 17.50 [2][11]. Core Insights - The report highlights that Huayang International's performance aligns with expectations, with a projected net profit growth of 43.8% for 2023, driven by urban village renovations and digital transformation initiatives [11]. - The company is focusing on integrating AI technology into its design processes and participating in low-altitude economy projects, indicating a strategic shift towards innovation and modernization [11]. - The report maintains the earnings per share (EPS) forecast for 2024 at 1.00 yuan, with a growth rate of 12% projected for 2026 [11]. Financial Summary - Revenue for 2023 is projected at 1,507 million yuan, a decrease of 17% from 2022, with a net profit of 161 million yuan, reflecting a 44% increase [11]. - The company's operating profit margin is expected to improve to 15.4% in 2023, up from 10.5% in 2022 [11]. - The report notes a significant reduction in impairment losses by 41% in 2023, contributing positively to the overall financial health of the company [11]. Valuation Metrics - The average price-to-earnings (PE) ratio for 2023 is noted at 17.7, with a projected decrease to 11.6 for 2024 [4]. - The return on equity (ROE) is expected to rise to 10.2% in 2023, compared to 7.6% in 2022, indicating improved profitability [4]. - The company's debt-to-asset ratio is reported at 49% for 2023, reflecting a stable financial structure [4].

Investment Rating - The investment rating for Huayang International is "Outperform the Market" [19]. Core Views - The company reported a significant recovery in net profit for Q4, with a year-on-year increase of 43.82% to 161 million yuan, despite a 17.46% decrease in operating revenue to 1.507 billion yuan [9][21]. - The gross margin improved by 3.01 percentage points to 32.22%, and the net margin increased by 4.64 percentage points to 12.56% in 2023 [13]. - The company is focusing on enhancing its BIM software capabilities and has established a joint venture for domestic BIM software development [22]. Financial Performance Summary - In 2023, the total operating revenue was 1.507 billion yuan, down 17.5% year-on-year, while net profit was 161 million yuan, up 43.8% [23]. - The earnings per share (EPS) for 2023 was 0.82 yuan, with projections of 0.97 yuan for 2024 and 1.12 yuan for 2025 [16]. - The company plans to distribute at least 40% of its distributable profits as cash dividends from 2024 to 2026, with an expected cash dividend of 157 million yuan for 2023 [22]. Industry Analysis - The construction engineering industry is experiencing a recovery, with Huayang International benefiting from increased demand for its design services and enhanced operational efficiency [21]. - The company is expected to maintain steady growth due to its focus on BIM technology and the increasing concentration of downstream clients [14].

| 证券代码：002949 | 证券简称：华阳国际 | 公告编号：2024-033 | | --- | --- | --- | | 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 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 2024 年 3 月 29 日在巨潮资讯网（http://www.cninfo.com.cn）披露了《2023 年度报告》， 为便于广大投资者更全面深入地了解公司 2023 年年度业绩和经营情况，公司将 于 2024 年 4 月 16 日 15:00—17:00 举办 2023 年度网上业绩说明会，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 2023 年年度业绩和经营情况与投资者进行交流，并对投资者普遍关 注的问题进行回答。 二、 召开时间及方式 （一）会议召开时间：2024 年 4 月 16 日（星期二）15:00—17：00 （二）会议召开方式：网络文字互动 （三）线上参会方式: 电脑端参会：点击链接（https://eseb. ...

一、担保进展情况 深圳市华阳国际工程设计股份有限公司（以下简称"公司"）参股公司东莞市 润阳联合智造有限公司（以下简称"润阳智造"），为满足日常营运资金需求，保持 资金流动性，向中国工商银行股份有限公司东莞茶山支行（以下简称"工行茶山 支行"）申请授信额度人民币3,800万元。公司及另一股东华润水泥投资有限公司 分别与工行茶山支行签署了《最高额保证合同》，约定各方按持股比例为润阳智造 的银行授信提供连带责任担保，其中公司担保额度不超过人民币1,938万元。目前 担保合同已生效。 二、担保审议情况 | 证券代码：002949 | 证券简称：华阳国际 公告编号：2024-032 | | --- | --- | | 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 关于为参股公司银行授信提供担保的进展公告 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。 公司于2023年4月13日召开第三届董事会第十次会议，于2023年5月9日召开 2022年度股东大会，审议通过了《关于公司为参股公司银行授信提供担保的议案》。 同意公司按持股比例 ...

Investment Rating - The report maintains a "Buy" rating for Huayang International (002949.SZ) [5][13] Core Views - The company reported a revenue of 1.51 billion yuan, a net profit attributable to shareholders of 160 million yuan, and a net profit excluding non-recurring items of 130 million yuan for 2023, reflecting a year-on-year change of -17.5%, +43.8%, and +48.1% respectively [11] - The company plans to distribute a cash dividend of 0.8 yuan per share, with a dividend payout ratio of 97%, resulting in a dividend yield of approximately 5.7% [11] - The company has seen significant improvements in profitability, with a gross margin of 32.2% and a net margin of 12.6% for 2023, both showing increases of 3.0 and 4.6 percentage points year-on-year [12] - The report highlights the strong growth in prefabricated orders, with new contracts signed amounting to 1.55 billion yuan, a year-on-year increase of 2.5%, and prefabricated design contracts reaching 880 million yuan, up 42.9% [20] - The integration of AI applications and the development of the low-altitude economy are expected to enhance operational performance and bring in additional orders [21] Summary by Sections Financial Performance - In Q4 2023, the company achieved revenue of 450 million yuan, a net profit of 20 million yuan, and a net profit excluding non-recurring items of 20 million yuan, with year-on-year changes of -14.4%, +170.1%, and +183.9% respectively [11] - The operating cash flow for 2023 was 290 million yuan, an increase of 20 million yuan compared to the previous year [12] Profitability and Cost Management - The company has successfully reduced its expense ratio to 15.5%, down 0.5 percentage points year-on-year, with specific expense ratios for sales, management, finance, and R&D at 2.7%, 8.0%, 0.3%, and 4.5% respectively [12] - The report indicates that the company has streamlined management and controlled labor costs, leading to a decrease in management expense ratio [12] Future Outlook - The report projects a downward revision of the net profit forecast for 2024 and 2025 to 200 million yuan and 230 million yuan, respectively, reflecting reductions of 21.1% and 27.1% [13] - The company is expected to benefit from the ongoing promotion of its "three major projects" and the growing demand for low-altitude economic development [21]

买入 原评级：买入 市场价格:人民币 13.07 板块评级:中性 | --- | --- | --- | |-------------------------------|------------|----------| | | | | | | | | | 发行股数 ( 百万 ) | | 196.04 | | 流通股 ( 百万 ) | | 149.54 | | 总市值 ( 人民币 百万 ) | | 2,562.25 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 49.23 | | 主要股东 | | | | 唐崇武 | | 26.48 | | 资料来源：公司公告， Wind | ，中银证券 | | jingwen.zheng@bocichina.com 一般证券业务证书编号：S1300122110011 公司发布 2023 年报，2023 年公司营收 15.07 亿元，同减 17.46%；归母净利 1.61 亿元， 同增 43.82%；EPS0.83 元，同增 43.81%。2023 年公司业务结构及布局持续优化，盈 利能力增强；公司具备装配式建筑和 BIM 技术先发优势，未来成长可期。维持公司 买 ...

| 证券代码：002949 | 证券简称：华阳国际 公告编号：2024-031 | | --- | --- | | 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 年第一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。 特别提示： | 证券代码：002949 | | | | | | | 证券简称：华阳国际 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券代码：128125 | | | | | | | 债券简称：华阳转债 | | | | 转股价格：人民币 | | 24.79 | | | 元/股 | | | | | | 转股期限：2021 | 年 | 2 | 月 | 5 | 日至 2026 | 年 7 | 月 | 29 | 日 | 根据《深圳证券交易所股票上市规则》《深圳证券交易所可转换公司债券业 务实施细则》的有关规定，深圳市华阳国际工程设计股份有限公司（以下简称"公 司"）现将 2024 年第 ...

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].