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 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company's traditional business has stabilized, while it is accelerating its transformation into micro-short dramas to create new growth points [2][4]. - In 2024, the company achieved operating revenue of 1.167 billion yuan, a year-on-year decrease of 22.55%, and a net profit attributable to shareholders of 125 million yuan, down 22.33% year-on-year [1][5]. - The company is actively expanding its cultural and creative industry chain, particularly in digital culture, and has established a subsidiary focused on micro-short dramas [2][4]. Financial Performance - In 2024, the company's gross profit margin was 35.10%, an increase of 2.87 percentage points year-on-year, while the expense ratio was 16.61%, up 1.09 percentage points year-on-year [3]. - The company reported a net profit margin of 12.37% in 2024, a slight decrease of 0.19 percentage points year-on-year [3]. - For Q1 2025, the company reported revenues and net profits of 264 million yuan and 2 million yuan, respectively, representing year-on-year growth of 15.36% and a decline of 20.22% [1][3]. Business Segmentation - In 2024, the company's revenue from various segments included 950 million yuan from architectural design, 154 million yuan from cost consulting, 30 million yuan from full-process consulting, and 12 million yuan from engineering general contracting, with year-on-year changes of -14.98%, -19.37%, -1.67%, and -92.67%, respectively [2]. - The company has established a nearly 100-person team for its micro-short drama business, covering key aspects such as content, production, distribution, and copyright operations [2][4]. Future Outlook - The report projects net profits attributable to shareholders for 2025, 2026, and 2027 to be 152.52 million yuan, 177.28 million yuan, and 202.19 million yuan, respectively, indicating a recovery trend [4][5]. - The company is expected to benefit from its business transformation, which may lead to improved performance and valuation in the medium to long term [2][4].

4月25日华阳国际（002949）发布2024年度报告。尽管受房地产行业调整及宏观经济波动影响，公司营 收与净利润双双下滑，但通过业务结构优化、技术投入深化及新赛道布局，展现出较强的抗压能力与转 型潜力。 华阳国际是以设计和研发为龙头，以装配式建筑和BIM为核心技术的设计科技企业。公司主营业务为建 筑设计与咨询、建筑科技创新及产业链延伸业务。报告期内，公司积极拓展文化创意产业链，布局数字 文化业务，构建新的业务增长点。公司以数字化转型为驱动，积极推进人工智能在建筑设计、数字文化 领域业务场景的应用深度，加速公司数智化转型。 年报透露，华阳国际提出"主业提质+新业扩容"双战略：一方面深化AI在装配式建筑中的应用，另一方 面加速数字文化业务规模化。2025年一季度营收同比增长15.36%，释放企稳信号。公司拟每10股派现 3.5元（含税），累计分红达4.41亿元，彰显长期信心。 具体来看，数字文化业务成为年报最大亮点，全年收入845.75万元。华阳国际通过子公司华阳数字文化 （江西）布局微短剧赛道，用户规模突破6.62亿，海外下载量超4.7亿次，付费充值、广告分成等模式逐 步跑通，有望成为第二增长曲线。 数据显示 ...

| 证券代码：002949 | 证券简称：华阳国际 公告编号：2025-015 | | --- | --- | | 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 年度募集资金存放与使用情况专项报告 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。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求（2022 年修订）》（证监会公告〔2022〕15 号）、深圳 证券交易所颁布的《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》等相关规定，深圳市华阳国际工程设计股份有限公司（以下简称 "公司"）董事会编制了 2024 年度募集资金存放与使用情况专项报告，具体如下： 一、 募集资金基本情况 （一）实际募集资金金额、资金到位时间 1、首次公开发行股票募集资金情况 经中国证券监督管理委员会《关于核准深圳市华阳国际工程设计股份有限公 司首次公开发行股票的批复》（证监许可[2018]2157 号文）核准，公司于 2019 年 2 月 26 日在深圳证券交易 ...

| 证券代码：002949 | 证券简称：华阳国际 公告编号：2025-023 | | --- | --- | | 债券代码：128125 | 债券简称：华阳转债 | 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 2025 年 4 月 24 日，深圳市华阳国际工程设计股份有限公司（以下简称"公 司"）召开第四届董事会第六次会议，审议通过了《关于对外出租部分物业及土 地使用权的议案》，同意公司对外出租部分自有物业及土地使用权。现将具体情 况公告如下： 关于对外出租部分物业及土地使用权的公告 一、 交易概述 为提高资产整体运营效率，增加资产收益，公司拟在满足自用条件下，出租 部分自有物业，为公司和股东创造更大收益。公司于 2025 年 4 月 24 日召开第四 届董事会第六次会议，审议通过了《关于对外出租部分物业及土地使用权的议案》。 鉴于对外出租部分物业及土地使用权的最终面积以及出租价格尚存在不确定性， 累计租金金额可能达到应当提交股东大会审议的标准，故在本次董事会审议通过 后，公司将该议案提交股东大会审议，并提请股东大会授 ...

深圳市华阳国际工程设计股份有限公司 2024 年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：深圳市华阳国际工程设计股份有限公司 单位：万元 | | | 占用方与上市 | 上市公司核算 | 2024 年初占 | 2024 年度占用 | 2024 年度占 | 2024 年度 | 2024 年末 | 占用形成 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 公司的关联关 | | | 累计发生金额 | 用资金的利 | 偿还累计 | 占用资金 | | 占用性质 | | | | | 的会计科目 | 用资金余额 | | | | | 原因 | | | | | 系 | | | (不含利息) | 息(如有) | 发生金额 | 余额 | | | | 控股股东、实际控 | | | | | | | | - | | | | 制人及其附属企业 | | | | | | | | | | | | 小计 | - | - | - | - | | - | - - | - | | | | 前控股股东 ...