证券代码：003012 证券简称：东鹏控股 公告编号:2024-089 公司首次回购股份的时间、回购股份数量、回购股份价格及集中竞价交易的 委托时段符合《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指 引第 9 号——回购股份（2023 年修订）》等相关法律法规及公司回购股份方案的 要求，具体如下： （一）公司未在下列期间回购股份： 广东东鹏控股股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 广东东鹏控股股份有限公司（以下简称"公司"）于2024年2月5日召开第五 届董事会第五次会议，审议通过了《关于以集中竞价交易方式回购公司股份方案 的议案》，同意公司使用自有资金不低于人民币10,000万元（含）且不超过20,000 万元（含），以集中竞价交易方式进行股份回购，回购价格不超过人民币11.88元 /股，回购期限自公司董事会审议通过本次回购方案之日起不超过12个月，具体 回购数量以回购期满时实际回购的股份数量为准，回购股份将用于员工持股计划 或者股权激励。具体详见2024年2月6日于公司指定信息披露报刊和巨潮资 ...

Investment Rating - The investment rating for Dongpeng Holdings (003012.SZ) is "Buy" and is maintained [3]. Core Views - The company faced significant revenue pressure, with a 18% year-on-year decline in revenue for the first three quarters, totaling 4.68 billion yuan. Net profit dropped by 51% to 310 million yuan, and the non-recurring net profit decreased by 49% [3][4]. - The revenue decline is attributed to weak demand in the real estate sector, with a cumulative 24% decrease in housing completion area from January to September. However, there is an expectation for stabilization in demand for existing properties, as second-hand housing area is projected to grow by 44% year-on-year [3][4]. - Despite the decline in profitability, the company maintains a relatively high profit margin compared to industry peers, with a gross margin of approximately 31.2% for the first three quarters [4]. Summary by Sections Revenue and Profitability - In Q3, the company reported revenue of 1.59 billion yuan, down 24% year-on-year, and a net profit of 100 million yuan, down 60% [3]. - The gross margin for Q3 was approximately 32.5%, a decrease of 0.4 percentage points year-on-year, while the net profit margin was about 6.2%, down 5.5 percentage points year-on-year [4]. Cash Flow and Inventory - The company has a strong cash flow position, with a cash flow net inflow of 490 million yuan for the first three quarters. The cash collection ratio for the first three quarters was 1.23 [5]. - However, inventory turnover days increased to approximately 152 days, up 28 days year-on-year, indicating slower inventory consumption due to weakened demand [5]. Industry Context - The ceramic tile industry is undergoing a supply reduction, with a 50% shutdown rate reported in the first half of 2024. Despite this, new production lines are still being established, indicating ongoing capacity expansion efforts [5]. - The company is expected to achieve net profits of 420 million yuan and 550 million yuan in 2024 and 2025, respectively, with corresponding valuations of 18 and 14 times [5].

Core Viewpoint - The company indicates that the 1:1 subsidy program is regionally executed and aims to promote high-value products and multiple categories, with limited impact on gross margin performance [1] Group 1: Sales Impact - The subsidy has led to an upgrade in consumer demand for high-value products and increased demand across multiple scenarios [1] - During the National Day holiday, retail store average transaction value in Foshan increased by approximately 50% [1]

Group 1: Financial Performance Overview - In the first three quarters of 2024, the company achieved a revenue of CNY 4.684 billion, with a net profit of CNY 309 million, and a net cash flow from operating activities of CNY 489 million [2] - The company reported a month-on-month recovery in performance during the third quarter, despite a challenging real estate market and weakened demand in the ceramic tile industry [2] - The gross profit margin remained stable at 31.23%, while the unit manufacturing cost of tiles decreased by 6.0% [2] Group 2: Strategic Measures and Results - The company focused on enhancing product strength, resulting in a 3.5 percentage point increase in revenue contribution from the top 10 products [2] - Effective management of receivables led to a 10.98% decrease in accounts receivable and a 12.70% reduction in sales, management, and financial expenses [2] - The company is actively participating in government "old-for-new" promotional activities, with 129 cities currently offering tile subsidies [3] Group 3: Share Buyback and Investor Confidence - The board approved a plan to repurchase and cancel approximately 16.02 million shares to enhance investor confidence and increase long-term investment value [3] - The company aims to improve earnings per share and net asset value through this share cancellation initiative [3] Group 4: Market and Industry Outlook - Recent government measures, including interest rate cuts and subsidies, are expected to stabilize the real estate and building materials market [3] - The company anticipates a reduction in inventory levels in the fourth quarter due to seasonal production adjustments and promotional activities [5] - The industry is experiencing a trend of supply-side reform, with a noticeable exit of outdated production capacity, leading to increased market concentration [5] Group 5: Future Development Strategy - Over the next three years, the company plans to focus on its core tile business, enhance market share, and improve supply chain control [5] - The company aims to innovate through product, technology, and brand upgrades, capitalizing on urban renewal and green building opportunities [5]

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 7.06 CNY based on a 20x PE for 2024 [4][6]. Core Views - The company's performance in Q3 was significantly under pressure, with a year-on-year revenue decline of 24.41% and a net profit drop of 59.94%. The overall revenue for the first three quarters of 2024 was 4.68 billion CNY, down 18.27% year-on-year, and the net profit was 309 million CNY, down 50.95% year-on-year. The report attributes this decline to high base effects from the previous year and ongoing weakness in the real estate sector, which has limited demand in the building ceramics industry [1][4]. - Despite the current challenges, the report expresses optimism about the company's long-term growth potential and market share improvement, especially if the real estate sector recovers [1][4]. Financial Performance Summary - In Q3 2024, the company's gross margin was 32.5%, a decrease of 0.44 percentage points year-on-year. The cumulative gross margin for the first three quarters was 31.2%, down 1.13 percentage points year-on-year. The report indicates that insufficient demand and rising raw material costs have pressured profitability [2]. - The company reported a period expense ratio of 20.17% for the first three quarters of 2024, an increase of 1.84 percentage points year-on-year. Although the company has been managing expenses effectively, the significant revenue decline has hindered the dilution of these costs [3]. - Cash flow from operations for the first three quarters of 2024 was 489 million CNY, a decrease of 962 million CNY year-on-year, with a cash collection ratio of 122.94%, down 1.02 percentage points year-on-year [3][10]. Financial Forecasts - The company is projected to achieve revenues of 6.58 billion CNY in 2024, a decrease of 15.36% year-on-year, followed by a recovery to 7.03 billion CNY in 2025 and 7.68 billion CNY in 2026 [5][11]. - The net profit attributable to the parent company is forecasted to be 414 million CNY in 2024, down 42.52% year-on-year, with expected growth of 16.72% in 2025 and 14.84% in 2026 [5][11]. Market Position and Valuation - The company has a well-established nationwide marketing network and distribution channels. If the real estate market improves, the company is expected to have a solid growth foundation and gradually increase its market share [4][8]. - The report compares the company's valuation with peers, indicating a current P/E ratio of 10.23 for 2023, which is lower than the average of comparable companies [8].

Summary of the Conference Call for Dongpeng Holdings Q3 2024 Performance Company Overview - **Company**: Dongpeng Holdings - **Industry**: Building materials, specifically tiles and sanitary ware Key Points and Arguments Q3 Performance Overview - **Performance Trend**: Q3 performance showed a decline but began to recover gradually [2] - **Revenue Figures**: Total revenue was 4.684 billion CNY, with tile revenue close to 4 billion CNY [3] - **Comparison with Competitors**: Dongpeng's revenue exceeded a competitor's by 11%, with a net profit 2.19 times higher than that of a competitor [3][4] Market Conditions - **Real Estate Impact**: The real estate market remains weak, leading to low demand and increased competition in the building materials sector [2][7] - **Policy Changes**: Recent government policies aimed at stabilizing the real estate market, including interest rate cuts and loan adjustments, are expected to improve market conditions [7] Financial Metrics - **Net Profit Margin**: Despite a decline in revenue, the company maintained a gross margin of 31.23%, higher than a competitor's 27.58% [4][6] - **Accounts Receivable**: Accounts receivable decreased by 11%, while a competitor's increased by 7.52% [5] - **Cost Management**: Manufacturing costs decreased by 6%, and sales, management, and financial expenses dropped by 12.7% [5][6] Strategic Initiatives - **Share Buyback**: The company announced a share buyback and cancellation, which is expected to enhance investor confidence [2][10] - **Sustainability of Cost Reduction**: The management emphasized ongoing efforts to improve operational efficiency and reduce costs, with significant room for improvement in sales expenses [8][10] Marketing and Sales Strategies - **Promotion of "Old for New" Policy**: Dongpeng is actively participating in government-backed "old for new" initiatives, which have gained traction in the home improvement sector [14][15] - **Sales Performance**: In October, one-third of regional subsidiaries reported year-on-year sales growth, indicating a potential recovery [7] Future Outlook - **Market Recovery Expectations**: The management anticipates a gradual recovery in Q4 and beyond, driven by government policies and internal strategies [34] - **Inventory Management**: The company plans to manage inventory levels effectively, with expectations of a significant reduction in stock by year-end [31] Investor Relations - **Dividend Policy**: Dongpeng has maintained a high dividend payout ratio, averaging close to 50% of net profit, with plans for continued shareholder returns [11][10] - **Engagement with Investors**: The management encouraged ongoing communication with investors and analysts to address concerns and share updates [38] Additional Important Information - **Competitive Positioning**: Dongpeng is positioned as a leading player in the tile industry, with a focus on enhancing product quality and operational efficiency [8][10] - **Financial Health**: The company maintains a low debt-to-asset ratio of 36.29%, significantly lower than a competitor's 57% [6] This summary encapsulates the key insights from the conference call, highlighting Dongpeng Holdings' performance, market conditions, strategic initiatives, and future outlook.

10月25日晚间，东鹏控股(003012)披露2024年第三季度报告。 今年前三季度，房地产市场尚待止跌回稳，建陶行业需求减弱，竞争日趋激烈。 东鹏控股实现营业收入46.84亿元，归属于上市公司股东的净利润3.09亿元，经营活动产生的现金流量净 额4.89亿元。 面对市场变化，东鹏控股推动结构优化、拓展增量、精益运营、提质增效等重点工作，实现了第三季度 业绩逐月环比增长。 进一步提升产品力，推动主力系列产品聚焦，Top10收入占比上升3.5个百分点；持续优化全价值链效 率，瓷砖单位制造成本下降6.0%，整体毛利率31.23% ，基本保持稳定；应收和费用得到有效管控，应 收款项下降10.98%，销售、管理和财务费用下降12.70%；工程转型升级，城投城建、设计院等专业细 分工程业绩增长11.47%。 数据显示，公司资产状况稳健，向金融机构借款等有息负债较少，货币资金和资产负债率保持较好水 平。 同时，董事会审议通过《关于变更回购股份用途并注销的议案》，基于对公司未来发展前景的信心和对 自身价值的高度认同，为切实维护广大投资者利益、增强投资者信心、提高长期投资价值，积极响 应"鼓励上市公司将回购股份依法注销"的倡 ...

证券代码：003012 证券简称：东鹏控股 公告编号:2024-085 1 1.37%，成交总金额为人民币 150,079,215.34 元（不含交易费用），实际回购的 时间区间为 2022 年 2 月 28 日至 2022 年 9 月 23 日。 基于对公司未来发展前景的信心和对自身价值的高度认同，为切实维护广大 投资者利益、增强投资者信心、提高长期投资价值，积极响应"鼓励上市公司将 回购股份依法注销"的倡议，广东东鹏控股股份有限公司（以下简称"东鹏控股" 或"公司"）于 2024 年 10 月 24 日召开第五届董事会第十二次会议审议通过了 《关于变更回购股份用途并注销的议案》，公司董事会同意变更 2021 年 10 月 29 日审议通过的回购股份方案的回购股份用途，由原方案"回购的股份将用于 实施公司员工持股计划或者股权激励"变更为"本次实际回购的股份用于注销并 减少注册资本"，即拟对回购专用证券账户中的 16,018,842 股股份进行注销并 相应减少公司注册资本。本次变更事项尚需公司股东大会审议通过后方可生效。 具体情况如下： 一、回购股份方案及实施情况 公司于 2021 年 10 月 29 日召开 ...

第一章 总则 第一条 为加强广东东鹏控股股份有限公司（以下简称"公司"或"本公司"） 董事、监事和高级管理人员所持本公司股票及其变动的管理，维护证券市场秩序， 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）、《上市公司股东减持股份管理暂行办法》 《上市公司董事、监事和高级管理人员所持本公司股份及其变动管理规则》《深 圳证券交易所上市公司自律监管指引第 18 号——股东及董事、监事、高级管理 人员减持股份》《深圳证券交易所股票上市规则》《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》《广东东鹏控股股份有限公司章程》 （以下简称"《公司章程》"）等有关法律、法规、规范性文件的有关规定，制 订本办法。 广东东鹏控股股份有限公司 董事、监事和高级管理人员所持本公司股份及其变动 管理办法 第二条 本办法适用于公司董事、监事和高级管理人员，其所持本公司股票 是指登记在其名下和利用他人账户持有的所有本公司股份；公司董事、监事和高 级管理人员从事融资融券交易的，其所持本公司股票还包括记载在其信用账户内 的本公司股份。 第三条 本公司董事、 ...

广东东鹏控股股份有限公司 第五届监事会第十次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：003012 证券简称：东鹏控股 公告编号:2024-082 经与会监事认真审议，以记名投票表决方式通过了以下议案： 1、审议通过了《关于2024年第三季度报告的议案》。 经审核，监事会认为：公司董事会编制和审核公司 2024 年第三季度报告的 程序符合法律、行政法规、中国证监会和深圳证券交易所的有关规定，报告内容 真实、准确、完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈述 或重大遗漏。 表决结果：同意 3 票，占全体监事人数的 100%；反对 0 票；弃权 0 票。 2、审议通过了《关于首次公开发行股票募投项目结项、部分终止并将剩余 募集资金永久补充流动资金的议案》。 一、监事会会议召开情况 广东东鹏控股股份有限公司（以下简称"公司"）第五届监事会第十次会议 于2024年10月24日下午在东鹏总部大厦2508会议室以现场表决方式召开，会议通 知于2024年10月12日以书面或电子邮件方式发出。本次会议应出席监事3名，实 际出席监事3 ...