目 录 我们接受委托，审计了中铁装配式建筑股份有限公司（以下简称中铁装配公 司）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表， 2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所 有者权益变动表，以及财务报表附注，并出具了审计报告。在此基础上，我们审 计了后附的中铁装配公司管理层编制的 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》（以下简称汇总表）。 二、非经营性资金占用及其他关联资金往来情况汇总表…………第 3—4 页 非经营性资金占用及其他关联资金往来情况的 一、对报告使用者和使用目的的限定 本报告仅供中铁装配公司年度报告披露时使用，不得用作任何其他目的。我 们同意将本报告作为中铁装配公司年度报告的必备文件，随同其他文件一起报送 并对外披露。 为了更好地理解中铁装配公司 2024 年度非经营性资金占用及其他关联资金 往来情况，汇总表应当与已审的财务报表一并阅读。 一、非经营性资金占用及其他关联资金往来情况的专项 审计说明…………………………………………………………第 1—2 页 专项审计说明 天健审〔2025〕1113 ...

胡军统 中铁装配式建筑股份有限公司 2024年度独立董事述职报告 本人作为中铁装配式建筑股份有限公司（以下简称"公 司"）的独立董事，任职期间严格按照《中华人民共和国公 司法》《上市公司独立董事管理办法》《深圳证券交易所创 业板股票上市规则》《深圳证券交易所上市公司自律监管指 引第2号—创业板上市公司规范运作》等有关法律法规及《公 司章程》等相关规定，忠实地履行了独立董事的职责，勤勉、 审慎、认真地行使公司赋予独立董事的权利，积极出席相关 会议，认真审议各项议案，充分发挥独立董事的独立作用， 切实维护了公司和全体股东的利益，尤其关注中小股东的合 法权益。本人自2024年12月30日起担任公司第四届董事会独 立董事。现就本人2024年度履行独立董事职责情况汇报如下： (一）出席董事会及股东大会情况 一、基本情况 2024年度本人任期内，本人亲自出席了公司召开的1次 董事会、未出席股东大会。本人严格按照有关法律、法规的 要求，勤勉尽责，未发生过缺席董事会现象，对公司董事会 审议的各项议案均投了赞成票，没有提出异议的事项，也没 有反对、弃权的情形。本人出席董事会及股东大会情况如下 表： (一）工作履历 | | | ...

中铁装配式建筑股份有限公司 2024年度独立董事述职报告 陶杨 本人作为中铁装配式建筑股份有限公司（以下简称 "公司"）的独立董事，任职期间严格按照《中华人民共 和国公司法》《上市公司独立董事管理办法》《深圳证券 交易所创业板股票上市规则》《深圳证券交易所上市公司 自律监管指引第2号—创业板上市公司规范运作》等有关法 律法规及《公司章程》等相关规定，忠实地履行了独立董 事的职责，勤勉、审慎、认真地行使公司赋予独立董事的 权利，积极出席相关会议，认真审议各项议案，充分发挥 独立董事的独立作用，切实维护了公司和全体股东的利益， 尤其关注中小股东的合法权益。现就本人2024年度履行独 立董事职责情况汇报如下： 一、基本情况 (一）工作履历 本人陶杨，1980年生，中国国籍，无境外居留权，中 共党员，教授，现任公司独立董事。2008年参加工作， 2008年7月至今历任北京交通大学法学院讲师、副教授、副 院长、教授，2009年10月至2017年3月任北京德恒律师事务 所兼职律师，2017年3月至今任北京市东方律师事务所兼职 律师，2018年1月至今任中国法学会董必武法学思想(中国 特色社会主义法治理论)研究会理事，20 ...

本人作为中铁装配式建筑股份有限公司（以下简称"公 司"）的独立董事，任职期间严格按照《中华人民共和国公 司法》《上市公司独立董事管理办法》《深圳证券交易所 创业板股票上市规则》《深圳证券交易所上市公司自律监 管指引第2号—创业板上市公司规范运作》等有关法律法规 及《公司章程》等相关规定，忠实地履行了独立董事的职 责，勤勉、审慎、认真地行使公司赋予独立董事的权利， 积极出席相关会议，认真审议各项议案，充分发挥独立董 事的独立作用，切实维护了公司和全体股东的利益，尤其 关注中小股东的合法权益。 现就本人2024年度履行独立董事职责情况汇报如下： 一、基本情况 中铁装配式建筑股份有限公司 2024年度独立董事述职报告 于增彪 (一）工作履历 本人于增彪，1955年生，中国国籍，无境外居留权， 中共党员，中国注册会计师。1973年参加工作，1999年11 月至2021年3月历任清华大学教授、博士生导师，2005年7 月至2023年11月任中国会计学会管理会计专业委员会副主 任委员，2013年10月至今任中国成本研究会副会长，2019 年10月至2022年9月任中国电影股份有限公司独立董事， 2021年1月至2024年 ...

现就本人2024年度履行独立董事职责情况汇报如下： 一、基本情况 (一）工作履历 中铁装配式建筑股份有限公司 2024年度独立董事述职报告 祝磊 本人作为中铁装配式建筑股份有限公司（以下简称"公 司"）的独立董事，任职期间严格按照《中华人民共和国公 司法》《上市公司独立董事管理办法》《深圳证券交易所 创业板股票上市规则》《深圳证券交易所上市公司自律监 管指引第2号—创业板上市公司规范运作》等有关法律法规 及《公司章程》等相关规定，忠实地履行了独立董事的职 责，勤勉、审慎、认真地行使公司赋予独立董事的权利， 积极出席相关会议，认真审议各项议案，充分发挥独立董 事的独立作用，切实维护了公司和全体股东的利益，尤其 关注中小股东的合法权益。 本人祝磊，1980年生，中国国籍，无境外居留权，无 党派人士，教授，现任公司独立董事。2007年参加工作， 2007年10月至2009年7月任万科企业股份有限公司建筑研究 中心预制建筑研究人员，2009年12月至今历任北京建筑大 学土木与交通工程学院讲师、副教授、教授，2016年9月至 今任中国钢结构协会钢结构稳定与疲劳分会理事，2021年5 月至今任中国混凝土与水泥制品协会预制 ...

Financial Performance - The company achieved operating revenue of CNY 1.90 billion, an increase of 27.07% year-on-year[16]. - The net loss attributable to shareholders was CNY 0.64 billion, a reduction in loss of 60.85% compared to the previous year[16]. - The cash flow from operating activities was CNY 91.63 million, a slight decrease of 2.40% year-on-year[16]. - The total assets at the end of 2024 were CNY 4.03 billion, representing a growth of 23.09% from the previous year[16]. - The basic earnings per share were CNY -0.26, improving by 60.61% from CNY -0.66 in the previous year[16]. - The net asset attributable to shareholders at the end of 2024 was CNY 841.36 million, a decrease of 2.47% from the previous year[16]. - The company reported a net loss of CNY 0.77 billion after deducting non-recurring gains and losses, a decrease of 54.73% year-on-year[16]. - In 2024, the company's total non-operating income amounted to approximately 13.29 million, a significant increase from 7.38 million in 2023, reflecting a growth of 80.5% year-over-year[23]. - The company received government subsidies totaling approximately 6.83 million in 2024, up from 5.73 million in 2023, indicating a year-over-year increase of 19.3%[23]. - The company's impairment reversal for receivables reached approximately 9.47 million in 2024, compared to 1.62 million in 2023, marking a substantial increase of 485.3%[23]. Market Position and Strategy - The company aims to enhance its industry position and operational performance for high-quality development in the future[3]. - The company is currently facing risks in the construction, infrastructure, and real estate sectors, which may impact future performance[3]. - The company is recognized as a leading provider of prefabricated building components and services, focusing on intelligent manufacturing and smart construction[28]. - The company is actively expanding its EPC business model, which integrates engineering procurement and construction, to enhance service levels and market presence[32]. - The company aims to leverage the national "dual carbon" goals to drive the green transformation of the construction industry, positioning itself for future growth opportunities[26]. - The company plans to optimize regional layout and strengthen large customer operations and risk prevention to improve operational quality and enhance brand influence and market competitiveness[89]. Research and Development - The company has a total of 136 valid patents, showcasing its strong product manufacturing and supply capabilities[40]. - Research and development expenses increased by 37.20% to 63,557,962.49 CNY in 2024, compared to 46,324,284.51 CNY in 2023, due to increased investment in R&D projects[61]. - The company completed several major R&D projects, including the development of a new construction technique for large-span spiral steel stairs, which aims to improve installation efficiency and reduce costs[62]. - The company is focusing on the research and application of new materials, intelligent technologies, and energy-saving environmental technologies[63]. - The company is conducting detailed research on high-performance insulation decorative integrated panels, aiming to enhance product competitiveness and reduce installation costs[64]. Operational Efficiency - The company has implemented a refined management system, revising 12 management regulations to enhance project profitability[42]. - The company achieved a construction efficiency improvement of over 10% in complex geological conditions, with a success rate exceeding 90%[66]. - The company reduced engineering costs by over 15% while increasing profit margins for individual projects[66]. - The company has improved traditional construction techniques and developed new methods for municipal infrastructure renovation, aiming to enhance construction quality and reduce costs[67]. - The company is focusing on precise control of construction parameters to enhance quality and reduce costs in outdoor sports field projects[64]. Governance and Compliance - The company has established an independent financial department with a complete financial accounting system and does not share bank accounts with controlling shareholders[102]. - The company has conducted a comprehensive review of its governance structure and made necessary amendments to relevant rules[145]. - The company has ensured compliance with labor laws by signing contracts with employees and providing full insurance coverage[140]. - The company has committed to avoiding competition and protecting the rights of other shareholders during its control of China Railway Prefabricated Construction Co., Ltd.[157]. - The company has not encountered any significant internal control deficiencies during the reporting period[146]. Future Outlook - The company plans to continue investing in technology development to improve operational efficiency and product quality[110]. - The company has set ambitious growth targets for the upcoming fiscal year, aiming for a revenue increase of approximately 10%[106]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its portfolio[109]. - The company is committed to sustainability initiatives, aiming to reduce its carbon footprint by 20% over the next five years[109]. - The company is enhancing its digital transformation strategy to improve customer engagement and operational efficiency[110].

中铁装配(300374)：钢铁行业供给侧改革加速 公司 钢结构业务有望受益 央企装配式建筑工程商，2024 年进一步减亏。中铁装配是中国中铁旗下唯一的高科技创新型装配 式建筑业务平台，是国内领先的装配式建筑部品部件供应商和集成商。根据公司业绩预告，2024 年公 司实现营业收入同比+27%，实现归母净利润净亏损0.62 亿元–1.2 亿元（23 年亏损1.6 亿元）。 盈利预测、估值与评级：2024 年，中铁装配收入实现较快增长，归母净利润进一步减亏。结合公 司2024 年前三季度财务数据及2024 年业绩预告披露数据，我们调整公司2024 归母净利润预测分别 至-0.96 亿元（原预测值为0.2 亿元），考虑到装配式建筑行业当前景气度低于我们此前预期，行业需求 复苏尚需时日，我们调整公司2025 年归母净利润预测至0.02 亿元（下调96%），新增公司2026年归母 净利润预测0.44 亿元。维持"增持"评级。 风险提示：钢价大幅波动影响公司盈利能力、下游需求不及预期、保障房及装配式建筑政策推进不 及预期。 2020 年以来，装配式建筑行业标准趋于完善，为规模化、产业化奠定基础。2020年以来，住建部 出台 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][13]. Core Views - The prefabricated construction industry has seen improvements in standards since 2020, which lays the foundation for industrialization and scale [1]. - The company is expected to benefit from the supply-side reforms in the steel industry, which may enhance the profitability of its steel structure business [1]. - The company forecasts a revenue increase of 27% year-on-year in 2024, with a projected net loss of 0.62 billion to 1.2 billion yuan, an improvement from a loss of 1.6 billion yuan in 2023 [2]. Financial Summary - Revenue is projected to grow from 635 million yuan in 2022 to 1,901 million yuan in 2024, reflecting a growth rate of 27.05% [3][9]. - The company's net profit is expected to improve from a loss of 260 million yuan in 2022 to a loss of 96 million yuan in 2024, with a forecasted return to profitability in 2025 with a net profit of 2 million yuan [3][9]. - The earnings per share (EPS) is projected to improve from -1.06 yuan in 2022 to -0.39 yuan in 2024, and then to 0.01 yuan in 2025 [3][9]. Industry Context - The report highlights that the prefabricated construction industry is expected to expand as the cost of prefabrication decreases, allowing for broader application [8]. - The steel industry is undergoing supply-side reforms, which are anticipated to stabilize steel prices and improve the profitability of companies involved in steel structures [1].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 2020年以来，装配式建筑行业标准趋于完善，为规模化、产业化奠定基础 2020年以来，住建部出台 《装配式住宅设计选型标准》等多份政策文件，涉及预制 PC、装配式钢结构、 装配式装修等领域；官方出台的设计规范文件为装配式建筑的设计、生产、施工、装修等环节提供了参考 标准，有助于推动装配式建筑生产标准化、规模化。未来随着装配式建筑规范化程度日趋完善，规模化带 动建筑预制成本逐步下降，装配式建筑有望推广至更大应用范围，行业空间或持续扩容。 钢铁行业供给侧改革加速，或助力钢结构业务盈利能力回升 3月20日，中信特钢董事长钱刚在该公司业绩说明会上透露，国内钢铁行业正在筹划成立相关基金，建立 落后钢铁产能退出的补偿机制，"从去年下半年开 ...

Financial Performance - The company expects a net loss of between 62 million RMB and 120 million RMB for the year 2024, representing a reduction in loss of 26.26% to 61.90% compared to the previous year[3] - The net loss attributable to shareholders for the same period last year was 162.73 million RMB, indicating a significant improvement in financial performance[3] - The net loss after deducting non-recurring gains and losses is expected to be 72 million RMB, which is a reduction in loss of 17.70% compared to the previous year[3] Revenue Growth - The company reported a revenue growth of approximately 27% year-on-year for the reporting period[6] Business Strategy - The company is focusing on expanding its prefabricated construction business, particularly in prefabricated steel structures and affordable housing[6] - The company is leveraging the brand advantages of China Railway Group and China Railway Construction Group to enhance strategic collaboration and deepen regional market penetration[6] - The company emphasizes its commitment to sustainable development through diversified business layouts[6] Financial Reporting - The financial data for 2024 will be detailed in the annual report, which has not yet been audited[7] - The preliminary financial data has been communicated with the auditing firm, and there are no significant discrepancies reported[4] Investor Guidance - The company urges investors to make cautious decisions and be aware of investment risks[7]