证券研究报告 范欣悦，CFA，曾任职于中泰证券、中银国际证券，所在团队 2015 年获得新财富第三名、2016 年获得新 财富第四名。硕士毕业于美国伊利诺伊大学香槟分校金融工程专业，本科毕业于复旦大学金融专业。 负责本报告全部或部分内容的每一位分析师在此申明，本人具有证券投资咨询执业资格，并在中国证券业协会注册登记为证券分 析师,以勤勉的职业态度,独立、客观地出具本报告；本报告所表述的所有观点准确反映了分析师本人的研究观点；本人薪酬的任何 组成部分不曾与，不与，也将不会与本报告中的具体分析意见或观点直接或间接相关。 本报告是针对与信达证券签署服务协议的签约客户的专属研究产品，为该类客户进行投资决策时提供辅助和参考，双方对权利与 义务均有严格约定。本报告仅提供给上述特定客户，并不面向公众发布。信达证券不会因接收人收到本报告而视其为本公司的当 然客户。客户应当认识到有关本报告的电话、短信、邮件提示仅为研究观点的简要沟通，对本报告的参考使用须以本报告的完整 版本为准。 在法律允许的情况下，信达证券或其关联机构可能会持有报告中涉及的公司所发行的证券并进行交易，并可能会为这些公司正在 提供或争取提供投资银行业务服务。 ...

证券代码：300492 证券简称：华图山鼎 公告编号：2024-021 2024 年第一季度报告 重要内容提示： 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 □是 否 华图山鼎设计股份有限公司 2024 年第一季度报告 （一）主要会计数据和财务指标 | --- | --- | --- | --- | |------------------------------------------------------|------------------|------------------|--------------------------------| | □是 否 | 本报告期 | 上年同期 | 本报告期比上年同期增减 （%） | | 营业收入（元） | 695,465,400.35 | 15,137,778.71 | 4,494.24% | | 归属于上市公司股东的净利 润（元） | 72,558,354.23 | -2,575,953.40 | 2,916.76% | | 归属于上市公司股东的扣除 非经常性损益的净利润 （元） | ...

Revenue Performance - Non-academic training business revenue reached 198,071,730.86 yuan, a year-on-year increase of 28.17%[12] - Architectural design business revenue decreased by 5.63% to 49,045,688.48 yuan[12] - Direct sales revenue increased by 21.46% to 247,117,419.34 yuan[12] - Total operating revenue for 2023 reached 247,117,419.34 RMB, a year-on-year increase of 131.27%[23] - Non-academic training accounted for 80.15% of total revenue, generating 198,071,730.86 RMB[23] - Architectural design revenue decreased by 54.10% year-on-year, contributing 49,045,688.48 RMB[23] - Revenue in 2023 increased by 131.27% to 247,117,419.34 RMB compared to 2022[67] - Revenue for the reporting period reached 247.1174 million yuan, a year-on-year increase of 131.27%[133] - Non-academic training business revenue was 198.0717 million yuan, accounting for the majority of total revenue[133] - Revenue from related party Huatu Hongyang accounted for 107,789,554.16 RMB, which was deducted from total revenue[69] - Revenue in Q4 2023 accounted for 202,744,634.06 RMB, significantly higher than the previous quarters[69] Profitability and Financial Performance - Net profit attributable to shareholders in 2023 decreased by 939.01% to -91,968,662.29 RMB[67] - Total profit for the period was -109.638 million yuan, a year-on-year decrease of 980.65%[133] - Net profit attributable to shareholders of the listed company was -91.9687 million yuan, a year-on-year decrease of 939.01%[133] - The company's weighted average return on equity in 2023 was -35.83%, a decrease of 39.48 percentage points[67] - The company's net profit in Q4 2023 was -88,265,028.27 RMB, the largest loss among all quarters[69] - The company's non-recurring profit and loss for 2023 amounted to RMB 13,927,142.12, a significant increase from RMB 2,720,525.27 in 2022 and RMB 6,598,695.58 in 2021[88] Cash Flow and Liquidity - Operating cash flow increased by 4,628.91% to 194,410,743.89 yuan[21] - Investment cash flow decreased by 82.63% to 2,946,170.34 yuan[21] - Cash and cash equivalents increased by 1,708.25% to 147,383,658.44 yuan[21] - Cash inflow from operating activities increased by 425.22%, primarily due to prepaid training fees from non-academic training business[24] - Cash outflow from operating activities rose by 166.31%, driven by employee expenses, business promotion fees, and rental deposits[24] - Operating cash flow in 2023 surged by 4,628.91% to 194,410,743.89 RMB[67] - The company's operating cash flow in Q4 2023 was 203,855,511.71 RMB, a significant improvement compared to previous quarters[69] - Cash and cash equivalents increased to 195,507,708.84 yuan, accounting for 19.15% of total assets, up by 5.07% compared to the beginning of the year[155] - The company's monetary funds decreased from 45,144,030.88 yuan to 25,723,768.53 yuan by the end of 2023[199] R&D and Innovation - R&D investment in 2023 was 4,147,910.97 yuan, accounting for 1.68% of revenue[15] - The company has 112 R&D personnel, accounting for 1.14% of total employees[15] - The company's BIM (Building Information Modeling) technology application is industry-leading, enabling comprehensive design management and risk reduction throughout project lifecycles[111] Customer and Supplier Concentration - The company's top 5 customers accounted for 49.01% of total annual sales, with the largest customer contributing 43.62%[18] - The company's top 5 suppliers accounted for 41.44% of total annual procurement[18] Real Estate Market Impact - The real estate market downturn in 2023 led to reduced design business, slower project progress, and longer payment cycles for the company[74] - National real estate development investment in 2023 was RMB 110,913 billion, a 9.6% decrease year-over-year, with residential investment dropping by 9.3% to RMB 83,820 billion[92] - The company's architectural design business faced significant challenges due to the downturn in the real estate industry, leading to negative gross margins[134] Expansion and Operational Growth - In 2023, the company expanded into the non-academic training sector of vocational education through its wholly-owned subsidiary, Huatu Education Technology, starting in November 2023[91] - The company achieved a nationwide operational layout with over 1,000 direct and affiliated outlets across 31 provinces and cities by March 2024, employing over 10,000 staff, including more than 3,000 full-time teachers and researchers[100] - The company established over 400 branches nationwide, with direct-operated outlets exceeding 1,000[144] - Over 50,000 trainees were enrolled in non-academic training programs by the end of 2023[150] - The company has a nationwide network covering 31 provincial-level administrative regions, with over 1,000 learning centers in more than 300 cities and 600 counties, achieving strong scale and brand advantages[124] - The company has conducted nearly 100 campus宣讲会 in nearly 1,000 universities nationwide from November 2023 to March 2024, enhancing brand influence and user acquisition[125] Asset and Liability Management - Total assets at the end of 2023 increased by 194.57% to 1,020,926,050.17 RMB[67] - Total assets as of December 31, 2023, were 1,020.9261 million yuan, a year-on-year increase of 194.57%[133] - Equity attributable to shareholders of the listed company was 209.6145 million yuan, a year-on-year decrease of 31.19%[133] - Accounts receivable decreased to 204,868,514.63 yuan, accounting for 20.07% of total assets, down by 15.36% compared to the beginning of the year[155] - Investment properties decreased to 38,403,632.49 yuan, accounting for 3.76% of total assets, down by 3.57% compared to the beginning of the year[155] - Fixed assets decreased to 41,963,198.38 yuan, accounting for 4.11% of total assets, down by 7.78% compared to the beginning of the year[155] - Right-of-use assets increased significantly to 385,148,079.77 yuan, accounting for 37.73% of total assets, up by 36.95% due to new non-academic training business and increased leased premises[155] - Contract liabilities increased to 233,327,397.36 yuan, accounting for 22.85% of total assets, up by 22.29% due to prepaid training fees for new non-academic training business[155] - Lease liabilities increased to 207,574,066.99 yuan, accounting for 20.33% of total assets, up by 19.88%[155] - The company's trading financial assets decreased from 75,104,424.66 yuan to 30,107,800.00 yuan by the end of 2023[199] - The company's accounts receivable decreased from 117,885,957.33 yuan to 88,348,023.18 yuan by the end of 2023[199] - The company's long-term equity investment increased from 20,193,305.40 yuan to 69,391,344.59 yuan by the end of 2023[199] - The company's investment property increased from 25,420,523.43 yuan to 38,403,632.49 yuan by the end of 2023[199] - The company's fixed assets decreased from 40,200,220.76 yuan to 38,589,042.89 yuan by the end of 2023[199] - The company's total current assets decreased from 243,504,672.44 yuan to 151,803,404.72 yuan by the end of 2023[199] - The company's other receivables increased from 3,277,708.40 yuan to 4,355,455.03 yuan by the end of 2023[199] - The company's prepayments decreased from 578,531.29 yuan to 483,218.83 yuan by the end of 2023[199] - The company's other current assets increased from 248,107.50 yuan to 2,185,139.15 yuan by the end of 2023[199] Investment and Financing Activities - Investment income amounted to 2,485,680.56 RMB, primarily from structured deposits[24] - Cash outflow from financing activities surged by 1006.22%, mainly due to increased rental payments for non-academic training business[27] - Total investment in 2023 was 305,000,000 RMB, a decrease of 11.59% compared to the previous year[51] - The company's financial assets at the end of the period were valued at 65,138,964.38 RMB, with a fair value change of 2,485,680.56 RMB during the period[28] - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[36] Operational Costs and Expenses - Non-academic training business accounted for 73.31% of operating costs, totaling 142,278,813.41 yuan[172] - Sales expenses increased by 2,142.29% to 73,966,228.01 yuan due to the launch of non-academic training business in November[177] - Management expenses increased by 368.17% to 69,491,906.70 yuan due to the launch of non-academic training business in November[177] Educational and Training Services - The company's full-time teaching staff has over 50% holding master's degrees or higher as of March 2024[120] - The company's teaching and research capabilities are supported by over 1,000 excellent teachers and seven project BPs, ensuring high-quality delivery of educational content[123] - The company's product matrix has been expanded to meet diverse user needs, including customized products for third- and fourth-tier cities, with standardized delivery processes serving millions of candidates[128] - The company has a dedicated campus operation team of over 200 members and a campus partner team of more than 1,000, with high-quality employment experience stores established in 20 universities[131] Government and Policy Impact - The government's 2024 work report highlights the need to strengthen youth employment policies, with over 11.7 million college graduates expected this year[104] Management and Operational Systems - The company has established a scientific management system including DSTE, MTL, LTC, and SD processes to ensure efficient operations and continuous profitability[119] - The company's scientific quality management system has been strengthened through data-driven, standardized, and scientific management of key processes such as product development and student delivery[110] - The company has established a comprehensive service capability covering the entire project lifecycle, from consulting to construction coordination, with a strong focus on creative design solutions[111] Contract Liabilities and Prepayments - Contract liabilities balance as of December 31, 2023, was 230.6861 million yuan, including 48.0335 million yuan for regular classes and 92.6521 million yuan for agreement classes[152]

其他 (12.10) (0.27) (8.02) (6.80) 归属于母公司净利润 负债和股东权益总计 322.95 346.55 469.32 274.61 毛利率 请务必阅读正文之后的信息披露和免责申明 3 请务必阅读正文之后的信息披露和免责申明 2 资料来源：公司公告，天风证券研究所 | --- | --- | --- | --- | --- | --- | |-----------------------|---------|---------|---------|----------|---------| | 现金流量表 ( 百万元 ) | 2021 | 2022 | 2023E | 2024E | 2025E | | 净利润 | 12.78 | 10.93 | (78.94) | 7.41 | 12.56 | | 折旧摊销 | 4.04 | 3.89 | 2.94 | 2.77 | 2.69 | | 财务费用 | 0.12 | 0.16 | (0.64) | (0.29) | 0.15 | | 投资损失 | (2.58) | (2.92) | (1.32) | (1.76) | (2.31) | ...

2024 省考联考公告完毕，行业景气可期 ① 合计招录约 24 万人同增 5.4%，整体稳中有升，奠定市场增长基本盘， 考虑退休潮/吸纳就业/公职人员比等要素，未来招录规模或保持上行； 此外，上半年集中国考面试及省考笔面试培训，业务规模占比略大；目前 事业单位公告已在逐步披露，不同于此前几年疫情等因素拖累，未来机构 收入业绩节奏性或将逐步清晰且明确，业绩稳定性或有所提升。 维持盈利预测，维持"买入"评级 | --- | --- | --- | --- | --- | --- | |-----------------------------|----------|----------|----------|----------|----------| | 财务数据和估值 | 2021 | 2022 | 2023E | 2024E | 2025E | | 营业收入 ( 百万元 ) | 110.01 | 106.85 | 239.35 | 97.42 | 112.34 | | 增长率 (%) | (12.31) | (2.87) | 124.00 | (59.30) | 15.32 | | EBITDA( 百万元 ...

公司报告 | 公司点评 请务必阅读正文之后的信息披露和免责申明 1 财务数据和估值 2021 2022 2023E 2024E 2025E 货币资金 41.42 48.79 145.82 7.79 10.55 营业收入 110.01 106.85 239.35 97.42 112.34 流动资产合计 246.48 252.08 386.34 195.06 194.74 研发费用 0.00 0.00 0.00 0.00 0.00 其他 33.80 52.92 44.38 43.72 44.46 其他 17.03 8.35 0.00 0.00 0.00 其他 13.20 15.23 239.44 19.01 20.26 所得税 2.19 1.52 (10.91) 1.03 1.74 非流动负债合计 0.00 1.57 0.39 2.30 0.61 | --- | --- | --- | --- | --- | --- | |-----------------------|---------|---------|---------|----------|---------| | 现金流量表 ( 百万元 ) | 20 ...

5 □适用 不适用 华图山鼎设计股份有限公司 2023 年第三季度报告 华图山鼎设计股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 3.第三季度报告是否经过审计 1 一、主要财务数据 公司是否需追溯调整或重述以前年度会计数据 （二） 非经常性损益项目和金额 | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|----------------------|------------------------------ ...

股票代码:300492 股票简称:华图山鼎 华图山鼎设计股份有限公司 投资者关系活动记录表 编号:2023-002 投资者关系活动类 □特定对象调研 □分析师会议 别 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 (请文字说明其他活动内容) 参与单位名称及人 线上参与公司 2023 年半年度网上业绩说明会的投资者 员姓名 时间 2023 年 09 月 22 日(星期五)下午 15:00-16:30 地点 "华图山鼎投资者关系"微信小程序 董事长:吴正杲 上市公司接待人员 独立董事:李兴敏 姓名 总经理:王强 副总经理、董事会秘书:章丹 财务总监:郑天相 1、问:你好,公司最新的股东人数是多少? 答:尊敬的投资者,您好!为保证所有投资者平等获悉 公司信息,公司仅在定期报告中公开披露对应时点的股 东人数。若公司股东提出查阅股东名册等有关要求,烦 请将持股凭证及身份证明文件及联系方式发至公司邮 投资者关系活动主 箱(cendes.bso@cendes-arch.com),经工作人员核对 要内容介绍 后将联系告知,感谢您的关注! 2、问:今年公司新中标的重大项目有哪些? 答:尊敬的投资者,您 ...

29、使用权资产 （1） 计价方法、使用寿命、减值测试 63 31、长期资产减值 33、合同负债 在职工为公司提供服务的会计期间，将实际发生的短期薪酬确认为负债，并计入当期损益或相关资产成本。 (2) 对设定受益计划的会计处理通常包括下列步骤： 2) 设定受益计划存在资产的，将设定受益计划义务现值减去设定受益计划资产公允价值所形成的赤字或盈余确认 为一项设定受益计划净负债或净资产。设定受益计划存在盈余的，以设定受益计划的盈余和资产上限两项的孰低者计量 设定受益计划净资产； （4） 其他长期职工福利的会计处理方法 在租赁开始日，公司将尚未支付的租赁付款额的现值确认为租赁负债。计算租赁付款额现值时采用租赁内含利率作为折 现率，无法确定租赁内含利率的，采用公司增量借款利率作为折现率。租赁付款额与其现值之间的差额作为未确认融资 费用，在租赁期各个期间内按照确认租赁付款额现值的折现率确认利息费用，并计入当期损益。未纳入租赁负债计量的 可变租赁付款额于实际发生时计入当期损益。 租赁期开始日后，当实质固定付款额发生变动、担保余值预计的应付金额发生变化、用于确定租赁付款额的指数或比率 发生变动、购买选择权、续租选择权或终止选 ...

股票代码：300492 股票简称：华图山鼎 华图山鼎设计股份有限公司 投资者关系活动记录表 编号：2023-001 投资者关系活动类 □特定对象调研 □分析师会议 别 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称及人 线上参与公司 2022 年度网上业绩说明会的投资者 员姓名 时间 2023 年 05 月 05 日（星期五）下午 15:00-16:30 地点 "华图山鼎投资者关系"微信小程序 董事长：吴正杲 上市公司接待人员 独立董事：李兴敏 姓名 总经理：王强 副总经理、董事会秘书：章丹 财务总监：郑天相 1、问：公司今年一季度净利润较上年下滑 289.29%，请 问是什么原因造成的？ 答：尊敬的投资者，您好！公司一季度净利润的下滑主 要受营业收入波动影响。公司根据设计服务各阶段工作 投资者关系活动主 完成进度进行收入确认，因此营业收入受客户进度确认 要内容介绍 的影响，公司客户开发进度放缓导致营业收入及净利润 同比有所下滑。感谢您的关注！ 2、问：一季度新签项目有哪些？中标金额有多少？ 答：尊敬的投资者，您好！公司结合行业发展的市场环 | ...