登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002135 证券简称：东南网架 公告编号：2025-027 债券代码：127103 债券简称：东南转债 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。 为贯彻落实国务院《关于加强监管防范风险推动资本市场高质量发展的若干意见》，进一步提高公司投 资价值，根据中国证监会《上市公司监管指引第10号——市值管理》等监管要求等规定，制定《估值提 升计划》。 一、 估值提升计划的触发情形及审议程序 （一）触发情形 根据中国证监会《上市公司监管指引第10号——市值管理》的规定，公司股票价格连续12个月每个交易 日收盘价均低于其最近一个会计年度经审计的每股归属于公司普通股股东的净资产的上市公司（以下简 称"长期破净公司"），应当制定上市公司估值提升计划，并经董事会审议后披露。 自2024 年4月1日起至 2025年3月31日，浙江东南网架股份有限公司（以下简称"公司"）股票已连续12个 月每个交易日收盘价均低于最近一个会计年度经审计的每股归属于公司普通股股东的净资产。公司于 2024年4月23日披露《2023年年度 ...

东南网架（002135）公告，2024年营业收入112.42亿元，同比减少13.52%。归属于上市公司股东的净利 润1.9亿元，同比减少42.17%。基本每股收益0.17元/股，同比减少39.29%。公司拟向全体股东每10股派 发现金红利0.7元(含税)，送红股0股(含税)，不以公积金转增股本。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The company achieved a total revenue of 21.514 billion yuan in 2024, a year-on-year decrease of 8.60%. The net profit attributable to shareholders was 772 million yuan, down 34.51% year-on-year, while the net profit after deducting non-recurring gains and losses was 481 million yuan, a decrease of 44.91% year-on-year [2][8]. Summary by Sections Financial Performance - The company reported a total revenue of 21.514 billion yuan for 2024, which is an 8.60% decrease compared to the previous year. The net profit attributable to shareholders was 772 million yuan, reflecting a 34.51% decline year-on-year. The net profit after deducting non-recurring items was 481 million yuan, down 44.91% year-on-year [2][8]. Production and Sales - The production capacity for 2024 was 5.2 million tons, slightly up from 5 million tons in 2023. The production volume remained stable at 4.51 million tons, while sales volume increased by 2% to 4.33 million tons, resulting in a sales rate of 96.1% [14]. Profitability - The average price per ton for the year was 4,964 yuan, a decrease of 566 yuan per ton year-on-year. The gross profit per ton was 513 yuan, down 103 yuan per ton year-on-year. However, the gross profit per ton showed a quarter-on-quarter improvement in Q4 [14]. Cost and Expenses - The company experienced an increase in expense ratios across sales, management, research and development, and financial expenses. The total expense ratio for 2024 was 7.18%, up 1.03 percentage points year-on-year [14]. Cash Flow - The company reported a net cash inflow from operating activities of 573 million yuan for the year, with Q4 showing a net inflow of 246 million yuan. The cash flow was impacted by credit impairment losses and asset impairment losses in Q4 [14]. Future Outlook - In Q1 2025, the company signed new sales contracts worth approximately 7.052 billion yuan, a 1.25% increase compared to the same period in 2024. The production volume in Q1 2025 increased by 14.29% compared to Q1 2024, indicating a positive sales policy adjustment and the emergence of an operational turning point [14]. Investment Recommendation - The report suggests focusing on medium-term growth and high elasticity, as the company is expected to convert its manufacturing advantages into improved sales. The operational turning point has been confirmed, and the upward trend in operations is expected to continue [14].

精工钢构（600496）公告，2025年第一季度营业总收入48.2亿元，同比增长41.17%。归属于上市公司股 东的净利润1.23亿元，同比增长26.28%。 ...

杭萧钢构股份有限公司 证券代码：600477 证券简称：杭萧钢构 公告编号：2025-013 关于 2024 年年度经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露第八 号-建筑》等相关规定，杭萧钢构股份有限公司（以下简称"公司"）现将 2024 年年度主要经营数据披露如下，供各位投资者参阅。 | 业务类型 | | | 2024 年 1-12 月 | 2023 | 年 1-12 月 | 同比变 | | --- | --- | --- | --- | --- | --- | --- | | | | 新签合 | 新签合同金额（元） | 新签合 | 新签合同金额（元） | 化(%) | | | | 同数量 | | 同数量 | | | | 钢结构制造和安装 | | 365 | 13,069,433,474.35 | 322 | 14,756,268,962.71 | -11.43 | | 多高层钢结构 | | 138 | 6,525,219,128.13 ...

Financial Performance - The basic earnings per share decreased by 43.2% to 0.0710 yuan in 2024 from 0.1250 yuan in 2023 [1] - The total revenue dropped by 26.55% to 7.947 billion yuan in 2024 compared to 10.82 billion yuan in 2023 [1] - The net profit fell by 42.52% to 0.169 billion yuan in 2024 from 0.294 billion yuan in 2023 [1] - The return on equity decreased by 42.16% to 3.32% in 2024 from 5.74% in 2023 [1] - The net asset per share dropped to 0 yuan in 2024, a 100% decrease from 2.19 yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 108,387.26 million shares, accounting for 45.75% of the circulating shares, with a decrease of 1,306.18 million shares from the previous period [1] - The largest shareholder, Dan Yinmu, holds 90,471.38 million shares, representing 38.19% of the total share capital, with no change [2] - New entrants in the top ten shareholders include a securities investment fund holding 1,370.01 million shares and Ji Hongdi with 1,009.13 million shares [2] Dividend Distribution - The company announced a dividend distribution of 0.350 yuan per share (including tax) [2]

长江精工钢结构（集团）股份有限公司 | | | 长江精工钢结构（集团）股份有限公司 关于 2025 年第一季度经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、业务签约及销量情况 2025 年 1-3 月，公司（包括控股子公司）共新签合同 169 项，累计合同金额 61.4 亿元，同比增长 0.7%。 2025 年 1-3 月，公司钢结构销量 38.5 万吨，同比增长 31.6%。 二、具体业务发展情况 | 单位：亿元 | | --- | | | | 2025 | 年 1-3 | 月 | 2024 | 年 1-3 | 月 | 同比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 专业分包一体化 | 30.8 | 项目金额 | | 35.0 | 项目金额 | | -12.0% | | | 工业建筑 公共建筑 | | | 25.5 5.3 | | | 23.8 11.2 | 7.2% -52.6% | | | 新兴业务 | 10.3 ...

Core Insights - The company reported a revenue of 18.492 billion yuan for 2024, a year-on-year increase of 12.03%, while the net profit attributable to shareholders was 512 million yuan, a decrease of 6.69% [1] - The fourth quarter of 2024 saw a revenue of 6.446 billion yuan, up 30.1% year-on-year, with a net profit of 36 million yuan, reflecting a significant increase of 185.3% [1] Revenue Performance - The traditional steel structure business generated a revenue of 16.311 billion yuan in 2024, growing by 14.02% year-on-year, while the EPC business achieved a revenue of 1.872 billion yuan, up 4.68% [1] - The overall revenue growth was supported by the strong performance of the steel structure segment [1] Profitability Metrics - The comprehensive gross margin for 2024 was approximately 12.7%, a decrease of 0.3 percentage points year-on-year, with steel structure and EPC business gross margins declining by 0.26 and 0.56 percentage points to 11.91% and 12.84%, respectively [2] - The company reported an increase in asset and credit impairment losses totaling approximately 267 million yuan, up 124 million yuan year-on-year, primarily due to increased impairments on contract assets, fixed assets, and inventory [2] Cash Flow and Financial Health - Operating cash flow improved significantly, reaching 771 million yuan in 2024, a year-on-year increase of 63.9%, driven by enhanced collection efforts [2] - The company's asset-liability ratio stood at 65.0%, an increase of 1.6 percentage points year-on-year, while the interest-bearing debt ratio decreased by 3.2 percentage points to 22.0% [2] Dividend Policy - The company announced a dividend of 0.08 yuan per share, resulting in a payout ratio of 31% and an implied dividend yield of approximately 2.6% [2] Growth Prospects - The company secured new contracts totaling 21.97 billion yuan in 2024, a year-on-year increase of 8.4%, with steel structure sales reaching 1.353 million tons, up 10.9% [3] - Emerging businesses showed strong growth, with EPC and prefabricated business contracts amounting to 4.79 billion yuan, a year-on-year increase of 44.7% [3] - The overseas business orders reached 3 billion yuan, a substantial increase of 202.9% year-on-year, representing 13.7% of total orders [3] Earnings Forecast and Valuation - Due to increased asset and credit impairment provisions, the estimated net profit attributable to shareholders for 2025 was revised down by 16.3% to 546 million yuan, with a new estimate for 2026 at 584 million yuan [4] - The current stock price corresponds to a P/E ratio of 11.1x for 2025 and 10.4x for 2026, with a target price of 3.58 yuan implying an upside potential of 18.5% [4]

Core Insights - The company reported a steady increase in revenue and a significant improvement in cash flow from operating activities for the year 2024 [1][2] Financial Performance - In 2024, the company achieved steel structure sales of 1.353 million tons, a year-on-year increase of 10.9% [1] - The total revenue reached 18.492 billion yuan, up 12.03% year-on-year, with the steel structure segment contributing 16.31 billion yuan, a 14.02% increase [1] - Integrated and EPC revenue was 1.872 billion yuan, growing by 4.68% [1] - The net profit attributable to shareholders was 512 million yuan, a decline of 6.69% year-on-year, while the net profit excluding non-recurring items was 442 million yuan, down 9.48% [1] - Operating cash flow net amount was 770 million yuan, reflecting a significant increase of 63.9% due to higher cash receipts from sales of goods and services [1] Profitability and Asset Management - The gross margin for 2024 was 12.66%, a decrease of 0.34 percentage points, while the net margin was 2.85%, down 0.61 percentage points [2] - The expense ratio was 7.94%, a decline of 0.72 percentage points [2] - Accounts receivable increased to 4.158 billion yuan, up 709 million yuan year-on-year, but the aging structure improved with the proportion of receivables over three years old decreasing from 20.6% to 15% [2] - The asset-liability ratio rose to 64.96%, an increase of 1.59 percentage points [2] - Total asset impairment and credit impairment losses amounted to 267 million yuan, an increase of 124 million yuan year-on-year, primarily due to increased provisions for contract assets, fixed assets, and inventory [2] Order Growth and Emerging Business - The company signed new orders worth 21.97 billion yuan in 2024, a year-on-year increase of 8.4%, with overseas new orders reaching 3 billion yuan, up 202.9%, increasing their share of total orders from 4.9% to 13.7% [3] - Major projects include the Lusail Stadium for the 2022 World Cup, the Jeddah Tower, and the new Hong Kong airport [3] - Emerging business contracts totaled 5.86 billion yuan, a growth of 50.4%, with EPC and prefabricated business contracts at 4.79 billion yuan, up 44.7% [3] - Industrial chain and strategic franchise contracts reached 850 million yuan, a 94.0% increase, while BIPV contracts were 220 million yuan, up 48.4% [3] Investment Outlook - The company is expected to achieve net profits attributable to shareholders of 592 million yuan, 696 million yuan, and 835 million yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth of 15.7%, 17.56%, and 20.02% [3] - Corresponding P/E ratios are projected to be 10.27, 8.73, and 7.28 times [3]

Investment Rating - The report maintains a positive outlook on the construction and decoration industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [1]. Core Insights - The construction sector experienced a weekly decline of 3.43%, underperforming the Shanghai Composite Index, which fell by 3.11% and the CSI 300 Index, which decreased by 2.87% [3][6]. - Key sub-sectors that performed best during the week included infrastructure state-owned enterprises (-1.33%), international engineering (-1.63%), and steel structures (-4.16%) [6][10]. - Notable companies with significant weekly gains included China Railway (+0.89%), Chalco International (+1.51%), and Honglu Steel Structure (+0.97%) [6][10]. - Year-to-date, the international engineering sector has seen a rise of 1.73%, with Chalco International leading with a 7.03% increase, and Honglu Steel Structure showing a 16.51% increase [6][10]. Summary by Sections Industry Performance - The construction industry saw a weekly decline of 3.43%, outperforming the Shenzhen Composite Index (-5.13%), the Small and Medium Enterprises Board (-4.32%), and the ChiNext Index (-6.73%) [3][6]. - The best-performing sub-sectors for the week were infrastructure state-owned enterprises, international engineering, and steel structures [6][10]. Key Company Developments - Jinggong Steel Structure reported a 12.03% increase in revenue for 2024, but a 6.69% decrease in net profit [18]. - Honglu Steel Structure reported a 1.25% increase in new sales contracts for the first quarter, with a production increase of 14.29% compared to the same period in 2024 [18]. - China Railway secured a major project worth 66.772 billion yuan, representing 5.77% of its total revenue for 2024 [18]. Investment Analysis - The report suggests that infrastructure investment is expected to recover in 2025, highlighting the investment value in cyclical high-elasticity sectors [2][18]. - Recommended stocks include Honglu Steel Structure in the steel structure sector, and China Railway and China State Construction Engineering in the state-owned enterprise category [2][18].