Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 989 million yuan for the first three quarters of 2025, representing a year-on-year increase of 19.89%. The net profit attributable to shareholders was 135 million yuan, up 42.62% year-on-year [7][8] - The company has seen rapid growth in design and soft decoration orders, while its engineering business is contracting. New orders signed in the first three quarters of 2025 reached 1.897 billion yuan, a 59.2% increase year-on-year, with design and soft decoration orders growing by 43.2% and 97.3% respectively [7][8] - The company is expected to achieve revenues of 1.365 billion yuan, 1.479 billion yuan, and 1.606 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 164 million yuan, 184 million yuan, and 210 million yuan for the same years [7][8] Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of 37.38%, an increase of 3.54 percentage points year-on-year. The net profit margin was 13.69%, up 2.18 percentage points year-on-year [8] - The company's operating cash flow for the period was 182 million yuan, an increase of 27 million yuan compared to the same period last year [8] - The company’s earnings per share (EPS) for 2025 is projected to be 0.53 yuan, with a price-to-earnings (PE) ratio of 24.0 [6][9] Order and Revenue Outlook - As of the end of September 2025, the company had a total of 3.756 billion yuan in signed but uncompleted orders, with design, soft decoration, and engineering business orders amounting to 2.963 billion yuan, 699 million yuan, and 93 million yuan respectively [7][8] - The company’s revenue growth rate is expected to be 15.0% in 2025, followed by 8.3% in 2026 and 8.6% in 2027 [6][9]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown rapid growth in performance due to business structure optimization and has sufficient cash flow to support dividends [10] - The company reported a revenue of 632 million yuan for the first half of 2025, representing a year-on-year increase of 22.56%, and a net profit of 94 million yuan, up 45.90% year-on-year [10] - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares, with a dividend payout ratio of 79.66% [10] Financial Performance - Revenue projections for 2025-2027 are 1.365 billion yuan, 1.479 billion yuan, and 1.606 billion yuan respectively, with net profits of 121 million yuan, 148 million yuan, and 172 million yuan [10][11] - The company achieved a gross margin of 36.04% in the first half of 2025, an increase of 2.2 percentage points year-on-year [10] - The company’s cash flow from operating activities for the first half of 2025 was 83 million yuan, an increase of 49 million yuan year-on-year [10] Business Segments - The design and soft decoration segments have shown strong growth, with revenues increasing by 29.92% and 43.75% respectively in the first half of 2025 [10] - New orders signed in the first half of 2025 totaled 1.162 billion yuan, a year-on-year increase of 65.9%, with design and soft decoration orders growing by 41.2% and 132.5% respectively [10] - As of June 30, 2025, the total amount of signed but uncompleted orders was 3.561 billion yuan, indicating a solid order reserve [10] Valuation Metrics - The price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected to be 29.1, 23.7, and 20.4 respectively [10][11] - The return on equity (ROE) is expected to improve from -4.2% in 2023 to 19.5% by 2027 [11]

证券代码：002811 证券简称：郑中设计 公告编号：2025-046 | 项目 类型 | 2025 | 年第二季度 | 截至报告期末累计 | 截至报告期末累计 | | | --- | --- | --- | --- | --- | --- | | | | 新签订单金额 | 已中标未签订单金额 | 已签约未完工订单金额 | | | 设计 | | 44,952.79 | 6,014.99 | | 288,535.46 | | 软装 | | 24,268.83 | 5,436.39 | | 55,791.72 | | 工程 | | 3,837.80 | | | 11,762.70 | | 合计 | | 73,059.42 | 11,451.38 | | 356,089.88 | 注：1、公司2025年第二季度不存在重大项目； 2、以上数据仅为阶段性数据且未经审计，仅供各位投资者参阅。 特此公告。 深圳市郑中设计股份有限公司董事会 深圳市郑中设计股份有限公司 2025 年第二季度装修装饰业务主要经营情况简报 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。 根据《深圳 ...

Group 1: Business Strategy and Market Response - The company focuses on original design as its core strategy, leveraging its competitive advantage in the interior design sector, which is closely related to cultural consumption and real estate industries [2][3] - The real estate sector's development level significantly impacts interior design, with recent government policies aimed at promoting high-quality growth in real estate, which in turn benefits interior design [3] - The company is adapting to market changes through technology and multi-level market strategies, including the development of a digital solution platform for efficient online collaboration in interior design [3][4] Group 2: Financial Performance - In 2024, the company's operating revenue reached ¥1,187,042,176.94, an increase of 8.49% year-on-year, with a net profit of ¥95,421,891.90, marking a return to profitability [4] - For Q1 2025, the operating revenue was ¥269,720,960.79, up 19.38% year-on-year, while the net profit decreased by 40.25% to ¥24,486,184.27 [4] - The design business generated revenue of ¥720,698,416.34 in 2024, a growth of 9.51%, while the soft decoration business saw revenue of ¥261,063,142.95, increasing by 16.23% [4] Group 3: Growth Opportunities - Future growth points include deep integration of design and AI, enhancing overseas business development, and entering high-end private art centers [4] - The company aims to strengthen its soft decoration business, which is crucial for brand building and enhancing overall design quality [4] - As of Q1 2025, the company secured new orders worth ¥4.31 billion, with a backlog of ¥35.50 billion across design, soft decoration, and engineering businesses [5]

证券代码：002811 证券简称：郑中设计 公告编号：2025-035 一、按业务类型分类订单汇总表 单位：万元 | 项目 类型 | 2025 年第一季度 新签订单金额 | | 截至报告期末累计 已中标未签订单金额 | 截至报告期末累计 已签约未完工订单金额 | | --- | --- | --- | --- | --- | | 设计 | | 31,461.98 | 2,883.32 | 285,674.92 | | 软装 | | 11,658.88 | 6,013.06 | 48,878.71 | | 工程 | | | 3,805.30 | 20,376.83 | | 合计 | | 43,120.86 | 12,701.68 | 354,930.46 | 注：1、公司2025年第一季度不存在重大项目； 2、以上数据仅为阶段性数据且未经审计，仅供各位投资者参阅。 深圳市郑中设计股份有限公司 特此公告。 2025 年第一季度装修装饰业务主要经营情况简报 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。 根据《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 ...