本次电话会议仅服务于国泰金安证券正式签约客户会议音频及文字记录的内容仅供国泰金安证券客户内部学习使用不得外发并且必须经国泰金安证券研究所审核后方可留存国泰金安证券未授权任何媒体转发此次电话会议相关内容 未经允许和授权转载转发金属侵权国泰金安证券将保留追究其法律责任的权利国泰金安证券不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提请广大投资者谨慎做出投资决策 大家好欢迎参加春特会华阳国际装配式建筑技术领先数字文化产业加速发展会议目前所有参会者均处于静音状态现在有请主持人开始发言谢谢 各位同学各位同学下午好我是国军建筑航空员船船船船船船船船船船船船船船船船船船船船船船船船船船船船 然后呢今天的专场是华山国际作为这个地产设计行业龙头在业务的转型科技运动上有比较有心得今天我们很荣幸请到副总下面就有请副总跟我们做个介绍副总有请好的大家好啊那个我记得上一次开会咱们是在去年底吧当时整个全年的数据还没有完全出来到现在这个时点其实24年的经营状况啊也都就都都收官了啊所以我想 先对公司24年的一些经营和业绩的状况业绩我可能还是会再改一下大数了做一些回顾我记得24年我们对24年整个行业的判断就是当时觉得上半年会比较难一个 ...

| 证券代码：002949 | 证券简称：华阳国际 公告编号：2025-001 | | --- | --- | | 债券代码：128125 | 债券简称：华阳转债 | 深圳市华阳国际工程设计股份有限公司 2024 年第四季度可转债转股情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 经中国证监会"证监许可[2020]1220 号文"批准，公司于 2020 年 7 月 30 日公开发行了 450.00 万张可转换公司债券，每张面值 100 元，发行总额 45,000.00 万元，期限 6 年。 （二）可转债上市情况 经深交所"深证上〔2020〕718 号"文同意，公司 45,000.00 万元可转换公 司债券于 2020 年 8 月 21 日起在深交所挂牌交易，债券简称"华阳转债"，债券 代码"128125"。 （三）可转换公司债券转股价格调整情况 根据《深圳证券交易所股票上市规则》等有关规定和《深圳市华阳国际工程 设计股份有限公司公开发行可转换公司债券募集说明书》的约定，本次发行的可 转债转股期自可转债发行结束之日（2020 年 8 月 5 日）满六 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 21.05 CNY per share, based on a 22x PE valuation for 2025 [29][30] Core Views - The company's traditional architectural design business has slowed down, prompting a strategic shift towards the digital culture sector, particularly micro-short dramas [1][40] - The micro-short drama market is rapidly expanding, with the market size reaching 37.39 billion CNY in 2023, a tenfold increase from two years ago, and is expected to surpass 100 billion CNY by 2027 [1][40] - The company has established a digital culture subsidiary and partnered with the Jiangxi government to develop a digital film and television industry base, leveraging policy support in the region [1][64] Business Transformation and Digital Culture Sector - The company has invested 100 million CNY to establish a digital culture industry development fund and set up a subsidiary, Huayang Digital Culture (Jiangxi) Company, focusing on micro-short dramas [32][35] - The company plans to collaborate with multiple platforms for content distribution and marketing, with a focus on paid content and advertising as primary revenue streams [7][9] - The micro-short drama industry is characterized by high revenue but low profitability, with significant costs associated with marketing and platform fees [7][49] Financial Performance and Projections - The company's revenue is expected to decline in 2024 due to the slowdown in its traditional architectural design business, but it is projected to recover in 2025 and 2026, with net profits of 151 million CNY, 188 million CNY, and 213 million CNY respectively [13][36] - The architectural design business, particularly in residential projects, is expected to see a decline in 2024 but recover in 2025 and 2026, with growth rates of -25%, 10%, and 10% respectively [70][72] - The engineering consulting business is expected to stabilize, with revenue growth of -15%, 15%, and 15% from 2024 to 2026, and a stable gross margin of around 40% [48][72] Industry and Market Analysis - The micro-short drama industry is highly competitive, with platforms dominating the revenue share due to their control over user traffic and marketing channels [7][9] - The company's entry into the micro-short drama market is seen as a strategic move to diversify its revenue streams and capitalize on the growing demand for digital content [1][40] - The company's partnership with the Jiangxi government provides a strategic advantage, with policy support for digital culture and streamlined approval processes for content production [64]

| 证券代码：002949 | 证券简称：华阳国际 公告编号：2024-101 | | --- | --- | | 债券代码：128125 | 债券简称：华阳转债 | 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳市华阳国际工程设计股份有限公司 深圳市华阳国际工程设计股份有限公司 董事会 关于提前归还暂时补充流动资金的闲置募集资金的公告 . 2024 年 12 月 26 日 深圳市华阳国际工程设计股份有限公司（以下简称"公司"）于2024年2月2 日召开第三届董事会第十七次会议、第三届监事会第十四次会议，审议通过了关 于归还募集资金后继续使用部分闲置募集资金暂时补充流动资金的议案》，同意 公司使用不超过人民币7,000万元首次公开发行股票闲置募集资金、不超过人民 币10,000万元公开发行可转换公司债券闲置募集资金暂时补充流动资金，使用期 限自该事项经董事会审议通过之日起不超过12个月。具体内容详见公司于2024年 2 月 3 日 刊 登 于 《 证 券 时 报 》《 上 海 证 券 报 》 和 巨 潮 资 讯 网 （http://www.cninfo. ...

Group 1 - The company Hunan Huayang Cultural Development Co., Ltd. has been recently established with a registered capital of 10 million yuan [2] - The legal representative of the newly formed company is Xu Qingping [2] - The business scope of the company includes online cultural operations, performance brokerage, TV drama distribution, TV drama production, and second-class value-added telecommunications services [2] Group 2 - Qichacha's equity penetration shows that the company is wholly owned by Huayang International [1]

AI and Digital Transformation - The company is actively promoting digital transformation and exploring the application of AI in architectural design, achieving intelligent design and automatic drawing in certain scenarios (e.g., stairs, parking spaces, underground spaces, prefabricated structures, and structural and mechanical-electrical applications) [2] - The company has been certified as a partner of Baidu's PaddlePaddle technology ecosystem, accelerating the implementation of AI application scenarios and promoting the deep integration of AI technology with architectural design [2] - The company is expanding its digital cultural industry, leveraging digital technology to create, produce, distribute, and service cultural content, aiming to enhance China's global cultural influence and create new business growth points [2] Financial Performance and Challenges - The company's net profit for the first three quarters of 2024 decreased by 19.46% year-on-year, with a slight improvement in net profit margin [4] - Revenue has declined due to the cyclical nature of the industry, but the company has ensured profitability and healthy cash flow through business structure adjustments and cost control [4] - The company's accounts receivable/revenue ratio has been increasing due to extended payment cycles from clients affected by the real estate industry's downturn. The company is strengthening accounts receivable management to mitigate bad debt risks [4] Market and Industry Analysis - The construction industry faces both opportunities and challenges, with urbanization and high-quality development driving demand for high-quality design services [3] - The industry is expected to see new market demands and development opportunities with the emergence of technologies like AI and the advancement of the "Belt and Road" initiative [3] - The real estate market has been in a downward trend, impacting the company's revenue as a design unit in the construction field [3] Strategic Measures and Future Plans - The company is focusing on the "Design + Technology" strategy, enhancing the commercialization of technological R&D and increasing the penetration rate of technological applications to strengthen core competitiveness [3] - Efforts are being made to optimize the business structure, establish a strict project evaluation system, and focus on high-quality clients and projects to ensure long-term competitiveness [4] - The company plans to improve operational efficiency by enhancing design quality, strengthening accounts receivable collection, and ensuring financial control to maintain cash flow security [4] Valuation and Investor Relations - The company's P/E and P/B ratios are below the industry average, influenced by economic conditions, policy environment, and market sentiment. The company aims to improve its valuation by enhancing operational performance and intrinsic value [4] - The company participated in the "2024 Shenzhen Listed Companies Investor Online Collective Reception Day" to engage with investors and address their concerns [1]

关于股票交易异常波动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 深圳市华阳国际工程设计股份有限公司（以下简称"公司"）股票（证券简称： 华阳国际，证券代码：002949）于 2024 年 12 月 10 日、12 月 11、12 月 12 日连续 三个交易日内收盘价格涨幅偏离值累计超过 20%，根据《深圳证券交易所交易规则》 的有关规定，属于股票交易异常波动情况。 二、对重要问题的关注、核实情况说明 | 证券代码：002949 | 证券简称：华阳国际 | 公告编号：2024-100 | | --- | --- | --- | | 债券代码：128125 | 债券简称：华阳转债 | | 深圳市华阳国际工程设计股份有限公司 公司董事会确认，公司目前没有任何根据深交所《股票上市规则》等有关规 定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协议等；董 事会也未获悉公司有根据深交所《股票上市规则》等有关规定应予以披露而未披 露的、对公司股票及其衍生品种交易价格产生较大影响的信息；公司前期披露的 信息不存在需要更正 ...

| 证券代码：002949 | 证券简称：华阳国际 | 公告编号：2024-099 | | --- | --- | --- | | 债券代码：128125 | 债券简称：华阳转债 | | 深圳市华阳国际工程设计股份有限公司 关于参加 2024 年度深圳辖区上市公司集体接待日活动的 公告 届时公司董事长唐崇武先生，董事、董事会秘书、财务总监徐清平先生就公 司业绩、公司治理、发展战略、经营状况、融资计划、股权激励和可持续发展等 投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 深圳市华阳国际工程设计股份有限公司 董事会 2024 年 12 月 6 日 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流工作，深圳市华阳国际工程设计股份有限 公司（以下简称"公司"）将参加由深圳证监局和深圳证券交易所指导、深圳上 市公司协会与深圳市全景网络有限公司联合举办的"2024 年度深圳辖区上市公 司集体接待日活动"，现将有关事项公告如下： 本次活动采取网络远程的方式举行，投资者可以登录"全景路演"网站 （http://r ...

Investment Rating - The investment rating for the company is "Buy" [2] - Previous rating was also "Buy" [2] Target Price - The target price is set at 16.37 CNY, with the last forecast also being 16.37 CNY [2] Current Price - The current price is 15.03 CNY [2] Company Overview - The company is actively expanding into the digital cultural industry, leveraging its strengths in creativity and content creation, which is expected to enhance profitability and core competitiveness [8] - The real estate policy and fundamental improvements are anticipated to support the company's main business development [8] Financial Performance - For the first three quarters of 2024, revenue decreased by 22.90% year-on-year to 812 million CNY, with net profit attributable to shareholders declining by 19.46% to 110 million CNY [8] - The expense ratio for the first three quarters of 2024 was 17.27%, an increase of 0.44 percentage points, while the net profit margin was 13.78%, up by 0.59 percentage points [8] - The company reported a negative operating cash flow of 27 million CNY for the first three quarters of 2024, compared to -30 million CNY in the same period of 2023 [8] Financial Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 0.83, 0.95, and 1.06 CNY respectively, reflecting a downward adjustment from previous estimates [8] - Revenue is expected to recover slightly in 2024 with a forecast of 1.54 billion CNY, followed by growth to 1.73 billion CNY in 2025 and 1.90 billion CNY in 2026 [8] Strategic Initiatives - The company has established an investment fund and a wholly-owned subsidiary to actively engage in the digital cultural industry, with an initial investment of 100 million CNY [8] - The company is enhancing its Building Information Modeling (BIM) capabilities and integrating artificial intelligence into its design processes [8] Market Position - The company has a total market capitalization of 2,946 million CNY and operates with a net asset value per share of 7.86 CNY, resulting in a price-to-book ratio of 1.9 [3][4] - The company has maintained a strong position in the prefabricated construction design sector, benefiting from optimized real estate policies [8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2]. Core Views - The company has actively reduced its business scale, leading to an improvement in operational quality [2][5]. - In the first three quarters, the company achieved operating revenue of 812 million yuan, a year-on-year decrease of 22.90%, and a net profit attributable to shareholders of 112 million yuan, down 19.46% year-on-year [2][5]. - The company is optimistic about the long-term potential of prefabricated buildings and BIM technology, as it is one of the early adopters in this field [6]. Summary by Sections Financial Performance - The comprehensive gross margin for the first three quarters was 34.03%, an increase of 2.09 percentage points year-on-year, while the gross margin for the third quarter was 45.20%, up 3.64 percentage points year-on-year [4]. - The net profit margin attributable to shareholders for the first three quarters was 13.78%, an increase of 0.59 percentage points year-on-year [4]. - The company reported a significant improvement in cash flow, with a cash collection ratio of 94.36% for the first three quarters, down 1.18 percentage points year-on-year, and a cash inflow of 98 million yuan in the third quarter [5]. Business Strategy - The company has proactively controlled its business scale, reducing the number of marketing personnel and market expenses, resulting in a significant contraction in business size in Q3 [5]. - The company is focused on enhancing its design and research capabilities, particularly in prefabricated construction and BIM technology, which are expected to contribute to future revenue growth [6]. Market Position - The current stock price is 15.26 yuan, with a total share capital of 19.604 million shares [7]. - The company has a net asset value per share of 7.27 yuan, with a 12-month high and low price of 16.60 yuan and 7.68 yuan, respectively [7].