2、原材料价格继续上涨：受国际市场及环保、物流影响，公司生产所需天然气、煤炭、 陶土、色釉料、包装材料等存在价格上涨的可能，如未来市场天然气及主要原材料、电 力价格出现大幅上涨，将会增加公司的生产成本。 事件评论 瓷砖收入全年逆势增长。瓷砖为公司主营业务，2023 年瓷砖收入占比约 85%，瓷砖收入 同比增长 14%，而卫生洁具收入同比增长 4%，弱于公司瓷砖收入表现。由于行业竞争加 剧，公司全年瓷砖均价从 43 元/方跌至 40 元/方，下跌幅度约 8%，而单位成本下降 11%， 使得瓷砖毛利率从 30.9%提升至 33.5%。公司不断优化产品和渠道结构，高毛利率产品 收入占比和大规格岩板产品收入占比持续提升至 25.55%。分渠道看，全年直销和经销收 入增长均为 12-13%，经销收入占比维持在 60%，零售渠道业绩占比达 71%。分季度看， 过去五个季度公司收入增速分别为 15%、9%、9%、-12%，2024Q1 收入增速放缓，一 是源于前一年基数较高，另一方面源于竣工面积走弱，2023Q1 竣工面积同比下降 21%。 降本增效效果显著，Q1 费用率上升。公司 2023 年毛利率约 32.0%，同比提 ...

证券代码：003012 证券简称：东鹏控股 公告编号:2024-033 广东东鹏控股股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 广东东鹏控股股份有限公司（以下简称"公司"）于2024年2月5日召开第五 届董事会第五次会议，审议通过了《关于以集中竞价交易方式回购公司股份方案 的议案》，同意公司使用自有资金不低于人民币10,000万元（含）且不超过20,000 万元（含），以集中竞价交易方式进行股份回购，回购价格不超过人民币11.88元 /股，回购期限自公司董事会审议通过本次回购方案之日起不超过12个月，具体 回购数量以回购期满时实际回购的股份数量为准，回购股份将用于员工持股计划 或者股权激励。具体内容详见2024年2月6日于公司指定信息披露报刊和巨潮资讯 网（www.cninfo.com.cn）披露的相关公告。 根据《深圳证券交易所上市公司自律监管指引第9号——回购股份》的相关 规定，公司应当在每个月的前三个交易日内披露截至上月末的回购进展情况。现 将公司截至上月末的回购进展情况公告如下: 广东东鹏控股股份有限公司董 ...

证券代码： 003012 证券简称：东鹏控股 广东东鹏控股股份有限公司 投资者关系活动记录表 编号：2024-01 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系 □新闻发布会 □路演活动 活动类别 □现场参观 ☑其他（线上电话交流） 天风证券、长江证券、广发证券、永赢基金、工银瑞信基金、深圳奇盛基金、 东吴基金、中信建投基金、富国基金、南方基金、招商基金、海富通基金、新 华基金、天辰元信私募基金、广州玄甲私募基金、玄元私募基金、华泰证券（上 海）资管、宁波市海曙投资、淡水泉（北京）投资管理、巨杉资管、上海景熙 参与单位名称 资管、北京源乐晟资管、上海聆泽投资管理、北京宏道投资管理、玄卜投资（上 及人员 海）、福建豪山资管、上海国泰君安证券资管、Willing Capital Management Limited、Value Partners Limited、青骊投资管理（上海）、中国对外经济贸 易信托、北京诚盛投资管理、上海晨燕资管、Dragonstone、中金公司、中信建 投证券等（排名不分先后）。 时间 2024年4 月28 日14:00-15:00 ...

Financial Performance - The company's revenue for Q1 2024 was CNY 1,011,954,877.18, a decrease of 11.58% compared to CNY 1,144,470,282.03 in the same period last year[8] - The net profit attributable to shareholders was CNY -11,515,577.02, representing a significant decline of 1,077.81% from CNY 1,177,693.11 in the previous year[8] - The net cash flow from operating activities was CNY -95,653,471.99, a decrease of 181.55% compared to CNY 117,289,700.32 in the same period last year[8] - Total operating revenue for the current period is ¥1,011,954,877.18, a decrease of 11.5% from ¥1,144,470,282.03 in the previous period[24] - Net profit for the period was a loss of ¥11,923,136.96, compared to a profit of ¥840,766.62 in the previous period, representing a significant decline[43] - Operating profit decreased from a loss of ¥7,491,399.31 to a loss of ¥25,665,915.87, indicating a worsening operational performance[43] - Basic and diluted earnings per share were both reported at -0.0098, compared to 0.001 in the previous period, reflecting a significant decline in profitability[43] Cash Flow and Investments - The net cash flow from operating activities for the current period is -95,653,471.99 CNY, compared to 117,289,700.32 CNY in the previous period, indicating a significant decline[44] - Cash inflow from operating activities totaled 1,710,527,480.19 CNY, an increase from 1,618,393,561.15 CNY in the previous period[44] - Cash outflow from operating activities increased to 1,806,180,952.18 CNY from 1,501,103,860.83 CNY, reflecting higher operational costs[44] - The net cash flow from investing activities is -138,614,238.06 CNY, down from 143,865,931.96 CNY in the previous period[45] - Cash inflow from investing activities decreased to 480,222,790.42 CNY from 530,382,965.18 CNY[45] - Cash outflow from investing activities rose to 618,837,028.48 CNY from 386,517,033.22 CNY, indicating increased capital expenditures[45] - The net cash flow from financing activities is -277,951,784.59 CNY, slightly improved from -314,441,609.58 CNY in the previous period[45] - Total cash and cash equivalents at the end of the period stand at 2,164,450,234.23 CNY, compared to 1,606,765,623.01 CNY at the end of the previous period[45] Assets and Liabilities - Total assets at the end of the reporting period were CNY 11,819,795,113.89, down 1.69% from CNY 12,023,420,162.79 at the end of the previous year[8] - Total assets decreased from ¥12,559,214,082.55 to ¥11,819,795,113.89, a decline of approximately 5.9%[41] - Current assets decreased from ¥6,750,925,189.76 to ¥6,030,884,895.99, a decline of about 10.7%[41] - Total liabilities decreased from ¥4,768,299,502.16 to ¥4,040,179,991.61, a reduction of about 15.3%[41] - The total liabilities and equity amount to 11,819,795,113.89 CNY, down from 12,559,214,082.55 CNY in the previous period[50] Shareholder Information - The number of ordinary shareholders at the end of the reporting period is 28,589[35] - The largest shareholder, Ningbo Lijian Venture Capital Partnership, holds 29.87% of shares, totaling 350,379,778 shares[35] - The company plans to repurchase shares with a budget between CNY 100 million and CNY 200 million, with a maximum price of CNY 11.88 per share[18] - The total equity attributable to shareholders of the parent company is 7,773,441,548.91 CNY, a slight decrease from 7,784,333,447.08 CNY[50] Operational Efficiency - The gross profit margin improved by 1.69 percentage points year-on-year, indicating enhanced operational efficiency[11] - Accounts receivable and notes receivable decreased by 30.20% and 7.61%, respectively, compared to the beginning of the period, reflecting better cash collection[11] - The bathroom business saw a revenue increase of 19.3% year-on-year, driven by improved channel management and targeting high-quality clients[11] - The company reported a 70.41% increase in credit impairment losses, indicating a rise in provisions for bad debts[14] - The company reported a credit impairment loss of ¥5,959,971.03, compared to ¥3,497,351.59 in the previous period, indicating increased credit risk[43] Expenses - Total operating costs for the current period are ¥1,030,526,114.97, down 10.5% from ¥1,151,958,588.59 in the previous period[24] - Research and development expenses increased to ¥37,251,151.30, up 24.5% from ¥29,855,043.94 in the previous period[24] - Tax and additional charges decreased to ¥13,809,898.95, a reduction of 16.4% from ¥16,531,097.45 in the previous period[24] - The company reported a financial expense of -¥12,698,735.19, an improvement compared to -¥13,514,948.15 in the previous period[24] - Inventory increased from ¥1,675,268,739.49 to ¥1,699,670,233.75, an increase of approximately 1.5%[40]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected outperformance relative to the market index by more than 15% [6][10] Core Views - The company achieved robust revenue growth in 2023, with total revenue reaching RMB 7.773 billion, a year-on-year increase of 12.16% [6] - Net profit attributable to the parent company surged by 256.63% year-on-year to RMB 720 million, driven by optimized retail channels and cost reduction efforts [6] - The company's gross margin improved to 32.02%, up by 2.28 percentage points compared to the previous year, reflecting enhanced profitability [6] - Retail channel performance accounted for 71% of total revenue, with significant growth in tile product sales volume, which increased by 23.64% year-on-year [6] - The company's cost control measures, including lean management, contributed to a 11.1% reduction in tile unit sales cost [6] Financial Performance Summary Revenue and Profit - Revenue is projected to grow steadily, with forecasts of RMB 8.559 billion, RMB 9.444 billion, and RMB 10.409 billion for 2024E, 2025E, and 2026E, respectively [2][6] - Net profit attributable to the parent company is expected to increase to RMB 793 million, RMB 910 million, and RMB 1.049 billion for 2024E, 2025E, and 2026E, respectively [2][6] Profitability Metrics - Gross margin is forecasted to remain stable at around 32% over the next three years [2][6] - ROE is expected to improve from 9.3% in 2023 to 11.4% by 2026, reflecting enhanced capital efficiency [2][6] Operational Efficiency - The company's asset turnover ratio is projected to increase from 61.4% in 2023 to 69.2% by 2026, indicating improved operational efficiency [7] - Inventory turnover ratio is expected to remain strong, with forecasts of 299.1%, 294.8%, and 295.7% for 2024E, 2025E, and 2026E, respectively [7] Valuation Metrics - The company's PE ratio is forecasted to decline from 11.8x in 2023 to 8.1x by 2026, reflecting an attractive valuation [2][6] - PB ratio is expected to decrease from 1.1x in 2023 to 0.9x by 2026, further supporting the investment case [7]

证 券 研 究 报 告 股 票 研 究 公 司 更 新 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------|----------------------------------------------------------------------------------------|--------------------------------|----------------------------------------|--------------------------------|----------------------|---------------------|--------------------------------------------------|--------------|-------------------| | [Table_MainInfo] | [Table_Title] 东鹏控股 (003012) | | | | [Table_indust ...

证券研究报告·公司点评报告·家居用品 2023 年年报点评：降本增效盈利改善，渠道 优化现金流大幅好转 2024 年 04 月 23 日 | --- | --- | --- | --- | --- | --- | |------------------------------|---------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 6,930 | 7,773 | 8,441 | 9,235 | 9,963 | | 同比（ % ） | (13.15) | 12.16 | 8.60 | 9.40 | 7.89 | | 归母净利润（百万元） | 202.01 | 720.43 | 775.02 | 876.30 | 989.91 | | 同比（ % ） | 31.50 | 256.63 | 7.58 | 13.07 | 12.96 | | EPS- 最新摊薄（元 / 股） | 0.17 | 0.61 | 0.66 | 0. ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained rating) with a target price not specified [4]. Core Views - The company has shown significant improvement in cash flow and strong cost control capabilities, which are expected to enhance the cash dividend ratio [2][8]. - The company achieved a revenue of 7.77 billion yuan in 2023, representing a year-on-year growth of 12.16%, and a net profit attributable to the parent company of 720.43 million yuan, a substantial increase of 256.63% [8]. - The company has a robust long-term investment value, with a planned cash dividend ratio of no less than 30% for the years 2024-2026 [8]. Financial Performance Summary - In 2023, the company reported a gross margin of 32.0%, an increase of 2.28 percentage points year-on-year, and a net profit margin of 9.26%, up by 6.39 percentage points [9]. - The company’s operating income is projected to grow from 8.57 billion yuan in 2024 to 11.11 billion yuan in 2026, with corresponding net profits of 798.44 million yuan and 1.06 billion yuan respectively [13][29]. - The company’s cash flow from operations (CFO) reached 1.77 billion yuan in 2023, a significant increase of 1.35 billion yuan year-on-year [9]. Revenue and Profitability - The company’s revenue from tiles and sanitary ware in 2023 was 6.58 billion yuan and 980 million yuan respectively, with growth rates of 14.15% and 4.27% [28]. - The company’s EBITDA for 2023 was 1.76 billion yuan, with a projected increase to 1.98 billion yuan in 2026 [5][13]. - The company’s earnings per share (EPS) are expected to rise from 0.68 yuan in 2024 to 0.91 yuan in 2026 [13][14]. Market Position and Outlook - The company is expected to maintain a strong market position with a well-established marketing network, and if the real estate market improves, it is anticipated that the company’s market share will gradually increase [29]. - The company has optimized its product and channel structure, leading to an increase in the proportion of high-margin products, with the revenue share of high-margin large-format products rising to 25.55% [28].

广东东鹏控股股份有限公司 特此公告。 关于举行2023年度业绩说明会的公告 广东东鹏控股股份有限公司董事会 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 广东东鹏控股股份有限公司（以下简称"公司"）将于 2024 年 5 月 8 日（星 期三）15:00-17:00 在全景网举行 2023 年度业绩说明会。本次年度业绩说明会 将采用网络远程的方式举行，投资者可登录全景网投资者关系互动平台 （http://ir.p5w.net）参与本次年度业绩说明会。 证券代码：003012 证券简称：东鹏控股 公告编号:2024-030 出席本次年度业绩说明会的人员有：公司董事长兼总经理何新明先生，独立 董事路晓燕女士，董事、副总经理、财务总监包建永先生，董事会秘书、副总经 理黄征先生。 为充分尊重投资者、提升交流的针对性，现就公司 2023 年度业绩说明会提 前向投资者征集问题，广泛听取投资者的意见和建议。投资者可于 2024 年 5 月 8 日（星期三）下午 15:00 前访问 https://ir.p5w.net/zj/，进入问题征集专题 页面。公司将在 2023 年 ...

广东东鹏控股股份有限公司 2023 年年度报告全文 午 鹏 B2Ns 广东东鹏控股股份有限公司 2023 年年度报告 2024 年 4 月 20 日 l 广东东鹏控股股份有限公司 2023 年年度报告全文 2023 年年度报告 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的 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。 公司负责人何新明、主管会计工作负责人包建永及会计机构负责人（会 计主管人员）谭春甫声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本报告中涉及的未来发展计划等前瞻性陈述属于计划性事项，该计划不 构成公司对投资者的实质承诺，投资者及相关人士均应当对此保持足够的风 险认识，并且应当理解计划、预测与承诺之间的差异。敬请投资者注意投资 风险。 公司已在本报告中详细叙述未来可能面临的主要风险，详细内容请查阅 本报告"第三节 管理层讨论与分析"之"十一、公司未来发展的展望"部分， 敬请投资者注意投资风险。 公司经本次董事会审议通过的利润分配预案为：以 2023 年度权益分 ...