20240828-天风证券-精工钢构-600496.SH-海外业务加速拓展_现金流持续改善_3页_748kb

报告摘要

精工钢构（600496）半年报点评总结

当前精工钢构（600496）维持“买入”评级，目标价未明确，当前股价为24元，总市值约483亿元。

2024年上半年，公司实现营业收入765亿元，同比下降9%，归母净利润27亿元，同比下降30%，扣非净利润25亿元，同比下降33%。但单季度来看，第二季度营收和净利润环比均有改善，第二季度收入同比增59%，净利润虽同比大幅下降，但环比改善明显。

新签订单方面，2024年上半年新签订单总额达1224亿元，同比增长94%。分业务看：

钢结构业务新签订单下滑；
合营连锁业务新签订单增长显著，同比增幅达827%；
海外业务积极推进“借船出海”模式，新签订单同比增长338%，占比较去年提升11.6个百分点；
BIPV业务签约额同比增长3002%，接近去年全年水平。

盈利能力方面，上半年毛利率为12.8%，同比下降1.3个百分点。期间费用率上升，主要因销售、管理、研发和财务费率均有所提高。公司加大资产减值冲回力度，一定程度上对业绩形成利多。

现金流方面，上半年经营现金流净额达222亿元，同比多流入156亿元，显示公司现金流改善。

公司为钢结构行业头部企业，品牌优势明显，客户粘性较强。海外扩张和新兴业务如工业连锁、BIPV将为公司带来第二成长曲线。预计2024-2026年归母净利润分别为61亿元、66亿元、73亿元，年复合增长率约10%。

维持“买入”评级，建议关注短期不确定性与长期增长潜力并重。风险包括行业景气度下降、钢材价格波动等。

翻译 Summary：

Company report|Semi-annual review Please read the information disclosure and disclaimers after the main text.

ZPMC (600496) Securities Research Report
Date: August 28, 2024
Investment Rating: Buy (Maintained)
Industry: Building Decoration / Professional Engineering
6M Target Price: Not Specified
Current Price: 24 RMB
Basic Data:

A Share Total Shares: 2,012.88 million
Circulating A Share: 2,012.88 million
A-Share Market Cap: 48,309.2 million CNY
Circulating Market Cap: 48,309.2 million CNY
Net Assets per Share: RMB 4.21
Debt-to-Asset Ratio: 63.24%

Key Points:
In H1 2024, ZPMC reported revenue decline of 9% YoY, with significant drop in net profit (-30%) and non-GAAP net profit (-33%). Q2 performance showed improvement in revenue and profit trends relative to Q1.

New orders reached RMB 122.4 billion (+94% YoY), driven by strong performance in joint business operations (+827% YoY) and overseas expansion (+3,382% YoY). BIPV segment saw a threefold increase in orders (approx 90% of annual 2023 target).

Gross margin declined to 12.8%, while operating expenses rose. The company benefits from strong client relationships and positions in both domestic and international markets, with continued focus on BIPV and industrialized construction as drivers for future growth.