报告公司投资评级 - 行业为建筑装饰/工程咨询服务Ⅱ，6个月评级为买入（维持评级） [6] 报告的核心观点 - 公司24年业绩小幅承压，减值计提或已充分，后续业绩有望改善，且业务转型步伐加快 [1] - 传统主业经营企稳，新业务微短剧布局初步完成全栈式平台搭建，中长期转型有望带来业绩及估值催化 [2] - 盈利能力稳步提升，费用控制能力逐步增强 [3] - 公司持续升级BIM正向设计平台，积极布局微短剧打造新增长点，考虑24年业绩增长不及预期，预计25 - 27年归母净利润分别为1.5、1.8、2.0亿元，维持“买入”评级 [4] 根据相关目录分别进行总结 财务数据和估值 |指标|2023|2024|2025E|2026E|2027E| |----|----|----|----|----|----| |营业收入(百万元)|1,506.75|1,166.93|1,250.24|1,340.49|1,431.36| |增长率(%)|(17.46)|(22.55)|7.14|7.22|6.78| |EBITDA(百万元)|378.32|316.15|341.16|362.51|395.00| |归属母公司净利润(百万元)|161.33|125.30|152.52|177.28|202.19| |增长率(%)|43.82|(22.33)|21.72|16.23|14.05| |EPS(元/股)|0.82|0.64|0.78|0.90|1.03| |市盈率(P/E)|16.65|21.43|17.61|15.15|13.28| |市净率(P/B)|1.70|1.72|1.68|1.62|1.56| |市销率(P/S)|1.78|2.30|2.15|2.00|1.88| |EV/EBITDA|4.64|8.15|5.73|5.12|4.68| [5] 基本数据 - A股总股本196.04百万股，流通A股股本149.98百万股，A股总市值2,685.78百万元，流通A股市值2,054.67百万元 [7] - 每股净资产7.37元，资产负债率46.19%，一年内最高/最低股价为22.58/8.38元 [7] 财务预测摘要 |项目|2023|2024|2025E|2026E|2027E| |----|----|----|----|----|----| |股东权益合计(百万元)|1,666.49|1,620.57|1,679.07|1,747.32|1,825.09| |非流动负债合计(百万元)|414.96|429.17|443.03|436.02|436.07| |负债合计(百万元)|1,597.00|1,441.83|1,045.58|1,114.16|1,040.79| |股本(百万股)|196.04|196.04|196.04|196.04|196.04| |现金流量表(百万元)| | | | | | |净利润|189.31|144.40|152.52|177.28|202.19| |折旧摊销|43.72|45.10|48.92|49.86|51.02| |财务费用|9.28|11.81|4.23|4.72|6.92| |投资损失|(8.34)|0.32|(12.00)|(12.00)|(12.00)| |营运资金变动|(40.14)|(103.58)|(104.18)|21.30|(81.21)| |其它|93.26|76.30|46.02|53.00|60.03| |经营活动现金流|287.09|174.36|135.50|294.17|226.95| |资本支出|138.12|43.89|31.15|47.01|39.94| |长期投资|1.83|(10.78)|0.00|0.00|0.00| |其他|(268.12)|(268.16)|(70.15)|(81.01)|(73.94)| |投资活动现金流|(128.18)|(235.05)|(39.00)|(34.00)|(34.00)| |债权融资|12.43|(6.09)|9.39|(8.22)|(9.29)| |股权融资|(156.53)|6.02|(137.04)|(159.03)|(181.44)| |其他|10.71|(214.60)|0.00|0.00|0.00| |筹资活动现金流|(133.39)|(214.66)|(127.65)|(167.25)|(190.73)| |汇率变动影响|0.00|0.00|0.00|0.00|0.00| |现金净增加额|25.52|(275.36)|(31.15)|92.92|2.21| |资产负债率|48.94%|47.08%|38.37%|38.94%|36.32%| |净负债率|-22.62%|4.40%|6.91%|1.12%|0.82%| |流动比率|1.65|1.66|2.46|2.38|2.67| |速动比率|1.65|1.66|2.46|2.38|2.67| |应收账款周转率|2.84|2.78|3.27|3.60|4.24| |存货周转率|DIV/0!|505.75|541.85|DIV/0!|DIV/0!| |总资产周转率|0.46|0.37|0.43|0.48|0.50| |每股收益(元)|0.82|0.64|0.78|0.90|1.03| |每股经营现金流(元)|1.46|0.89|0.69|1.50|1.16| |每股净资产(元)|8.08|7.95|8.18|8.45|8.76| |市盈率|16.65|21.43|17.61|15.15|13.28| |市净率|1.70|1.72|1.68|1.62|1.56| |EV/EBITDA|4.64|8.15|5.73|5.12|4.68| |EV/EBIT|5.06|9.25|6.69|5.94|5.37| [12] 资产负债表和利润表 |项目|2023|2024|2025E|2026E|2027E| |----|----|----|----|----|----| |资产负债表(百万元)| | | | | | |货币资金|808.85|362.79|331.63|424.55|426.76| |应收票据及应收账款|448.98|391.28|372.75|371.96|303.96| |预付账款|9.13|10.74|7.06|21.46|8.79| |存货|0.00|4.61|0.00|0.00|0.00| |其他|354.48|647.28|771.23|798.71|872.59| |流动资产合计|1,621.45|1,416.70|1,482.69|1,616.68|1,612.11| |长期股权投资|54.24|43.46|43.46|43.46|43.46| |固定资产|326.36|704.41|677.00|653.90|633.86| |在建工程|380.95|23.50|54.80|75.84|92.67| |无形资产|187.08|176.87|169.06|161.26|153.45| |其他|362.39|428.10|297.64|310.33|330.33| |非流动资产合计|1,311.03|1,376.34|1,241.96|1,244.79|1,253.77| |资产总计|3,263.50|3,062.40|2,724.65|2,861.47|2,865.88| |短期借款|3.86|1.94|2.10|1.95|1.83| |应付票据及应付账款|252.26|273.05|82.98|226.06|66.41| |其他|400.64|280.10|517.48|450.13|536.47| |流动负债合计|656.76|555.10|602.56|678.14|604.71| |长期借款|0.00|0.00|0.00|0.00|0.00| |应付债券|399.14|420.03|420.03|420.03|420.03| |其他|15.82|9.15|23.00|15.99|16.04| |少数股东权益|83.34|62.93|75.83|90.83|107.94| |股本|196.04|196.04|196.04|196.04|196.04| |资本公积|642.10|647.99|647.99|647.99|647.99| |留存收益|624.41|592.88|638.64|691.82|752.47| |其他|120.61|120.74|120.57|120.64|120.65| |股东权益合计|1,666.49|1,620.57|1,679.07|1,747.32|1,825.09| |负债和股东权益总计|3,263.50|3,062.40|2,724.65|2,861.47|2,865.88| |利润表(百万元)| | | | | | |营业收入|1,506.75|1,166.93|1,250.24|1,340.49|1,431.36| |营业成本|1,021.20|757.37|801.07|855.82|907.68| |营业税金及附加|11.88|9.80|9.64|10.34|11.04| |销售费用|40.68|27.54|31.26|32.84|32.92| |管理费用|121.13|113.27|100.02|105.90|110.22| |研发费用|68.12|44.84|50.01|50.94|51.53| |财务费用|3.95|8.19|4.23|4.72|6.92| |资产/信用减值损失|(57.08)|(38.56)|(39.00)|(28.00)|(22.00)| |公允价值变动收益|0.91|0.95|3.00|3.00|3.00| |投资净收益|8.34|(0.32)|12.00|12.00|12.00| |其他|70.20|71.95|0.00|0.00|0.00| |营业利润|217.42|171.90|230.02|266.93|304.06| |营业外收入|0.24|0.55|0.55|0.55|0.55| |营业外支出|2.95|3.20|3.20|3.20|3.20| |利润总额|214.71|169.25|227.37|264.28|301.41| |所得税|25.40|24.84|31.83|37.00|42.20| |净利润|189.31|144.40|195.53|227.28|259.21| |少数股东损益|27.98|19.10|43.02|50.00|57.03| |归属于母公司净利润|161.33|125.30|152.52|177.28|202.19| |每股收益（元）|0.82|0.64|0.78|0.90|1.03| |主要财务比率| | | | | | |成长能力| | | | | | |营业收入|-17.46%|-22.55%|7.14%|7.22%|6.78%| |营业利润|26.75%|-20.94%|33.81%|16.05%|13.91%| |归属于母公司净利润|43.82%|-22.33%|21.72%|1