Core Viewpoint - The company reported steady growth in Q1 2025, with revenue reaching 100.37 billion yuan, a year-on-year increase of 3.05%, and a net profit attributable to shareholders of 1.612 billion yuan, up 8.83% year-on-year, indicating strong operational performance despite market challenges [1] Group 1: Financial Performance - In Q1 2025, the company achieved a gross profit margin of 11.18%, an increase of 0.47 percentage points year-on-year [2] - The net profit margin stood at 2.60%, reflecting a year-on-year increase of 0.19 percentage points [2] - The company reported a net cash flow from operating activities of -14.51 billion yuan, which was a decrease in outflow of 1.68 billion yuan compared to the same period last year [2] Group 2: Contract and Business Growth - The company secured new contracts worth 388.9 billion yuan in Q1 2025, representing a year-on-year growth of 5.8% [1] - The core engineering construction segment saw new contracts amounting to 364.05 billion yuan, a year-on-year increase of 15.5% [1] - New energy business contracts grew significantly, with traditional energy, new energy, integrated smart energy, urban construction, and comprehensive transportation contracts increasing by 6.1%, 20%, 57.8%, and 96.7% respectively [1] Group 3: Regional Performance - Domestic new contract value reached 287.46 billion yuan, a year-on-year increase of 4.2%, while overseas new contracts totaled 101.44 billion yuan, up 10.5% year-on-year [2] - The overseas new energy and integrated smart energy projects saw a remarkable year-on-year growth of 53.7% [2] Group 4: Future Outlook - The company maintains its profit forecast for 2025-2027, estimating net profits attributable to shareholders at 8.79 billion, 9.41 billion, and 10.17 billion yuan respectively [1] - The company continues to enhance its emerging business segments, with significant advancements in technology innovation and new business layouts in hydrogen energy and AI [1]

Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - The company achieved a revenue of 100.37 billion yuan in Q1, a year-on-year increase of 3.05%, with a net profit attributable to shareholders of 1.61 billion yuan, up 8.83% year-on-year, and a non-net profit of 1.39 billion yuan, reflecting a significant year-on-year increase of 24.03% [1] - The company continues to make progress in new business layouts, with the world's first 300 MW compressed air energy storage project achieving full capacity grid-connected power generation [1] - The company expects net profits attributable to shareholders to reach 8.79 billion yuan, 9.41 billion yuan, and 10.17 billion yuan for the years 2025 to 2027, respectively [1] Financial Performance - In Q1, the company signed new contracts worth 388.9 billion yuan, a year-on-year increase of 5.8%, with core business engineering construction contracts amounting to 364.05 billion yuan, up 15.5% year-on-year [2] - The gross profit margin for Q1 was 11.18%, an increase of 0.47 percentage points year-on-year, while the net profit margin was 2.60%, up 0.19 percentage points year-on-year [3] - The company reported a net cash flow from operating activities of -14.51 billion yuan, a decrease in outflow of 1.68 billion yuan compared to the same period last year [3] Business Segments - The new energy business continues to grow rapidly, with new contracts in traditional energy, new energy, integrated smart energy, urban construction, and comprehensive transportation showing year-on-year increases of 6.1%, 20%, 57.8%, and 96.7%, respectively [2] - The company’s domestic new contract amount reached 287.46 billion yuan, a year-on-year increase of 4.2%, while the overseas new contract amount was 101.44 billion yuan, up 10.5% year-on-year [2] Financial Data and Valuation - The company’s projected revenue for 2023 is 406.03 billion yuan, with a growth rate of 10.82%, and the projected net profit attributable to shareholders is 7.99 billion yuan, with a growth rate of 2.26% [5] - The company’s price-to-earnings ratio (P/E) is projected to decrease from 11.59 in 2023 to 9.10 in 2027, indicating an improving valuation [5]

Financial Performance - Operating revenue for the quarter was RMB 100,370,574 thousand, representing a 3.05% increase year-on-year[14] - Net profit attributable to shareholders increased by 8.83% to RMB 1,611,677 thousand compared to the same period last year[14] - Basic earnings per share rose by 8.82% to RMB 0.037 compared to the same period last year[14] - Total operating revenue for Q1 2025 reached RMB 100,370,574, an increase of 2.0% compared to RMB 97,403,938 in Q1 2024[37] - Net profit for Q1 2025 was RMB 2,613,766, representing a 11.2% increase from RMB 2,349,778 in Q1 2024[38] - Earnings per share for Q1 2025 were RMB 0.037, compared to RMB 0.034 in Q1 2024, indicating a growth of 8.8%[39] - Total operating costs for Q1 2025 were RMB 97,312,784, up from RMB 94,409,058 in Q1 2024, reflecting a 3.1% increase[37] Cash Flow and Liquidity - The net cash flow from operating activities was negative at RMB -14,509,148 thousand, an improvement from RMB -16,193,463 thousand in the previous year[14] - Cash flow from operating activities in Q1 2025 was RMB 107,214,039, an increase from RMB 92,156,931 in Q1 2024, marking a growth of 16.4%[40] - Cash and cash equivalents at the end of Q1 2025 totaled 78,966,477 thousand RMB, up from 56,010,736 thousand RMB at the end of Q1 2024, reflecting an increase of approximately 41%[42] - The net increase in cash and cash equivalents for Q1 2025 was -3,134,998 thousand RMB, an improvement from -12,125,283 thousand RMB in Q1 2024, showing better cash management[42] - The company received cash from financing activities totaling 45,956,478 thousand RMB in Q1 2025, slightly down from 46,755,828 thousand RMB in Q1 2024[42] Assets and Liabilities - Total assets increased by 4.09% to RMB 904,580,015 thousand compared to the end of the previous year[13] - Total current assets amounted to RMB 474.66 billion, an increase from RMB 447.30 billion as of December 31, 2024[31] - The total non-current assets as of March 31, 2025, reached RMB 429.92 billion, compared to RMB 421.70 billion on December 31, 2024[32] - Current liabilities increased to RMB 458.91 billion as of March 31, 2025, up from RMB 437.23 billion as of December 31, 2024[33] - Total liabilities as of March 31, 2025, amounted to RMB 696,366,243, up from RMB 663,175,697 as of December 31, 2024, reflecting a 5.0% increase[34] - Total equity as of March 31, 2025, was RMB 208,213,772, compared to RMB 205,829,079 as of December 31, 2024, showing a slight increase of 0.2%[35] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 343,692[19] - The largest shareholder, China Energy Construction Group Co., Ltd., holds 45.05% of the shares[19] - As of April 2025, the controlling shareholder, China Energy Construction Group, holds 18,847,137,078 shares, accounting for 45.21% of the total share capital[21] Contracts and Projects - In Q1 2025, the company achieved new contract signing amount, operating revenue, and net profit attributable to shareholders of RMB 388.896 billion, RMB 100.371 billion, and RMB 1.612 billion, respectively, representing year-on-year growth of 5.75%, 3.05%, and 8.83%[22] - The company signed new domestic contracts worth RMB 287.455 billion in Q1 2025, a year-on-year increase of 4.18%, and secured 2.06 million kW in new energy development indicators[23] - The company’s overseas new contract signing amount reached RMB 101.441 billion, with a year-on-year growth of 10.47%, and new energy and integrated smart energy projects saw a 53.7% increase in contracts signed[23] - The company has developed the world's first 300 MW compressed air energy storage demonstration project, which has entered stable commercial operation, marking a significant breakthrough in new energy technology[24] - The company has signed contracts for over 30 compressed air energy storage sites, with key projects in Shandong and Shaanxi under accelerated construction[24] Research and Development - Research and development expenses for Q1 2025 were RMB 2,128,220, up from RMB 1,614,792 in Q1 2024, indicating a significant increase of 31.7%[37] - The company’s new technology projects, including green building materials and integrated solar energy, are progressing rapidly and are expected to enhance operational efficiency[24] Strategic Initiatives - The hydrogen energy business is expanding, with over 50 projects in key regions both domestically and internationally, focusing on a full-chain industry model from production to utilization[25] - The company is actively promoting AI initiatives, focusing on integrating AI with energy and industry sectors, and has outlined a comprehensive action plan for AI development[25] - The company is focusing on project management and has implemented a series of measures to enhance operational efficiency and risk control[27] - The company is actively expanding its regional computing hub construction across several key locations, including Gansu, Ningxia, and Anhui[26] Financial Instruments - The company successfully issued the first phase of technology innovation corporate bonds for 2025, with a scale of RMB 2 billion, a 10-year term, and a coupon rate of 2.33%, setting a new low for long-term bond rates[27] Other Information - The company has not reported any new products or technologies in the current earnings call[50] - There are no updates on market expansion or mergers and acquisitions mentioned in the earnings call[50] - The company is set to implement new accounting standards starting in 2025, which may affect financial reporting[53]

Financial Performance - The company reported a basic earnings per share of 0.0370 yuan for Q1 2025, an increase of 8.82% compared to 0.0340 yuan in Q1 2024 and up from 0.0250 yuan in Q1 2023 [1] - The total revenue for Q1 2025 was 100.37 billion yuan, reflecting a growth of 3.05% from 97.40 billion yuan in Q1 2024 and an increase from 88.52 billion yuan in Q1 2023 [1] - Net profit for Q1 2025 reached 1.612 billion yuan, which is an 8.85% increase from 1.481 billion yuan in Q1 2024 and significantly higher than 1.124 billion yuan in Q1 2023 [1] - The return on equity (ROE) improved to 1.43% in Q1 2025, up from 1.37% in Q1 2024 and 1.12% in Q1 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 3,156,322.39 million shares, accounting for 75.72% of the circulating shares, with a decrease of 45.65 million shares compared to the previous period [1] - China Energy Engineering Group Co., Ltd. is the largest shareholder, holding 1,878,164.15 million shares, which represents 45.05% of the total share capital, with an increase of 71.19 million shares [2] - HKSCC Nominees Limited holds 843,801.36 million shares, accounting for 20.24% of the total, with a slight decrease of 0.62 million shares [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

Financial Performance - The company’s operating revenue for 2024 reached RMB 436,712,757 thousand, representing a year-on-year increase of 7.56% compared to RMB 406,031,848 thousand in 2023[42]. - Net profit attributable to shareholders for 2024 was RMB 8,396,167 thousand, up 5.13% from RMB 7,986,116 thousand in 2023[42]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 8.89% to RMB 6,526,279 thousand from RMB 7,162,814 thousand in 2023[42]. - The net cash flow from operating activities increased by 16.25% to RMB 11,027,252 thousand compared to RMB 9,486,032 thousand in 2023[42]. - Total assets at the end of 2024 were RMB 869,004,776 thousand, a 10.96% increase from RMB 783,156,193 thousand at the end of 2023[42]. - The net assets attributable to shareholders at the end of 2024 were RMB 116,011,181 thousand, reflecting a 5.02% increase from RMB 110,464,737 thousand at the end of 2023[42]. - Basic earnings per share for 2024 were RMB 0.19, a 5.56% increase from RMB 0.18 in 2023[43]. - The weighted average return on net assets for 2024 was 7.74%, a decrease of 0.14 percentage points from 7.88% in 2023[43]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.262 per share, totaling RMB 1.092 billion, with an additional interim dividend of RMB 521 million, leading to a total cash dividend of RMB 1.613 billion for the year[4]. - The board of directors has approved the profit distribution plan, which is subject to shareholder approval at the annual general meeting[4]. - The company plans to implement a mid-term dividend scheme for 2024 to enhance predictability and investor confidence[64]. Project and Contract Achievements - Total new contracts signed reached RMB 1.4 trillion, representing a year-on-year growth of 9.8%[21]. - The company reported a total of RMB 14,088.76 billion in new contracts signed for 2024, reflecting a year-on-year growth of 9.75%[53]. - The company signed new contracts worth RMB 1.27508 trillion in engineering construction business in 2024, reflecting a year-on-year growth of 6.4%[83]. - The new contracts for renewable and integrated smart energy projects amounted to RMB 555.35 billion in 2024, a year-on-year increase of 5.0%, accounting for 43.6% of the total[84]. - The traditional energy engineering construction business saw new contracts worth RMB 312.97 billion in 2024, a significant year-on-year increase of 57.6%[85]. Innovation and Technology Development - The company has established 4 academician expert stations, 14 postdoctoral research stations, and holds 11,310 valid patents, showcasing its strong innovation capabilities[30]. - The company is actively pursuing major technological tasks in green hydrogen, ammonia, and new materials[24]. - The company implemented a "Technology Strong Enterprise, Innovation Development" strategy, completing 22 major technology projects, including a world-first 660MW compressed air energy storage system solution[57]. - In 2024, the company received 1,841 patent authorizations, with a 57% year-on-year increase in invention patents[57]. - Over 100 artificial intelligence application scenarios have been implemented, demonstrating the company's focus on digital transformation[23]. Sustainability and Environmental Commitment - Major projects in green hydrogen and ammonia fuel are accelerating construction, emphasizing the company's commitment to sustainable energy solutions[23]. - The company is focusing on ecological and environmental protection, with the central government allocating RMB 34 billion for air pollution prevention and RMB 26.7 billion for water pollution control in 2024[72]. - The company is committed to sustainable development and social responsibility, with detailed reports on environmental and social governance to be published[197]. International Expansion and Market Presence - The company is focused on international expansion, aiming to build a global efficient integrated organizational and control system[26]. - The company has established six overseas regional headquarters and 256 branches, covering over 140 countries and regions, enhancing its international presence[105]. - The company’s international contracts signed in 2024 increased by 14.5%, with significant contributions from markets like Saudi Arabia and the Philippines, each exceeding RMB 20 billion[55]. Risk Management and Compliance - The company emphasizes the importance of risk awareness regarding forward-looking statements and future plans[5]. - The company has established a risk control system to address key risks in debt, project performance, and international operations, achieving a stable safety and quality environment with no major accidents reported[65]. - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties[6]. - The company reported no violations in decision-making procedures for external guarantees[6]. Financial Strategy and Governance - The financial advisor for continuous supervision is Huatai United Securities Co., Ltd., indicating ongoing compliance and governance efforts[41]. - The company emphasizes value-oriented management and plans to implement comprehensive budget control and financial digital empowerment[26]. - The company is facing debt risk due to increased operating liabilities and rising interest-bearing debt, with a strategy to manage financial risks through strict control measures[192]. - The board approved an adjustment to the issuance of A-shares, raising the fundraising amount to no more than RMB 9 billion[200]. Future Outlook and Strategic Goals - The company plans to sign new contracts worth RMB 1.5 trillion and expects revenue of RMB 458.5 billion in 2025, with an investment plan of RMB 135.4 billion[191]. - The company anticipates that the domestic hydrogen energy industry will reach a market value of RMB 1 trillion by 2025, indicating substantial growth potential in this sector[182]. - The company aims to enhance its core capabilities by focusing on technological innovation, integrated energy solutions, and comprehensive infrastructure development, aligning with national strategies for energy security and high-quality development[189].

Financial Performance - The company reported a total cash dividend distribution of RMB 1.092 billion, with a cash dividend of RMB 0.262 per 10 shares[7]. - The total share capital of the company is 41,691,163,636 shares[7]. - Operating revenue increased by 7.6% year-on-year, reflecting strong business performance[19]. - Total profit rose by 8.0% compared to the previous year, indicating improved profitability[19]. - The company's operating revenue for 2024 reached RMB 436.71 billion, representing a 7.56% increase compared to RMB 406.03 billion in 2023[36]. - Net profit attributable to shareholders for 2024 was RMB 8.40 billion, up 5.13% from RMB 7.99 billion in 2023[36]. - The net profit after deducting non-recurring gains and losses decreased by 8.89% to RMB 6.53 billion in 2024 from RMB 7.16 billion in 2023[36]. - The net cash flow from operating activities increased by 16.25% to RMB 11.03 billion in 2024, compared to RMB 9.49 billion in 2023[36]. - Total assets increased by 10.96% to RMB 869.00 billion at the end of 2024, compared to RMB 783.16 billion at the end of 2023[36]. - The total profit for 2024 reached RMB 15.128 billion, reflecting a year-on-year growth of 7.97%[46]. Strategic Initiatives - The company has implemented the "1466" strategy, focusing on becoming a world-class integrated energy solution provider and enhancing core competitiveness[16]. - The company is committed to the "dual carbon" strategy, aligning with national energy planning and promoting sustainable development[18]. - The company is focused on high-quality development through the "Four New" strategy, which includes new energy, new infrastructure, new industries, and new materials[16]. - The company aims to lead in energy integration solutions and infrastructure investment, focusing on high-quality development and energy revolution[28]. - The strategic vision includes deep integration of eight networks, enhancing core competitiveness and organizational capabilities[28]. - The company is committed to expanding its international business and enhancing its global presence through strategic initiatives[22]. Project Development - Significant projects completed include the Zhangzhou "Hualong One" nuclear power plant and the Xinjiang Dashixia hydropower station, contributing to national energy security[18]. - The company actively participated in the "Belt and Road" initiative, with major projects like the SK hydropower station in Pakistan and solar power projects in Uzbekistan being put into operation[18]. - The company has accelerated the construction of major projects such as the world's first 300 MW compressed air energy storage power station[19]. - The company is constructing a 300 MW compressed air energy storage demonstration project, which is expected to achieve full commercial operation by January 2025[51]. - The company signed major renewable energy projects including the Guangdong Shantou offshore wind power demonstration project and the 400 MW wind power project in the Philippines[53]. Innovation and Technology - Over 100 artificial intelligence application scenarios have been implemented, showcasing the company's commitment to innovation[19]. - The company is enhancing its technological capabilities and product development to support market expansion and competitiveness[16]. - The company obtained 1,841 patent authorizations in 2024, with a 57% year-on-year increase in invention patent authorizations[49]. - The company has established a comprehensive energy integration model, including seven integrated business models across various sectors[93]. - The company is committed to digital transformation through software and information services, supporting its technological development[90]. Risk Management - The company has outlined potential risks in its management discussion and analysis section, urging investors to be aware of investment risks[10]. - The company has established a multi-level risk prevention mechanism, embedding risk control responsibilities into the entire strategic decision-making chain[183]. - The company is addressing investment risks related to PPP projects and the real estate market by tightening pre-investment review standards and accelerating investment recovery processes[173]. - The company is facing increased debt risk due to rising operational liabilities and a growing total amount of interest-bearing debt, necessitating strict management of financial resources[172]. Governance and Compliance - The board of directors has ensured the accuracy and completeness of the annual report, taking legal responsibility for any misstatements[6]. - The audit report issued by Tianjian Accounting Firm confirmed the financial statements with a standard unqualified opinion[6]. - The company has implemented a project lifecycle risk assessment mechanism to enhance risk management[183]. - The company’s internal governance structure includes the shareholders' meeting, board of directors, specialized committees, supervisory board, and senior management, ensuring effective operation[184]. - The audit committee was restructured to include three independent non-executive directors, complying with Hong Kong Listing Rules[190]. Market Position and Competition - The company has maintained a leading position in traditional energy construction, completing over 90% of domestic thermal power design business and over 30% market share in hydropower engineering[62]. - The company is facing intense market competition in the energy infrastructure sector, prompting a need for improved resource allocation and innovative business development models[175]. - The company ranked 192nd in the global brand value 500 list, reflecting a significant improvement in its international brand presence[48]. Environmental and Social Responsibility - The company has engaged in rural revitalization efforts, including timely participation in major disaster relief operations, receiving widespread acclaim[18]. - The company is actively expanding its ecological and environmental protection business, with central government funding for air pollution control set at RMB 34 billion in 2024[64]. - The company is focused on the integration of energy and transportation, participating in highway, railway, and airport investment and construction[165]. - The company is committed to promoting energy security through a new strategy that emphasizes "four revolutions and one cooperation" in energy[169].

Core Viewpoint - The company plans to distribute a cash dividend of RMB 0.0262 per share, which represents 20% of the net profit attributable to ordinary shareholders for the year, lower than the previous 30% threshold due to the need to retain earnings for future growth and funding requirements [1][2][4]. Profit Distribution Plan - The proposed cash dividend distribution is RMB 0.262 per 10 shares, amounting to a total of RMB 1,092,308,487.26 based on a total share capital of 41,691,163,636 shares as of December 31, 2024 [2][4]. - The cash dividend for the current year is 20% of the net profit attributable to ordinary shareholders [2][4]. Financial Performance and Retained Earnings - The company has maintained a cash dividend ratio of 48.49% over the past three years, ensuring it does not trigger any risk warnings under the Shanghai Stock Exchange regulations [4][5]. - The company retains a portion of its profits to support strategic development, structural adjustments, and to enhance its core competitiveness [5][6]. Industry Context and Company Strategy - The company operates in a highly competitive energy and infrastructure sector, necessitating significant capital for ongoing projects and operational needs [4][5]. - The company is focused on transitioning to green and low-carbon technologies, emphasizing innovation and development in new energy, new infrastructure, and sustainable materials [5][6]. Decision-Making Process - The profit distribution plan was approved by the board of directors and the supervisory board, ensuring it aligns with the company's profit distribution policy and shareholder return strategy [6][7].

Investment Rating - The report maintains a "Buy" rating for China Energy Construction (3996.HK) [6] Core Views - The company is experiencing robust domestic and international demand for energy projects, highlighted by recent contracts for large photovoltaic projects in Azerbaijan, marking its first major EPC project in that market [2][3] - The company is actively constructing a nationwide integrated computing power network, leveraging its technological advantages in green energy and integrated construction [3] - The company's financial performance is strong, with a projected net profit growth of 17.3% year-on-year for the first three quarters of 2024, leading to an upward revision of the 2024 net profit forecast to 8.6 billion CNY [4] Summary by Sections Recent Developments - On March 11, the company signed EPC contracts for two large photovoltaic projects in Azerbaijan, with a total capacity of 760MW, indicating a significant expansion into the renewable energy sector [2] - The domestic market is also seeing a surge in orders due to new electricity pricing policies, with the company winning multiple contracts for wind and power grid projects [2] Business Strategy - The company is focusing on building a national integrated computing power network, with investments in data center projects across several key locations [3] - The Gansu Qingyang big data industrial park project is highlighted as a key initiative, with the first phase expected to be operational by September 2024 [3] Financial Performance - The company’s revenue is projected to grow from 366.4 billion CNY in 2022 to 481.7 billion CNY by 2026, with a compound annual growth rate of approximately 6.23% [5] - The net profit is expected to increase from 7.8 billion CNY in 2022 to 9.8 billion CNY in 2026, reflecting a steady growth trajectory [5] - The report notes a low valuation level for the company, suggesting significant growth potential in its energy and computing power businesses [4]

2025 年 3 月 17 日 公司研究 能源工程订单内外开花，算力中心建设蓬勃发展 ——中国能源建设（3996.HK）经营近况点评 要点 事件：当地时间 3 月 11 日，公司中电工程西北院与 Masdar 在阿布扎比签约阿 塞拜疆 Bilasuvar（比利亚苏瓦尔）445MW、Banka（班卡）315MW 光伏电站 EPC 项目。 点评： 国内外需求旺盛，公司能源订单内外开花。3 月 11 日，中国能建签约阿塞拜疆 两大光伏项目 EPC 合同，这是公司在阿塞拜疆市场首次以 EPC 总承包模式承建 的大型光伏电站项目，Bilasuvar 项目也是阿塞拜疆在建最大光伏项目。阿塞拜 疆 23 年可再生能源发电量占比为 20.3%，计划到 2030 年提高至 30%；此外， 基于对能源安全保障和经济转型的考量，目前众多油气资源大国开始加力推进新 能源建设，海外能源工程需求旺盛，公司未来有望凭借强大的能源工程建设能力 持续获得海外能源订单。国内能源市场方面，2 月 9 日国家发改委与能源局联合 印发《关于深化新能源上网电价市场化改革促进新能源高质量发展的通知》(以 下简称"136 号文")，电价政策新老划断下掀起抢 ...

行 业 研 究 / 建 筑 装 饰 / 证 券 研 究 报 告 [Table_Title] 建筑装饰行业周报 政策稳中求进，关注低位央企和转型AI 算力等业务企业机会 1）主线一：推荐建筑央企。推荐【中国铁建】、【中国中铁】、【中国 交建】、【中国建筑】、【中国能建】、【中国电建】、【中国中冶】，关注 【中国化学】、【中材国际】、【中钢国际】、【中工国际】、【北方国际】。 2）主线二：推荐高景气赛道产业链重点企业。隧道掘进设备行业： 推荐【铁建重工】、【中铁工业】，关注【五新隧装】；民爆行业：推荐 【易普力】，【高争民爆】，关注【雅化集团】、【保利联合】等；岩土 工程行业：推荐【中岩大地】。 3）主线三：关注顺周期及布局转型 AI/机器人等新质生产力方向的优 质标的机会。推荐【罗曼股份】，关注【海南华铁】、【宁波建工】、【深 城交】、【鸿路钢构】、【深圳瑞捷】、【金诚信】。 【风险提示】 2025 年 03 月 09 日 [Table_Summary] 【投资要点】 2）3 月进入业绩披露期，关注业务布局高景气赛道、业绩表现较优的 建筑企业。本周浦东建设、安徽建工等景气区域地方国企公告经营情 况。浦东建设 2 ...