Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company experienced significant growth in Q4, with a 39% year-on-year increase in net profit attributable to shareholders, driven by non-operating income [1][2] - The company is focusing on developing six emerging business sectors to create a second growth curve, with new contracts in these sectors reaching nearly 100 billion yuan in 2024 [3] Financial Performance Summary - In 2024, the company achieved operating revenue of 300.2 billion yuan, a decrease of 1.4% year-on-year, while net profit attributable to shareholders was 2.168 billion yuan, an increase of 39% [1][4] - The comprehensive gross margin for 2024 was 8.74%, down 0.13 percentage points, primarily due to a decline in the gross margin of the construction business [2] - The company reported a significant increase in asset disposal income, which contributed to a net profit margin increase to 0.7%, up 0.21 percentage points year-on-year [2] Business Segment Performance - The construction segment generated revenue of 266.7 billion yuan, a year-on-year increase of 0.65%, with various sub-segments showing mixed performance [1] - Emerging business sectors, including urban renewal and new infrastructure, showed strong growth, with contract values increasing by 9%, 18%, and 68% respectively [3] Future Projections - The company is projected to achieve net profits of 1.83 billion yuan in 2025, a decrease of 16% year-on-year, followed by growth in subsequent years [3][4] - The expected earnings per share (EPS) for 2025 is 0.21 yuan, with corresponding price-to-earnings (P/E) ratios of 12, 11, and 10 for the years 2025, 2026, and 2027 respectively [3][4]

Core Viewpoint - Shanghai Construction Group Co., Ltd. (the "Company") has approved the issuance of corporate bonds by its subsidiary, Shanghai Construction Group Investment Co., Ltd. (the "Investment"), with a total amount not exceeding 4.5 billion yuan [1] Group 1 - The Investment has received approval from the Shanghai Stock Exchange for the non-public issuance of corporate bonds aimed at professional investors, which meets the conditions for listing and transfer [1] - The bonds will be underwritten by several securities firms, including Ping An Securities, Debon Securities, CITIC Securities, and Everbright Securities, and will be issued in phases within 12 months from the date of the approval letter [1] - The funds raised from the bond issuance will be used for purposes specified in the offering document, and a special account will be designated for receiving, storing, and transferring the funds [3] Group 2 - The Investment is required to fulfill its information disclosure obligations during the bond's existence, including timely reporting of any significant events that may affect its ability to repay or the bond's price [3][4] - The Company will actively promote related work and fulfill its information disclosure obligations in a timely manner [4]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 3.11 [8][9]. Core Views - The company reported a significant decline in revenue for Q1 2025, achieving RMB 40.3 billion, down 46.1% year-on-year, and a net loss attributable to shareholders of RMB 1.79 billion, a decrease of 162% year-on-year. However, the impact on the full year is expected to be relatively small due to the historically low contribution of Q1 to annual revenue [1][5]. - The company has a strong market presence in Shanghai, with 72% of new contracts in 2024 coming from the Shanghai market and 83% from the Yangtze River Delta region, indicating a stable operational performance [1]. - The gross profit margin for Q1 2025 improved to 7.54%, an increase of 1.37 percentage points year-on-year, although the net profit margin was negative at -0.44%, down 0.83 percentage points year-on-year due to increased expense ratios [2][3]. Summary by Sections Financial Performance - Q1 2025 revenue was RMB 40.3 billion, down 46.1% year-on-year, with a net loss of RMB 1.79 billion [1]. - The gross profit margin improved to 7.54%, while the net profit margin was -0.44% [2]. - The company’s operating cash flow showed improvement, with a net cash outflow of RMB 23.3 billion, which was RMB 2 billion less than the previous year [3]. Contracting and Market Activity - New contracts signed in Q1 2025 totaled RMB 64.5 billion, a decrease of 44% year-on-year, with significant declines in construction and building materials sectors [4]. - The company is focusing on expanding its market presence in the Yangtze River Delta, with a 9% year-on-year increase in new contracts outside Shanghai [4]. Profit Forecast and Valuation - The profit forecast for the company remains at RMB 2.3 billion for 2025, with a price-to-earnings ratio (PE) of 12 times, maintaining the target price of RMB 3.11 [5].

| 证券代码：600170 | 证券简称：上海建工 | | | 公告编号：2025-022 | | --- | --- | --- | --- | --- | | 债券代码：240782 | 债券简称：24 | 沪建 | Y1 | | | 债券代码：240783 | 债券简称：24 | 沪建 | Y2 | | | 债券代码：241305 | 债券简称：24 | 沪建 | Y3 | | | 债券代码：241857 | 债券简称：24 | 沪建 | Y4 | | 上海建工集团股份有限公司 关于子公司发行债券获批的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 经上海建工集团股份有限公司（简称"公司"）第八届董事会第四十一次会 议、2023年年度股东大会审议通过，公司下属子公司上海建工集团投资有限公司 （简称"建工投资"）申请发行公司债券。 近日，建工投资收到上海证券交易所（简称"上交所"）出具的《关于对上 海建工集团投资有限公司非公开发行公司债券挂牌转让无异议的函》（上证函 [2025]1453号）。建工投资面向专业投资者非 ...

Core Viewpoint - The company reported a decline in key performance indicators due to a slowdown in construction bidding and execution, impacting overall profitability [6]. Financial Data - The company did not conduct an audit for the first quarter financial report [3]. - The total new contracts signed in the first quarter amounted to 645.48 billion yuan, with nine major projects exceeding 5 billion yuan, totaling 68.38 billion yuan [6]. - The company sold 11,676 ounces of gold, generating revenue of 224 million yuan, representing an 8% year-on-year increase [6]. Business Performance - The construction bidding volume decreased, and the execution of orders slowed down, leading to pressure on new contracts, construction output, and revenue [6]. - The company focused on expanding its market presence in the Yangtze River Delta, achieving a 9% year-on-year increase in new contracts in this region (excluding Shanghai) [6]. - The company aims to enhance management efficiency and risk prevention measures to improve conversion rates from orders to revenue [6].

Core Insights - The company reported a significant decline in key financial metrics for Q1 2025 compared to the same period in 2024, with a net profit of -1.79 billion yuan, representing a 161.72% decrease [1] - The basic earnings per share dropped to -0.0400 yuan, a 300% decline from the previous year [1] - The total revenue for Q1 2025 was 403.16 billion yuan, down 46.06% from 747.37 billion yuan in Q1 2024 [1] Financial Performance - Basic Earnings Per Share: -0.0400 yuan in Q1 2025 compared to 0.0200 yuan in Q1 2024, a decrease of 300% [1] - Net Profit: -1.79 billion yuan in Q1 2025, down from 2.9 billion yuan in Q1 2024, a decline of 161.72% [1] - Revenue: 403.16 billion yuan in Q1 2025, a decrease of 46.06% from 747.37 billion yuan in Q1 2024 [1] - Return on Equity: -1.01% in Q1 2025, down from 0.56% in Q1 2024, a decline of 280.36% [1] Shareholder Information - The top ten unrestricted shareholders hold a total of 461,270.37 million shares, accounting for 51.91% of the circulating shares, with an increase of 1,562.19 million shares from the previous period [1] - Shanghai Construction Group holds 268,867.05 million shares, representing 30.26% of total share capital, unchanged from the previous period [2] - Shanghai Guosheng Group reduced its holdings by 220.00 million shares, now holding 132,351.97 million shares, which is 14.89% of total share capital [2] Dividend Distribution - The company has announced that there will be no distribution or transfer of dividends this time [3]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 40.32 billion, a decrease of 46.06% compared to CNY 74.74 billion in the same period last year[4] - The net profit attributable to shareholders was a loss of CNY 179.40 million, down 161.79% from a profit of CNY 290.35 million year-on-year[4] - Basic and diluted earnings per share were both CNY -0.04, representing a 300% decrease from CNY 0.02 in the previous year[4] - The company reported a total comprehensive loss of CNY 273.29 million for Q1 2025, compared to a comprehensive income of CNY 300.81 million in Q1 2024[21] - The net profit for Q1 2025 was a loss of CNY 175.76 million, contrasting with a net profit of CNY 329.30 million in Q1 2024, indicating a significant downturn[21] Assets and Liabilities - Total assets at the end of the reporting period were CNY 348.68 billion, a decline of 9.87% from CNY 386.87 billion at the end of the previous year[5] - The total current assets decreased from 293.28 billion RMB at the end of 2024 to 257.94 billion RMB by March 31, 2025[13] - The company's total liabilities decreased from 334.99 billion RMB at the end of 2024 to 297.35 billion RMB by March 31, 2025[15] - The total non-current assets decreased from 93.59 billion RMB at the end of 2024 to 90.74 billion RMB by March 31, 2025[14] - The total assets as of March 31, 2025, amounted to ¥100,872,221,745.96, down from ¥110,839,832,730.11 as of December 31, 2024[28] - The total liabilities decreased to ¥61,410,581,036.16 from ¥71,171,154,957.82 over the same period[28] Cash Flow - The cash flow from operating activities was a negative CNY 23.28 billion, an improvement of 8.04% compared to a negative CNY 25.32 billion in the same period last year[4] - The cash flow from operating activities for Q1 2025 was a net outflow of CNY 23.28 billion, compared to a net outflow of CNY 25.32 billion in Q1 2024, showing a slight improvement[24] - The total cash inflow from investing activities in Q1 2025 was CNY 1.64 billion, slightly lower than CNY 1.74 billion in Q1 2024[24] - The net cash flow from financing activities for Q1 2025 was CNY 2.19 billion, a decrease from CNY 5.14 billion in Q1 2024, reflecting a reduction in financing activities[25] - The ending cash and cash equivalents balance as of Q1 2025 was 16.60 billion, down from 19.33 billion in Q1 2024, reflecting a decrease of about 14.1%[34] Operational Highlights - The decline in operating revenue was primarily due to a decrease in new contract amounts and a slowdown in order execution[6] - In Q1 2025, the company signed new contracts totaling 64.548 billion RMB, with 9 major projects over 5 billion RMB each, amounting to 6.838 billion RMB[11] - The company achieved a revenue of 2.24 billion RMB from gold sales, representing an 8% year-over-year increase, with total gold sales of 11,676 ounces[11] - The construction segment accounted for 86.54% of total revenue, generating 34.72 billion RMB, with a gross profit of 1.764 billion RMB, which is 59.38% of the segment's revenue[12] - The company reported a 9% year-over-year increase in new contracts signed in the Yangtze River Delta region (excluding Shanghai) in Q1 2025[11] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 195,813[9] - The largest shareholder, Shanghai Construction Group Co., Ltd., held 30.26% of the shares, totaling 2.69 billion shares[9] Research and Development - Research and development expenses for Q1 2025 were CNY 708.89 million, down from CNY 1.37 billion in Q1 2024, marking a reduction of approximately 48%[20] - Research and development expenses for Q1 2025 were ¥22,544,263.20, significantly lower than ¥64,267,481.25 in Q1 2024, suggesting a cutback in innovation spending[29] Risk Management - The company is focused on risk prevention and management to mitigate economic risks and ensure safety in production[11] - The company plans to enhance market penetration and management efficiency to achieve its annual budget goals[11] - The company aims to improve the conversion rate from orders to revenue through refined management practices[11]

Core Viewpoint - Shanghai Construction Group reported a net loss of 179 million yuan in the first quarter of 2025, primarily due to a decline in new contract amounts and slower order execution progress, alongside underperformance in real estate and investment businesses, which impacted overall profitability [1] Financial Performance - The company's operating revenue for the first quarter was 40.32 billion yuan, representing a year-on-year decrease of 46.06% [1] - The net profit attributable to shareholders was -179 million yuan [1]

4月25日上午，上海市国资委党委书记、主任贺青带队赴上海建工（600170）调研并召开座谈会，听取 企业稳增长和改革发展工作汇报，了解企业问题建议。贺青表示，上海建工是上海建筑领域龙头企业， 多年来立足服务国家战略，积极投身城市建设，为全市经济社会发展作出了重要贡献。他指出，当前建 筑行业正面临重大调整，希望上海建工坚定信心、迎难而上，重点做好三方面工作：一要全面深入分析 当前形势，深刻洞察行业结构和趋势性变化，找准自身存在的问题不足，进一步明晰战略方向、保持战 略定力、增强战略敏捷。二要把促进稳增长与深化改革相结合，全力抓工程进度、抓项目节点，以每单 必争、每楼必保姿态为全市经济稳增长作贡献，与此同时要在业务结构、市场布局、科技创新等方面下 更大功夫，加快推动转型发展，防范各类风险。三要更加积极主动参与全市重大工程项目建设，市国资 委将搭建更多平台，促进企业间深化合作。对调研中反映的问题建议，市国资委将联合相关委办全力以 赴推进解决，为企业发展营造良好环境。(智通财经) ...

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The municipal investment in March continues to show a warming trend, with a focus on domestic demand counter-cyclical adjustments and safe investment areas [1] - The construction industry PMI rose to 53.4 in March, indicating improved activity in the sector [36] - The issuance of special bonds has been stable, with a significant year-on-year increase in the amount issued [44] Summary by Sections 1. Water Conservancy and Power Investment - Water conservancy and power investments continue to maintain high growth, with municipal investment in March showing a year-on-year increase of 6.5% [23] - Narrowly defined infrastructure investment (excluding power) increased by 5.8% year-on-year, while broadly defined infrastructure investment (including power) rose by 11.5% [23][24] 2. Fund Tracking - As of April 18, 2025, the total amount of newly issued special bonds reached 1,063.39 billion CNY, a year-on-year increase of 40.4% [44] - The issuance of city investment bonds reached 1,824.42 billion CNY, with a year-on-year increase of 4.74% [48] 3. Recent Key Company Announcements - Shanghai Construction Group reported a cumulative new contract amount of 64.548 billion CNY for Q1 2025, a year-on-year decrease of 44.03% [60] - Jianghe Group announced a cumulative new contract amount of 1.435 billion CNY for Q1 2025, down 47.13% year-on-year [60]