安徽建工（600502）公告，近日，公司所属子公司安徽建工建设投资集团有限公司、安徽建工公路桥梁 建设集团有限公司及安徽华盛建设集团有限公司联合体收到项目中标通知书。其中，甬金衢上高速公路 金华婺城至浙赣界土建第TJ01标段中标价8.99亿元，工期为972日历天；S238涡阳县至利辛县一级公路 改扩建工程项目中标价8.77亿元，工期为730日历天；S223皖苏界至灵城段改建工程中标价7.82亿元， 工期为730日历天。 ...

Investment Rating - The investment rating for the construction and decoration industry is "Positive" (maintained) [4] Core Viewpoints - The industry is experiencing a structural differentiation in performance, with 16 companies reporting revenue growth and 12 companies reporting net profit growth in 2024, indicating a challenging environment due to the slowdown in infrastructure project implementation [7][10] - The domestic infrastructure sector is expected to gain momentum in 2025, driven by policy support and project launches, with significant projects like the Grand Canal in Jiangsu, Zhejiang, and Guangdong, and the Chengdu-Chongqing Economic Circle being highlighted [16] - The "Belt and Road" initiative is becoming increasingly important as external challenges rise, with trade with Belt and Road countries growing by 5.16% in 2024, indicating strong demand and cooperation potential [19][22] Summary by Sections Market Review - The construction and decoration index fell by 0.27% during the week, while the Shanghai Composite Index decreased by 0.28% [43] - Among the sub-sectors, steel structure, engineering consulting services, and municipal engineering showed positive growth, with increases of 3.32%, 0.67%, and 0.16% respectively [43] Company Performance - Major state-owned enterprises like China Railway, China Communications, and China Energy are expected to see stable order reserves and positive growth in new contract amounts for 2025, with targets of 20,147 million, 30,600 million, and 15,000 million respectively [14] - The international engineering and chemical engineering sectors are performing well, with companies like Donghua Technology and Northern International showing significant revenue and profit growth [10][11] External Challenges - The trade tensions with the U.S. have led to increased tariffs, significantly impacting China's exports, with the average tariff on Chinese goods reaching 21% during the Trump administration [19][22] - The "Belt and Road" initiative is seen as a strategic response to these challenges, with trade with Belt and Road countries accounting for 34.76% of China's total foreign trade in 2024, reflecting its growing importance [22][30] Infrastructure Investment - The report highlights the potential for infrastructure investment to rebound in 2025, with a focus on projects that have strong regional resource advantages and project execution capabilities [16] - Key enterprises to watch include major state-owned companies like China Construction, China Railway, and local state-owned enterprises such as Sichuan Road and Bridge and Anhui Construction [16]

Investment Rating - Industry rating is maintained at "Outperform the Market" [6] Core Viewpoints - The announcement of "reciprocal tariffs" by Trump has exceeded expectations, reinforcing the logic of domestic demand recovery. The focus is on infrastructure and key strategic industries like coal chemical investments, which are expected to receive policy support [2][21] - The construction index rose by 0.13% this week, outperforming the Shanghai and Shenzhen 300 index by 0.57 percentage points, with significant gains in small and mid-cap transformation stocks [1][31] - The first quarter of 2025 saw a significant increase in local government bond issuance, indicating potential for local investment release despite external demand pressures [4][21] Summary by Sections Section 1: Tariff Impact and Domestic Demand - Trump's new tariffs, including a 10% baseline tariff and higher rates for major trade deficit countries, are expected to suppress overseas and manufacturing investments while boosting domestic demand [2][14] - The previous trade friction period saw a decline in manufacturing and infrastructure investments, with real estate becoming a key contributor to economic stability [3][21] Section 2: Market Performance - The construction index's performance this week was driven by sectors such as professional engineering and building design, with notable stock gains from companies like Shanshui Bide and Zhongyan Dadi [1][31] Section 3: Investment Recommendations - Focus on infrastructure-related stocks, particularly in high-growth regions like Tibet and Xinjiang, and sectors benefiting from domestic demand recovery [21][28] - Coal chemical projects are expected to see significant investment, with recommendations for companies like Sanwei Chemical and China Chemical [28] - Companies with production layouts in North America or Mexico are likely to benefit, with recommendations including China Jushi and Puyang Refractories [28] Section 4: Fiscal Policy and Investment Opportunities - The first quarter of 2025 saw local government bond issuance reach approximately 2.84 trillion yuan, a year-on-year increase of about 80%, indicating a strong fiscal push for infrastructure investment [4][21] - The report emphasizes the importance of structural and regional characteristics in infrastructure investment, particularly in water conservancy and transportation sectors [38]

证券代码：600502 证券简称：安徽建工 编号：2025-025 安徽建工集团股份有限公司 关于召开2024年度业绩说明会的公告 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。 重要内容提示： 登录新浪财经APP 搜索【信披】查看更多考评等级 （二）投资者可于2025年4月3日（星期四）至4月10日（星期四）16:00前登录上证路演中心网站首页， 点击"提问预征集"栏目（https://roadshow.sseinfo.com/preCallQa），根据活动时间，选中本次活动或通过 公司邮箱ahjgzqb@163.com向公司提问，公司将在说明会上对投资者普遍关注的问题进行回答。 五、联系人及咨询办法 ● 投资者可于2025年4月3日（星期四）至4月10日（星期四）16:00前登录上证路演中心网站首页点 击"提问预征集"栏目或通过公司邮箱ahjgzqb@163.com进行提问。公司将在说明会上对投资者普遍关注 的问题进行回答。 安徽建工集团股份有限公司（以下简称"公司"）已于2025年3月29日发布公司2024年度报告，为便 ...

证券代码：600502 证 券 简 称 ：安 徽 建 工 编号：2025-025 安徽建工集团股份有限公司 关于召开 2024 年度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 4 月 11 日（星期五）9:00-10:00 （一）会议召开时间：2025 年 4 月 11 日（星期五）9:00-10:00 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 1 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 4 月 3 日（星期四）至 4 月 10 日（星期四）16:00 前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ahjgzqb@163.com 进 行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 安徽建工集团股份有限公司（以下简称"公司" ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [11] Core Views - The company achieved a total revenue of 96.502 billion yuan in 2024, representing a year-on-year growth of 5.76%. However, the net profit attributable to shareholders decreased by 13.43% to 1.345 billion yuan. The net profit after deducting non-recurring items also saw a decline of 11.55% to 1.258 billion yuan [2][8] - In the fourth quarter alone, the company reported a revenue of 42.539 billion yuan, which is a significant increase of 35.85% year-on-year. Nevertheless, the net profit for this quarter fell by 21.85% to 0.383 billion yuan, while the net profit after deducting non-recurring items increased by 23.71% to 0.398 billion yuan [2][8] Summary by Sections Revenue and Orders - The company's construction business generated a revenue of 76.344 billion yuan, marking a year-on-year increase of 6.57%. The growth rate for infrastructure construction outpaced that of real estate construction, with increases of 10.6% and 1.58% respectively. The total number of new contracts signed was 474, amounting to 155.077 billion yuan, which is a 2.65% increase year-on-year. Notably, new contracts in road and bridge, water conservancy, and port and shipping engineering saw substantial growth rates of 63.61%, 160.54%, and 21.78% respectively [11] Profitability - The overall gross profit margin for the company in 2024 was 12.40%, a slight decrease of 0.04 percentage points compared to 2023. The gross profit margin for the construction business improved, while the real estate sector experienced a slight decline. The gross profit margin for the fourth quarter was 12.63%, down 1.41 percentage points year-on-year [11] Cash Flow and Financial Health - The net cash inflow from operating activities for the year was 1.215 billion yuan, which is a decrease of 2.456 billion yuan compared to the previous year. The cash collection ratio was 92.23%, down 0.88 percentage points year-on-year. In the fourth quarter, the net cash inflow from operating activities was 6.470 billion yuan, an increase of 2.911 billion yuan year-on-year, with a cash collection ratio of 88.99%, up 21.40 percentage points [11] Future Outlook - The report highlights potential investment opportunities for local state-owned construction enterprises amid government efforts to address debt and stimulate fiscal policy. The anticipated implementation of more proactive fiscal policies is expected to alleviate local government debt pressures and enhance central investment efforts, which could lead to increased orders and performance for the company [11]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][18]. Core Views - The company reported a significant increase in its dividend payout ratio to 34.5% for 2024, up by 5.73 percentage points from 2023, resulting in a dividend yield of 5.9% [1]. - Despite a revenue increase of 5.8% year-on-year to CNY 96.5 billion in 2024, the company's net profit decreased by 13.4% to CNY 1.35 billion, primarily due to challenges in the real estate sector and substantial credit and asset impairment losses [1][4]. - The company is focusing on long-term investment value, with historical P/E and P/B ratios at 16.4% and 9.6%, respectively, indicating a low valuation relative to historical performance [1]. Summary by Sections Business Performance - In 2024, the company's construction business generated revenues of CNY 32.53 billion and CNY 43.82 billion from housing and infrastructure, respectively, with new orders declining by 32.8% and increasing by 21.8% [2]. - The real estate segment saw a revenue drop of 8.9% to CNY 6.52 billion, while contracted sales increased by 36.3% in area and 21.5% in value [2]. - New business initiatives have been strengthened, with significant growth in contracts for building industrialization and smart manufacturing, achieving year-on-year increases of 64.8% and 196.0%, respectively [2]. Financial Metrics - The company's gross margin for 2024 was 12.4%, a slight decrease of 0.04 percentage points, with specific margins for construction, infrastructure, and real estate at 9.3%, 11.2%, and 7.4%, respectively [3]. - The net profit margin fell to 2.1%, down by 0.2 percentage points, influenced by increased asset and credit impairment losses totaling CNY 2.36 billion [3]. - Cash flow from operations (CFO) was CNY 1.22 billion, a decrease of CNY 2.46 billion year-on-year, with cash collection and payment ratios at 92.2% and 91.5%, respectively [3]. Future Projections - The company is projected to achieve net profits of CNY 1.42 billion, CNY 1.50 billion, and CNY 1.57 billion for 2025, 2026, and 2027, respectively, reflecting a growth rate of 5.5% for 2025 and 4.9% for 2027 [4][5]. - Revenue forecasts indicate a gradual increase, with expected revenues of CNY 101.62 billion in 2025 and CNY 111.75 billion in 2027, representing growth rates of 5.3% and 4.5% [5][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's revenue and profit are under pressure, but the dividend payout ratio has increased [2] - The company is expected to face challenges due to local government debt management and the downturn in the real estate sector, leading to a downward revision of profit forecasts for 2025-2026 [7] - Despite these challenges, the company is positioned to benefit from market expansion and increased concentration in the industry, particularly in Anhui province [7] Financial Summary - Total revenue for 2023 is projected at 91,244 million, with a year-on-year growth rate of 13.9% [6] - The net profit attributable to the parent company for 2024 is expected to be 1,345 million, a decrease of 13.4% compared to the previous year [7] - The company plans to distribute a cash dividend of 1.9 yuan per 10 shares for 2024, which represents 34.46% of the net profit attributable to the parent company, an increase of 5.73 percentage points from 2023 [7] - The operating cash flow for 2024 is expected to be 12.15 billion, a decrease of 24.56 billion year-on-year [7] - The company's asset-liability ratio is projected to be 86.5% at the end of 2024, an increase of 0.56 percentage points from the end of 2023 [7] Business Performance - The construction business is expected to achieve a revenue of 763.44 billion in 2024, with a year-on-year growth of 6.57% and a gross margin of 10.38% [7] - The real estate development business is projected to generate a revenue of 65.19 billion in 2024, a decrease of 8.85% year-on-year [7] - The company is focusing on quality improvement in its operations amidst the pressures from local government debt and the real estate sector downturn [7]

3月28日，安徽建工（600502）发布2024年年报，公司实现营业收入965.02亿元，同比增长5.76%；归母 净利润13.45亿元，同比下降13.43%；扣非净利润12.58亿元，同比下降11.55%。尽管公司在市场开拓和 转型发展方面取得了一定进展，但净利润的显著下滑暴露了其在成本控制和盈利能力上的问题。 市场开拓与合同增长：表面繁荣下的隐忧 2024年，安徽建工在工程施工业务方面新签合同1550.77亿元，同比增长2.65%。公司实施了全省、全 国、全产业链和全球的战略布局，设立了18个省外分公司，重点开发京津冀、长三角等市场。然而，尽 管合同金额有所增长，但净利润的下降表明公司在项目执行过程中可能面临成本超支或利润率下降的问 题。 此外，公司在高速公路、新能源和智能制造等新兴产业的投资布局也取得了显著进展。2024年新中标10 条高速公路BOT投资项目，建工智能制造六安、芜湖基地(二期)建成投产，建工新能源新增运营合肥长 丰、肥东分布式光伏电站。然而，这些新兴业务的盈利能力尚未充分体现，短期内难以弥补传统业务的 下滑。 成本控制与盈利能力：亟待提升的关键环节 安徽建工在2024年的净利润下滑13. ...

安徽建工集团股份有限公司 证券代码：600502 证 券 简 称 ：安 徽 建 工 编号：2025-016 第九届监事会第四次会议决议公告 本公司监事会及全体监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。 2.公司 2024 年年度报告的内容和格式符合中国证监会和上海证券交易所的各项 规定，所包含的信息能从各个方面真实地反映出公司当年度的经营管理和财务状况等 事项； 3.监事会在提出本意见前，未发现参与公司 2024 年年度报告编制和审议的人员 有违反保密规定的行为。 表决结果：5 票同意，0 票反对，0 票弃权，本项议案获得表决通过。 （二）审议通过了《2024 年度监事会工作报告》。 一、监事会会议召开情况 安徽建工集团股份有限公司第九届监事会第四次会议于 2025 年 3 月 27 日上午， 在合肥市安建国际大厦公司会议室以现场方式召开。会议应出席监事 5 人，实际出席 5 人。会议由公司监事会主席徐文联先生主持。本次会议的召开符合《公司法》和《公 司章程》的规定。 二、监事会会议审议情况 （一）审议通过了《2024 年年度报告》全文及摘 ...