证券代码：600502 证券简称：安徽建工 公告编号：2025-027 安徽建工集团股份有限公司2024年前三季度权益分派实施公告 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： ● 每股分配比例 A股每股现金红利0.08元 ● 相关日期 ■ ● 差异化分红送转：否 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025年3月27日的2025年第一次临时股东大会审议通过。 二、分配方案 本次利润分配以方案实施前的公司总股本1,716,533,938股为基数，每股派发现金红利0.08元（含税）， 共计派发现金红利137,322,715.04元。 三、相关日期 ■ 四、分配实施办法 1.实施办法 （1）无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统向股权登记日上海证券交 易所收市后登记在册并在上海证券交易所各会员办理了指定交易的股东派发。已办理指定交易的投资者 可于红利发放日在其指定的证券营业部领取现金红利，未办理指定交易的股东红利暂由中国结算上海分 公司保管，待办理指定交易后再进行派 ...

证券代码：600502 证券简称：安徽建工 公告编号：2025-027 安徽建工集团股份有限公司2024年前三季度权益分派 实施公告 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： 差异化分红送转：否 每股分配比例 A 股每股现金红利0.08元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/4/17 | － | 2025/4/18 | 2025/4/18 | 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 3 月 27 日的2025年第一次临时股东大会审议 通过。 二、分配方案 1. 发放年度：2024年前三季度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本1,716,533,9 ...

证券代码：600502 证 券 简 称 ：安 徽 建 工 编号 ：2025-026 安徽建工集团股份有限公司 关于项目中标的公告 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。 项目概况：该项目位于亳州市涡阳县，项目内容主要包括临时、路基、路面、桥 涵、交叉工程安全设施及预埋管线、绿化及环境保护、集镇段排水管网工程等。 一、甬金衢上高速公路金华婺城至浙赣界土建第 TJ01 标段 中标人：安徽建工建设投资集团有限公司 项目概况：该项目位于浙江省衢州市，项目内容主要包括路基、桥涵、隧道、互 通、三改、绿化、服务区及站所的场地填筑等工程的施工完成、缺陷责任期缺陷修复 等。 中标价：8.99 亿元 工期：972 日历天（32 个月） 二、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 中标人：安徽建工公路桥梁建设集团有限公司 近日，本公司所属子公司收到项目中标通知书。具体情况公告如下： 项目概况：该项目位于宿州市灵璧县，项目内容主要包括道路、桥涵、交叉、交 安、绿化、照明工程等。 中标价：7.82 亿元 工期： ...

Core Viewpoint - Anhui Construction (600502) has announced that its subsidiaries have won multiple project bids, indicating a strong position in the construction sector and potential revenue growth from these projects [1] Group 1: Project Wins - The consortium formed by Anhui Construction Investment Group, Anhui Highway and Bridge Construction Group, and Anhui Huasheng Construction Group has received project bid notifications [1] - The Ningjinqu Expressway Jinhua Wucheng to Zhejiang-Jiangxi Border civil engineering section has a bid price of 899 million yuan, with a construction period of 972 calendar days [1] - The S238 Guoyang County to Lixin County first-class highway renovation and expansion project has a bid price of 877 million yuan, with a construction period of 730 calendar days [1] - The S223 Anhui-Su boundary to Lingcheng section reconstruction project has a bid price of 782 million yuan, with a construction period of 730 calendar days [1]

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].