格隆汇9月3日丨隧道股份(600820.SH)公布，董事会同意公司全资子公司上海瑞腾国际置业有限公司与 公司关联方上海城建置业发展有限公司联合参与普陀区W060401单元A03B-04地块、A03B-05地块竞 拍。 ...

格隆汇9月3日丨隧道股份(600820.SH)公布，2022年8月24日，公司第十届董事会第六次会议审议通过 《关于受托管理控股股东股权资产暨关联交易的议案》后，继续就该事项签署《委托经营管理协议》， 委托经营的期限为3年，自2022年10月1日起计算，至2025年9月30日届满。委托期间，双方均依约履行 了各自的权利义务。现经双方再次友好协商，就公司受托管理城建集团直接持有的非上市公司股权资产 事宜，签署新的《委托经营管理协议》。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's profit significantly improved in Q2 2025, with high dividends and emerging layouts contributing to long-term growth potential [5] - The company is expected to achieve net profits of 2.996 billion, 3.162 billion, and 3.364 billion RMB for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 5.46%, 5.52%, and 6.42% [5] - The current stock price corresponds to a PE ratio of 6.85, 6.49, and 6.10 for the years 2025, 2026, and 2027 respectively, indicating a valuation advantage [5] Financial Performance Summary - In H1 2025, the company achieved revenue of 22.021 billion RMB, a year-on-year decrease of 21.45%, with net profits of 727 million and 680 million RMB, reflecting a decline of 7.49% and a slight increase of 0.21% respectively [7] - The company proposed a cash dividend of 252 million RMB for H1 2025, with a dividend payout ratio of 37.71%, highlighting its investment value [7] - The company’s comprehensive gross margin for H1 2025 was 15.39%, a year-on-year increase of 0.45 percentage points [7] Business Segments and Market Expansion - The company’s operational business showed strong growth, with overseas revenue reaching 2.492 billion RMB, a year-on-year increase of 8.85% [7] - New signed orders in H1 2025 amounted to 46.207 billion RMB, a year-on-year increase of 0.18%, with notable growth in design and operational contracts [7] - The company is actively expanding its international presence, with significant order growth in regions outside Shanghai and overseas [7] Financial Ratios and Projections - The company’s asset-liability ratio stands at 76.04%, with a net asset value per share of 9.75 RMB [3] - The projected revenue for 2025 is 72.613 billion RMB, with a year-on-year growth rate of 5.52% [6] - The expected return on equity (ROE) for 2025 is 8.18% [6]

本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 | 证券代码：600820 | 证券简称：隧道股份 | | | 公告编号：临 | 2025-037 | | --- | --- | --- | --- | --- | --- | | 债券代码：115633 | 债券简称：23 | 隧道 | K1 | | | | 债券代码：115902 | 债券简称：23 | 隧道 | K2 | | | 上海隧道工程股份有限公司关于持股 5%以上股东权益变动 触及 1%刻度的提示性公告 上海城建（集团）有限公司保证向本公司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大 遗漏。 二、 权益变动触及 1%刻度的基本情况 三、 其他说明 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少□ | | --- | --- | --- | --- | | 权益变动前合计比例 | 31.05% | | | | 权益变动后合计比例 | 32.03% | | | | 本次变动是否违反已作出的承 | 是□ | 否□ | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是□ ...

Investment Rating - The report maintains a "Buy" rating for the construction and decoration industry, highlighting specific companies as key investment targets [4][7]. Core Insights - The construction sector has experienced significant fluctuations over the past sixteen years, with eight winning phases (40% of the time) and seven losing phases (60% of the time) [1][12]. - The current market environment is characterized by a gradual easing of policies since late 2021, which has historically correlated with better performance in the construction sector [1][3]. - The report emphasizes the importance of thematic influences, such as the "Belt and Road Initiative" and "PPP" projects, which have driven substantial short-term excess returns in the sector [2][3]. Summary by Sections 1. Historical Review of the Construction Sector - The report divides the historical performance of the construction sector from June 2008 to December 2024 into fifteen phases based on excess returns relative to the CSI 300 index [11]. - Winning phases include significant periods of policy easing and economic recovery, while losing phases often coincide with tighter monetary policies [1][12]. 2. Policy Cycle and Market Trends - The report identifies four major policy cycles since 2008, with the current phase being a gradual easing that began in late 2021 [1][3]. - The correlation between excess returns and macroeconomic indicators is noted to be weak, with expectations of policy changes being more influential [1][3]. 3. Thematic Characteristics and Valuation - The construction sector's valuation is currently low, with a price-to-book ratio (PB) of 0.8, which is below historical averages and indicates potential for rebound [2][3]. - The report highlights that the sector's performance is sensitive to thematic catalysts, suggesting that upcoming regional initiatives could provide investment opportunities [3][4]. 4. Comparison with Banking Sector - The construction sector is compared to the banking sector, noting similarities in business models and sensitivity to credit environment changes [3]. - The current price-to-book ratio of the construction sector relative to banks is at a critical point, suggesting potential for significant excess returns if historical patterns hold [3]. 5. Investment Recommendations - Key investment targets include leading companies benefiting from strategic infrastructure projects, such as Sichuan Road and Bridge, China Metallurgical Group, and China Communications Construction [4][7]. - The report also suggests monitoring local leaders in Xinjiang and companies involved in coal chemical projects as potential high-return investments [4].

丨证券研究报告丨 联合研究丨公司点评丨隧道股份（600820.SH） [Table_Title] Q2 业绩超预期，业绩增长目标不变彰显信心 报告要点 [Table_Summary] 公司发布 2025 年半年报，公司上半年实现营业收入 220.21 亿元，同比减少 21.47%；归属净 利润 7.27 亿元，同比减少 7.40%；扣非后归属净利润 6.80 亿元，同比增长 0.21%。 分析师及联系人 [Table_Author] 张弛 宗建树 张智杰 袁志芃 龚子逸 SAC：S0490520080022 SAC：S0490520030004 SAC：S0490522060005 SAC：S0490525070008 SAC：S0490525080003 SFC：BUT917 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 隧道股份（600820.SH） cjzqdt11111 [Table_Title2] Q2 业绩超预期，业绩增长目标不变彰显信心 [Table_Summary2] 事件描述 公司发布 2025 年半年报，公司上半年实现 ...

Financial Performance - The company reported total revenue of 22.021 billion yuan for the first half of 2025, a decrease of 21.48% year-on-year [1] - The net profit attributable to shareholders was 727 million yuan, down 7.4% year-on-year [1] - In Q2 2025, total revenue was 11.471 billion yuan, a decline of 17.56% year-on-year, while net profit for the quarter increased by 15.86% to 396 million yuan [1] - The gross margin improved to 15.39%, up 3.03% year-on-year, and the net margin increased to 3.31%, up 9.59% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 1.613 billion yuan, representing 7.33% of revenue, an increase of 20.46% year-on-year [1] - Earnings per share decreased to 0.21 yuan, down 16.0% year-on-year [1] Financial Ratios and Metrics - The current ratio is at 0.92, indicating increased short-term debt pressure [1] - The company’s cash assets are considered healthy, with cash and cash equivalents amounting to 22.146 billion yuan, a 30.02% increase year-on-year [1][3] - The company’s return on invested capital (ROIC) was 6% last year, indicating generally weak capital returns [3] - The debt-to-asset ratio for interest-bearing liabilities is at 20.69% [5] Market Position and Strategy - The company’s business model is primarily driven by research and development [4] - The company is focusing on expanding its operations in the Shanghai region and other emerging markets through strategic partnerships and integrated service offerings [8] - The estimated dividend yield is 5.3% [4] Shareholder Information - The largest fund holding the company’s shares is the ICBC Innovation Power Stock Fund, with a holding of 15.9 million shares [7] - Recent fund activity includes new positions and increased holdings in several funds, indicating interest in the company [7] Future Outlook - Analysts expect the company’s performance in 2025 to reach 2.942 billion yuan, with an average earnings per share forecast of 0.94 yuan [6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's revenue from its main construction business has declined, but investment income has supported performance improvement in Q2 [1] - The company reported a 21.47% year-on-year decline in revenue for the first half of 2025, with a net profit decrease of 7.40% [8] - Despite the decline in construction revenue, new contract signing remains stable, with a slight increase of 0.18% in new orders for the first half of 2025 [8] - The company expects net profit for 2025-2027 to be 2.902 billion, 3.060 billion, and 3.324 billion yuan respectively, corresponding to PE ratios of 6.9, 6.5, and 6.0 [8] Financial Performance Summary - For the first half of 2025, the company achieved revenue of 22.021 billion yuan, down 21.47% year-on-year, and a net profit of 727 million yuan, down 7.40% year-on-year [8] - The second quarter alone saw revenue of 11.471 billion yuan, a decrease of 17.56% year-on-year, but net profit increased by 15.86% to 396 million yuan [8] - The company plans to distribute a cash dividend of 252 million yuan for the first half of 2025, with a cash dividend ratio of approximately 34.61% [8] - The company's sales gross margin for the first half of 2025 was 15.39%, an increase of 0.45 percentage points year-on-year [8] - Investment income significantly increased by 196.56% to 307 million yuan, accounting for 1.40% of revenue [8] Revenue and Profit Forecast - Projected revenue for 2025 is 68.371 billion yuan, with a slight decline of 0.6% year-on-year, followed by a growth of 2.3% in 2026 and 5.3% in 2027 [7] - The expected net profit for 2025 is 2.902 billion yuan, with a growth forecast of 2.1% in 2025, 5.5% in 2026, and 8.6% in 2027 [7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [7][18] Core Views - The company experienced a revenue of 22.02 billion, a year-on-year decrease of 21.5%, and a net profit attributable to shareholders of 0.73 billion, down 7.4% year-on-year. However, the non-recurring net profit slightly increased by 0.2% year-on-year [1] - The company is focusing on digital transformation by launching a traffic big model solution, integrating data and advanced algorithms to provide value-added services in the transportation sector [1][2] - The company reported a cash dividend of 0.25 billion, with a dividend payout ratio of 38% [1] Financial Performance - In the first half of 2025, the company achieved a gross margin of 15.4%, an increase of 0.45 percentage points year-on-year, while the net profit margin was 3.31%, up 0.29 percentage points year-on-year [4] - The company’s new signed orders reached 46.2 billion, a slight increase of 0.18% year-on-year, with significant growth in road engineering and other engineering sectors [3][4] Segment Performance - By industry, the construction, design services, infrastructure operation, and digital information businesses reported revenues of 18.56 billion, 0.53 billion, 1.52 billion, and 0.15 billion respectively, with varying year-on-year growth rates [2] - Regionally, the company saw rapid growth in Fujian, Jiangsu, Yunnan, and Sichuan, with year-on-year increases of 62%, 99%, 62%, and 57% respectively [2] Future Projections - The projected net profit attributable to shareholders for 2025, 2026, and 2027 is expected to be 3.1 billion, 3.37 billion, and 3.71 billion respectively, with corresponding PE ratios of 6.5, 5.9, and 5.4 times [1][6]

8月27日隧道股份发布2025半年度分配预案，拟10派0.8元（含税），预计派现金额合计为2.52亿元。派 现额占净利润比例为34.61%，这是公司上市以来，累计第29次派现。 公司上市以来历次分配方案一览 按申万行业统计，隧道股份所属的建筑装饰行业共有14家公司公布了2025半年度分配方案，派现金额最 多的是中国化学，派现金额为6.11亿元，其次是隧道股份、亚翔集成，派现金额分别为2.52亿元、2.13 亿元。（数据宝） 2025半年度建筑装饰行业分红排名 | 代码 | 简称 | 每10股送转 | 每10股派现 | 派现金额（万 | 派现占净利润比例 | 股息率 | | --- | --- | --- | --- | --- | --- | --- | | | | （股） | （元） | 元） | （%） | （%） | | 601117 | 中国化 学 | 0.00 | 1 | 61068.77 | 19.69 | 1.34 | | 600820 | 隧道股 份 | 0.00 | 0.8 | 25152.77 | 34.61 | 1.29 | | 603929 | 亚翔集 成 | 0.00 | 10 | ...