证券代码：600970 证券简称：中材国际 公告编号：临 2025-031 债券代码：241560 债券简称：24 国工 K1 二、交易双方基本情况 （一）投资方 1 1、公司名称：中材水泥有限责任公司 中国中材国际工程股份有限公司 关于重要参股公司对外投资（海外）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。 一、对外投资概述 1、中国中材国际工程股份有限公司（简称"中材国际"或"公司"）之重 要参股公司中材水泥有限责任公司（简称"中材水泥"）拟通过其全资子公司中 材水泥（香港）投资有限公司（简称"中材水泥香港"）在阿拉伯联合酋长国（简 称"阿联酋"）新设中材水泥（中亚）投资有限责任公司（以监管部门核定为准， 简称"中亚 SPV 公司"），并以中亚 SPV 公司为投资主体以 3,785.04 万美元增 资入股哈萨克斯坦共和国（简称"哈萨克斯坦"）当地公司 QazCement Industries LLP（简称"QC 公司"），取得 QC 公司 70%股权，并在哈萨克斯坦阿克托别州建 设 1 条 3500t/d 熟料水 ...

证券研究报告 工业/基础材料 Q1 境外工程高景气，加力城市更新 华泰研究 2025 年 4 月 27 日│中国内地 行业周报（第十七周） 本周观点：25Q1 海外工程订单景气，加力城市更新稳定消费建材需求 上周中共中央政治局会议提出"加强超常规逆周期调节"、"加力实施城市更 新行动"、"加强对企业'走出去'的服务"等，我们认为有利于内需基建投 资链、城市更新类建材、一带一路等细分板块。25Q1 我国对外承包工程新 签合同额/完成营业额 586.7/341.8 亿美元, 同比+26.0%/+5.5%，海外工程 保持较高景气。加大高品质住房供给，有利于稳定一线消费建材品牌龙头需 求；老旧小区改造和城中村改造有望从小 b 和大 b 不同渠道提供消费建材 增量需求。我们短期继续推荐内需逆周期及供给端约束较强的品种，重点推 荐四川路桥、中材国际、中国交建、中国核建、中国建筑国际、海螺水泥、 上峰水泥、中材科技、兔宝宝、中国联塑。 上周细分行业回顾 截至 4.25，上周全国水泥价格周环比-0.7%；水泥出货率 47.4%，周环比/ 同比-1.3%/-2.5pct；上周国内浮法玻璃均价 71 元/重量箱，周环比/同比持 ...

Investment Rating - The investment rating for the company is "Buy" [9] Core Views - The company reported a 31% year-on-year increase in new contracts signed in Q1 2025, with overseas contracts showing strong growth of 46% [5] - The company's Q1 2025 revenue was 10.147 billion yuan, a slight decrease of 1.37% year-on-year, while net profit increased by 4.19% to 663 million yuan [4] - The gross profit margin decreased to 17.0%, down 2.51 percentage points year-on-year, while the net profit margin improved slightly to 6.99% [5] Financial Performance - The company expects revenues of 48.7 billion yuan in 2025 and 50.4 billion yuan in 2026, representing year-on-year growth of 5.61% and 3.41% respectively [6] - The projected net profit for 2025 is 3.12 billion yuan, increasing to 3.31 billion yuan in 2026, with corresponding PE ratios of 7.9X and 7.4X [6] - The company's total assets are projected to grow from 629 billion yuan in 2025 to 664 billion yuan in 2026 [10] Key Financial Ratios - The company's asset-liability ratio stands at 61.3% [3] - The projected EPS for 2025 is 1.18 yuan, increasing to 1.25 yuan in 2026 [10] - The projected P/B ratio is expected to decrease from 1.06 in 2025 to 0.98 in 2026 [10]

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Investment Rating - The investment rating for the company is "Buy" [9] Core Views - The company reported a 31% year-on-year increase in new contracts signed in Q1 2025, with overseas contracts showing strong growth of 46% [5] - The company's Q1 2025 revenue was 10.147 billion yuan, a slight decrease of 1.37% year-on-year, while net profit increased by 4.19% to 663 million yuan [4] - The gross profit margin decreased to 17.0%, down 2.51 percentage points year-on-year, while the net profit margin improved slightly to 6.99% [5] Financial Performance - The company expects revenues of 48.7 billion yuan and 50.4 billion yuan for 2025 and 2026, respectively, representing year-on-year growth of 5.61% and 3.41% [6] - The projected net profit for 2025 and 2026 is 3.12 billion yuan and 3.31 billion yuan, with growth rates of 4.41% and 6.42% [6] - The company's PE ratios for 2025 and 2026 are estimated to be 7.9X and 7.4X, respectively [6] Key Financial Metrics - The company's total assets are projected to grow from 58.7 billion yuan in 2024 to 70.1 billion yuan in 2027 [10] - The debt-to-asset ratio is expected to decrease from 61.3% in 2024 to 57.9% in 2027, indicating improved financial stability [10] - The return on equity (ROE) is projected to decline slightly from 14.1% in 2024 to 12.6% in 2027 [10]

Core Insights - The company reported a slight increase in revenue and net profit for 2024, with total revenue of 46.13 billion yuan, net profit attributable to shareholders of 2.98 billion yuan, and net profit excluding non-recurring items of 2.72 billion yuan, reflecting year-on-year growth of 0.7%, 2.3%, and 1.6% respectively [1] - In Q1 2025, the company experienced a decline in revenue and net profit, with total revenue of 10.15 billion yuan, net profit attributable to shareholders of 660 million yuan, and net profit excluding non-recurring items of 600 million yuan, showing year-on-year changes of -1.4%, 4.2%, and -8.4% respectively [1] New Contracts and Business Performance - The company saw a significant increase in new contracts due to strong overseas demand, with new contract value for 2024 reaching 63.44 billion yuan, up 3% year-on-year, driven by a 9% increase in overseas contracts [2] - In Q1 2025, new contracts surged by 31% year-on-year to 27.88 billion yuan, with overseas contracts increasing by 46% and domestic contracts by 1% [2] - The operational performance in the maintenance segment remained robust, with new contracts in mining maintenance and cement maintenance growing by 36% and 15% respectively in 2024 [2] Revenue and Profit Margins - For 2024, the company reported domestic and overseas revenues of 23.65 billion yuan and 22.27 billion yuan, respectively, with year-on-year changes of -7.2% and +10.9% [3] - The gross margin for the maintenance business was 21.5%, while the engineering services segment achieved a gross margin of 16.0% [3] - In Q1 2025, the company's gross margin decreased to 17.0%, while the net margin remained stable at 7.0% [4] Financial Metrics and Cash Flow - The company’s financial metrics showed a decrease in financial expense ratio in Q1 2025, contributing to a year-on-year increase in net profit attributable to shareholders [4] - Operating cash flow turned negative in Q1 2025, with a net outflow of 1.87 billion yuan, compared to a net inflow of 2.29 billion yuan in the previous year [4] Profit Forecast and Valuation - The company adjusted its net profit forecasts for 2025 and 2026 downwards to 3.26 billion yuan and 3.40 billion yuan, respectively, while introducing a new forecast for 2027 at 3.52 billion yuan [5] - Despite the challenges in the domestic cement market, the company maintains a "buy" rating due to strong overseas demand and growth in the maintenance business [5]

Group 1: Macro and Industry Insights - The impact of Trump's tariff policy on China's manufacturing industry is significant, with a shift from labor-intensive industries to equipment manufacturing, primarily targeting ASEAN markets [1] - As the export tax rates between China and ASEAN diverge, opportunities for Chinese companies to expand overseas will increase, particularly in industries heavily reliant on exports to the US, such as mobile phones and automotive parts [1] Group 2: Banking Sector - The total scale of wealth management in China's banking sector decreased by 0.8 trillion yuan at the end of Q1 2025 compared to the beginning of the year, with fluctuations in scale due to market volatility [2] - The asset allocation structure remains stable, with an increase in the proportion of interbank lending and repurchase agreements, while bond and deposit asset proportions have decreased [2] Group 3: High-end Manufacturing - In March, exports continued the growth trend from January, with notable increases in the export of lawn mowers and sewing machines, with year-on-year growth rates of 30% and 47% respectively [3] - The growth in exports is attributed to preemptive consumer behavior in the US due to tariff disruptions [3] Group 4: Real Estate Market - In Q1, the transaction volume of residential land in key cities increased, with the average transaction price in the core 30 cities rising by 24% year-on-year [4] - The overall premium rate for residential land transactions in these cities increased by 11.3 percentage points year-on-year, indicating a recovery in the real estate market [4] Group 5: Precious Metals - The recent rise in gold prices is attributed to the weakening of the US dollar, enhancing gold's monetary attributes, with increased investment demand observed [6] - The report maintains a positive outlook on gold stocks, particularly those with strong earnings potential [6] Group 6: Chemical and Petrochemical Industry - The report highlights continued optimism for domestic substitution trends and sectors benefiting from economic recovery, recommending investments in major oil companies and chemical firms [7] - Specific companies mentioned include China Petroleum, China Petrochemical, and various agricultural chemical firms [7] Group 7: Company Performance - CNOOC Services reported a significant increase in net profit of 39.6% year-on-year for Q1 2025, with total revenue reaching 10.8 billion yuan [8] - The company is expected to see continued profit growth in the coming years, with net profit projections of 3.8 billion, 4.2 billion, and 4.6 billion yuan for 2025-2027 [8] Group 8: Environmental Sector - Oriental Electronics reported steady growth in major business revenues, with Q4 2024 net profit exceeding 200 million yuan [10] - The company is focusing on expanding its virtual power plant business, which is expected to contribute to future growth [10] Group 9: Telecommunications - China Mobile achieved a slight increase in revenue for Q1 2025, with total revenue of 263.8 billion yuan, reflecting a year-on-year growth of 0.02% [21] - The company has adjusted its net profit forecasts for 2025 and 2026, indicating a positive outlook for future performance [21]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - In Q1 2025, the company achieved operating revenue of 10.147 billion yuan, a year-on-year decrease of 1.37%. The net profit attributable to shareholders was 663 million yuan, an increase of 4.19% year-on-year, while the net profit after deducting non-recurring gains and losses was 599 million yuan, a decrease of 8.38% year-on-year [3][8]. - The company signed new contracts worth 27.881 billion yuan in Q1 2025, representing a year-on-year increase of 31%. Domestic new contracts amounted to 7.020 billion yuan, up 1% year-on-year, while foreign new contracts reached 20.861 billion yuan, an increase of 46% year-on-year [8]. - The company's comprehensive gross margin in Q1 2025 was 16.97%, a decrease of 2.51 percentage points year-on-year. The expense ratio improved significantly, with a total expense ratio of 8.80%, down 2.43 percentage points year-on-year [8]. - The company's operating cash flow in Q1 2025 showed a net outflow of 1.873 billion yuan, which was an increase of 685 million yuan year-on-year, primarily due to the impact of the cement market [8]. - The current stock price is at a low level, providing a strong margin of safety. The company is expected to benefit from international developments and the "Belt and Road" initiative, making it worthy of further attention [8]. Financial Data Summary - For 2025, the estimated total operating revenue is 49.652 billion yuan, with a projected net profit of 3.386 billion yuan [14]. - The company’s total assets are projected to reach 63.955 billion yuan by 2025, with a debt-to-asset ratio of 59.1% [14].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [8][19]. Core Views - The company has maintained stable operations, with a slight decline in revenue in Q1 2025, but a year-on-year increase in net profit due to non-recurring gains [1]. - The company signed new orders worth 27.881 billion, representing a year-on-year increase of 31%, with significant growth in engineering services and high-end equipment manufacturing [2]. - The gross margin has been under pressure, but the company has demonstrated good cost control capabilities [3]. - The company is expected to continue its overseas expansion and diversify its business, leveraging the Belt and Road Initiative and the demand for green and digital solutions in mature markets [4]. Financial Performance Summary - In Q1 2025, the company achieved revenue of 10.15 billion, a decrease of 1.37% year-on-year, while net profit attributable to the parent company was 663 million, an increase of 4.2% [1]. - The comprehensive gross margin for Q1 2025 was 17%, down 2.51 percentage points year-on-year, while the net profit margin increased by 0.35 percentage points to 6.99% [3]. - The company expects net profits for 2025-2027 to be 3.12 billion, 3.32 billion, and 3.58 billion, respectively, with corresponding P/E ratios of 8, 7.5, and 7 [4]. Order and Market Analysis - The company’s new orders in Q1 2025 showed strong growth, particularly in overseas markets, which accounted for 74.82% of total orders [2]. - Domestic orders grew moderately by 1%, while overseas orders increased by 46% year-on-year [2]. - The company is focusing on key regions such as the Middle East, Africa, and Southeast Asia for new projects and operational services [4].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [8][19]. Core Views - The company has maintained stable operations, with a slight decline in revenue but an increase in net profit due to non-recurring gains [1]. - The company has experienced significant growth in new orders, particularly in overseas markets, indicating a continuation of high demand [2]. - The company is expected to benefit from its long-term strategy of deepening its global market presence and diversifying its business operations [4]. Financial Performance - In Q1 2025, the company achieved revenue of 10.15 billion, a year-on-year decrease of 1.37%, while net profit attributable to shareholders was 663 million, an increase of 4.2% [1]. - The gross margin for Q1 2025 was 17%, down 2.51 percentage points year-on-year, while the net profit margin increased by 0.35 percentage points to 6.99% [3]. - The company signed new orders worth 27.88 billion in Q1 2025, representing a year-on-year increase of 31% [2]. Order Growth - The company’s new orders in Q1 2025 included 20.84 billion from engineering services, 2.88 billion from high-end equipment manufacturing, and 3.78 billion from operational services, with respective year-on-year growth rates of 43%, 65%, and a decline of 16% [2]. - Overseas orders accounted for 74.82% of total new orders, with a year-on-year growth of 46%, highlighting the company's strong international presence [2]. Future Outlook - The company is expected to achieve net profits of 3.12 billion, 3.32 billion, and 3.58 billion for the years 2025 to 2027, with corresponding price-to-earnings ratios of 8, 7.5, and 7 times [4]. - The company plans to leverage the Belt and Road Initiative and focus on emerging markets for urbanization and industrialization needs, particularly in the Middle East, Africa, and Southeast Asia [4].