Core Viewpoint - The meeting between China Electric Power Construction (China Electric) and Inner Mongolia Power Group focuses on accelerating the construction of a new power system and promoting green and low-carbon energy transformation [1][3]. Group 1: Company Overview - China Electric's Chairman Ding Yanzhang welcomed the visiting delegation from Inner Mongolia Power Group and introduced the company's operational development and cooperation status [3]. - China Electric aims to leverage its professional advantages in the fields of "water, energy, city, and data" and its integrated advantages in the "investment, construction, and operation" industry chain to promote strategic transformation and high-quality development [3]. Group 2: Strategic Cooperation - Both parties emphasized the importance of enhancing communication and strategic trust to utilize their respective advantages in promoting green and low-carbon energy transformation and constructing a modern energy system [3]. - Inner Mongolia Power Group is recognized as a leading state-owned enterprise in the region, making significant progress in green transformation and energy system construction [4]. Group 3: Future Collaboration - Inner Mongolia Power Group expressed gratitude for the support from China Electric and highlighted the achievements in their collaborative efforts [4]. - The two companies aim to strengthen cooperation in areas such as green and low-carbon transformation, new productivity cultivation, and talent exchange and training, establishing a new benchmark for collaboration [4].

Core Insights - The company reported a slight increase in revenue for Q1 2025, but a decline in net profit and new orders [1][2] Financial Performance - In Q1 2025, the company achieved a revenue of 142.56 billion yuan, a year-on-year increase of 1.61%, while net profit attributable to shareholders was 2.636 billion yuan, a decrease of 12.03% [1] - The company's gross profit margin for Q1 2025 was 10.81%, down by 0.95 percentage points year-on-year, and the net profit margin was 1.85%, a decline of 0.29 percentage points [3] - Operating cash flow showed a net outflow of 40.519 billion yuan, an increase in outflow by 1.437 billion yuan year-on-year [3] Order and Investment Trends - New orders in Q1 2025 totaled 299.323 billion yuan, a decline of 9.60% year-on-year, with significant drops in energy and water resources sectors [2] - The company actively reduced its investment scale in 2024, completing investments of 90.312 billion yuan, a decrease of 30.16% from 2023 [4] - The company aims to focus on renewable energy and pumped storage as future growth points, with installed capacity for wind and solar power increasing significantly [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company achieved a slight revenue growth of 1.61% year-on-year in Q1 2025, with total revenue reaching 142.56 billion yuan. However, the net profit attributable to shareholders decreased by 12.03% to 2.636 billion yuan, and the net profit after deducting non-recurring items fell by 13.99% to 2.598 billion yuan [7][12]. Summary by Relevant Sections Revenue and Orders - In Q1 2025, the company signed new orders totaling 299.32 billion yuan, a decline of 9.60% year-on-year. The breakdown includes: - Energy and electricity new orders: 180.21 billion yuan, down 9.33% - Water resources and environment new orders: 37.91 billion yuan, down 29.06% - Urban construction and infrastructure new orders: 75.03 billion yuan, up 7.93% - Other businesses new orders: 6.16 billion yuan, down 34.43% [12]. Profitability and Margins - The company's gross margin in Q1 2025 was 10.81%, a decrease of 0.95 percentage points year-on-year. The expense ratio increased to 7.28%, up 0.21 percentage points year-on-year. The net profit margin attributable to shareholders was 1.85%, down 0.29 percentage points year-on-year, while the net profit margin after deducting non-recurring items was 1.82%, down 0.33 percentage points year-on-year [12]. Cash Flow and Debt - The operating cash flow in Q1 showed a net outflow of 40.52 billion yuan, an increase in outflow by 1.44 billion yuan year-on-year. The cash collection ratio was 97.60%, up 1.27 percentage points year-on-year. The asset-liability ratio increased by 1.38 percentage points to 79.61%, and the accounts receivable turnover days increased by 10.53 days to 83.27 days [12]. Investment and Future Growth - The company plans to actively reduce investment scale in 2024, completing investments of 90.31 billion yuan, a decrease of 30.16% from 2023. The new installed capacity for wind power, solar photovoltaic, and hydropower in 2024 is expected to be 2.042 million kW, 4.0437 million kW, and 0.18 million kW, respectively. By the end of 2024, the company's controlled grid-connected installed capacity is projected to reach 33.1276 million kW, a year-on-year increase of 22% [12].

中国国际金融股份有限公司 2、保荐机构已与公司签订保荐协议，该协议已明确了双方在持续督导期间 的权利义务，并报上海证券交易所备案。 关于中国电力建设股份有限公司 2024 年度持续督导报告书 | 上市公司：中国电力建设股份有限公司（以下简称"中国电建"或"公司"） | | | --- | --- | | 保荐机构名称：中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"） | | | 项目保荐代表人：刘一飞 | 联系电话：010-65051166 | | 项目保荐代表人：乔小为 | 联系电话：010-65051166 | 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准中国电力 建设股份有限公司非公开发行股票的批复》（证监许可[2022]3103 号）核准，中 国电建向 30 名发行对象非公开发行人民币普通股（A 股）股票 2,080,124,211 股 （以下简称"本次非公开发行"）。中金公司担任中国电建本次非公开发行 A 股 股票的保荐机构。 根据《证券发行上市保荐业务管理办法》《上海证券交易所上市公司自律监 管指引第 11 号——持续督导》等相关法规和规范性文件的要求，中金公司履行 ...

中国国际金融股份有限公司 关于中国电力建设股份有限公司 2024 年度持续督导现场检查报告 经中国证券监督管理委员会《关于核准中国电力建设股份有限公司非公开发行股票 的批复》（证监许可〔2022〕3103 号）核准，中国电力建设股份有限公司（以下简称"中 国电建""上市公司"或"公司"）非公开发行人民币普通股（A 股）2,080,124,211 股， 每股面值人民币 1.00 元，每股发行价格为 6.44 元，募集资金总额为人民币 13,395,999,918.84 元。2022 年 12 月 30 日，经保荐机构中国国际金融股份有限公司（以 下简称"中金公司"或"保荐机构"）扣除部分承销及保荐费用（含增值税）人民币 57,267,899.65 元后，实际收到的现金认购款净额为人民币 13,338,732,019.19 元，扣除剩 余应付的其他发行费用（含增值税）人民币 10,205,985.02 元后，实际收到的现金认购款 净额为人民币 13,328,526,034.17 元。该次募集资金到账时间为 2022 年 12 月 30 日，本 次募集资金到位情况已经天职国际会计师事务所（特殊普通合伙）审验，并于 ...

Core Insights - China Power Construction Corporation (China Power) reported a revenue of 633.685 billion yuan for 2024, marking a year-on-year increase of 4.07% [1] - The company ranked 7th in the "2024 Top 100 Leading Enterprises in China's Strategic Emerging Industries" and topped the list among state-owned construction enterprises [1] - China Power maintained its position as the world's largest design company, ranking 1st in the "ENR Top 150 Global Design Firms" and 15th in the "ENR Top 225 International Design Firms" [1] Financial Performance - Total assets reached 1,289.001 billion yuan, up 11.64% year-on-year [1] - New contract value signed was 1,270.691 billion yuan, an increase of 11.19% [1] - Net cash flow from operating activities was 24.546 billion yuan, reflecting a growth of 10.34% [1] Business Structure - Engineering contracting and surveying design contributed 575.003 billion yuan to revenue, with energy and power business showing strong growth [2] - New contracts in the energy sector amounted to 762.817 billion yuan, accounting for 60.03% of total new contracts, with a year-on-year increase of 23.68% [2] Strategic Developments - The company made significant strides in power investment and operation, focusing on clean energy project development [2] - New pumped storage project resources increased by 70.15 million kilowatts, with 20.90 million kilowatts approved for installation [2] - The installed capacity of controlled and grid-connected projects surpassed 33.1276 million kilowatts, a 22% increase from the previous year [2] International Expansion - China Power's international business signed contracts worth 223.957 billion yuan, a growth of 4.08% [2] - Notable projects include the 1.1 GW Suez Bay Wind Power Project in Egypt and the national football stadium in Serbia [2] Future Plans - For 2025, the company aims for a new contract value of 1,397.8 billion yuan and a revenue target of 653.15 billion yuan [3] - Planned total investment is 97.223 billion yuan, with a focus on integrating investment, construction, and operation across key sectors [3] - The company aims to become a world-class enterprise leading global green and low-carbon industry development and technological innovation [3]

Core Viewpoint - During the International Labor Day period, China Power Construction Group Nuclear Power Engineering Co., Ltd. demonstrated commitment and responsibility by ensuring continuous operation at multiple construction sites, reflecting the "Iron Army Spirit" [1] Group 1: Project Progress and Management - At the Datang Yuncheng 630℃ National Power Demonstration Project, nearly 1,000 workers continued construction during the holiday to ensure high-standard project delivery. A technical task force was established to address issues related to the application of domestic G115 heat-resistant steel, promoting seamless design and construction integration [2] - The Huadian Longkou Phase IV project organized a party member commando team to advance the boiler water pressure test, overcoming challenges such as delayed equipment delivery and optimizing construction organization to ensure project progress [4] - The Shandong Energy Lingtai project team focused on ensuring the safe and orderly advancement of the blowing pipe work, aiming for the commissioning of the first unit, with 24-hour monitoring of key parameters to steadily progress towards the production target [4] Group 2: Team Collaboration and Leadership - The Guangdong Lianjiang Nuclear Power Project is in a peak construction period, with a focus on high-quality party building to ensure high-standard project delivery. The project team actively formed party vanguard teams and youth commando teams, enhancing team cohesion and execution through various competitions and volunteer activities [5] - The Zhejiang San'ao Nuclear Power Plant organized discussions between model workers and youth to strengthen the talent cultivation mechanism, promoting the spirit of model workers and craftsmanship among the younger generation [7] Group 3: Cultural and Skill Development - In celebration of the 100th anniversary of the All-China Federation of Trade Unions and the upcoming International Labor Day, the company held a 2025 labor union work meeting to enhance employee cohesion. The company has been cultivating a "craftsman culture" and has established national-level skill master studios to support high-quality development through talent enhancement strategies [8]

Core Viewpoint - The company reported a stable revenue growth in Q1 2025, but faced a decline in net profit and gross margin, indicating potential challenges ahead in maintaining profitability and managing costs [1][2][3] Financial Performance - In Q1 2025, the company achieved operating revenue of 142.736 billion yuan, a year-on-year increase of 1.6%, while the net profit attributable to shareholders was 2.636 billion yuan, down 12.0% year-on-year [1] - The comprehensive gross margin for Q1 2025 was 10.8%, a decrease of 1.0 percentage points year-on-year, reflecting pressure on profitability [1] - The company maintained stable expense control, with selling, administrative, R&D, and financial expense ratios at 0.2%, 3.1%, 2.3%, and 1.6% respectively, showing minimal year-on-year changes [1] Cash Flow and Investment - The net cash flow from operating activities in Q1 2025 was -40.519 billion yuan, an increase in outflow by 1.516 billion yuan year-on-year, indicating a slight deterioration in cash flow management [2] - Cash outflow for the acquisition of fixed and intangible long-term assets was 10.856 billion yuan, down 5.848 billion yuan year-on-year, suggesting a slowdown in capital expenditure under strengthened investment control [2] - As of the end of Q1, the company had interest-bearing debt of 538.3 billion yuan, an increase of 59.9 billion yuan year-on-year, with a debt-to-asset ratio of 79.6%, up 1.4 percentage points year-on-year [2] Order Intake and Market Performance - New contract signing in Q1 2025 totaled 299.3 billion yuan, a year-on-year decrease of 9.6%, with notable declines in several business segments [3] - The energy and water resources sectors showed strong performance, with new contracts in hydropower and wind power increasing by 20.2% and 67.3% respectively [3] - Domestic new contracts decreased by 15.4%, while international contracts increased by 20.9%, indicating a shift towards more opportunities abroad [3] Profit Forecast and Investment Rating - The company is expected to benefit from increased domestic investment in water conservancy and hydropower infrastructure, as well as continued expansion in renewable energy operations [3] - Revised profit forecasts for 2025-2026 are 12.5 billion yuan and 13.2 billion yuan respectively, with a new forecast for 2027 at 14.2 billion yuan, reflecting a decrease from previous estimates [3] - The company maintains a "buy" rating based on the potential growth from its renewable energy investment and operational business [3]

Investment Rating - The industry rating is maintained at "Outperform" [6] Core Viewpoints - The construction decoration sector experienced revenue and profit declines in 2024, but a recovery in fundamentals is expected in 2025 due to increased issuance of special bonds and domestic demand stimulus policies [1][17] - The overall gross margin for the construction sector improved slightly to 10.96%, while the net profit margin decreased to 2.44% due to increased impairment losses and rising expense ratios [2][30] - The international engineering segment showed significant growth, with a year-on-year increase in net profit of 137.2%, contrasting with declines in other sub-segments [3][25] Summary by Sections 1. Industry Overview - In 2024, the CS construction sector achieved revenue of 86,997 billion, down 4.1% year-on-year, and a net profit of 1,689 billion, down 14.4% year-on-year [1][17] - The decline in revenue growth rate was 11.8 percentage points compared to the previous year, indicating a significant drop in profitability [17] - The overall return on equity (ROE) for 2024 was 6.5%, a decrease of 1.49 percentage points year-on-year [30] 2. Sub-Sector Performance - The international engineering segment outperformed others, with a net profit growth of 137.2%, while other segments like chemical engineering and large infrastructure saw declines [3][25] - The construction sector's performance varied significantly across sub-segments, with design consulting and large infrastructure showing relatively better results [3][25] 3. Q1 2025 Performance - In Q1 2025, the construction sector's revenue and net profit declined by 6% and 8.4% year-on-year, respectively, attributed to slower project progress compared to the previous year [1][27] - New orders in traditional infrastructure showed signs of recovery, with significant year-on-year growth in new contracts for major state-owned enterprises [4][27] 4. Investment Recommendations - The report recommends focusing on high-growth segments within professional engineering, particularly in semiconductor and chemical engineering sectors, which are expected to benefit from increased domestic investment [4][13] - Specific companies such as Sichuan Road and Bridge, and Donghua Technology are highlighted as potential investment opportunities due to their strong performance in Q1 2025 [4][13]