Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a stable revenue growth with a year-on-year increase of 1.6% in Q1 2025, achieving total revenue of 142.736 billion yuan. However, the net profit attributable to shareholders decreased by 12.0% year-on-year to 2.636 billion yuan, indicating continued pressure on profitability due to declining gross margins [7] - The company has shown good expense control, with stable expense ratios across various categories. The comprehensive gross margin for Q1 2025 was 10.8%, down by 1.0 percentage points year-on-year [7] - New signed contracts decreased by 9.6% year-on-year to 299.3 billion yuan in Q1 2025, with notable performance in hydropower and wind power sectors, which saw increases of 20.2% and 67.3% respectively [7] - The company is expected to benefit from increased domestic investment in major water conservancy and hydropower infrastructure, as well as the ongoing expansion of its renewable energy investment and operation business [7] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 609.844 billion yuan, with a year-on-year growth of 6.50%. The net profit attributable to shareholders is expected to be 12.949 billion yuan, reflecting a growth of 13.24% [1] - The earnings per share (EPS) for 2023 is estimated at 0.75 yuan, with a price-to-earnings (P/E) ratio of 6.28 [1] Revenue and Profit Forecast - Revenue is forecasted to grow to 634.552 billion yuan in 2024, 648.864 billion yuan in 2025, and 675.132 billion yuan in 2026, with corresponding net profits of 12.015 billion yuan, 12.490 billion yuan, and 13.220 billion yuan respectively [1][8] - The projected EPS for 2025 is 0.73 yuan, with a P/E ratio of 6.51 [1] Market Data - The closing price of the stock is 4.74 yuan, with a market capitalization of approximately 81.652 billion yuan [5] - The company has a price-to-book (P/B) ratio of 0.58 and a debt-to-asset ratio of 79.61% [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a stable revenue growth with a year-on-year increase of 1.6% in Q1 2025, but the net profit attributable to shareholders decreased by 12.0% year-on-year [7] - The gross margin has come under pressure, declining by 1.0 percentage points to 10.8% [7] - The company is expected to benefit from increased domestic investment in major water conservancy and hydropower infrastructure, as well as the continuous expansion of its new energy investment and operation business [7] Summary by Sections Financial Performance - In Q1 2025, the company achieved total revenue of 142.736 billion yuan and a net profit of 2.636 billion yuan [7] - The operating cash flow showed a net outflow of 40.519 billion yuan, which is an increase in outflow compared to the previous year [7] - The asset-liability ratio stood at 79.6%, reflecting a slight increase of 1.4 percentage points year-on-year [7] Order Intake - New contracts signed in Q1 2025 amounted to 299.3 billion yuan, a decrease of 9.6% year-on-year [7] - The energy and water resource sectors showed strong performance, with new contracts in hydropower and wind power increasing by 20.2% and 67.3% respectively [7] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2026 is 12.5 billion yuan and 13.2 billion yuan respectively, with a P/E ratio of 6.5 and 6.2 times [7] - The company is expected to maintain a "Buy" rating due to the formation of a second growth curve from its new energy investment and operation business [7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 633.68 billion yuan in 2024, reflecting a year-on-year growth of 4.1%, while the net profit attributable to shareholders decreased by 7.2% to 12.02 billion yuan [5][10] - The company continues to see stable growth in its core business, particularly in water conservancy, hydropower, and renewable energy sectors, with significant increases in solar project capacity [6][8] - New contract signings increased by 11.2% to 1,270.69 billion yuan in 2024, with notable growth in energy and infrastructure contracts [7] Summary by Sections Revenue and Profitability - In 2024, the company reported operating revenue of 633.68 billion yuan, with a net profit of 12.02 billion yuan, and a decrease in net profit margin to 2.5% [5][6] - The gross margin for 2024 was 13.2%, slightly down from the previous year, while the gross margin for the first quarter of 2025 was 10.8% [6][10] Contract and Project Growth - The company secured new contracts worth 1,270.69 billion yuan in 2024, with energy and infrastructure contracts showing strong growth [7] - The company emphasized the quality of contracts, with high-quality orders accounting for 44.2% of new contracts [7] Capacity Expansion - The company added 204.2 MW of wind power, 404.37 MW of solar power, and 0.18 MW of hydropower capacity in 2024, leading to a total installed capacity of 33,128 MW, a 22% increase year-on-year [8] - The company is actively developing new energy projects, with significant contributions to revenue and investment from these sectors [8] Cash Flow and Dividends - The company reported a net operating cash inflow of 24.55 billion yuan in 2024, an increase of 22.8 billion yuan from the previous year [9] - The proposed dividend for 2024 is 1.2695 yuan per share, maintaining a payout ratio of 18.2% [10] Financial Forecasts - The company has adjusted its net profit forecasts for 2025 and 2026 to 12.70 billion yuan and 13.40 billion yuan, respectively, reflecting a downward revision of 13% and 18% [10]

丨证券研究报告丨 公司研究丨点评报告丨中国电建（601669.SH） [Table_Title] 新签稳增长，电力高景气 报告要点 [Table_Summary] 公司全年实现营业收入 6336.85 亿元，同比增长 4.07%；归属净利润 120.15 亿元，同比减少 7.21%；扣非后归属净利润 110.97 亿元，同比减少 5.26%。公司实现单 4 季度营业收入 2080.16 亿元，同比增长 10.51%；归属净利润 32.09 亿元，同比减少 7.21%；扣非后归属净利润 31.80 亿元，同比减少 88.79%。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中国电建（601669.SH） cjzqdt11111 [Table_Title2] 新签稳增长，电力高景气 [Table_Summary2] 事件描述 公司全年实现营业收入 6336.85 亿元，同比增长 4.07%； ...

Group 1 - The core viewpoint of the news is that China Electric Power Construction Group Central South Survey and Design Institute Co., Ltd. has applied for a patent for an offshore wind power direct current transmission system and its fault clearance method, indicating innovation in the renewable energy sector [1] - The patent application was filed on January 2025, and the publication number is CN119906079A, showcasing the company's ongoing commitment to technological advancement in offshore wind energy [1] - The patented system includes components such as offshore wind farms, offshore converter stations, and onshore converter stations, designed to enhance the stability and economic efficiency of offshore wind power direct current transmission [1] Group 2 - China Electric Power Construction Group Central South Survey and Design Institute Co., Ltd. was established in 1994 and is located in Changsha, primarily engaged in professional technical services [2] - The company has a registered capital of 135 million RMB and has invested in 88 enterprises, demonstrating its active role in the industry [2] - The company has participated in 5,000 bidding projects and holds 1,947 patents, indicating a strong focus on innovation and intellectual property [2]

天眼查资料显示，中国电建集团西北勘测设计研究院有限公司，成立于1995年，位于西安市，是一家以 从事专业技术服务业为主的企业。企业注册资本218000万人民币。通过天眼查大数据分析，中国电建集 团西北勘测设计研究院有限公司共对外投资了79家企业，参与招投标项目5000次，财产线索方面有商标 信息9条，专利信息2940条，此外企业还拥有行政许可156个。 金融界 2025 年 5 月 1 日消息，国家知识产权局信息显示，中国电建集团西北勘测设计研究院有限公 司、合肥通用机械研究院有限公司申请一项名为"一种筒型热板的制作方法"的专利，公开号 CN119870708A，申请日期为 2025 年 3 月。 合肥通用机械研究院有限公司，成立于1993年，位于合肥市，是一家以从事通用设备制造业为主的企 业。企业注册资本56000万人民币。通过天眼查大数据分析，合肥通用机械研究院有限公司共对外投资 了36家企业，参与招投标项目979次，财产线索方面有商标信息4条，专利信息1143条，此外企业还拥有 行政许可25个。 专利摘要显示，本发明属于热板制造技术领域，公开了一种筒型热板的制作方法，包括步骤 1、将不同 厚度的第一矩形 ...

Group 1 - The core viewpoint of the article highlights that Nanguo Real Estate Co., Ltd. reported significant revenue growth in 2024 but continued to face substantial net losses, indicating a "revenue increase without profit" situation [2][4][5] - In 2024, Nanguo achieved a revenue of 2.97 billion yuan, a year-on-year increase of 180.46%, while the net profit attributable to shareholders was -2.24 billion yuan, a decrease of 32.18% [2][5] - The company has been under financial pressure, with a net asset value of -1.75 billion yuan at the end of 2024, reflecting a year-on-year decrease of 461.52% [5][6] Group 2 - Nanguo's stock was suspended on April 29, 2024, and was subject to delisting risk warnings starting April 30 due to its negative net asset value and ongoing losses [3][6] - The controlling shareholder, China Electric Power Construction Group Real Estate Co., Ltd., plans to acquire Nanguo's real estate development assets and liabilities, which is expected to improve the company's asset quality and structure [3][7] - The real estate sector is undergoing significant adjustments, with many companies, including Nanguo, considering asset light transformations to reduce debt and adapt to market conditions [9]

Investment Rating - The investment rating for China Electric Power Construction (601669.SH) is maintained at "Buy" [1][5][6] Core Views - The company reported a year-on-year revenue growth, with a strong performance in its renewable energy business. However, the net profit attributable to shareholders declined due to increased impairment provisions. The gross margin remained stable, and the company is focusing on building a second growth curve around renewable energy while solidifying its traditional infrastructure business [5][6][7]. Financial Performance Summary - In 2024, the company achieved a revenue of 634.55 billion yuan, representing a year-on-year increase of 4.05%. The net profit attributable to shareholders was 12.01 billion yuan, down 7.21% year-on-year. The gross margin and net margin were 13.19% and 2.50%, respectively, showing slight declines of 0.04 percentage points and 0.31 percentage points year-on-year [6][8]. - The company’s new signed orders totaled 12,706.91 billion yuan in 2024, an increase of 11.19% year-on-year. The energy and power sector saw significant growth, with orders increasing by 23.68% [7][8]. Profit Forecast - The profit forecasts for 2025 to 2027 are as follows: net profit attributable to shareholders is expected to be 14.13 billion yuan in 2025, 15.21 billion yuan in 2026, and 15.95 billion yuan in 2027. The earnings per share (EPS) are projected to be 0.82 yuan, 0.88 yuan, and 0.93 yuan for the respective years [5][8]. Valuation Metrics - The current price-to-earnings (P/E) ratios are projected to be 5.9, 5.5, and 5.2 for 2025, 2026, and 2027, respectively. The price-to-book (P/B) ratio is expected to remain at 0.5 for the next three years [5][8]. Business Outlook - The company is expected to benefit from the ongoing development in the energy and power sector, with its renewable energy initiatives likely to contribute positively to future earnings growth. The traditional business is undergoing structural adjustments due to a shrinking scale [5][6][7].

Investment Rating - The investment rating for China Electric Power Construction (601669.SH) is maintained at "Buy" [5][6] Core Views - The company reported a year-on-year revenue growth, with a strong performance in its renewable energy business. However, the net profit attributable to shareholders decreased due to increased impairment provisions. The company is adjusting its business structure as traditional business scales down, focusing on renewable energy as a second growth curve. The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 141.3 billion, 152.1 billion, and 159.5 billion yuan respectively, with corresponding EPS of 0.82, 0.88, and 0.93 yuan [5][6][7] Financial Performance - In 2024, the company achieved a revenue of 634.55 billion yuan, a year-on-year increase of 4.05%. The net profit attributable to shareholders was 12.015 billion yuan, a decrease of 7.21%. The gross margin and net margin were 13.19% and 2.50%, respectively, showing slight declines compared to the previous year [6][8] - The company’s total assets reached 1,289.01 billion yuan by the end of 2024, with a debt-to-asset ratio of 78.93% and a current ratio of 0.88 [6][10] Order Growth - The company signed new contracts totaling 12,706.91 billion yuan in 2024, reflecting a year-on-year growth of 11.19%. The energy and power sector saw significant order growth of 23.68% [7][8] - The company secured renewable energy construction indicators of 26.12 million kilowatts, a 15% increase year-on-year, with installed capacity for wind and solar power also showing substantial growth [7][8] Earnings Forecast - The earnings forecast for 2025-2027 indicates a recovery in net profit, with expected growth rates of 17.6% in 2025 and 7.7% in 2026. The P/E ratios for the next three years are projected to be 5.9, 5.5, and 5.2 times, respectively [5][8][10]

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][17]. Core Views - The company's Q1 performance continues to face pressure, with a slight revenue increase of 1.61% year-on-year to CNY 142.56 billion, while net profit decreased by 12.03% to CNY 2.636 billion. The expectation is for gradual improvement in operations due to anticipated fiscal policy support [1][2]. - The report highlights the potential benefits for the company from major hydropower projects, as it is a leading player in the water conservancy and hydropower sector, responsible for over 80% of river planning and more than 65% of the construction of medium and large hydropower stations in China [3][1]. Financial Performance Summary - In Q1 2025, the company reported a gross margin of 10.81%, a decrease of 0.98 percentage points year-on-year. The net profit margin was 2.46%, down by 0.4 percentage points [2]. - The company signed new contracts worth CNY 299.32 billion in Q1 2025, a decrease of 9.6% year-on-year. Notably, new contracts in hydropower and wind power increased by 20.2% and 67.3% respectively, indicating strong demand in these sectors [3]. - The company's operating cash flow showed a net outflow of CNY 40.519 billion in Q1 2025, which is an increase in outflow by CNY 1.516 billion compared to the same period last year [2]. Financial Data and Valuation - The projected revenue for the company is expected to grow from CNY 609.41 billion in 2023 to CNY 738.51 billion by 2027, with a compound annual growth rate of approximately 6.87% [5]. - The estimated net profit attributable to the parent company is projected to increase from CNY 12.99 billion in 2023 to CNY 15.66 billion by 2027, reflecting a growth rate of 11.76% [5]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 6.43 in 2023 to 5.34 by 2027, indicating potential undervaluation [5].