行业报告 | 行业研究周报 建筑装饰 证券研究报告 基建投资景气上行，顺周期煤化工有望贯穿全年主线 核心观点 本周 CS 建筑上涨 1.54%，沪深 300 上涨 1.67%，建筑跑输大盘 0.12%。中小 市值转型的相关标的涨幅居前，传统基建央企仍表现偏弱。传统基建层面， 25 年 1-3 月专项债密集发行，基建投资延续发力，且水泥、沥青等建材高 频数据进一步验证景气上行。顺周期方面，Q1 较多煤化工项目进入前期密 集开工阶段，随着招投标工作的深入推进，建议继续关注相关企业的订单 及业绩弹性，重点推荐硫磺回收领域拿单优势凸显的三维化学。新兴业务 板块，建议继续关注与算力、IDC 等相关的投资机会，以及部分中小市值建 筑公司的转型机遇，主题层面建议继续关注西南水电及国际工程相关品种。 多维度验证 Q1 基建景气上行，煤化工项目进入密集开工阶段 1）从投资数据来看：25 年 1-3 月狭义基建、广义基建投资同比分别+5.8%、 +11.5%，3 月单月同比分别+5.9%、+12.6%（增速环比+0.3、+2.6pct），细 分项中，传统交通运输类投资强度增长仍较为有限，而水电燃热、水利投 资保持高增长态势，1- ...

证券代码：603357 证券简称：设计总院 公告编号：2025-013 安徽省交通规划设计研究总院股份有限公司 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 24 日（星期四）9:30-11:00 （三）会议召开方式：上证路演中心视频直播和网络互动 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：上证路演中心视频直播和网络互动 投资者可于 2025 年 4 月 17 日（星期四）至 4 月 23 日（星期三） 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 acdi@acdi.ah.cn 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。 安徽省交通规划设计研究总院股份有限公司（以下简称"公司"） 已于 2025 年 3 月 28 日发布公司 2024 年度报告，为便于广大投资者 更全面深入地了解公司 2024 年度 ...

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]

Group 1: Company Announcements - WuXi AppTec announced the sale of 50.8 million shares of WuXi AppTec Holdings through block trading, with a transaction amount of approximately HKD 2.178 billion, resulting in an investment gain of about RMB 1.847 billion, which accounts for over 10% of the company's latest audited net profit attributable to shareholders [1] - Jinlongyu plans to invest RMB 1.2 billion to construct a production line for key materials for solid-state batteries in Huizhou New Materials Industrial Park [2] - Dazhu CNC is conducting preliminary research on the issuance of overseas securities (H shares) and listing [3] - Anyuan Coal Industry plans to acquire 57% of Jinhui Magnetic Separation and simultaneously divest its coal business, which is expected to constitute a major asset restructuring [4] - Yuntian Lifa announced that its subsidiary has completed the delivery and acceptance of AI training and inference computing power services, positively impacting the company's operational performance [5] - AVIC Industry plans to voluntarily withdraw its A-share listing and will be suspended from trading starting April 3, 2025 [6] Group 2: Financial Performance - Naipu Mining reported a 45.46% year-on-year increase in net profit for 2024 and plans to distribute a cash dividend of RMB 0.7 per 10 shares [7] - New Hope expects a profit of RMB 430 million to RMB 500 million in the first quarter, marking a turnaround from losses [7] - Jinbei Automobile reported a net profit of RMB 382 million for 2024, a year-on-year increase of 214.06% [7] - Hailu Heavy Industry anticipates a year-on-year net profit increase of 50% to 65% for the first quarter of 2025 [8] Group 3: Major Transactions and Investments - Baiyin Nonferrous Metals completed the acquisition of a mining company's equity, increasing its copper metal resources to approximately 930,000 tons [9] - Ningbo Port expects to complete a container throughput of 12.11 million TEUs in the first quarter, a year-on-year increase of 10.9% [11] - Huafeng Communication reported a year-on-year net profit increase of 38.38% for 2024 [11] - Kid King anticipates a year-on-year net profit increase of 72.44% for 2024 and plans to distribute a cash dividend of RMB 0.5 per 10 shares [11]

本次资质取得标志着交勘院公司在测绘领域的业务范 围得到进一步拓展，有利于提升公司核心竞争力、开拓新业 务，赋能高质量发展。 证券代码：603357 证券简称：设计总院 公告编号： 2025-012 三、风险提示 安徽省交通规划设计研究总院股份有限公司 关于全资子公司取得工程测量、海洋测绘甲级资质的公告 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、资质取得情况 近日，安徽省交通规划设计研究总院股份有限公司（以 下简称"公司"）全资子公司安徽省交通勘察设计院有限公司 （以下简称"交勘院公司"）取得工程测量、海洋测绘甲级 资质。工程测量资质可承担控制测量、地形测量、规划测量、 建筑工程测量、变形形变与精密测量、市政工程测量、水利 工程测量、线路与桥隧测量、地下管线测量、矿山测量、工 程测量监理等业务。海洋测绘资质可承担海岸地形测量、水 深测量、水文观测、海洋工程测量、扫海测量、深度基准测 量、海图编制、海洋测绘监理等业务。 二、对公司的影响 安徽省交通规划设计研究总院股份有限公司董事会 2025 年 4 月 3 日 公司业绩 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Views - The company achieved a 75% year-on-year growth in net profit attributable to shareholders in Q4, indicating a strong performance despite a slight decline in quarterly revenue [1]. - The company is actively transforming to create new growth drivers, particularly in emerging industries, despite facing a temporary pressure on new contract signings [3]. - The overall financial health remains stable, with a projected net profit growth for 2025-2027, reflecting a positive outlook [1]. Financial Performance Summary - In 2024, the company reported revenues of 3.53 billion, a year-on-year increase of 4.25%, with net profit attributable to shareholders at 513 million, up 5.08% [1][6]. - Q4 revenue was 1.24 billion, down 8.43% year-on-year, but net profit showed significant growth, with a 74.84% increase [1]. - The comprehensive gross margin for 2024 was 33.5%, a slight decrease of 0.33 percentage points year-on-year, while the net margin improved by 0.2 percentage points to 14.78% [4]. Business Segment Performance - The company’s total revenue from surveying and design, engineering management, and engineering contracting was 20.5 billion, 1.7 billion, and 13.1 billion respectively, with engineering management and contracting showing strong growth [2]. - The proportion of revenue from domestic operations increased, with domestic revenue at 2.96 billion, up 5.27% year-on-year, while revenue from outside the province decreased by 0.92% [2]. Order and Contract Insights - New contracts signed in 2024 totaled 3.45 billion, a decrease of 24.62% year-on-year, with significant growth in smart technology contracts, which surged by 383% [3]. - The company has made notable advancements in low-altitude economy projects, including significant planning contracts in Anhui province [3]. Financial Projections - The projected net profit for 2025, 2026, and 2027 is 543 million, 585 million, and 638 million respectively, with corresponding P/E ratios of 9.9, 9.2, and 8.5 [1][6]. - The company plans to distribute cash dividends of 157 million in 2024, with a dividend payout ratio of 30.6% and a dividend yield of 2.91% [1].

Core Viewpoint - The company has evaluated the execution of its "Quality Improvement and Efficiency Enhancement" action plan for 2024 and outlined the main content of the 2025 action plan, focusing on enhancing core competitiveness, technological empowerment, investor returns, corporate governance, and risk management. Group 1: 2024 Action Plan Execution - The company achieved operating revenue of 2.046 billion and net profit attributable to shareholders of 0.7016 billion by the end of 2024 [1] - The company signed new contracts worth 0.213 billion in engineering management, generating revenue of 0.167 billion, and signed contracts worth 1.466 billion in total contracting, generating revenue of 1.306 billion [2] - The company invested 0.193 billion in R&D, accounting for 5.45% of operating revenue, an increase of 13.44% compared to 2023 [2] - The company received over 70 scientific progress awards and holds more than 830 patents, including 149 invention patents [2] Group 2: Corporate Governance and Investor Protection - The company held 11 board meetings, 7 supervisory meetings, and 2 shareholder meetings in the year, receiving the highest evaluation as a benchmark enterprise from the State-owned Assets Supervision and Administration Commission [3][4] - The company organized 3 performance briefings and conducted over 35 roadshows, ensuring effective communication with investors [4] - The company distributed a cash dividend of 0.35 per share and ensured the timely exercise of stock options [4] Group 3: Risk Management - The company updated its internal control system and conducted risk assessments to identify key risk indicators for 2024 and 2025 [5] - The company implemented a multi-dimensional early warning system and integrated risk management into business processes [5] - The company did not experience any major risk events in 2024, indicating effective risk control [5] Group 4: 2025 Action Plan Highlights - The company aims to enhance core competitiveness by exploring existing markets and diversifying its business into water conservancy and urban construction [7] - The company plans to strengthen technological empowerment by focusing on AI, smart highways, and other emerging industries [7] - The company emphasizes maintaining stable and continuous cash dividends for shareholders while ensuring long-term sustainable development [8] - The company will enhance corporate governance and ESG initiatives to maximize shareholder interests [9]

Core Viewpoint - The audit committee of Anhui Provincial Transportation Planning and Design Research Institute Co., Ltd. has effectively fulfilled its responsibilities in overseeing the company's development and ensuring compliance with relevant regulations during the 2024 fiscal year [1][8]. Audit Committee Basic Information - The audit committee consists of directors Chen Airong and Zhu Jie [1]. Audit Committee Meeting Summaries - The audit committee held multiple meetings throughout 2024, including: - March 28: Approved various reports including the 2023 annual report and financial budget for 2024 [1]. - April 25: Approved the 2024 Q1 report and internal audit report [2]. - April 30: Approved the proposal for reappointing the auditing firm for 2024 [2]. - August 27: Approved the 2024 semi-annual report and Q2 internal audit report [2]. - October 29: Approved the 2024 Q3 report and internal audit report [2]. - November 27: Approved proposals for increasing expected daily related transactions and revising the internal audit system [2]. Audit Committee Performance - The audit committee supervised and evaluated the work of the external auditing firm, Tianzhi International, confirming its qualifications and diligence in conducting audits [3][4]. - The committee reviewed the company's financial reports, affirming their accuracy and compliance with relevant regulations [5]. - The committee guided the internal audit work, ensuring the implementation of the internal audit plan and providing feedback to enhance effectiveness [5]. - The committee assessed the effectiveness of internal controls, confirming adherence to legal and regulatory requirements [5]. - The committee facilitated communication between management, internal audit departments, and external auditors to improve audit efficiency [5]. - The committee conducted a comprehensive internal control evaluation across the main office and 12 subsidiaries, addressing identified deficiencies [6][7]. Overall Evaluation - The audit committee effectively fulfilled its duties in supervising external audits, reviewing financial reports, guiding internal audits, and assessing internal controls, thereby enhancing the quality of financial disclosures and improving the company's governance structure [8].

2024 年度董事会审计委员会履职情况报告 根据中国证监会《上市公司治理准则》、《上海证券交易 所股票上市规则》、《上海证券交易所上市公司董事会审计委 员会运作指引》等相关法律法规和《公司章程》、《董事会审 计委员会工作规则》等有关规定，安徽省交通规划设计研究总 院股份有限公司（以下简称"公司"）董事会审计委员会本着勤 勉尽责、恪尽职守的原则，全面关注公司发展情况，认真履行 审计监督职责，充分发挥了专门委员会的作用。现就 2024 年度 审计委员会履职情况报告如下： 一、审计委员会基本情况 2024 年，公司审计委员会人员为独立董事周亚娜女士、独 立董事陈艾荣先生、董事祝捷先生。 二、审计委员会年度会议召开情况 2024 年度，公司董事会审计委员会共召开了 6 次会议。会 议召开情况具体如下： （一）2024 年 3 月 28 日，审计委员会召开 2024 年第一次 会议，会议审议并一致通过了《2023 年度审计委员会履职情况 报告》《2023 年年度报告》《2023 年度财务决算报告》《2024 年度财务预算报告》《关于 2023 年度利润分配方案的议案》 《关于非经营性资金占用及其他关联资金往来情况专项审 ...

安徽省交通规划设计研究总院股份有限公司 2025 年度"提质增效重回报"行动方案 安徽省交通规划设计研究总院股份有限公司（以下简称"公 司"或"设计总院"）结合实际，对公司《2024 年度"提质增效重回 报"行动方案》执行情况开展评估。现将《2024 年度"提质增效重 回报"行动方案》执行情况以及《2025 年度"提质增效重回报" 行动方案》报告如下： 一、《2024 年度"提质增效重回报"行动方案》执行情况 （一）做强做优主业情况 自行动方案推进以来，公司深入贯彻落实有关决策部署，坚 持底线思维、攻克重点难点，创新工作思路、奋力突围破局，产 业布局持续完善，业务结构进一步优化，深化改革提速提效。2024 年公司实现营业收入、归属于上市公司股东的净利润分别为 35.32 亿元、5.13 亿元，较 2023 年分别上升 4.25%和 5.08%。截 至 2024 年底总资产 70.16 亿元，归属于上市公司股东的净资产 37.71 亿元，较 2023 年底分别增长 7.70%和 10.53%。各主营业 务板块发展情况如下： 公司持续加强省内市场维护、开发，稳步提升省内交通建设 监理行业市场份额，不断加大省外市场 ...