Group 1 - The core viewpoint of the report is that Jianda Hucheng (603909.SH) is rated as a buy due to significant growth in revenue and profit, along with a substantial increase in engineering construction orders [2] - The company's revenue and profit have shown a year-on-year increase, and its operating cash flow has turned positive compared to the previous year [2] - Although there is a slight contraction in revenue from engineering consulting services, the orders for engineering construction have increased significantly [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company has reported significant year-on-year growth in revenue and net profit for the first half of 2025, with a notable increase in engineering construction orders [6][7] - The overall business performance remains stable, and the improvement in performance is better than expected, leading to an upward revision of profit forecasts for 2025-2027 [6] - The company is expected to benefit from synergies with its controlling shareholder, which may drive continuous revenue growth [6] Financial Performance Summary - In the first half of 2025, the company achieved total revenue of 3.393 billion yuan, a year-on-year increase of 7.67%, and a net profit attributable to shareholders of 45 million yuan, up 32.33% year-on-year [7] - The company’s gross profit margin was 4.99%, and the net profit margin was 1.61%, with respective year-on-year changes of -0.11 percentage points and +0.15 percentage points [7] - The operating cash flow turned positive, with a net cash flow from operating activities of 52 million yuan, attributed to increased construction business scale and improved collections [7] Business Segment Analysis - The engineering consulting business saw a slight revenue decline of 0.74%, generating 285 million yuan, while the engineering construction business reported a revenue increase of 8.55%, totaling 3.107 billion yuan [8] - The company signed new contracts worth 5.050 billion yuan in the first half of 2025, a 48% increase year-on-year, with the engineering construction segment accounting for 4.593 billion yuan, reflecting a substantial growth of 56% [8] - The growth in engineering construction orders is primarily driven by the aggressive expansion of land reserves by the controlling shareholder, which has effectively boosted related business demand [8] Financial Forecasts - The company’s projected net profit for 2025-2027 is revised to 120 million, 150 million, and 170 million yuan respectively, with corresponding EPS estimates of 0.5, 0.6, and 0.6 yuan [6] - The current price-to-earnings (P/E) ratios for 2025-2027 are estimated at 22.0, 17.9, and 15.8 times [6] - Revenue forecasts for 2025-2027 are set at 8.048 billion, 9.519 billion, and 11.300 billion yuan, with year-on-year growth rates of 21.8%, 18.3%, and 18.7% respectively [9]

Core Viewpoint - Jianfa Hecheng (SH 603909) reported a year-on-year increase in both revenue and net profit for the first half of 2025, indicating positive financial performance and growth potential [2] Financial Performance - The company's operating revenue for the first half of 2025 was approximately 3.393 billion yuan, representing a year-on-year increase of 7.67% [2] - The net profit attributable to shareholders was around 45.04 million yuan, which is a year-on-year increase of 32.33% [2] - Basic earnings per share were reported at 0.1728 yuan, reflecting a year-on-year increase of 32.31% [2]

Core Insights - The company reported a revenue of 3.393 billion yuan for the first half of 2025, representing a year-on-year growth of 7.70% [1] - The net profit attributable to the parent company was 45 million yuan, showing a significant increase of 32.33% year-on-year [1] - The net cash flow from operating activities reached 52 million yuan, marking a substantial growth of 218.12% [1] Business Overview - The company focuses on engineering consulting and construction, engaging in six main business areas: surveying and design, project management, testing and inspection, construction, comprehensive maintenance, and new engineering materials [1] - The strategic upgrade emphasizes expanding scale and profit, with a focus on urban renewal, water conservancy construction, and new energy infrastructure [1][2] - The company achieved a breakthrough in overseas business in Southeast Asia, successfully landing its first project in Thailand with a contract value exceeding 10 million yuan [2] Contract and Growth Performance - The company signed new contracts worth 5.050 billion yuan during the reporting period, reflecting a robust year-on-year growth of 48% [2] - The engineering construction segment, which includes construction, comprehensive maintenance, and engineering materials, saw a remarkable increase in new contracts amounting to 4.593 billion yuan, up 56% year-on-year [2] - The growth in new contracts is largely attributed to the parent company's active land reserve expansion, which effectively boosted related business demand, accounting for 88% of the total new contracts [2] Strategic Collaborations - The company is actively integrating into the "coordinated development ecosystem" of the parent group, successfully acquiring business from other industry groups, excluding real estate [1] - New collaborative business includes sales of construction materials for high-end decoration, specialized construction of curtain walls and aluminum alloy doors and windows, and value-added services for end consumers in home decoration [1]

（文章来源：证券日报） 证券日报网讯 8月19日晚间，建发合诚发布公告称，公司第五届董事会第五次会议审议通过了《关于 2025年半年度报告及其摘要的议案》等多项议案。 ...

（文章来源：证券日报） 证券日报网讯 8月19日晚间，建发合诚发布公告称，公司第五届监事会第四次会议审议通过了《关于 2025年半年度报告及其摘要的议案》等多项议案。 ...

Group 1 - The company, Jianfa Hecheng, announced that it will hold its first extraordinary shareholders' meeting of 2025 on September 5, 2025 [2] - The agenda for the shareholders' meeting includes the review of the proposal regarding the adjustment of the expected daily related transaction limits for 2025 [2]

（文章来源：证券日报） 证券日报网讯 8月19日晚间，建发合诚发布公告称，公司将于2025年8月28日召开2025年半年度业绩说 明会。 ...

Group 1 - The company reported a total operating revenue of 3,393,473,171.16 yuan for the first half of 2025, representing a year-on-year increase of 7.67% [1] - The net profit attributable to shareholders of the listed company reached 45,044,816.85 yuan, showing a year-on-year growth of 32.33% [1]

证券日报网讯8月19日晚间，建发合诚（603909）发布公告称，截至本公告日，公司为子公司及子公司 为子公司提供担保余额为21，000万元，占公司2024年12月31日经审计净资产的比例为19.54%。截至目 前，公司及子公司不存在逾期担保的情形。 ...