中化新网讯 11月13日，中国石油工程建设有限公司(CPECC)西南分公司公布，该公司与中工国际工程 股份有限公司签订了乌兹别克斯坦坎德姆天然气集输项目设计合同，目前已完成业主、总承包方及设计 单位历时14天的联合办公。 据了解，这是继华电赣榆LNG接收站外输管道工程合同签订后，CPECC西南分公司承担的又一个集输 项目。坎德姆天然气集输项目是乌兹别克斯坦重要的能源项目，也是CPECC西南分公司与中工国际在 乌兹别克斯坦的首个合作项目。内容包括单井站53座、站场24座、增压站1座，集输线路总长410千米， 气田道路172千米。项目建成后，将对提升乌兹别克斯坦西部天然气处理能力、提高当地天然气产能、 保障能源供应发挥着至关重要的作用。 ...

Group 1 - The stock of Zhonggong International (002051) closed at 8.91 yuan on November 24, 2025, with an increase of 4.09% and a turnover rate of 3.81% [1] - The net inflow of main funds on November 24 was 23.65 million yuan, accounting for 5.68% of the total transaction amount, while retail investors had a net outflow of 23.89 million yuan, representing 5.74% of the total [1] - In the past five days, the stock has experienced fluctuations in fund flows, with notable changes in both main and retail investor activities [1] Group 2 - Zhonggong International's total market value is 11.025 billion yuan, with a net asset value of 11.735 billion yuan and a net profit of 247 million yuan [2] - The company's P/E ratio is 33.5, while the industry average is 11.97, indicating a relatively high valuation compared to peers [2] - For the first three quarters of 2025, the company's main revenue was 7.125 billion yuan, a year-on-year decrease of 17.25%, while the net profit attributable to shareholders was 247 million yuan, down 23.68% [2] Group 3 - In the last 90 days, three institutions have rated the stock, with two buy ratings and one hold rating, and the average target price set by institutions is 10.09 yuan [3]

中工国际工程股份有限公司的主营业务是设计咨询与工程承包、先进工程技术装备开发与应用、工程投 资与运营。公司的主要产品是设计咨询与工程承包、先进工程技术装备开发与应用、工程投资与运营。 2025年3月，根据机电商会统计，中工国际在2024年中国企业境外大型成套设备工程项目签约额排行榜 中，位列第13位。2025年5月，中国对外承包工程商会发布了2024年度对外承包工程行业A级企业名 单，公司获评A级企业，并入选年度企业100强，公司在百强中的排名自"十四五"战略实施以来逐年上 升，由2020年度的77位稳步上升到2024年度的第32位。同时，公司还上榜了中国对外承包工程企业2024 年度房建工程30强、亚洲地区30强和拉美地区30强。 最新一期业绩显示，2025年三季报，公司实现营业收入71.25亿元，同比减少17.25%；净利润2.47亿 元，同比减少23.68%，销售毛利率18.57%。 股东方面，截至2025年9月30日，中工国际股东户数49362户，较上次减少4949户，户均持股市值35.28 万元，户均持股数量2.76万股。 交易所数据显示，11月24日，中工国际收盘8.91元，上涨4.09%，滚动市 ...

Group 1 - The core viewpoint of the article highlights that Zhonggong International (SZ 002051) has engaged in investor research, with key financial executives addressing inquiries from investors [1] - For the first half of 2025, Zhonggong International's revenue composition is as follows: international engineering contracting accounts for 66.97%, key core equipment R&D and manufacturing accounts for 14.98%, design consulting accounts for 12.15%, domestic engineering general contracting accounts for 3.66%, and engineering investment and operation along with other businesses account for 1.44% [1] - As of the report's release, Zhonggong International has a market capitalization of 10.6 billion yuan [1]

Group 1: International Business Advantages - The company has established over 70 overseas offices, operating in more than 100 countries, primarily along the "Belt and Road" initiative [4] - It has completed hundreds of large-scale turnkey projects and equipment exports, demonstrating strong international operational capabilities [4] - The company maintains a low asset-liability ratio and has diverse financing channels, supporting business development [4] - It has a strong technical and brand advantage in niche areas such as medical construction and solid waste handling [4] Group 2: Digital Infrastructure Achievements - The company has developed a comprehensive design system for intelligent computing centers, covering the entire lifecycle [5] - It has undertaken key projects like the National Supercomputing Center in Shenzhen and various data centers for major banks, contributing to the digital transformation of the financial sector [6] Group 3: Deep Earth Economy Initiatives - The company has successfully entered the high-value oil and gas sector, receiving accolades such as "Outstanding Contractor" from the Iraqi Prime Minister [7] - It has signed multiple contracts for projects in Iraq, including the central processing facility and gas field operations [7] Group 4: Overseas Business Orders and Growth - From January to September 2025, the company signed new international contracts worth $1.881 billion, a year-on-year increase of 19.58% [8] - The effective contract amount reached $1.621 billion, with a growth rate exceeding 90%, marking a recent high [8] Group 5: Shareholder Returns - The company has distributed a total of 3.24 billion yuan in dividends since its listing, maintaining a high dividend payout policy of at least 40% of distributable profits [9] - In 2025, the company initiated a share buyback program with a budget of 50 million to 100 million yuan to enhance shareholder value [9]

Investment Rating - The report maintains an investment rating of "Outperform" for the construction and decoration industry [3]. Core Viewpoints - The report highlights a continued decline in fixed asset investment in October, with a focus on the positive impact of moderately loose monetary policy and the acceleration of strategic project implementation [14][20]. - It emphasizes the increase in net financing of special bonds and rapid deployment of special government bonds, indicating a supportive funding environment for infrastructure projects [21][19]. Summary by Sections Industry Perspective and Investment Recommendations - The construction and decoration index rose by 0.35%, outperforming the overall A-share index by 0.53 percentage points, with notable performances in landscaping engineering and decoration sectors [13][30]. - Fixed asset investment from January to October 2025 reached CNY 408,914 billion, down 1.7% year-on-year, with infrastructure investment at CNY 203,809 billion, growing by 1.5% [14][16]. Key Company Dynamics - China Construction reported a new contract total of CNY 33,194 billion from January to October 2025, up 2.0% year-on-year [37]. - China Metallurgical Group announced a new contract amount of CNY 8,451 billion, down 11.8% year-on-year [37]. Valuation Status - As of November 14, 2025, the price-to-earnings (PE) ratios for various construction sub-sectors were as follows: housing construction at 6.64x, decoration at -24.37x, and municipal engineering at 8.14x [40].

Summary of Zhonggong International's Conference Call Company Overview - **Company**: Zhonggong International - **Industry**: International Engineering Contracting Key Financial Metrics - **Revenue**: 7.126 billion CNY in the first three quarters of 2025 - **Net Profit**: 247 million CNY, showing a year-on-year decline - **New Contracts Signed**: 3.03 billion USD, a 35% increase year-on-year - **Effective Contract Amount**: 1.621 billion USD, a year-on-year increase of 93.90% [2][3][4] Core Insights and Arguments - **International Engineering Performance**: Significant growth in international engineering contracting, particularly in countries like Guyana, Iraq, and Nicaragua, contributing to a robust pipeline of projects [2][4] - **Equipment Manufacturing**: Signed contracts worth 963 million CNY, including multiple overseas cable car projects and domestic ski resort projects [2][4] - **Investment and Operations**: Successful execution of projects in Uzbekistan, including waste-to-energy initiatives and the trial operation of the Tianmen cable car [2][3][4] - **Profitability Factors**: The decline in net profit is attributed to high project execution in the previous year and fluctuations in the RMB exchange rate [3][5] - **Strategic Shift**: The company is shifting its market focus from Latin America to Central Asia and the Middle East, particularly benefiting from oil and gas projects in Iraq [2][6][7] Future Outlook - **Performance Expectations**: Anticipated steady growth for the full year due to the peak execution phase of several key projects and reduced exchange rate losses [4][5] - **Dividends**: Planned cash dividend ratio of no less than 40% from 2024 to 2026 [11] - **Market Management**: Implementation of share buyback plans to enhance company value and shareholder rights [2][11] Additional Important Points - **Risk Management**: The company employs forward foreign exchange contracts and rolling adjustments to mitigate currency risk [6] - **Competitive Advantages**: Zhonggong International's unique advantages include broad market layout, technical expertise, and innovative financing capabilities [8][9] - **Focus on Deep Resource Exploration**: Continued investment in deep resource exploration, particularly in oil and gas projects in Central Asia [9][10] - **New Infrastructure Projects**: Involvement in multiple supercomputing and data center projects, leveraging its design capabilities [11][12] Conclusion Zhonggong International is positioned for steady growth in the international engineering sector, with a strategic focus on Central Asia and a commitment to maintaining strong financial performance through effective project execution and risk management strategies.

Core Viewpoint - The stock of Zhonggong International (002051) has experienced a decline, with a closing price of 8.48 yuan on November 18, 2025, down by 1.4% from the previous day [1] Financial Performance - For the first three quarters of 2025, the company's main revenue was 7.125 billion yuan, a year-on-year decrease of 17.25% - The net profit attributable to shareholders was 247 million yuan, down 23.68% year-on-year - The net profit after deducting non-recurring gains and losses was 235 million yuan, an increase of 0.61% year-on-year - In Q3 2025, the company's single-quarter main revenue was 2.338 billion yuan, a decrease of 24.85% year-on-year - The single-quarter net profit attributable to shareholders was 69.82 million yuan, an increase of 35.16% year-on-year - The single-quarter net profit after deducting non-recurring gains and losses was 65.03 million yuan, an increase of 54.38% year-on-year [3] Market Position and Ratios - The total market value of Zhonggong International is 10.493 billion yuan, ranking 26th in the engineering construction industry - The net assets amount to 11.735 billion yuan, ranking 21st in the industry - The net profit is 247 million yuan, ranking 24th in the industry - The price-to-earnings ratio (P/E) is 31.88, ranking 27th in the industry - The price-to-book ratio (P/B) is 0.91, ranking 18th in the industry - The gross profit margin is 18.57%, ranking 15th in the industry - The net profit margin is 3.44%, ranking 21st in the industry - The return on equity (ROE) is 2.14%, ranking 41st in the industry [3] Recent Ratings and Price Target - In the last 90 days, five institutions have given ratings for the stock, with three buy ratings and two hold ratings - The average target price set by institutions in the past 90 days is 10.09 yuan [4]

Core Viewpoint - The stock of Zhonggong International (002051) has shown a decline in both price and key financial metrics, indicating potential challenges in the engineering construction sector [1][3]. Financial Performance - As of November 17, 2025, Zhonggong International's stock closed at 8.6 yuan, down 0.35% with a trading volume of 95,300 lots and a transaction value of 81.80 million yuan [1]. - For the first three quarters of 2025, the company reported a main revenue of 7.125 billion yuan, a year-on-year decrease of 17.25%, and a net profit attributable to shareholders of 247 million yuan, down 23.68% [3]. - The third quarter of 2025 saw a single-quarter main revenue of 2.338 billion yuan, a decline of 24.85%, while the net profit for the same period was 69.82 million yuan, an increase of 35.16% [3]. Market Position and Ratios - Zhonggong International's total market capitalization is 10.642 billion yuan, with a net asset value of 11.735 billion yuan, ranking 25th and 21st respectively in the engineering construction industry [3]. - The company has a price-to-earnings ratio (P/E) of 32.33, significantly higher than the industry average of 12.45, indicating a relatively high valuation compared to peers [3]. - The gross margin stands at 18.57%, which is above the industry average of 13.26%, while the net margin is 3.44%, compared to an industry average of -5.12% [3]. Investment Sentiment - In the last 90 days, five institutions have rated the stock, with three giving a "buy" rating and two an "accumulate" rating, suggesting a generally positive outlook among analysts [4]. - The average target price set by institutions over the past 90 days is 10.09 yuan, indicating potential upside from the current trading price [4].

Group 1 - The new policy financial tools have been fully deployed, supporting private investment and REITs issuance [2] - As of October 29, 500 billion yuan of new policy financial tools have been allocated, with a portion supporting key private investment projects [2] - A total of 18 private investment projects have been recommended to the CSRC, with 14 projects already issued, raising nearly 30 billion yuan [2] Group 2 - The central bank aims to maintain reasonable price levels and ensure steady growth, employment, and expectations [3] - In October, new social financing amounted to 815 billion yuan, a year-on-year decrease of 597 billion yuan [3] - The central bank emphasizes the importance of promoting reasonable price recovery as a key consideration in monetary policy [3] Group 3 - The National Energy Administration has issued guidelines to promote the integrated development of renewable energy [4] - The guidelines aim to enhance the complementary development of various renewable energy sources and optimize energy structures [4] - There is a focus on improving the collaborative development of wind, solar, hydrogen, and storage technologies [4] Group 4 - Recommendations include sectors such as copper and cobalt resources, energy storage, dividends, and infrastructure in the western region [5] - Specific stock recommendations include China Railway (601390) for copper, China Metallurgical (601618) for nickel, and China Construction (601668) for low valuation and high dividends [5] - The report also highlights opportunities in AI and low-altitude economy sectors, recommending companies like Design Institute (603357) and Huazhong International (002949) [5]