Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company is expected to see significant cash flow improvement in 2024, with a projected operating revenue of 47.772 billion yuan, representing a year-on-year increase of 3.75%. However, the net profit attributable to shareholders is expected to decrease by 2.78% to 1.31 billion yuan. For Q1 2025, the company anticipates an operating revenue of 8.171 billion yuan, which is a 5.74% increase year-on-year, and a net profit of 221 million yuan, reflecting an 18.82% increase [2][8][13]. Summary by Sections Financial Performance - In 2024, the company achieved an operating revenue of 47.772 billion yuan, with a 3.75% year-on-year growth. The net profit attributable to shareholders was 1.31 billion yuan, down 2.78%. For Q1 2025, the operating revenue reached 8.171 billion yuan, up 5.74%, and the net profit was 221 million yuan, up 18.82% [2][8][13]. - The company’s comprehensive gross margin for 2024 was 7.89%, a decrease of 0.15 percentage points year-on-year. The gross margin for Q1 2025 improved to 7.40%, an increase of 0.13 percentage points year-on-year [13]. Cash Flow and Debt - The company experienced a significant improvement in cash flow in 2024, with a net cash inflow from operating activities of 1.099 billion yuan, an increase of 5.27 billion yuan year-on-year. The cash collection ratio was 91.01%, up 0.93 percentage points year-on-year [13]. - The asset-liability ratio decreased by 0.14 percentage points to 78.18% in 2024, indicating a slight improvement in financial stability [13]. Market Outlook - In 2024, the total transportation investment in Zhejiang province reached a record high of 409.3 billion yuan, a year-on-year increase of 9.6%. The company is expected to benefit from this high level of infrastructure investment, particularly in the maintenance business, which is projected to contribute additional profits [13].

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [12]. Core Viewpoints - The Central Political Bureau meeting on April 25 emphasized the need for proactive macroeconomic policies to stabilize growth and address risks in key areas, signaling positive stability for the real estate chain [2][9]. - The meeting highlighted the importance of high-quality development to respond to external uncertainties, particularly in the context of international trade tensions, such as the escalating US-China tariff situation [8][9]. - Infrastructure investment is expected to receive policy support as a key driver for economic growth, with a focus on enhancing funding and implementing new policies [10][11]. Summary by Sections Macroeconomic Policies - The report outlines the need for consistent policy orientation, utilizing more proactive fiscal policies and moderately loose monetary policies, including the issuance of special bonds and maintaining liquidity to support the real economy [9][10]. Real Estate Market - The report indicates that real estate development investment in March 2025 was CNY 0.9 trillion, a decrease of 10.0% year-on-year, with sales and new construction areas also showing declines [62][63]. Infrastructure Investment - In March 2025, narrow infrastructure investment reached CNY 1.9 trillion, up 5.9% year-on-year, while broad infrastructure investment was CNY 2.6 trillion, reflecting a 10.7% increase [54][55]. Sector Performance - The construction sector is advised to focus on the dual themes of stabilizing growth and the "Belt and Road" initiative, with recommendations for companies with high overseas exposure to benefit from increasing international orders [11][12].

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 47.772 billion CNY, a year-on-year increase of 3.75% [1] - The net profit attributable to shareholders was 1.31 billion CNY, a decrease of 2.78% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 1.023 billion CNY, down 20.81% compared to the previous year [1] - The net cash flow from operating activities was 1.099 billion CNY, a significant increase of 92.29% year-on-year [2] Group 2: Q1 2025 Performance - In Q1 2025, the company reported operating revenue of 8.171 billion CNY, a year-on-year growth of 5.74% [2] - The net profit attributable to shareholders for Q1 2025 was 221 million CNY, an increase of 18.82% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 207 million CNY, up 17.20% compared to the same period last year [2] Group 3: Profitability Metrics - The gross profit margin for the main business in 2024 was 7.83%, remaining stable compared to the previous year [2] - The gross profit margin for the construction industry was 7.75%, also stable year-on-year [2] - The gross profit margin for the highway maintenance sector was 8.48%, down 0.92% due to increased market competition [2] Group 4: Order and Project Status - In 2024, the company secured 1,021 new orders, with a total order value of 71.088 billion CNY [2] - As of the end of 2024, the total contract amount for ongoing projects was 228.532 billion CNY, with recognized revenue of 92.269 billion CNY [2] - The remaining uncompleted contract amount was 136.263 billion CNY, indicating a robust order backlog [2] Group 5: Business Models and Strategies - The company operates under various business models including general contracting, specialized contracting, PPP, and integrated construction and maintenance [3] - The maintenance segment has expanded to cover 11 cities in Zhejiang Province, managing over 8,000 kilometers of highways [3] - The company plans to enhance its maintenance services and expand into out-of-province and international markets [3] Group 6: Investment and Acquisition Plans - The company acquired 30% of Easy Special Foundation Engineering Co., Ltd. for 357.928 million CNY, becoming its controlling shareholder [4] - Future acquisitions will focus on enhancing the industrial chain and addressing gaps in qualifications and regional presence [4] Group 7: Profit Distribution - For the fiscal year 2024, the company plans to distribute cash dividends of 1.25 CNY per 10 shares, totaling 334 million CNY, which is 25.48% of the net profit attributable to shareholders [4]

Group 1 - Zhejiang Jiaokao (002061) announced that in the first quarter of 2025, its subsidiary Zhejiang Jiaogong secured 318 new signed projects with a total amount of 9.218 billion yuan, and 16 new projects not yet signed with a total amount of 9.357 billion yuan [1] - Cumulatively, in the current year, Zhejiang Jiaokao has secured 318 signed projects amounting to 9.218 billion yuan and 16 unsigned projects totaling 9.357 billion yuan [1] - As of the end of the reporting period, the total number of signed but uncompleted projects over the years reached 619, with a total amount of 132.516 billion yuan [1] Group 2 - Dongyi Yisheng (002713) reported that in the first quarter of 2025, the company’s home decoration business signed new contracts worth 137 million yuan, the precision engineering business 19.94 million yuan, and the public decoration business 48.32 million yuan, totaling 205 million yuan [1] - As of the end of the reporting period, the cumulative amount of signed but uncompleted contracts in the home decoration business was 218 million yuan, precision engineering 48.81 million yuan, and public decoration 98.83 million yuan, totaling 366 million yuan [1]

证券代码：002061 证券简称：浙江交科 公告编号：2025-050 浙江交通科技股份有限公司 2025年第一季度建筑业经营情况简报 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 3 号——行业信息披露》等相关规定，浙江交通科技股份有限公司现将子 公司浙江交工集团股份有限公司（以下简称"浙江交工"）2025 年第一季度建 筑业经营情况简报如下： 一、订单情况 1.项目概况 | 第一季度 | | 第一季度 | | 本年累计新中标 | | 本年累计新中标 | | 截至报告期末历 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 新中标且签约项 | | 新中标未签约项 | | 且签约项目 | | 未签约项目 | | 年累计已签约未 | | | 目 | | 目 | | | | | | 完工项目 | | | 数量 | 金额 | 数量 | 金额 | 数量 | 金额 | 数量 | 金额 | 数量 | 金额 | ...

Group 1 - The report highlights three main investment directions: 1) Technology AI+ led by Deepseek breakthroughs and open-source initiatives, 2) Valuation recovery and gradual revival of consumer stocks, 3) The rise of undervalued dividends [2] - Overall industry sentiment shows an upward trend in sectors such as machinery, food and beverage, non-bank financials, real estate, environmental protection, and retail, while sectors like oil and petrochemicals, pharmaceuticals, home appliances, banking, and public utilities are trending downward [2][20] - The report predicts strong performance in specific sub-industries over the next four weeks, emphasizing automotive services, general equipment, logistics, components, specialized equipment, paper, semiconductors, wind power equipment, consumer electronics, motors, textiles, optical electronics, photovoltaic equipment, jewelry, and infrastructure [2][20] Group 2 - In the agriculture sector, there is a strong short-term pig price due to a supply gap and inventory demand driven by state storage and increased channel inventory [3] - The report indicates a growing pressure on pig supply due to increasing inventory levels, with a notable rise in the number of small pigs stored [3] - The report recommends leading breeding companies such as Wens Foodstuffs, Muyuan Foods, and New Hope, while suggesting attention to flexible stocks like Shennong Group and Dekang Animal Husbandry [3] Group 3 - The aerospace industry is experiencing growth, with the domestic C919 aircraft entering commercial operation, leading to increased orders and production capacity [4][7] - The report anticipates significant benefits for the company as a key supplier in the aerospace engine industry, particularly with the development of advanced fighter jets and drones [4][7] - Revenue projections for the company are set at 44.84 billion, 54.48 billion, and 68.54 billion for 2025-2027, with a target price of 33.96 per share [7] Group 4 - The home appliance sector is seeing a return to growth, with new business and scenarios contributing to revenue despite short-term profitability pressure [8][29] - The company reported a revenue of 19.1 billion in 2024, with a slight increase in sales from industrial pumps and significant growth in the commercial pump segment [8][29] - The report maintains a "buy" rating for the company, projecting net profits of 2.7 billion, 3.3 billion, and 3.8 billion for 2025-2027 [29] Group 5 - The report on the food and beverage sector indicates a stable performance for Laobai Ganjiu, with revenue and net profit showing slight increases [10][14] - The company is benefiting from market dynamics in Hebei and Hunan, with a positive outlook for future sales growth [10][14] - The report adjusts profit forecasts for 2025-2026, expecting net profits of 8.87 billion and 10.27 billion, reflecting a cautious but optimistic view of the market [14] Group 6 - The cosmetics and personal care sector is experiencing a temporary performance pressure, but the color cosmetics business is showing remarkable growth [14][15] - The company reported a revenue of 57.36 billion in 2024, with a significant increase in color cosmetics sales [14][15] - The report anticipates a revenue growth trajectory for 2025-2027, with adjusted profit expectations reflecting competitive pressures in the market [15]

| 477.72 | 494.00 | 516.00 | 547.00 | | --- | --- | --- | --- | | 3.75 | 3.41 | 4.45 | 6.01 | | 13.10 | 13.61 | 14.25 | 15.18 | | -2.78 | 3.92 | 4.65 | 6.56 | | 7.89 | 7.65 | 7.66 | 7.68 | | 0.49 | 0.51 | 0.53 | 0.57 | | 7.99 | 7.69 | 7.35 | 6.90 | | | | | 股票代码 | 002061.SZ | | --- | --- | | A 股收盘价(元) | 3.92 | | 上证指数 | 3,295.06 | | 总股本(万股) | 267,055.14 | | 实际流通 A 股(万股) | 259,913.79 | | 流通 A 股市值(亿元) | 101.89 | 公司点评报告 ·建筑行业 E券 CGS 附录: 公司财务预测表 | 资产负债表(亿元) | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | -- ...

公司报告 | 年报点评报告 浙江交科（002061） 证券研究报告 Q1 扣非业绩同比增长 17.2%，区域基建高景气延续 25Q1 收入、利润稳步增长，24 年业绩小幅承压 2025Q1 公司实现收入 81.71 亿，同比+5.74%，归母、扣非净利润为 2.2、 2.1 亿，同比+18.82%、+17.2%，Q1 扣非业绩表现较好主要系毛利率提升以 及减值损失减少。 24 年公司实现收入 477.7 亿，同比+3.75%，归母、扣非净利润为 13.1、10.2 亿，同比-2.8%、-20.8%，24 年扣非利润有所承压主要系毛利率下滑、税金 及附加、费用率同比增加，非经常性损益为 2.87 亿，同比增加 2.31 亿， 主要为江山基地关停所产生的资产处置收益；24Q4 单季实现收入 171.2 亿，同比+4.8%，归母、扣非净利润为 4.7、2.0 亿，同比-20%、-64%。 养护业务实现较快增长，省内交通投资保持高景气 分业务来看，公司 2024 年路桥工程施工、养护施工分别实现收入 408、48 亿，同比-1.6%、+16.4%，毛利率分别为 7.75%、8.48%，同比-0.08pct、-0.92 ...

Financial Performance - The basic earnings per share for 2024 is 0.5000 yuan, a decrease of 3.85% compared to 0.5200 yuan in 2023 [1] - The net profit for 2024 is 13.1 billion yuan, down 2.82% from 13.48 billion yuan in 2023 [1] - The return on equity for 2024 is 8.94%, a decline of 9.24% from 9.85% in 2023 [1] - The total operating revenue for 2024 is 477.72 billion yuan, an increase of 3.75% from 460.46 billion yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 156,977.72 million shares, accounting for 60.4% of the circulating shares, with a decrease of 1,059.48 million shares compared to the previous period [2] - Zhejiang Provincial Transportation Investment Group Co., Ltd. holds 110,070.94 million shares, representing 42.35% of the total share capital, with no change [2] - New entrants among the top shareholders include Guangfa Jufeng Mixed A with 2,394.97 million shares and Ping An Asset Management with 1,517.18 million shares [2] Dividend Distribution - The company plans to distribute a dividend of 1.25 yuan per share (including tax) [3]

非经营性资金占用及其他关联资金 往来情况专项说明 浙江交通科技股份有限公司 控股股东及其他关联方资金占用情况的专项说明 （截止 2024 年 12 月 31 日） 目 录 页 次 浙江交通科技股份有限公司 容诚专字[2025]310Z0064 号 容诚会计师事务所(特殊普通合伙) 中国·北京 一、 控股股东及其他关联方资金占用情况的专项 说明 1-2 二、 浙江交通科技股份有限公司 2024 年度非经营 性资金占用及其他关联资金往来情况汇总表 1-11 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 关于浙江交通科技股份有限公司 非经营性资金占用及其他关联资金往来情况专项说明 容诚专字[2025]310Z0064 号 浙江交通科技股份有限公司全体股东： 我们接受委托，依据中国注册会计师审计准则审计了浙江交通科技股份有限 公司（以下简 ...