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].

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 | ...

| 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 ...

| 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.5000 | 0.5200 | -3.85 | 0.9300 | | 每股净资产（元） | 5.84 | 5.46 | 6.96 | 7.11 | | 每股公积金(元) | 1.68 | 1.68 | 0 | 2.75 | | 每股未分配利润(元) | 2.93 | 2.59 | 13.13 | 3.13 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 477.72 | 460.46 | 3.75 | 465.84 | | 净利润(亿元) | 13.1 | 13.48 | -2.82 | 15.54 | | 净资产收益率(%) | 8.94 | 9.85 | -9.24 | 13.62 | | 名称 持有数量(万股) | | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 浙江省交通投资集团有限公司 | 11007 ...

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 ...

东兴证券股份有限公司 二、本次募集资金的使用情况 截至 2024 年 12 月 31 日，公司募集资金专户中资金使用情况如下： 单位：万元 使用部分闲置募集资金暂时补充流动资金的核查意见 东兴证券股份有限公司、浙商证券股份有限公司（以下简称"东兴证券、浙 商证券"或"保荐机构"）作为浙江交通科技股份有限公司（以下简称"浙江交科"或 "公司"）2020 年度公开发行可转换公司债券的保荐机构，根据《证券发行上市保 荐业务管理办法》《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 1 号——主板上市公司规范运作》《上市公司监管指引第 2 号— —上市公司募集资金管理和使用的监管要求》等有关法律法规和规范性文件的要 求，对浙江交科使用部分闲置募集资金暂时补充流动资金的事项进行了审慎尽职 核查，具体核查情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准浙江交通科技股份有限公司公开发行 可转换公司债券的批复》（证监许可〔2020〕524 号）核准，公司公开发行可转 换公司债券 2,500 万张，每张面值为人民币 100.00 元，按面值发行，发行总额为 人民币 250,000.00 ...

审计报告 浙江交通科技股份有限公司 容诚审字[2025] 310Z0010 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | 序号 | 容 内 | | 页码 | | | --- | --- | --- | --- | --- | | 1 | 审计报告 | 1-7 | | | | 2 | 合并资产负债表 | 1 | | | | 3 | 合并利润表 | 2 | | | | 4 | 合并现金流量表 | 3 | | | | 5 | 合并所有者权益变动表 | 4 - | 5 | | | 6 | 母公司资产负债表 | 6 | | | | 7 | 母公司利润表 | 7 | | | | 8 | 母公司现金流量表 | 8 | | | | 9 | 母公司所有者权益变动表 | 9 - | 10 | | | 10 | 财务报表附注 | 11 | - | 173 | 审 计 报 告 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 http ...