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- ...

Q1 业绩小幅承压，关注后续订单结转速度 25Q1 公司实现营业收入5.48 亿元，同比+5.54%，实现归母净利润0.52 亿元，同比-10.50%，扣非归母 净利润0.51 亿元，同比-8.33%，利润小幅度承压，我们认为一方面由于一季度化工产品价格仍在低位导 致利润贡献收窄；另一方面则和工程业务的收入确认节奏有关，截至25Q1 北方华锦项目已累计确认收 入3.57 亿元，已累计收款5.36 亿元，考虑到项目计划在25 年10 月中交，预计其余部分收入或在Q2 开始 进行集中确认。化工实业方面，在对等关税的冲击下，公司正在建设的高端纤维素项目有望充分受益于 国产替代逻辑。 工程在手订单充裕，关注化工实业价格边际变化1）工程业务方面，公司在手订单充裕，一季度新签 +中标订单合计4.7 亿元，至25Q1 末在手未完工订单16.7 亿元，后续仍有望持续受益于煤化工投资加 速。此外，4 月10 日鲁油鲁炼项目已经进入老旧装置拆除阶段，我们判断订单释放后有望带来显著业绩 增量。2）化工方面，25Q1 丁醇、辛醇市场均价分别为7149、7786 元/吨，较24Q1 同比分 别-17.2%、-35.8%，正丙醇市场均价 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating strong investment attractiveness with a projected dividend yield of 6% for 2025 based on an average payout ratio of 84% for 2023-2024 [4][6]. Core Insights - The company's Q1 2025 performance showed a slight revenue decline but is expected to accelerate significantly starting Q2 2025, driven by the completion of major projects and increased contract liabilities [1][3]. - The gross margin improved to 20.6% in Q1 2025, up by 0.78 percentage points year-on-year, while operating cash flow remained robust with a net inflow of 1.3 billion yuan [2]. - New contracts signed in Q1 2025 reached 300 million yuan, a staggering increase of 7592% year-on-year, indicating strong future revenue potential [3]. Financial Performance Summary - Q1 2025 revenue was 550 million yuan, a 5.5% increase year-on-year, while net profit attributable to shareholders was 52 million yuan, down 10.5% year-on-year [1]. - The company expects net profits for 2025-2027 to grow by 44%, 35%, and 36% respectively, with earnings per share (EPS) projected at 0.58, 0.79, and 1.07 yuan [4]. - The total contract backlog as of Q1 2025 was 1.67 billion yuan, three times the expected revenue for 2024, indicating strong future revenue recognition [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating strong investment attractiveness with a projected dividend yield of 6% for 2025 based on an average payout ratio of 84% for 2023-2024 [4][6]. Core Insights - The company's Q1 2025 performance showed a slight revenue decline but is expected to accelerate significantly starting Q2 2025, driven by the completion of major projects and increased contract liabilities [1][3]. - The gross margin improved to 20.6% in Q1 2025, up by 0.78 percentage points year-on-year, while operating cash flow remained robust with a net inflow of 1.3 billion yuan [2]. - New contracts signed in Q1 2025 reached 300 million yuan, a staggering increase of 7592% year-on-year, indicating strong future revenue potential [3]. Financial Performance Summary - Q1 2025 revenue was 550 million yuan, a 5.5% increase year-on-year, while net profit attributable to shareholders was 52 million yuan, down 10.5% year-on-year [1]. - The company expects net profits for 2025-2027 to grow by 44%, 35%, and 36% respectively, with earnings per share (EPS) projected at 0.58, 0.79, and 1.07 yuan [4]. - The company reported a significant increase in contract liabilities, up 70% from the beginning of the year, indicating strong future revenue recognition [1][2].

Group 1 - The core viewpoint of the article highlights the social security fund's investment strategy, showing a mix of new investments, increases, and reductions in holdings among various companies [1][2][3] - As of the end of Q1, the social security fund held shares in 15 companies, with a total holding of 260 million shares and a market value of 5.215 billion yuan [1][2] - The fund has newly invested in five companies, including Shandong Sanwei Chemical Group Co., Ltd. and Hainan Junda New Energy Technology Co., Ltd. [2][3] Group 2 - The social security fund increased its holdings in five companies, with the largest investment in Wanhua Chemical Group Co., Ltd., valued at 1.426 billion yuan [2][3] - The fund maintained its positions in two companies, while slightly reducing its holdings in three others, indicating a flexible response to market conditions [3] - Among the companies held, 12 are listed on the main board, 2 on the Sci-Tech Innovation Board, and 1 on the Growth Enterprise Market, reflecting a "technology + consumption" dual-core driving pattern [4] Group 3 - Seven of the companies in which the fund invested reported year-on-year profit growth in Q1, with Zhongyuan Media leading at a 234.61% increase [4] - Despite an average decline of 3.28% in the fund's heavy stocks, some companies like Juewei Food saw a price increase of 15.79% [4] - The fund's investment strategy is seen as a stabilizing force in the A-share market, focusing on high-quality assets and long-term growth potential [5][6]

证券代码：002469 证券简称：三维化学 公告编号：2025-015 山东三维化学集团股份有限公司 2025年第一季度土木工程建筑业务经营情况简报 130,659.61万元，不含税金额为人民币117,166.48万元。截至2025年3月31日， 该项目实现营业收入35,691.99万元，累计收款53,619.02万元。 三、其他情况说明 鉴于上述有关数据为阶段性数据，且未经审计，因此上述数据与最终披露的 数据可能存在差异。同时，由于受客户情况变化、财务核算方法等因素的影响， 上述项目未来确认的营业收入与合同金额并不完全一致，敬请投资者注意投资风 险。 一、总体情况 | | 第一季度 | | 截至报告期末累计已 | | 第一季度 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 项目 | 新签约订单 | | 签约未完工订单 | | 已中标未签约订单 | | 备注 | | 类型 | 数量 | 金额 | 数量 | 金额 | 数量 | 金额 | | | | （个） | （万元） | （个） | （万元） | （个） | （万元） | | | 咨询设 ...

证券代码：002469 证券简称：三维化学 公告编号：2025-013 山东三维化学集团股份有限公司 2024年度股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开时间： 1、现场会议时间：2025 年 4 月 17 日 14:00； 2、网络投票时间：2025 年 4 月 17 日。其中通过深圳证券交易所交易系统 进行网络投票的时间为 2025 年 4 月 17 日 09:15-09:25、09:30-11:30、 13:00-15:00；通过深圳证券交易所互联网投票系统投票的时间为 2025 年 4 月 17 日 9:15-15:00 期间的任意时间。 （二）现场会议召开地点： 山东省青岛市市南区彰化路六号青岛花园大酒店贵宾楼二楼万象厅 （三）会议召开方式：现场表决、网络投票相结合的方式 （四）召集人：公司董事会 （五）主持人：董事长曲思秋先生 （六）会议召开的合法性、合规性：本次股东大会的召集和召 ...

上海锦天城（青岛）律师事务所 关于山东三维化学集团股份有限公司 2024 年度股东大会的 法律意见书 http://www.allbrightlaw.com/ 地址：山东省青岛市市南区香港中路 8 号青岛中心大厦 A 座 45 层 电话：0532-55769166 传真：0532-55769155 邮编：266071 山东三维化学集团股份有限公司 锦天城·法律意见书 上海锦天城（青岛）律师事务所 关于山东三维化学集团股份有限公司 2024 年度股东大会的 法律意见书 致山东三维化学集团股份有限公司： 上海锦天城（青岛）律师事务所（以下简称"本所"）接受山东三维化学集 团股份有限公司（以下简称"公司"或"三维化学"）的委托，指派张晓敏、孙 一杰律师出席了公司于 2025 年 4 月 17 日召开的 2024 年度股东大会（以下简称 "本次股东大会"）。现根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）和《上市公司股东大会 规则》（以下简称"《股东大会规则》"）、《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》等法律、行政法规、 ...

Group 1 - The core point of the article is that Sanwei Chemical (002469) reported its Q1 2025 revenue and net profit figures, indicating a mixed performance with revenue growth but a decline in net profit [1] Group 2 - The company's revenue for Q1 2025 was 548 million yuan, representing a year-on-year increase of 5.54% [1] - The net profit for the same period was 51.54 million yuan, showing a year-on-year decrease of 10.50% [1]

Financial Performance - The company's revenue for Q1 2025 was CNY 547,669,241.75, representing a year-over-year increase of 5.54% compared to CNY 518,918,794.15 in the same period last year[5] - Net profit attributable to shareholders decreased by 10.50% to CNY 51,536,331.27 from CNY 57,579,316.86 in the previous year[5] - Total operating revenue for the current period reached ¥547,669,241.75, an increase of 5.4% compared to ¥518,918,794.15 in the previous period[17] - Net profit for the current period was ¥50,397,447.06, a decrease of 5.4% from ¥53,577,398.31 in the previous period[18] - The company's basic earnings per share (EPS) decreased by 10.48% to CNY 0.0794 from CNY 0.0887 in the same period last year[5] - Earnings per share (EPS) for the current period was ¥0.0794, down from ¥0.0887 in the previous period, representing a decline of 14.8%[19] Cash Flow - The net cash flow from operating activities increased significantly by 82.40% to CNY 131,221,773.32, up from CNY 71,941,804.21 in the same period last year[5] - Cash flow from operating activities generated a net amount of ¥131,221,773.32, significantly higher than ¥71,941,804.21 in the previous period, indicating a growth of 82.5%[20] - Cash inflow from investment activities totaled $402,975,722.99, an increase from $402,449,338.90 year-over-year[21] - Cash outflow for investment activities was $157,304,857.87, down from $715,807,614.76 year-over-year[21] - Net cash flow from investment activities was $245,670,865.12, a significant improvement from -$313,358,275.86 year-over-year[21] - Cash and cash equivalents increased by 48.07% to CNY 702,037,698.48, compared to CNY 474,136,187.64 at the beginning of the year[9] - Cash and cash equivalents at the end of the period amounted to $619,642,048.79, compared to $822,447,149.50 in the previous year[21] - The net increase in cash and cash equivalents was $215,156,287.15, contrasting with a decrease of -$245,098,965.70 in the previous year[21] - Cash flow from financing activities resulted in a net outflow of -$161,673,085.95, compared to -$3,855,954.90 year-over-year[21] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,555,259,144.44, a decrease of 1.97% from CNY 3,626,680,614.33 at the end of the previous year[5] - Total current assets amount to 2,162,283,107.90 CNY, a slight decrease from 2,172,289,976.02 CNY at the beginning of the period[13] - Total liabilities decreased from 685,008,026.82 CNY to 560,978,786.64 CNY, a reduction of approximately 18.2%[14] - Total liabilities decreased to ¥634,704,585.03 from ¥759,359,228.74, a reduction of 16.4%[15] - Non-current assets total 1,392,976,036.54 CNY, down from 1,454,390,638.31 CNY, indicating a decrease of about 4.2%[14] - The company has a total asset value of 3,555,259,144.44 CNY, down from 3,626,680,614.33 CNY, reflecting a decrease of approximately 2.0%[14] Shareholder Information - Total number of common shareholders at the end of the reporting period is 51,699[11] - The largest shareholder, Shandong Renhe Investment Co., Ltd., holds 21.14% of shares, totaling 137,195,538 shares[11] - The company has no preferred shareholders or significant changes in the top 10 shareholders due to securities lending activities[12] Expenses and Investments - Total operating costs amounted to ¥499,308,859.35, up from ¥474,241,070.27, reflecting a rise of 5.3%[17] - Research and development expenses rose to ¥25,244,103.12, compared to ¥23,976,020.05, marking an increase of 5.3%[17] - The company reported an investment income of ¥3,469,204.79, down from ¥4,141,855.70, indicating a decline of 16.2%[18] - The company recorded a decrease in tax expenses to ¥7,572,304.85 from ¥10,582,192.34, a decline of 28.5%[18] Other Information - The company reported a significant decrease of 80.05% in trading financial assets, down to CNY 50,192,708.33 from CNY 251,633,904.47 due to the maturity of structured deposits[9] - The company’s contract liabilities increased by 70.31% to CNY 188,719,995.83, attributed to prepayments for engineering projects[9] - The company recorded a 273,111.47% increase in other operating expenses, amounting to CNY 1,007,986.39, primarily due to the disposal of fixed assets by a subsidiary[9] - The company did not undergo an audit for the first quarter report[22] - The new accounting standards will be implemented starting in 2025, affecting the financial statements[22] - The company is part of Shandong Sanwei Chemical Group Co., Ltd., as noted in the board meeting on April 17, 2025[23]