SHCD(SH:603887) Zheng Quan Shi Bao Wang·2025-01-05 12:48Core Viewpoint - The company has recently won a bid for a significant project with a total bid amount of 44.52 billion yuan, but the actual revenue will be lower due to joint bidding arrangements and the absence of a formal contract yet [1] Group 1: Company Performance - The company has shifted its focus from foundation engineering to IDC-related services, becoming a leading comprehensive solution provider in East China [2] - For the fiscal year 2023, the company reported a revenue of 2.37 billion yuan, a year-on-year decrease of 11.67%, and for the first three quarters of 2024, revenue was 862 million yuan, down 32.95% year-on-year [2] - The net profit attributable to shareholders for 2023 and the first three quarters of 2024 was -621 million yuan and -130 million yuan, respectively, indicating significant losses [2] Group 2: Industry Challenges - The company faces increased competition in the IDC sector, leading to a decline in gross margins, particularly due to a higher proportion of lower-margin products [3] - The company plans to optimize its business structure to improve gross margins, but this remains uncertain due to intense market competition [3] Group 3: Recent Developments - The company previously announced a major order worth 3.3 billion yuan from China Mobile, but highlighted risks related to the uncertainty of contract finalization [3] - On November 26, 2024, the company signed a formal contract for a project worth 1.98 billion yuan, which includes data center engineering [3] - On January 3, 2025, the company's stock hit a limit down at 14.58 yuan per share, with a total market value of 8.878 billion yuan, raising investor concerns about future stock performance [4]