CSCEC(SH:601668) Zheng Quan Ri Bao·2025-05-05 08:38Core Insights - China State Construction Engineering Corporation (CSCEC) reported strong core operating data for Q1 2025, with new contract value reaching 1,270.2 billion yuan, a year-on-year increase of 6.9% [2] - The company achieved operating revenue of 555.3 billion yuan, up 1.1% year-on-year, and net profit attributable to shareholders of 15.01 billion yuan, reflecting a 0.6% increase [2] Construction Business Performance - In the construction segment, new contracts signed amounted to 1,203.7 billion yuan, representing an 8.4% year-on-year growth [2] - Infrastructure business contracts reached 420.6 billion yuan, showing a significant growth of 40.0% [2] - Physical indicators included a construction area of 1,458.08 million square meters, new construction area of 92.93 million square meters (up 61.8%), and completed area of 28.56 million square meters [2] Real Estate Business Performance - The company added 1.95 million square meters of land reserves, all located in first-tier, strong second-tier, and provincial capital cities, with total land reserves at 76.25 million square meters [2] - Real estate revenue was 53.7 billion yuan, a 15.5% increase year-on-year, with gross profit of 9.06 billion yuan, up 1.5% [2] Overseas Business Growth - CSCEC's overseas new contract value reached 67.4 billion yuan, a remarkable increase of 150% year-on-year, with overseas revenue of 23.9 billion yuan, up 8.5% [3] - The company is focusing on strategic emerging industries, urban renewal, and urban operation, achieving revenue of 45.3 billion yuan in strategic emerging industries, a 34.2% increase, accounting for 8.2% of total revenue [3] Shareholder Confidence - The controlling shareholder, China State Construction Group, has shown confidence in the company's future by increasing its stake, acquiring 110 million A-shares, representing approximately 0.27% of total shares, with a total investment of about 610 million yuan [3] Market Outlook - Several brokerage firms have given positive evaluations of CSCEC's Q1 performance, with Tianfeng Securities suggesting that the company, as a leading state-owned enterprise in the construction sector, is expected to gradually increase its market share and maintain a "buy" rating for long-term investment value [4]