PD CONSTRUCTION(SH:600284) Chang Jiang Shang Bao·2025-07-03 17:17Core Viewpoint - Pudong Construction has secured a significant number of major projects recently, indicating strong competitiveness in the construction industry despite market uncertainties [2][3]. Group 1: Recent Project Wins - Pudong Construction announced it has won 23 major projects with a total bid amount of 1.964 billion yuan [2]. - The projects include various significant developments such as the new emergency material reserve center and a data center for the Zhangjiang New Economy Industrial Park [2]. - Since 2025, the company has consistently won large contracts, including 16 projects worth 1.803 billion yuan in January and 15 projects worth 1.702 billion yuan in March [2]. Group 2: Financial Performance - In Q1 2025, Pudong Construction signed 60 new engineering projects with a total value of 5.322 billion yuan, representing a 46.34% increase in project quantity year-on-year, although the project value decreased by 8.86% [2]. - The company's revenue and net profit for Q1 2025 were 3.526 billion yuan and 119 million yuan, respectively, reflecting year-on-year declines of 41.33% and 18.48% [3]. - The decline in revenue and profit is attributed to changes in market project deployment and delays in the commencement of some new contracts [3]. Group 3: Company Background and R&D Investment - Established in 1998, Pudong Construction's main business includes construction engineering, design consulting, and infrastructure project investment [3]. - The company has seen revenue growth from 3.825 billion yuan in 2013 to 18.86 billion yuan in 2024, while net profit has fluctuated but has shown positive growth since 2020 [3]. - Pudong Construction has invested significantly in R&D, with total R&D expenses reaching 2.497 billion yuan from 2020 to 2024, and has a dedicated R&D team of 323 employees, accounting for 22.28% of the total workforce [4][5].