宁波建工再揽大单中标15.65亿项目 深耕建筑核心赛道在手订单104.77亿

Core Viewpoint - Ningbo Construction (601789.SH) has successfully secured a significant contract for the EPC general contracting of the Ankang High-tech Zone Smart Terminal Industrial Park Phase III project, amounting to 1.565 billion yuan, marking a key step in its industry chain integration and market expansion [1][2] Contract and Order Summary - As of June 30, 2025, the company has signed a total of 715 new contracts with a total value of 10.477 billion yuan, representing a year-on-year growth of 12.77% [1][2] - The company’s order backlog has exceeded 10 billion yuan, highlighting its strong competitiveness in the construction sector [2] - In Q2 2025, the company signed 380 new contracts worth approximately 6.844 billion yuan, a year-on-year increase of 21.94% [2] Financial Performance - For the first half of 2025, the company reported revenue of 9.174 billion yuan and a net profit attributable to shareholders of 130 million yuan, reflecting year-on-year declines of 8.49% and 9.43% respectively [3] - Analysts attribute the decline in performance to macroeconomic conditions and project settlement cycles, suggesting that this is a short-term fluctuation [3] Strategic Developments - The company announced a plan to acquire 100% of Ningbo Traffic Engineering Construction Group for 1.527 billion yuan, aimed at optimizing resource allocation and eliminating industry competition [4] - This acquisition will allow the company to integrate its construction, municipal engineering, and highway engineering businesses, forming a complete industry chain [4] Market Expansion - The company has established a market strategy characterized by "Ningbo base + provincial depth + external breakthroughs," actively expanding its market presence through investments and mergers [5][6] - In the first half of 2025, the company secured contracts worth 8.537 billion yuan in the local market, accounting for 69.49% of its total contracts [6] - The company is also expanding its business in the industrialization of construction, with contracts worth 578 million yuan in the first half of 2025 [6]