研报掘金丨开源证券：中国交建新签合同额保持增长，境外业务稳健，维持“买入”评级

Core Viewpoint - China Communications Construction Company (CCCC) experienced a decline in revenue and profit in the first half of the year, primarily due to a decrease in gross margin amid intensified competition in the construction industry, leading to a downward revision of profit forecasts [1] Group 1: Financial Performance - In the first half of 2025, CCCC achieved revenue of 337.05 billion yuan, representing a year-on-year decrease of 5.7%, attributed to the slowdown in the growth rate of the construction industry [1] - The decline in profit was mainly due to a reduction in gross margin from core business operations, alongside decreased fair value gains and an increase in credit impairment losses [1] Group 2: Business Outlook - Despite the challenges, CCCC's new contract signing amount continued to grow, and its overseas business showed stable performance [1] - The company maintains a "buy" rating, indicating confidence in its long-term prospects despite current financial setbacks [1]