精工钢构(600496)：海外订单超预期 重视出海成长逻辑

Group 1 - The company achieved significant growth in new contracts, with 698 new contracts signed in 2025, totaling 24.27 billion yuan, representing a year-on-year increase of 10.5% [1] - In Q4 2025, the company signed 165 new contracts, amounting to 6.3 billion yuan, which is a year-on-year growth of 30.8% [1] - The company has committed to a shareholder return plan for 2025-2027, promising to distribute at least 70% of the annual net profit attributable to shareholders or a minimum of 400 million yuan in cash dividends, whichever is higher [1] Group 2 - The company has rapidly developed its overseas business, signing new orders worth 7.2 billion yuan in 2025, a year-on-year increase of 140.1%, with public building projects growing by 302.5% [2] - In Q4 2025, the overseas business signed new orders of 2.2 billion yuan, reflecting a remarkable year-on-year growth of 568.4% [2] - Domestic business saw a decline of 10%, primarily due to a drop in public building and EPC projects, leading the company to shift focus towards private sector investments [2] Group 3 - The company’s industrial chain and strategic franchise business, along with BIPV business, continued to grow rapidly, achieving new orders of 1.28 billion yuan and 350 million yuan in 2025, with year-on-year growth of 51.7% and 60.8% respectively [2] - The BIPV business experienced a significant year-on-year growth of 117.2% in Q4 2025 [2] - The company’s steel structure sales reached 1.726 million tons in 2025, marking a year-on-year increase of 27.6%, with Q4 sales of 547,000 tons, up 14.6% [2]