CPEC(SH:600339) Guoxin Securities·2025-09-01 11:35Investment Rating - The report assigns an "Outperform" rating to the company [6] Core Insights - The company achieved a revenue of 36.287 billion yuan in the first half of 2025, representing a year-on-year growth of 12.18%, while the net profit attributable to shareholders decreased by 10.87% to 470 million yuan [1][11] - The company has a diversified business structure, with core segments including oil and gas field surface engineering, oil and gas storage and transportation engineering, and refining and chemical engineering, which accounted for 36.59%, 25.69%, and 30.27% of revenue respectively in 2024 [2][23] - The company has signed new contracts worth 73.401 billion yuan in the first half of 2025, with a backlog of approximately 170 billion yuan, ensuring a stable development outlook [3] - The company is focusing on emerging businesses and has seen a significant increase in new contracts in this area, which accounted for 28.06% of total new contracts in the first half of 2025 [55] Summary by Sections Financial Performance - The company reported a significant improvement in cash flow, with operating cash flow net amount improving from -7.052 billion yuan in the previous year to -1.533 billion yuan [1][20] - The company’s revenue is projected to grow to 89.992 billion yuan in 2025, with net profit expected to reach 733 million yuan [4][5] Business Segments - The company’s core business segments are oil and gas field surface engineering, oil and gas storage and transportation engineering, and refining and chemical engineering, which are expected to continue driving revenue growth [2][23] - Emerging business areas are rapidly expanding, contributing to the company's strategic shift towards new energy and materials [53][54] Market Position and Strategy - The company has established a strong presence in both domestic and international markets, with a focus on optimizing its project portfolio and enhancing risk management [3][59] - The company is actively pursuing new contracts in emerging sectors, including renewable energy and advanced materials, to diversify its revenue streams [55][58]