Core Viewpoint - The performance of China's nine major state-owned construction enterprises in the first quarter of 2025 shows a mixed result, with total revenue declining by 4.23% year-on-year to 1.654563 trillion yuan and net profit down by 9.90% to 39.507 billion yuan, indicating a phase of adjustment in the industry [1][2][3]. Revenue and Profit Summary - The nine construction state-owned enterprises reported a total revenue of 1,654.563 billion yuan, a decrease of 4.23% year-on-year, and a net profit of 39.507 billion yuan, down 9.90% year-on-year [1][3]. - Among these enterprises, China Construction (中国建筑) achieved the highest revenue of 555.342 billion yuan, while China Chemical (中国化学) led in net profit growth with an increase of 18.77% [1][6][7]. Performance Disparity - Three companies, namely China Construction, China Energy Construction (中国能建), and China Chemical, managed to achieve net profit growth, while the remaining six companies experienced declines [2][3]. - The decline in profits for six enterprises is attributed to intensified market competition, rising costs, project delays, and changes in policies and taxation [2][4]. Factors Influencing Performance - Key factors affecting the performance include rising project costs due to fluctuating raw material prices, project delays caused by planning adjustments and extreme weather, and increased competition leading to price pressures [4][5]. - China Chemical's strong performance is attributed to improved internal management, enhanced production efficiency, and successful market expansion, particularly in high-value sectors like new materials and renewable energy [6][7]. Future Outlook - The construction industry is expected to face continued pressure in 2024 and early 2025, but there are indications that infrastructure investment may increase as a means to stimulate economic growth [8][9]. - The government is planning to implement new policies to boost investment in infrastructure, which could lead to improved performance for construction enterprises in the future [8][9].

Investment Rating - The report maintains an "Optimistic" rating for the construction and decoration sector [5][4] Core Insights - The construction industry is experiencing pressure on revenue and profits, with major listed companies achieving operating revenue of 8.18 trillion yuan in 2024, down 3.70% year-on-year, and a net profit of 168.4 billion yuan, down 14.6% year-on-year. In Q1 2025, operating revenue was 1.84 trillion yuan, down 6.13% year-on-year, with a net profit of 44.5 billion yuan, down 8.78% year-on-year [3][4] - The industry’s gross margin remained relatively stable, while net profit margin declined. The gross margin for 2024 was 10.9%, unchanged from the previous year, while the net profit margin was 2.06%, down 0.26 percentage points year-on-year. For Q1 2025, the gross margin was 9.1%, down 0.1 percentage points, and the net profit margin was 2.42%, down 0.07 percentage points [12][3] - Operating cash flow has deteriorated, with a net cash flow of 106.8 billion yuan in 2024, down 62 billion yuan year-on-year. In Q1 2025, the net cash flow was -421.1 billion yuan, an increase in outflow of 10.9 billion yuan year-on-year [4][18] - The industry’s return on equity (ROE) decreased, with an overall ROE of 4.93% in 2024, down 1.16 percentage points year-on-year, and 1.29% in Q1 2025, down 0.19 percentage points year-on-year [22][4] Summary by Sections 1. Financial Overview of Listed Companies - The construction industry faced revenue and profit pressures in 2024, with significant declines in both metrics due to local government debt pressures and a downturn in the real estate sector [11][4] 2. ROE Analysis - The industry ROE declined, with a notable drop in central state-owned enterprises, while private enterprises showed some improvement [22][4] 3. Growth Analysis - Revenue growth slowed, with a decline in prepayments for central state-owned enterprises indicating a challenging investment environment [11][4] 4. Cash Flow Analysis - The industry experienced weakened operating cash flow, with significant outflows in Q1 2025, necessitating attention to future debt resolution and fiscal funding [18][4] 5. Market Perception - The report suggests that the market underestimates the investment opportunities in the construction and real estate sectors, emphasizing the potential for renovation and infrastructure projects [6][4]

Core Viewpoint - The overall performance of the real estate market during the May Day holiday was relatively flat, with a slight year-on-year decline in subscription area across 19 key cities, influenced by increased travel enthusiasm among residents [1][10]. Group 1: Market Performance - Subscription area in 19 key cities during the holiday was 1.22 million square meters, representing a 35% month-on-month decline and a 4% year-on-year decline [1][4]. - Some cities, such as Guangzhou, Wuhan, and Tianjin, experienced growth in subscription area both month-on-month and year-on-year, with Guangzhou showing a 27% month-on-month increase and a 40% year-on-year increase [2][3]. Group 2: City-Specific Trends - Cities like Beijing and Shenzhen saw significant declines in subscription area, with Beijing down 53% month-on-month and 64% year-on-year, while Shenzhen experienced a 63% month-on-month decline but a 331% year-on-year increase [3][4]. - In contrast, Guangzhou's performance was notable, with a 200% increase in project visits and a 191% year-on-year increase in average subscriptions per project [5][7]. Group 3: Consumer Behavior - The demand for housing was affected by residents' preference for travel over home buying during the holiday, leading to a temporary bottleneck in purchasing activity [5][10]. - The market showed a clear preference for high-value properties in core areas and discounted first-time buyer properties, indicating a focus on value for money among consumers [8][9]. Group 4: Future Outlook - The market is expected to gradually release housing consumption demand in May, with overall transaction volumes likely to remain stable or slightly increase compared to April, while year-on-year comparisons may hold steady [10].

行业报告 | 行业专题研究 建筑装饰 证券研究报告 24 年业绩承压下滑，25 年板块基本面有望迎来修复 24 年营收、利润承压下滑，净利率及周转率拖累 ROE 提升 24 年 CS 建筑板块实现营收 86997 亿元，同比-4.1%，实现归母净利润 1689 亿元，同比-14.4%，营收增速同比下降 11.8pct，业绩增速同比下降 21.4pct。 利润增速慢于营收增速主要系费用率上升、减值损失增加、周转率均小幅下 滑。24 年 ROE（摊薄）6.5%，同比下降 1.49pct。25Q1 建筑板块营收/归母 同比-6%/-8.4%。25Q1 建筑板块或受一季度开复工慢于去年农历同期，项目 落地进度放缓影响，展望 Q2 以及下半年，新增专项债发行提速、资金到位 加快，考虑到关税态势下外需面临的较大压力，内需刺激政策有望进一步发 力，加速推动实物工作量落地，建筑公司基本面或将迎来修复。 毛利率小幅改善，费用率&减值损失同比增长，全年 CFO 净流入大幅减少 24 年 CS 建筑板块整体毛利率 10.96%，同比改善 0.05pct，净利率 2.44%，同 比下降 0.29pct，一方面反映出建筑行业整体提质增 ...

Group 1: Banking and Financial Sector - The report emphasizes that bills have dual attributes of funding and credit, with both funding conditions and credit issuance affecting bill rates. The tightness of the funding environment determines the central level of bill rates, but at certain critical times, credit attributes may override funding attributes in determining bill rates [1] - It highlights that real transaction relationships and shorter bill durations can help limit arbitrage behavior, as the discount financing cost of bills is lower than that of bank loans, leading to potential fictitious trade activities among related enterprises to obtain bank discount funds [1] - The new regulations on bank acceptance bills will impose limits on the proportion of bank acceptance bill balances to total bank assets and the proportion of guarantee deposits to total deposits, but the actual impact is expected to be limited [1] Group 2: Semiconductor Industry - The semiconductor sector outperformed major indices in Q1 2025, with a total revenue of 128.1 billion yuan, showing a year-on-year growth of 0.2%, and a net profit of 7.9 billion yuan, reflecting a year-on-year increase of 15.1% [2] - The report notes a positive outlook for storage prices and supply-demand structure since the end of March 2025, with major companies like SanDisk and Micron joining the price increase trend, driven by continuous investment from cloud service providers in AI hardware [2] - The domestic substitution process has entered a transformative stage, with expectations for overall industry profit margins to enter an upward channel as the price-cutting cycle led by Texas Instruments is likely to end [2] Group 3: Construction and Building Materials - The construction sector is projected to face revenue decline in 2024, with total revenue of 86,997 billion yuan, down 4.1% year-on-year, and a net profit of 168.9 billion yuan, down 14.4% year-on-year [3] - The international engineering segment performed well, with companies like China Aluminum International and Northern International showing year-on-year growth of 14.3% and 9.7%, respectively [3] - New signed orders in the traditional infrastructure sector showed signs of recovery in Q1, with significant year-on-year growth in new signed orders for major state-owned enterprises [3] Group 4: Electric Power and Utilities - The report indicates that the company achieved a revenue of 17.015 billion yuan in Q1 2025, representing a year-on-year growth of 8.7%, and a net profit of 5.181 billion yuan, up 30.56% year-on-year [16] - Financial expenses were significantly reduced, with a year-on-year decrease of 13% in Q1 2025, contributing to improved profitability [16] - The company is expected to achieve net profits of 34.33 billion yuan, 36.18 billion yuan, and 37.68 billion yuan from 2025 to 2027, maintaining a "buy" rating [16] Group 5: Consumer Goods and Retail - The report highlights that the company experienced a revenue decline of 0.30% in Q1 2025, with a net profit decrease of 10.90% year-on-year, indicating ongoing challenges in the retail sector [23] - The company is undergoing internal transformation to address governance and operational management issues, with a focus on improving efficiency and channel structure [23] - The overseas business showed strong performance, with a revenue increase of 37.25% in 2024, indicating successful market penetration in international markets [24]

Core Points - The East Coast Rail Link (ECRL) project in Malaysia has reached over 80% completion and is set to commence operations in 2027, creating significant local employment opportunities and training for railway engineering and maintenance [1][2] - A talent training program has been launched, aiming to send over 200 Malaysian students to study at the Liuzhou Railway Vocational and Technical College in China by 2025, with the first batch of over 60 students receiving acceptance letters [1] - The ECRL project is a flagship initiative under the Belt and Road cooperation between China and Malaysia, expected to boost economic development in the East Coast region and improve connectivity along the route [2] Summary by Sections Project Overview - The ECRL project is a collaboration between Malaysia and China, with significant progress made, currently over 80% complete [1] - The operational phase is expected to begin in 2027, providing local job opportunities and enhancing railway engineering skills [1] Talent Training Program - The "China-Malaysia Railway Talent Training Program" will select over 200 Malaysian students to study in China, focusing on railway operations and maintenance [1] - The first group of over 60 students has already been accepted into the program [1] Economic Impact - The ECRL project is anticipated to drive economic growth in Malaysia's East Coast region and improve transportation connectivity [2]

Core Viewpoint - China Communications Construction Company (CCCC) reported a decline in revenue and net profit for Q1 2025, indicating challenges in the domestic construction industry and economic cycles [1][2]. Financial Performance - In Q1 2025, CCCC achieved operating revenue of 154.644 billion yuan, a year-on-year decrease of 12.58%, and a net profit attributable to shareholders of 5.467 billion yuan, down 10.98% from the previous year [1]. - The decline in revenue and profit was attributed to increased cash flow expenditures for procurement and prepayments, as well as adjustments in project resumption schedules due to holiday breaks and funding availability [1]. New Contracts - CCCC signed new contracts worth 553.034 billion yuan in Q1 2025, representing a year-on-year increase of 9.02%, achieving 27% of the annual target [2]. - Domestic new contracts amounted to 446.157 billion yuan, up 7.23%, while international contracts reached 106.877 billion yuan (approximately 15.023 billion USD), a growth of 17.14% [2]. - The increase in new contracts was driven by accelerated domestic bidding processes, with the average bidding cycle for EPC projects reduced to 45 days [2]. Business Segments - The urban construction segment accounted for over half of the new contracts, with a year-on-year growth of 4.53% [2]. - Other sectors such as port construction, infrastructure design, and dredging also saw positive growth, while road and bridge construction and railway construction experienced declines of 6.02% and 14.47%, respectively [2]. Future Outlook - CCCC's board set a target for 2025, aiming for a 7.1% year-on-year growth in new contracts and a 5.0% increase in operating revenue [3]. - The company aims to maintain a strong position in the industry, leveraging its status as a leading state-owned enterprise in infrastructure services [3].

Investment Rating - The industry rating is maintained at "Outperform" [6] Core Viewpoints - The construction decoration sector experienced revenue and profit declines in 2024, but a recovery in fundamentals is expected in 2025 due to increased issuance of special bonds and domestic demand stimulus policies [1][17] - The overall gross margin for the construction sector improved slightly to 10.96%, while the net profit margin decreased to 2.44% due to increased impairment losses and rising expense ratios [2][30] - The international engineering segment showed significant growth, with a year-on-year increase in net profit of 137.2%, contrasting with declines in other sub-segments [3][25] Summary by Sections 1. Industry Overview - In 2024, the CS construction sector achieved revenue of 86,997 billion, down 4.1% year-on-year, and a net profit of 1,689 billion, down 14.4% year-on-year [1][17] - The decline in revenue growth rate was 11.8 percentage points compared to the previous year, indicating a significant drop in profitability [17] - The overall return on equity (ROE) for 2024 was 6.5%, a decrease of 1.49 percentage points year-on-year [30] 2. Sub-Sector Performance - The international engineering segment outperformed others, with a net profit growth of 137.2%, while other segments like chemical engineering and large infrastructure saw declines [3][25] - The construction sector's performance varied significantly across sub-segments, with design consulting and large infrastructure showing relatively better results [3][25] 3. Q1 2025 Performance - In Q1 2025, the construction sector's revenue and net profit declined by 6% and 8.4% year-on-year, respectively, attributed to slower project progress compared to the previous year [1][27] - New orders in traditional infrastructure showed signs of recovery, with significant year-on-year growth in new contracts for major state-owned enterprises [4][27] 4. Investment Recommendations - The report recommends focusing on high-growth segments within professional engineering, particularly in semiconductor and chemical engineering sectors, which are expected to benefit from increased domestic investment [4][13] - Specific companies such as Sichuan Road and Bridge, and Donghua Technology are highlighted as potential investment opportunities due to their strong performance in Q1 2025 [4][13]

Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The company achieved an operating revenue of 154.644 billion yuan in Q1 2025, a year-on-year decrease of 12.58%. The net profit attributable to shareholders was 5.467 billion yuan, down 10.98% year-on-year [2][8]. - Despite the revenue decline, the company has shown a commitment to shareholder returns by increasing the dividend payout ratio to 21%, reflecting a focus on enhancing investor returns [14]. - The company has set a target for new contract signing and revenue growth of no less than 7.1% and 5.0%, respectively, for 2025 [14]. Summary by Sections Financial Performance - In Q1 2025, the company reported a comprehensive gross margin of 11.55%, a slight decrease of 0.35 percentage points year-on-year. The net profit margin increased by 0.06 percentage points to 3.54% [14]. - Operating cash flow saw a net outflow of 48.908 billion yuan, an increase of 9.273 billion yuan year-on-year, with a cash collection ratio of 94.85%, down 1.60 percentage points [14]. - The company's debt-to-asset ratio increased by 1.20 percentage points to 75.35% year-on-year [14]. New Contracts and Business Growth - The company signed new contracts worth 553.034 billion yuan in Q1 2025, a year-on-year increase of 9.02%, achieving 27% of the annual target [14]. - New contracts from overseas regions amounted to 106.877 billion yuan (approximately 15.023 billion USD), representing a year-on-year growth of 17.14% [14]. - The company is accelerating its transformation into new business areas, with new contracts in energy engineering and water conservancy projects growing by 185.36% and 29.53%, respectively [14]. Dividend Policy - The company has decided to distribute dividends amounting to approximately 4.911 billion yuan, which is 21% of the net profit attributable to shareholders, reflecting an increase in the dividend payout ratio [14].

文/飞云 截至2025年4月30日，A股5411家上市公司中，共有5071家公司在2024年年度报告中披露了具体的研发费 用，其中研发费用过亿的有2012家。研发费用前五名分别为：比亚迪、中国建筑、中国移动、中国中铁、 中国交建。科创板、创业板公司研发费用最多的分别是百济神州、宁德时代。本文根据同花顺提供的最新 数据，整理统计了A股研发费用前100名、科创板和创业板研发费用的前30名，具体如下： 一、A股2024年研发费用前100名 研发费用最高的100家公司研发费用合计76995146.25万元，中位数为365510.85万元，平均数为769951.46万 元。比亚迪以5319474.50万元的研发费用位列2024年A股上市公司研发投入榜首。 | 序号 | 股票代码 | 股票简称 | 研发费用(万元) | | --- | --- | --- | --- | | | | | 2024/12/31 | | 1 | 002594.SZ | 比亚迪 | 5319474.50 | | 2 | 601668.SH | 中国建筑 | 4545933.90 | | 3 | 600941.SH | 中国移动 | 281630 ...