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 industry rating is "Recommended" [4] Core Views - The new housing market is showing signs of recovery, with a notable increase in new home transactions in major cities, indicating a potential boost in demand for construction materials [2][20] - The cement market is experiencing a slight price decline, but demand is expected to improve as weather conditions stabilize and construction activities pick up [3][23] - The report emphasizes the importance of domestic consumption and infrastructure investment, particularly in light of the "equal tariff" environment, which is expected to strengthen domestic demand [7][9] Summary by Sections Housing Market - In the 18th week of the year, new home transaction area in 30 major cities reached 165.19 million square meters, up 21% year-on-year and 6.19% month-on-month [2][20] - The total transaction area for new homes in these cities is 29.32 million square meters, showing no year-on-year change [2][20] - Second-hand home transactions in 15 monitored cities increased by 56% year-on-year but saw a significant month-on-month decline [21] Cement Market - The national average cement price is 390.83 yuan per ton, down 0.8% from the previous week, with price increases mainly in Liaoning and Jilin [3][23] - The cement market is expected to stabilize as demand improves and companies engage in peak-shifting production practices [23] Investment Recommendations - Recommended companies include: - **Oriental Yuhong**, **Weixing New Materials**, and **Tubaobao** for their strong operational resilience and high dividends [7] - **China Construction** and **China Communications Construction** as beneficiaries of increased infrastructure investment [7] - **Jinchengxin** for its strong performance in copper resource development [7] - **Heilongjiang Hongda** and **Xuefeng Technology** in the civil explosives sector due to high demand [7] Industry Trends - The report highlights the ongoing trend of domestic substitution in various sectors, particularly in ship coatings and industrial coatings, with companies like **Maijia Xincai** and **Songjing Coatings** positioned to benefit [7] - The "Belt and Road" initiative is expected to gain momentum, benefiting international engineering companies such as **China Construction** and **China Metallurgical** [7]

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the commodity market, focusing on the impacts of tariffs and macroeconomic conditions on various sectors including metals, construction materials, and energy [2][3][4]. Core Insights and Arguments - **Commodity Market Dynamics**: The macroeconomic fluctuations have dominated the commodity market, particularly affecting industrial metals and black products. Precious metals have performed well due to cautious economic outlooks influenced by tariffs and a weakened dollar credit system [2][3]. - **Steel and Metal Demand**: Steel demand is negatively impacted by tariffs, while copper and aluminum are seen as undervalued with defensive attributes. Gold is highlighted as a key investment due to its low valuation and benefits from recession trading [3][5]. - **Rare Earth Materials**: Rare earth magnets are noted for their strategic importance amid export controls and quota policies, making them a focus despite valuation challenges [6]. - **Construction Materials**: The rise in quartz sand prices due to tariffs is pushing for domestic penetration, benefiting companies like China Liansu and Huaxin Cement. The increase in second-hand housing transactions supports demand for companies like Sankeshu and Beixin Building Materials [7]. - **Aviation and Logistics**: The decline in oil prices is favorable for domestic-focused sectors like aviation and logistics. The aviation sector is expected to see improved profitability due to rising passenger rates and the recovery of international routes [9][10]. - **Trade and Tariff Impacts**: The delay in U.S. tariffs on non-China imports shifts market focus to non-U.S. exposure companies, with firms like Seaspan International and DeXiang Shipping highlighted as potential beneficiaries [11]. Additional Important Insights - **Resource Market Outlook**: Short-term recovery is anticipated in the resource market due to easing tariff tensions, while long-term trends suggest a rise in commodity prices driven by a weakening dollar and monetary easing [4]. - **Energy Sector Trends**: The oil and gas sector is under pressure from geopolitical risks and tariff policies, with oil prices expected to stabilize below $65 per barrel. The U.S. gasoline sales season is anticipated to influence market dynamics positively [15][16]. - **Electric Power Sector**: The electric power industry is experiencing foreign capital fluctuations due to trade tensions, but long-term growth prospects remain strong despite short-term volatility [23]. - **Building Industry Focus**: The construction sector is advised to focus on domestic demand and the "Belt and Road" initiative, with state-owned enterprises expected to benefit from related stimulus policies [24][25]. Investment Recommendations - **Key Stocks to Watch**: Companies such as Shenhua, Yangu Fang, and Clean Energy are recommended for their high dividend yields and growth potential in the clean energy sector. In the coal sector, firms like Huamin are noted for their defensive characteristics amid potential policy stimuli [29].

建筑装饰 2025 年 05 月 05 日 行 业 研 究 / 行 业 点 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究支持 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 (8621)23297818× tangmeng@swsresearch.com 本期投资提示： ⚫ 一周板块回顾：板块表现方面，SW 建筑装饰指数-1.26%，沪深 300 指 数-0.43%，相对收益为-0.83pct。周涨幅最大的三个子行业分别为生态 园林（+2.85%）、装饰幕墙（+1.31%）、设计咨询（+0.34%），对应 行业内三个公司：大千生态（+20.19%）、全筑股份（+17.86%）、建 研 设 计（ +6.69% ）；年 涨 幅最 大 的三 个 子行 业 分别 是 生态 园林 （+5.16%）、钢结构（+1.38%）、专业工程（+1.19%），对应行业内 三个公司：*ST 农尚（+74.52%）、精工钢构（+5.30%）、志特新材 （+ ...

Core Insights - In 2024, 178 listed companies in Sichuan reported a total operating revenue of 1,107.3 billion yuan and a net profit attributable to shareholders of 95.9 billion yuan, with 74% of companies profitable and 42% showing year-on-year profit growth [1] Group 1: Revenue and Profit Performance - Three companies, Sichuan Road and Bridge, Sichuan Changhong, and New Hope, entered the "billion club" with revenues of 107.24 billion yuan, 103.69 billion yuan, and 103.06 billion yuan respectively [2] - Wuliangye led the net profit rankings with 31.85 billion yuan, followed by Luzhou Laojiao with 13.47 billion yuan and Chengdu Bank with 12.86 billion yuan [2] - 15 companies doubled their net profits, while 11 companies turned losses into profits [1] Group 2: Industry Dynamics - The pharmaceutical and biological, food and beverage, and banking sectors emerged as key profit drivers, with 19 pharmaceutical companies forming a comprehensive "R&D + authorization + manufacturing" ecosystem [3] - Baili Tianheng's revenue surged by 936.31% due to an international authorization fee of 800 million USD for its dual-antibody ADC drug, leading to a significant turnaround in profitability [3] - Chengdu Bank achieved a weighted return on equity of 17.81%, ranking high among listed banks [3] Group 3: R&D Investment - Sichuan companies invested a total of 24 billion yuan in R&D in 2024, with 147 companies contributing to this figure [4] - Kelun Pharmaceutical led in R&D investment with 12.3 billion yuan, while New Hope's R&D investment was 4.03 billion yuan, representing 4.66% of its revenue [4] - Tongwei has invested over 11 billion yuan in R&D over the past three years, focusing on cutting-edge photovoltaic technologies [4][5]

Core Viewpoint - Sichuan Road and Bridge (600039.SH) reported steady growth in Q1 2025, with revenue of 22.986 billion yuan, a year-on-year increase of 3.98%, and a net profit attributable to shareholders of 1.774 billion yuan, up 0.99% year-on-year, indicating consistent performance improvement since Q2 2024 [1] Group 1: Financial Performance - The company achieved a revenue of 22.986 billion yuan in Q1 2025, reflecting a 3.98% increase compared to the previous year [1] - The net profit attributable to shareholders reached 1.774 billion yuan, marking a 0.99% year-on-year growth [1] - The company has maintained a continuous growth in net profit for four consecutive quarters since Q2 2024 [1] Group 2: Project and Market Development - As of the end of Q1, the company has won 77 projects with a total bid amount of 34.681 billion yuan, representing an 18.87% increase year-on-year [1] - In the infrastructure sector, the company secured 35 projects with a bid amount of 30.456 billion yuan, showing a year-on-year growth of 27.95% [1] - Key ongoing projects include the Chengyu Middle Line Railway and various highway expansions, indicating a continuous expansion of business scale [1] Group 3: International Expansion - Sichuan Road and Bridge signed a contract for the Tanzania Tanga Irrigation Project, valued at approximately 137 million yuan, aimed at improving agricultural irrigation and food security in the region [1] - The company also made progress on the Tunisian Bizerte Grand Bridge project, with the successful pouring of the first test pile, laying a solid foundation for subsequent construction [1] Group 4: Cost Management and Governance - The company reduced management expenses by 16.52% and financial expenses by 20.67% during the reporting period, demonstrating significant cost control achievements [2] - Sichuan Road and Bridge is integrating AI technology into engineering construction, enhancing digital transformation in the industry [2] Group 5: Strategic Positioning - The company is positioned as a key player in major national strategies, including the development of the Chengdu-Chongqing economic circle, with a focus on infrastructure growth [2] - The 2025 Sichuan Provincial Key Project List outlines plans for 280 infrastructure projects and an investment of 348.3 billion yuan, indicating a robust pipeline for future growth [2] Group 6: Share Buyback Plan - The company announced a share buyback plan, intending to repurchase shares worth between 100 million and 200 million yuan at a maximum price of 12.54 yuan per share [3] - As of April 29, the company's rolling P/E ratio was 10.74 and the P/B ratio was 1.56, suggesting that the stock is undervalued [3] - The buyback initiative reflects the company's long-term confidence in future growth and commitment to protecting investor interests [3]

证券研究报告 建筑装饰 | 基础建设 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 30 日 证券分析师 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com | 基本数据 | 29 | | | | 2025 | 年 | 04 | | 日 | 月 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 8.91 | | | | | 一 年 / 低 | | 最 | 高 | 内 | | | | 9.12/5.19 | | | 最 | | （元） | | | | | | | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7][18]. Core Views - The company's revenue and profit showed steady growth in Q1 2025, with operating income reaching 22.986 billion yuan, a year-on-year increase of 3.98%, and net profit attributable to shareholders at 1.774 billion yuan, up 0.99% year-on-year. The new signed orders increased by 18.87% year-on-year, reflecting a recovery in production and operations [1][4]. - The gross margin slightly decreased to 14.51%, down 1.29 percentage points year-on-year, while the expense ratio improved, indicating enhanced cost control capabilities [2]. - The infrastructure investment in Sichuan province is expected to grow, with a target of 280 billion yuan in 2025, which supports the company's long-term performance [3][4]. Financial Performance Summary - For 2025, the company is projected to achieve a net profit of 8.098 billion yuan, representing a 12.32% increase year-on-year. The expected earnings per share (EPS) for 2025 is 0.93 yuan, with a price-to-earnings (P/E) ratio of 9.58 [5][12]. - The company plans to maintain a cash dividend payout ratio of 60%, leading to a dividend yield of 6.3% for 2025 [4][5]. - The company's total assets are projected to be 235.25 billion yuan in 2025, with a debt-to-asset ratio of 77.16% [12][13].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600039 证券简称：四川路桥 ■ (二)非经常性损益项目和金额 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 √适用 □不适用 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 (三)主要会计数据、财务指标发生变动的情况、原因 □适用 √不适 ...

Overview - The report emphasizes the importance of domestic demand as a key theme in the current economic landscape [1] Research Insights Machinery Equipment - XCMG Machinery (000425.SZ) reported a total revenue of CNY 91.66 billion in 2024, a decrease of 1.28% year-on-year, while net profit attributable to shareholders increased by 12.2% to CNY 5.976 billion. In Q1 2025, revenue grew by 10.92% to CNY 26.815 billion, and net profit rose by 26.37% to CNY 2.022 billion, with a net profit margin of 7.6% [6] Construction Decoration - China Railway (601390.SH) faced a 19% decline in net profit in Q1 2025, attributed to pressure in traditional infrastructure sectors, although overseas orders showed strong growth. The projected net profit for 2025-2027 is CNY 28.1 billion, CNY 28.3 billion, and CNY 28.9 billion, respectively [7] Steel - Hunan Steel (000932.SZ) saw a significant improvement in Q1 2025, with net profit increasing by 43.55% to CNY 562 million. The overall profitability of the steel industry is recovering, with a gross profit margin expected to improve [8] Automotive - Silver Wheel Co., Ltd. (002126.SZ) reported a revenue of CNY 3.4 billion in Q1 2025, a 15% increase year-on-year, with net profit rising by 11% to CNY 210 million. The company is well-positioned for growth in the automotive sector [11] Home Appliances - Haier Smart Home (600690.SH) achieved a revenue of CNY 79.118 billion in Q1 2025, a 10.06% increase, with net profit rising by 15.09% to CNY 5.487 billion. The company is expected to maintain a steady growth trajectory [14] Food and Beverage - Hengshun Vinegar (600305.SH) reported a revenue of CNY 626 million in Q1 2025, a 35.97% increase, with net profit rising by 2.36% to CNY 57 million. The company is focused on strengthening its core business and expanding into new markets [15] Construction Materials - Oriental Yuhong (002271.SZ) faced challenges in Q1 2025, with a decline in performance due to reduced demand in new construction areas. The company is optimizing its distribution channels [22] Power - Zhejiang Energy Power (600023.SH) reported stable performance in Q1 2025, with revenue projected to be CNY 87.698 billion in 2025, a slight decrease of 0.3% year-on-year. Net profit is expected to be CNY 6.25 billion [20] Textile and Apparel - Jian Sheng Group (603558.SH) reported a 2% increase in revenue in Q1 2025, but net profit decreased by 27%. The company is adjusting its production capacity to match orders [29] Coal - Shanxi Coking Coal (000983.SZ) reported a revenue of CNY 90.26 billion in Q1 2025, a decrease of 14.46%, with net profit down by 28.33% to CNY 6.81 billion. The company is focusing on cost reduction and efficiency improvements [43]