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]

Mergers and Acquisitions - Zhongguangtianze plans to acquire 100% equity of Changsha Sports Industry Company for 29.6 million yuan, constituting a related party transaction [1] Earnings Disclosure - JinkoSolar reported a revenue of 13.843 billion yuan for Q1 2025, a year-on-year decrease of 40.03%, with a net loss of 1.39 billion yuan compared to a net profit of 1.176 billion yuan in the same period last year [2] - Zhongjin Gold reported a revenue of 14.859 billion yuan for Q1 2025, a year-on-year increase of 12.88%, with a net profit of 1.038 billion yuan, up 32.65% year-on-year [3] - Northern Rare Earth achieved a revenue of 9.287 billion yuan for Q1 2025, a year-on-year increase of 61.19%, with a net profit of 431 million yuan, up 727.3% year-on-year [4] - Kweichow Moutai reported a revenue of 50.601 billion yuan for Q1 2025, a year-on-year increase of 10.54%, with a net profit of 26.847 billion yuan, up 11.56% year-on-year [5] Share Buybacks - Shanjin International plans to repurchase shares with a total amount between 100 million and 200 million yuan at a price not exceeding 29.7 yuan per share [6] - Sichuan Road and Bridge plans to repurchase shares with a total amount between 100 million and 200 million yuan at a price not exceeding 12.54 yuan per share [7] - China Railway plans to repurchase shares with a total amount between 800 million and 1.6 billion yuan at a price not exceeding 8.5 yuan per share [8] - Anhui Construction's controlling shareholder plans to increase its stake in the company with a total amount not exceeding 200 million yuan [9][10] Risk Matters - Chuangxing Resources' stock will be subject to delisting risk warning starting May 6, 2025, due to negative net profit for the fiscal year 2024 [11] - Yong'an Pharmaceutical clarified that rumors regarding a significant price increase of taurine are untrue [12] - *ST Xulan's stock will be delisted on April 30, 2025, as decided by the Shenzhen Stock Exchange [13] - Dawi Technology's shareholder plans to reduce its stake by up to 3% of the company's total shares due to personal financial needs [14]

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [12]. Core Viewpoints - The Central Political Bureau meeting on April 25 emphasized the need for proactive macroeconomic policies to stabilize growth and address risks in key areas, signaling positive stability for the real estate chain [2][9]. - The meeting highlighted the importance of high-quality development to respond to external uncertainties, particularly in the context of international trade tensions, such as the escalating US-China tariff situation [8][9]. - Infrastructure investment is expected to receive policy support as a key driver for economic growth, with a focus on enhancing funding and implementing new policies [10][11]. Summary by Sections Macroeconomic Policies - The report outlines the need for consistent policy orientation, utilizing more proactive fiscal policies and moderately loose monetary policies, including the issuance of special bonds and maintaining liquidity to support the real economy [9][10]. Real Estate Market - The report indicates that real estate development investment in March 2025 was CNY 0.9 trillion, a decrease of 10.0% year-on-year, with sales and new construction areas also showing declines [62][63]. Infrastructure Investment - In March 2025, narrow infrastructure investment reached CNY 1.9 trillion, up 5.9% year-on-year, while broad infrastructure investment was CNY 2.6 trillion, reflecting a 10.7% increase [54][55]. Sector Performance - The construction sector is advised to focus on the dual themes of stabilizing growth and the "Belt and Road" initiative, with recommendations for companies with high overseas exposure to benefit from increasing international orders [11][12].

Suspension - Tongyu Heavy Industry: Zhuhai Port Group is planning to transfer part of its shares in the company, which may lead to changes in the controlling shareholder and actual controller, resulting in stock suspension [1] Mergers and Acquisitions - Tiandi Online: Plans to acquire 100% equity of Shanghai Jiato Internet Technology Group Co., Ltd [2] - *ST Zhongji: Plans to acquire 100% equity of New Energy Chemical [2] Buybacks, Increases, and Share Transfers - Shanjin International: Plans to repurchase shares worth between 100 million to 200 million yuan [3] - Sichuan Road and Bridge: Plans to repurchase shares worth between 100 million to 200 million yuan [3] - Anhui Construction: Controlling shareholder plans to increase holdings by no more than 200 million yuan [3] - Liren Lizhuang: Shareholder Hangzhou Haoyue plans to transfer 17.57% of its shares to Linlang Huancai through an agreement, with a total transfer price of 486 million yuan [3] Daily Operations and External Investments - Yaowang Technology: Plans to cancel 8.5675 million shares [4] - Guoneng Rixin: Plans to invest 62.5 million yuan to acquire 20% equity of Tibet Dongrun [5] - Yinglian Co., Ltd.: Subsidiary Jiangsu Yinglian Recyclable Fluid signed a cooperation development framework agreement with a leading consumer battery company [5] - COSCO Shipping Holdings: Subsidiary signed a total of 14 shipbuilding agreements with Nantong COSCO Shipping Kawasaki or Dalian COSCO Shipping Kawasaki, with each ship priced at 220 million USD, totaling 3.08 billion USD for 14 vessels [5] Performance Changes - Yuyuan New Materials: Q1 2025 net profit of 67.3847 million yuan, a year-on-year increase of 14698.12%, mainly due to increased profits from subsidiaries [6] - New Huangpu: Q1 2025 net profit of 77.5857 million yuan, a year-on-year increase of 2123.13%, mainly due to increased investment income [6] - China Shipbuilding Defense: Q1 2025 net profit of 184 million yuan, a year-on-year increase of 1099.85%, due to improved performance of joint ventures [6] - Northern Rare Earth: Q1 2025 net profit of 431 million yuan, a year-on-year increase of 727.30%, driven by higher average prices and lower raw material costs [6] - Yunnan Energy Holdings: Q1 2025 net profit of 44.2891 million yuan, a year-on-year increase of 622.62% [6] - Zhewen Internet: Q1 2025 net profit of 110 million yuan, a year-on-year increase of 332.45%, mainly due to changes in the fair value of stocks [7] - Sairisi: Q1 2025 net profit of 748 million yuan, a year-on-year increase of 240.60%, due to product structure optimization [7] - Ninebot: Q1 2025 net profit of 456 million yuan, a year-on-year increase of 236.22%, driven by sales growth in electric two-wheelers and service robots [7] - CRRC: Q1 2025 net profit of 3.053 billion yuan, a year-on-year increase of 202.79%, due to increased railway equipment revenue [7] - Jinjiang Shipping: Q1 2025 net profit of 357 million yuan, a year-on-year increase of 187.07% [8] - China Shipbuilding: Q1 2025 net profit of 1.127 billion yuan, a year-on-year increase of 180.99% [9] - China Galaxy: Q1 2025 net profit of 3.016 billion yuan, a year-on-year increase of 84.86%, driven by growth in wealth management and investment banking [10] - Sany Heavy Industry: Q1 2025 net profit of 2.471 billion yuan, a year-on-year increase of 56.40% [11] - Weir Shares: Q1 2025 net profit of 866 million yuan, a year-on-year increase of 55.25% [12] - CITIC Securities: Q1 2025 net profit of 6.545 billion yuan, a year-on-year increase of 32.00% [13] - Wukuang Development: Q1 2025 net profit of 67.113 million yuan, compared to a net loss of 108 million yuan in the same period last year [14] - Leshan Electric Power: Q1 2025 net loss of 1.2038 million yuan, compared to a net loss of 5.18 million yuan in the same period last year [15] - Guofang Group: Q1 2025 net profit of 15.1684 million yuan, a year-on-year decrease of 10.99% [16] - China Duty Free: Q1 net profit of 1.938 billion yuan, a year-on-year decrease of 15.98% [17] - Qingdao Kingway: Q1 2025 net profit of 873.58 million yuan, a year-on-year decrease of 5.23% [18] - Guanghetong: Q1 2025 net profit of 118 million yuan, a year-on-year decrease of 37.30% [19] - Guotai Junan: Q1 2025 net profit of 12.242 billion yuan, a year-on-year increase of 391.78% [20] - China Heavy Industry: Q1 net profit of 519 million yuan, a year-on-year increase of 281.99% [21] - Lingnan Shares: Q1 2025 net loss of 66.3973 million yuan [22]