Investment Rating - The report assigns a "Buy" rating for the company [10] Core Views - The company benefits from good collection quality from both operator and non-operator customers, leading to ample cash on hand and stable free cash flow growth. The dividend per share has been increasing annually, with a payout ratio expected to reach 42% in 2024, indicating significant potential for further increases. The company relies on operators for a stable performance base while capitalizing on the growth in strategic emerging and ACO businesses, maintaining a non-GAAP growth rate of approximately double digits over the past three years, making the current valuation attractive [2][8]. Summary by Sections Company Overview - The company is backed by China Telecom Group, with the actual controller being the State-owned Assets Supervision and Administration Commission. As of the 2024 interim report, China Telecom Group holds 48.99% of the company's shares [5][17]. Business Performance - The company has shown steady revenue and profit growth, with 2022-2024 revenues of 140.7 billion, 148.6 billion, and 150 billion respectively, reflecting year-on-year growth rates of 5.04%, 5.59%, and 0.93%. Net profits for the same period were 3.358 billion, 3.584 billion, and 3.607 billion, with growth rates of 6.36%, 6.69%, and 0.63% [22][24]. Strategic Emerging Business Contribution - The company signed new contracts worth approximately 211 billion in 2024, a year-on-year increase of about 3%. The strategic emerging business contributed over 78 billion in new contracts, effectively offsetting pressures from other orders. The four main strategic emerging business areas and their respective growth rates for new contracts in 2024 are: digital infrastructure 30%+, green low-carbon 25%+, smart city 40%+, and emergency safety 30%+ [6][57]. Main Business Segments - TIS (Telecom Infrastructure Services) and BPO (Business Process Outsourcing) have maintained steady growth, while ACO (Application, Content, and Other Services) has seen rapid growth, becoming a key driver of the company's performance. In 2024, revenues from TIS, BPO, and ACO were 751.72 billion, 434.59 billion, and 313.69 billion respectively, with year-on-year changes of -1.27%, -0.21%, and +8.44% [40][75]. Cash Flow and Dividend Policy - The company has a strong cash flow position, with free cash flow steadily increasing. The cash assets on hand are sufficient to cover annual rigid expenditures, including capital expenditures and dividends. The dividend payout ratio is expected to reach 42% in 2024, indicating significant room for further increases [49][54].

基础化工/化学制品 苏博特（603916.SH） 2025 年 04 月 30 日 投资评级：买入（维持） | 日期 | 2025/4/29 | | --- | --- | | 当前股价(元) | 7.92 | | 一年最高最低(元) | 10.42/6.10 | | 总市值(亿元) | 34.26 | | 流通市值(亿元) | 33.29 | | 总股本(亿股) | 4.33 | | 流通股本(亿股) | 4.20 | | 近 3 个月换手率(%) | 67.2 | 股价走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-04 2024-08 2024-12 苏博特 沪深300 相关研究报告 《减水剂需求承压，看好公司后续业 绩修复 — 公 司 信 息 更 新 报 告 》 -2024.10.28 国内基建工程市场持续开拓，Q1 利润同比增速转正 ——公司信息更新报告 | 金益腾（分析师） | 龚道琳（分析师） | 李思佳（联系人） | | --- | --- | --- | | jinyiteng@kysec.cn | gongdaolin@kysec.cn | lisij ...

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） | | | | | | | ...

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of CNY 2.002 billion, a year-on-year increase of 32.14% [2] - The net profit attributable to shareholders was CNY 0.39 billion, up 39.30% year-on-year [2] - The non-recurring net profit attributable to shareholders was CNY 0.22 billion, reflecting a growth of 20.80% [2] Group 2: Product Performance - The shipment volume of battery chemicals significantly increased, driven by a competitive market for lithium battery materials [2] - The electrolyte business saw a nearly 80% year-on-year increase in shipment volume, although prices experienced a decline [5] - The overseas sales of electrolytes accounted for nearly 20% of total sales in Q1 2025 [6] Group 3: Market Outlook - The demand for fluorinated liquids is expected to grow, particularly due to the increasing installation of wafer fabs [3] - The company anticipates stable growth in the fluorinated liquid market, supported by its unique technological advantages [3] - The emerging industries such as new energy and data centers are expected to drive demand for related fluorine materials [2] Group 4: Project Updates - The Haidefu project showed improved sales performance and reduced losses in Q1 2025, with expectations for better performance than in 2024 [4] - The Malaysian electrolyte project is in the early approval and planning stages, with completion expected within two years [7] - The acquisition of Jiangxi Shilei has resulted in good operational performance, with full production capacity achieved [8] Group 5: Strategic Initiatives - The company plans to increase R&D investment to expand its product line and enhance market share [3] - The 2023 stock incentive plan is expected to incur expenses of approximately CNY 60-70 million, to be recognized quarterly [8]

Group 1 - The Civil Aviation Administration of China (CAAC) is conducting a compliance evaluation of Wuyishan Airport to ensure it meets the operational licensing requirements [1] - The evaluation team employs a "1+N" regulatory model, utilizing data analysis specific to the airport to conduct thorough checks on documentation and actual conditions [1] - The team focuses on addressing safety issues specific to the airport's characteristics, aiming to enhance safety management effectiveness through problem-oriented approaches [1] Group 2 - During a briefing, the evaluation team communicated findings and analysis results to the airport, emphasizing the need to elevate safety management standards [2] - Three key requirements were outlined: enhancing political awareness and integrating party-building with business operations, establishing long-term mechanisms for hazard identification and resolution, and strengthening foundational safety measures [2] - The emphasis is placed on grassroots engagement and leadership involvement to improve risk management capabilities and support high-quality airport development [2]

Core Viewpoint - Longyuan Construction has shown signs of recovery despite the overall downturn in the real estate industry, with a significant reduction in losses and a positive profit in the first quarter of 2025, indicating a potential turnaround [1][6]. External Drivers - The company has enhanced its financing capabilities through strategic cooperation with Hangzhou Transportation Investment Group, which has become the controlling shareholder, providing low-cost financing and stable project resources [2][3]. - The successful acquisition of multiple projects in Hangzhou and the acceleration of local government debt issuance are expected to improve asset quality and provide a safety net for future profit releases [3]. Internal Drivers - Longyuan Construction has adjusted its business structure, increasing its focus on municipal public construction projects, resulting in a 17.82% year-on-year revenue growth in the infrastructure segment [4]. - The green building sector is emerging as a significant growth area, with the company developing BIPV technology and achieving revenue growth of 8.28% in this segment [5]. Conclusion - The dual approach of external empowerment through state-owned capital and internal transformation has allowed Longyuan Construction to navigate the challenges of the real estate downturn, positioning itself for future growth in high-value infrastructure and green technology [6].

Investment Rating - The report maintains a "Buy" rating for China Railway Construction Corporation (601186.SH) [4][6] Core Views - Q1 performance remains under pressure due to fluctuating gross margins, with traditional infrastructure investments still needing improvement. The company reported total revenue of 256.8 billion, a year-on-year decline of 6.6%, and a net profit attributable to shareholders of 5.15 billion, down 14.5% [1][2] - The company has a substantial backlog of contracts amounting to 78,613 billion, which is 7.4 times the revenue expected for 2024, indicating a strong order book that could stabilize future performance as new funding sources are expected to accelerate project execution [1][2] - New contracts in emerging sectors such as mining and electricity have seen rapid growth, while overseas orders continue to increase significantly. The total new contract amount for Q1 was 492.8 billion, a decrease of 10.5% year-on-year, with infrastructure projects accounting for 85% of the total [3] Summary by Sections Financial Performance - In Q1 2025, the gross margin was 7.51%, a decrease of 0.28 percentage points year-on-year. The expense ratio was 4.15%, down 0.07 percentage points, indicating effective cost control [2] - Operating cash flow showed improvement, with a net outflow of 38.95 billion, which is 7.65 billion less than the previous year [2] Contracting and Order Book - The new contract amount for Q1 was 492.8 billion, with infrastructure projects seeing a decline of 13%. However, contracts in emerging sectors like mining and electricity grew significantly, with increases of 66% and 139% respectively [3] - Domestic and overseas contracts were 4,487 billion and 442 billion respectively, with overseas business maintaining rapid growth [3] Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 21.5 billion, 21.6 billion, and 21.9 billion respectively, with corresponding EPS of 1.58, 1.59, and 1.61 yuan per share [4]

Investment Rating - The report maintains a "Buy" rating for China Railway Construction Corporation (601186.SH) [4][6] Core Views - The company's Q1 performance remains under pressure due to fluctuating gross margins and a need for improvement in traditional infrastructure investments. However, cash flow has shown some improvement [1][2] - The company has a substantial backlog of contracts, amounting to 78,613 billion, which is 7.4 times the revenue expected for 2024, indicating a strong order book that could stabilize future revenue as new funding sources are deployed [1] - New contracts in emerging sectors such as mining and electricity have seen significant growth, while overseas orders continue to increase [3] Financial Performance Summary - For Q1 2025, the company reported total revenue of 256.8 billion, a decrease of 6.6% year-on-year, and a net profit attributable to shareholders of 5.15 billion, down 14.5% year-on-year [1] - The gross margin for Q1 2025 was 7.51%, a decline of 0.28 percentage points year-on-year, while the expense ratio improved slightly to 4.15% [2] - The company’s operating cash flow showed a net outflow of 38.95 billion, which is an improvement compared to a larger outflow in the previous year [2] Contract and Order Summary - In Q1 2025, the new contract value was 492.8 billion, down 10.5% year-on-year, with infrastructure projects accounting for 85% of the total new contracts [3] - Emerging engineering orders, particularly in railways, mining, and electricity, have seen substantial increases, with growth rates of 66%, 139%, and 29% respectively [3] - Domestic and overseas new contract values were 448.7 billion and 44.2 billion respectively, showing a year-on-year decline of 13% for domestic contracts but a 30% increase for overseas contracts [3] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 21.5 billion, 21.6 billion, and 21.9 billion respectively, with corresponding EPS of 1.58, 1.59, and 1.61 [4]

Summary of the Conference Call for Xinjubang Company Overview - **Company**: Xinjubang - **Industry**: Lithium battery materials, fluorochemical products, capacitor chemicals Key Points and Arguments 1. Sales and Revenue Performance - In Q1 2025, Xinjubang achieved revenue of 2.002 billion yuan, a year-on-year increase of 32.14% [3] - Net profit attributable to shareholders was 230 million yuan, up 39.3% year-on-year [3] - Lithium battery business saw a significant sales increase of approximately 70-80% year-on-year, although overall revenue was pressured by price declines [2][5] 2. Growth Drivers - The main growth drivers were fluorochemical products and capacitor chemicals, both achieving double-digit growth in sales and profit contributions [2][6] - The semiconductor and cosmetics sectors performed well, albeit from a smaller base [2][6] 3. International Sales and Market Strategy - Overseas sales accounted for approximately 20-30% of electrolyte sales, with significant contributions from fluorochemical and capacitor chemicals [10][12] - The company exports primarily through its European factory in Poland, mitigating short-term tariff impacts [5][10] - The Malaysian factory is in the planning stage, with a construction period of about two years, and will adjust its pace based on market demand [10] 4. Product Development and Market Position - Following 3M's exit from the market, there may be inventory accumulation among downstream customers for organic fluorine products [7] - The company is expanding its product range, including cooling and cleaning products, to drive business growth [7][8] 5. Price Stability and Market Outlook - Current prices for fluorinated liquids are stable, with short-term price declines unlikely due to the slowdown in wafer factory growth [12] - Long-term trends suggest gradual price decreases as production increases [12] 6. Future Performance Expectations - The company aims for a profit target of 1.1 billion yuan for 2025, with expectations for better performance in the second half of the year [4][15] - The company maintains an optimistic outlook for the fluorochemical sector, which is less affected by tariff policies [4][15] 7. Challenges and Risks - The potential impact of U.S. tariffs on electrolyte exports remains uncertain, although currently manageable [13][20] - The company is closely monitoring the evolving market conditions and regulatory environment, particularly regarding environmental regulations affecting competitors like 3M [11][16] 8. Strategic Collaborations and Innovations - The capacitor chemicals business is expected to remain a core growth pillar, supported by leading technology and stable quality [3][21] - Ongoing R&D collaborations, such as with Jianghai for MLCC conductive polymer materials, are still in the development phase [21] 9. Stock Incentive Plans - The company confirmed stock incentive expenses for 2023 and plans to allocate approximately 60 million yuan for the new incentive plan starting in May 2025 [19] 10. Overall Market Position - Xinjubang's performance shows resilience compared to peers, with stable growth in fluorochemical and capacitor businesses despite challenges in electrolyte profitability [22] This summary encapsulates the key insights from the conference call, highlighting the company's performance, growth strategies, market dynamics, and future outlook.

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 328.30 [7][8]. Core Views - The company reported a revenue of RMB 367.26 billion and a net profit attributable to the parent company of RMB 116.68 billion for 2024, reflecting a year-on-year growth of 5.1% and 0.7% respectively. The profit was below market expectations due to delays in domestic equipment upgrade policies [1]. - The company is expected to achieve steady growth in 2025, driven by the acceleration of domestic equipment upgrade policies and ongoing efforts in product promotion both domestically and internationally [1]. - The company’s three core business segments are projected to perform well in 2025: 1. IVD segment revenue reached RMB 137.65 billion in 2024, with a year-on-year increase of 10.8% and strong overseas growth [2]. 2. Medical imaging segment revenue was RMB 74.98 billion, up 6.6% year-on-year, supported by the launch of high-end products [2]. 3. Life information and support segment revenue was RMB 135.57 billion, down 11.1% year-on-year, but expected to rebound in 2025 due to improving domestic policies [2]. Summary by Sections Financial Performance - The company’s revenue for 1Q25 was RMB 82.37 billion, with a net profit of RMB 26.29 billion, showing a year-on-year decline of 12.1% and 16.8% respectively, but a quarter-on-quarter increase of 13.8% and 154.9% [1]. - The company’s revenue forecast for 2025 is RMB 40.545 billion, with a projected net profit of RMB 12.84 billion, reflecting a growth of 10.04% [6]. Market Expansion - The company’s overseas revenue reached RMB 164.34 billion in 2024, growing by 21.3%, with significant contributions from the Asia-Pacific and European regions [3]. - Domestic revenue was RMB 202.92 billion, down 5.1% year-on-year, but expected to improve in 2025 due to the release of medical infrastructure orders and enhanced competitiveness [3]. Profitability and Valuation - The EPS forecast for 2025 is adjusted to RMB 10.59, with a PE ratio of 31x for 2025, leading to a target price of RMB 328.30 [4]. - The company is recognized as a leading domestic medical device manufacturer with strong brand influence and a continuously improving global sales network [4].