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]

Core Viewpoint - The company has shown significant growth in production and sales across its metal products and chemical segments, driven by increased infrastructure investment and improved profitability in the first quarter of 2025 [2][3][4]. Group 1: Company Performance - In 2024, the company produced 660,600 tons and sold 685,100 tons of galvanized steel wire and related products, marking a year-on-year increase of 20.78% and 21.55% respectively [2]. - The company’s organic silicon and related products saw production of 90,500 tons and sales of 86,400 tons, with year-on-year growth of 60.41% and 46.80% respectively, alongside an improvement in gross margin [2]. - For Q1 2025, the company reported a net profit of 5.67 million yuan, a 390.50% increase year-on-year, and a net profit excluding non-recurring gains of 2.32 million yuan, up 50.79% [3]. Group 2: Product Applications - The company’s pre-stressed steel strand products are primarily used in infrastructure projects such as highways, high-speed railways, bridges, dams, urban overpasses, and wind turbine towers [2]. - Galvanized steel wire and strands serve as structural materials for power cables, mainly applied in power cable and ultra-high voltage projects [2]. Group 3: Financial Metrics - The company’s main revenue for Q1 2025 was 1.117 billion yuan, a slight decrease of 0.83% year-on-year, with a debt ratio of 56.05% and financial expenses amounting to 20.75 million yuan [4]. - The company experienced a net inflow of 61.64 million yuan in financing over the past three months, indicating increased investor interest [4].

证券研究报告 苏博特 (603916 CH) 24 营收显韧性，1Q 盈利修复进行时 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 专用材料 | 苏博特发布年报，2024 年实现营收 35.55 亿元（yoy-0.75%），归母净利 9588.11 万元（yoy-40.24%），全年盈利略低于我们此前预期（1.15 亿元）， 我们认为主因减值略高于我们此前预计。其中 Q4 实现营收 10.80 亿元 （yoy+7.33%，qoq+18.36%），归母净利 1727.38 万元（yoy-9.01%， qoq-31.77%）。1Q25 公司实现收入 6.82 亿元（（yoy+17.81%），实现归母 净利 2432.83 万元（yoy+15.36%），公司收入增速修复，考虑到外部关税 不确定性扰动下，基建投资或有加码推动公司产品需求好转，维持"买入"。 考虑到公司转型具备成效，下游基建占比或提升，25 年专项债发行加速、 重大项目落地，或推动公司产品需求向好，产能利用率修复有望带动盈利能 力提升，调整公司 25 ...

证券研究报告 | 季报点评 gszqdatemark 2025 04 29 年 月 日 | 增持（维持） | | | --- | --- | | 股票信息 | | | 行业 | 普钢 | | 前次评级 | 增持 | | 04 月 28 日收盘价（元） | 3.38 | | 总市值（百万元） | 13,395.56 | | 总股本（百万股） | 3,963.18 | | 其中自由流通股（%） | 98.24 | | 30 日日均成交量（百万股） | 29.84 | 新兴铸管（000778.SZ） 季度业绩环比改善，关注基建需求潜力 事件：公司发布 2025 年一季度报告。公司一季度实现营业收入 83.75 亿 元，同比下降 8.21%；归属于母公司所有者的净利润 1.37 亿元，同比下 降 19.84%；基本每股收益 0.0345 元，同比减少 19.39%。 季度业绩环比改善，一季度毛利率逐步修复。公司 2025Q1 实现归母净利 1.37 亿元，同比下降 19.84%，环比增长 143.36%；2025Q1 钢价走弱， 行业钢企盈利比例位于 50%左右，公司归母净利同比仍下滑，但环比显著 改善，2025Q1 ...

季度业绩环比改善，关注基建需求潜力 事件：公司发布 2025 年一季度报告。公司一季度实现营业收入 83.75 亿 元，同比下降 8.21%；归属于母公司所有者的净利润 1.37 亿元，同比下 降 19.84%；基本每股收益 0.0345 元，同比减少 19.39%。 季度业绩环比改善，一季度毛利率逐步修复。公司 2025Q1 实现归母净利 1.37 亿元，同比下降 19.84%，环比增长 143.36%；2025Q1 钢价走弱， 行业钢企盈利比例位于 50%左右，公司归母净利同比仍下滑，但环比显著 改善，2025Q1 公司铸管产品在铸管公开市场的招标占比持续提升。公司 2024Q2-2025Q1 逐季销售毛利率分别为 6.84%、4.81%、4.84%、7.61%， 逐季销售净利率分别为 2.52%、0.36%、-4.98%、1.83%，受益于行业供 给端调控预期升温，叠加基建投资及消费驱动的需求改善趋势，后续行业 及公司盈利有望逐步好转。 产能挖潜空间大，加快布局海外产能及储能电池领域。2025 年公司金属 制品产量目标为 992 万吨，同比增加 22.6%，产能挖潜空间较大。2023 年新兴铸管股份有限 ...

公司报告 | 季报点评 中国交建（601800） 证券研究报告 公司发布三年现金分红规划，Q1 订单增速印证基建景气向上 收入利润小幅承压 25Q1 中国交建实现收入 1546 亿，同比-12.6%，归母净利润 54.7 亿，同比 -11%，扣非净利润为 54.4 亿，同比-10.9%，业绩增速略高于收入增速主要 系信用减值冲回增加以及资产处置带来减值回转。公司主要经营指标保持 基本稳定，海外业务发展韧性较强，境内大城市业务发展稳健，传统大交 通支柱业务承压，依然保持建筑行业领先地位。 新签订单平稳增长，境外业务增速仍较为亮眼 25Q1 公司新签订单 5530 亿，同比增长 9.02%，完成年度目标的 27%，基 建建设业务、基建设计业务、疏浚业务和其他业务分别新签 4935、155、 410 和 30 亿元，分别同比+6.3%、+53.2%、+40.4%、-14.8%。境外业务新 签 1069 亿，同比+17.1%，占新签合同的 19%，新兴业务领域新签订单 1268 亿，同比-17.8%，其中能源、水利项目新签订单分别同比增长 185.4%、29.5%， 海外订单增速表现亮眼，公司加速战略性新兴产业规模化 ...

25Q1 综合毛利率 11.6%，同比-0.35pct，期间费用率同比-0.05pct 至 6.3%， 其中销售 /管 理 /研 发 /财 务 费 用 率 0.45%/2.45%/2.75%/0.69% ， 同 比 +0.04/-0.04/+0.10/-0.15pct。25Q1 减值冲回 5.21 亿，同比多冲回 4.0 亿， 主要系个别项目实现回款实现转回。综合影响下，25Q1 归母净利润率同比 +0.07pct 至 3.54%。 证券研究报告 中国交建 (1800 HK/601800 CH) 港股通 Q1 新签订单开门红，奠定增长基础 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地/中国香港 | 建筑施工 | 公司发布一季报：25Q1 实现营收 1546 亿，同比-12.6%，归母净利 54.7 亿，同比-11.0%。我们认为 Q1 收入利润受季节性和高基数因素影响，短期 承压，但新签订单同比+9.0%，已显示出良好态势，随着稳增长、化债等政 策逐步见效，Q2 有望迎来改善。公司 25 年新签合同额/收入目标 ...

证券研究报告 东宏股份发布年报，2024 年实现营收 24.90 亿元（yoy-13.08%），归母净 利 1.69 亿元（yoy+5.03%），扣非净利 1.32 亿元（yoy-10.75%）。略低于 我们此前盈利预测（1.9 亿元），我们认为或主因 24 年地方政府资金面偏紧， 市政类基础设施施工进度放缓，导致公司收入增长承压。1Q25 公司实现收 入 5.21 亿元（yoy-19.1%），实现归母净利 4283 万元（yoy-17.78%），春 节后整体开复工节奏偏慢，收入结算承压。但考虑外部"关税"扰动下，基 建投资有望加码，叠加近年水利投资维持景气旺盛，维持"买入"。 收入规模收缩对制造成本摊薄削弱，24 年综合毛利率略有承压 东宏股份 (603856 CH) 24 盈利修复，1Q25 毛利率企稳 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 其他建材 | 24 年 PE/钢丝/防腐/保温/PVC 分别实现收入 3.8/2.9/14.0/0.9/0.5 亿元， 同比分别+7.7%/-24.9%/+ ...

证券研究报告·行业跟踪周报·建筑装饰 建筑装饰行业跟踪周报 政策定调积极，期待进一步增量政策 2025 年 04 月 27 日 增持（维持） [Table_Tag] [投资要点 Table_Summary] （2）财政部下达水利发展资金 471 亿元，聚焦保安全惠民生促发展加 力支持水利建设：资金聚焦三个方向，重点支持包括中小河流治理、 山洪沟治理和水利工程维修养护，农村供水和农业节水，以及地下水 超采区生态补水、幸福河湖建设和水土保持整县推进工作。财政发力 重点支持水利领域，有望支撑水利投资延续快速增长，利好相关工程 和材料企业。 ◼ 周观点：（1）政治局会议指出要强化底线思维，充分备足预案，要加 紧实施更加积极有为的宏观政策，根据形势变化及时推出增量储备政 策，加强超常规逆周期调节，面对外部冲击影响，定调更加积极，利 好基建地产链条景气度企稳回升。一季度经济开门红，基建投资累计 同比增速 5.8%，财政发力支持下基建投资延续景气态势。增量的财政 政策支持和融资端的改善对投资端和实物量的效果将逐渐显现，同时 扩内需预期增强，基建投资和重点区域建设有望政策加码。我们建议 关注估值仍处历史低位、业绩稳健的基建龙 ...

Investment Rating - Industry rating: Outperform the market (maintained rating) [5] Core Viewpoints - The construction sector is expected to benefit from more proactive fiscal policies and moderate monetary policies, with an emphasis on accelerating the issuance and utilization of local government special bonds and ultra-long-term special treasury bonds [2][13] - The construction index rose by 0.56% this week, outperforming the Shanghai and Shenzhen 300 index by 0.16 percentage points, with notable gains in small and mid-cap stocks related to transformation [1][25] - The first quarter of 2025 saw significant growth in new orders for major construction companies, indicating a recovery in traditional infrastructure sectors [20][24] Summary by Sections Fiscal Policy and Economic Outlook - The April 25 Politburo meeting highlighted the need for more proactive macroeconomic policies to stabilize employment, businesses, and market expectations, with a focus on increasing fiscal spending and issuing special bonds [2][13] - The meeting's optimistic stance on policies suggests potential improvements in physical construction volumes, particularly in infrastructure and housing sectors [2][19] Market Performance - The construction index's performance this week included significant gains in construction decoration, design services, and landscaping, with leading stocks such as Hanjia Design (+31%) and Sanwei Chemical (+22%) [1][25][30] - The construction sector's performance historically shows that it tends to underperform the Shanghai and Shenzhen 300 index in the month following the Politburo meetings, but this year may differ due to positive policy signals [2][19] Investment Recommendations - Focus on infrastructure-related investment opportunities, particularly in high-growth regions such as Sichuan, Xinjiang, and Tibet, as well as cyclical sectors [1][30] - Recommendations include traditional construction blue-chip stocks and emerging business directions such as data centers and cleanroom technologies, with specific companies highlighted for their growth potential [31][32][33]