风险提示：省内基建景气度不及预期；订单结转速度放缓；回款风险。 费用管控水平较好，减值损失小幅增加 25H1 期间费用率为16.26%，同比-1.63pct，管理、研发、财务费用率分别为14.19%、3.31%、-1.24%， 同比分别-2.45pct、+0.24pct、+0.57pct。资产及信用减值为0.88 亿，较去年同期增加0.30 亿，主要系应 收账款减值增加。综合影响下25H1 公司净利率为14.42%，同比上升0.34pct，Q2 单季净利率15.29%， 同比下降0.38pct。25H1 公司CFO 净额为-2.45 亿，同比多流出0.37 亿，收、付现比分别为70.94%%、 37.20%，分别同比-11.27pct、-11.24pct。 收入、业绩稳步增长，看好中西部基建景气度提升25H1 公司实现收入9.24 亿，同比+2.64%，归母净利 润1.33 亿，同比+5.29%，扣非净利润1.30 亿，同比+6.61%，其中Q2 单季实现营收5.11 亿，同比 +8.86%，归母净利润为0.78 亿，同比+6.33%。考虑到中西部基建景气度向上，募投项目落地后有望进 一步提升公司盈利能力，后 ...

公司报告 | 半年报点评 甘咨询（000779） 证券研究报告 收入、业绩稳步增长，省外拓展初显成效 收入、业绩稳步增长，看好中西部基建景气度提升 25H1 公司实现收入 9.24 亿，同比+2.64%，归母净利润 1.33 亿，同比+5.29%， 扣非净利润 1.30 亿，同比+6.61%，其中 Q2 单季实现营收 5.11 亿，同比 +8.86%，归母净利润为 0.78 亿，同比+6.33%。考虑到中西部基建景气度向 上，募投项目落地后有望进一步提升公司盈利能力，后续有望凭借龙头优 势加速提升省内市占率。考虑到地产市场低迷以及传统投资增速放缓，我 们预计 25-27 年归母净利润为 2.47、2.66、2.89 亿（前值 25、26 年预测 为 3.3、3.8 亿），对应 PE 为 18、17、15.6 倍，维持"增持"评级。 毛利率同比提升，省外拓展初见成效 分业务来看，25H1 公司勘察设计、工程监理、技术服务、其他业务分别实 现收入 4.60、1.50、1.14、1.32 亿元，同比分别-2.07%、-1.21%、+9.97%、 52.74%，毛利率分别为 48.19%、38.22%、40.91%、 ...

Investment Rating - Industry rating is maintained at "Outperform the Market" [4] Core Viewpoints - The construction sector has shown a positive performance with a 1.33% increase, outperforming the CSI 300 by 0.36 percentage points. The focus on infrastructure investment in the central and western regions has significantly increased, with major projects and events expected to catalyze growth [1][3] - Continuous recommendations are made to focus on infrastructure investment opportunities in the central and western regions, particularly in construction, cement, and civil explosives, as well as key industries like coal chemical and nuclear power [1][2] Summary by Sections Major Projects and Catalysts in Central and Western Infrastructure - Significant projects include the Three Gorges Waterway New Channel with an investment of approximately 76.6 billion yuan and a total construction period of 100 months. Key beneficiaries include Yipuli and Kailong Co. [12][21] - The Zhejiang-Jiangxi-Guangdong Canal project is estimated to require 320 billion yuan and is expected to start construction during the 14th Five-Year Plan period, with key beneficiaries being Huase Group and Guotai Group [13][21] - In Tibet, the opening of the Yarlung Tsangpo River downstream hydropower project is anticipated, with an estimated investment exceeding 1 trillion yuan and a planned capacity of 60 million kilowatts [19][21] - The Xinjiang region is seeing the commencement of the China-Kyrgyzstan-Uzbekistan Railway, with a total cost of 8 billion USD, which is expected to catalyze related investments [20][21] Market Review - The construction index increased by 1.33% during the week, with the building design and service sectors showing strong performance, achieving gains of 2.09% and 1.34% respectively [3][23] Investment Recommendations - Emphasis on cyclical opportunities arising from improvements in infrastructure physical volume, with a focus on traditional construction blue-chip stocks and regional high-growth companies [24][28] - Recommendations include companies like Sichuan Road and Bridge, China Communications Construction, and China Railway Construction, which are expected to benefit from ongoing infrastructure projects [28] - Attention is drawn to emerging business directions and the transformation of the construction sector, particularly in AI and cleanroom sectors, with specific companies recommended for investment [29][30]

Investment Rating - Industry rating is maintained as "Outperform the Market" [5] Core Viewpoints - Continued optimism for infrastructure investment in central and western regions, with a focus on the subsequent realization of physical workload [1][13] - Infrastructure investment remains a key focus for future policy efforts, with significant growth in narrow and broad infrastructure investments offsetting declines in real estate [2][13] - The construction sector is expected to benefit from improved physical workload conversion due to rising orders from central and state-owned enterprises [3][18] Summary by Sections Infrastructure Investment - In the first four months of 2025, national fixed asset investment increased by 4% year-on-year, with real estate development down by 10.3%, narrow infrastructure up by 5.8%, broad infrastructure up by 10.9%, and manufacturing up by 8.8% [2][13] - Narrow infrastructure growth outpaced overall investment growth by 1.8%, contributing 32.6% to total investment growth, an increase of 2.3 percentage points from Q1 [2][13] - Significant regional investment growth was observed in Beijing (+21.2%), Inner Mongolia (+18.8%), Xinjiang (+17.2%), and Tibet (+16.5%) [14][17] Market Performance - The construction index fell by 1.11% from May 19 to May 23, underperforming the CSI 300 index, which decreased by 0.07% [4][22] - Notable stock performances included Palm Holdings (+31.82%), ST Lingnan (+27.61%), and Zhengzhong Design (+22.78%) [4][22] Investment Recommendations - Focus on cyclical opportunities arising from improvements in physical workload, particularly in water conservancy, railways, and aviation sectors [26] - Recommendations include regional state-owned enterprises with high growth potential such as Sichuan Road and Bridge, Zhejiang Communications, and Anhui Construction [26][27] - Emphasis on emerging business directions such as AI-driven computing power and cleanroom sectors, with specific recommendations for companies like Hainan Huatie and Baicheng [28][29]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The strategic importance of the central region has been further emphasized, particularly regarding the infrastructure boom in the Midwest, especially in Sichuan province. The central economic work conference at the end of 2023 highlighted the need to optimize major productivity layouts and strengthen the construction of national strategic hinterlands [2][13]. - The issuance of special bonds in the Midwest has significantly accelerated, with a total of 1.19 trillion yuan in new special bonds issued from January to April 2025, a year-on-year increase of 65%. This indicates a clear recovery in fixed asset investment sentiment in the region [3][14]. - The construction sector is expected to see a rebound in physical work volume, with cement shipment rates and asphalt plant operating rates showing positive trends. The cement shipment rate reached 49%, up 0.93 percentage points week-on-week, indicating optimism for Q2 [18]. Summary by Sections Strategic Importance of the Central Region - The central region's development opportunities, particularly in Sichuan, have been recognized at the highest levels of government, with strategic initiatives aimed at enhancing regional development and optimizing economic layouts [2][13][17]. Special Bond Issuance - The issuance of special bonds in the Midwest has accelerated, with Sichuan province alone issuing 800.17 billion yuan in new special bonds, a 162% increase year-on-year. This trend is expected to support infrastructure investment and economic recovery in the region [3][14]. Market Performance - The construction index rose by 1.10% during the week of May 12-16, 2025, with significant gains in the housing and construction decoration sectors. Notable stocks included Dongzhu Ecology (+22%) and Zhengzhong Design (+20%) [4][22]. Investment Recommendations - Focus on cyclical opportunities arising from improved infrastructure work volumes, particularly in water conservancy, railways, and aviation sectors. Recommended stocks include Sichuan Road and Bridge, Zhejiang Communications, and major state-owned enterprises like China Communications Construction [28][29]. - Emphasis on the transformation of the construction sector and emerging business directions, such as AI-driven computing power facilities and cleanroom technology, with recommendations for companies like Hainan Huatie and Baicheng Co [30][31].