证券研究报告 公用事业 | 电力 非金融|首次覆盖报告 hyzqdatemark 2025 年 08 月 29 日 秦雨茁 qinyuzhuo@huayuanstock.com 市场表现： 收盘价（元） 6.95 一 年 内 最 高 / 最 低 （元） 总市值（百万元） 5,345.72 流通市值（百万元） 5,335.64 总股本（百万股） 769.17 资产负债率（%） 84.49 每股净资产（元/股） 1.24 资料来源：聚源数据 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邹佩轩 SAC：S1350524070004 zoupeixuan01@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 资料来源：公司公告，华源证券研究所预测 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 控股股东为蜀道集团，拟收购资产转型清洁能源发电平台。新筑股份为蜀道集团旗下五大上市 ...

Core Viewpoint - New筑股份 is undergoing a significant asset restructuring to exit its long-term loss-making traditional businesses in rail transit and bridge components, while acquiring a stake in蜀道清洁能源, a clean energy company, to pivot towards renewable energy [1][4][6]. Group 1: Restructuring Details - New筑股份 plans to sell 100% of四川发展磁浮科技有限公司 and 100% of成都市新筑交通科技有限公司 to蜀道轨交集团 and四川路桥 respectively, while acquiring 60% of蜀道清洁能源 from蜀道集团 [1]. - The company will raise funds through a private placement to specific investors to cover cash payments for the acquisition and support its clean energy projects [1][6]. - The restructuring is part of a broader strategy by the四川省 government to optimize state-owned enterprises and reduce competition among them [6][7]. Group 2: Financial Performance - New筑股份 has reported continuous losses from 2021 to 2024, with total losses amounting to 15.5 billion yuan, despite a high gross margin of 60.34% in its solar business [2][3]. -蜀道清洁能源, the core asset being acquired, has shown rapid growth, with revenues increasing from 8.34 billion yuan in 2023 to 11.74 billion yuan in 2024, achieving profitability in 2024 [5]. Group 3: Market Reaction and Future Outlook - Following the announcement of the restructuring, New筑股份' stock surged upon resuming trading, indicating strong investor optimism about the strategic shift [7][8]. - Analysts express a mixed outlook, noting that while the restructuring alleviates financial burdens, challenges remain in effectively managing and scaling the clean energy operations amid increasing competition in the sector [8][9].