业内人士指出，该项目的建设不仅能打通九龙坡与大渡口的跨区交通瓶颈，完善重庆主城交通网络，还 将带动沿线片区产业升级与城市更新，为区域经济高质量发展注入新动能。此次中标也体现了重庆建工 在区域基建市场的核心竞争力，随着基建投资持续发力，公司有望凭借地缘优势和技术积累，持续斩获 更多优质订单。 重庆建工同时提示，上述中标项目尚未签订正式合同，项目工期较长，预计对公司当期营业收入、利润 影响有限，后续合同签订及执行情况存在一定不确定性。 中证报中证网讯（王珞）12月10日，重庆建工（600939）（600939）发布公告称，公司全资子公司组成 的联合体成功中标"八横线白市驿隧道至黄桷坪长江大桥段工程施工二标段"项目，中标金额约17.14亿 元，项目总工期约6年。此次中标是公司深耕区域基建市场的重要成果，将为企业持续经营注入稳定动 力。 据悉，八横线白市驿隧道至黄桷坪长江大桥段工程是重庆市级重点交通项目，总投资超60亿元，全长 8.388公里，主线采用双向6车道城市快速路标准，设计车速80km/h。项目起于内环华岩立交东侧，途经 九龙坡、大渡口多个核心片区，止于黄桷坪立交西侧，串联起白市驿、九宫庙、重钢、黄桷坪等重要 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance is under short-term pressure, but order growth supports long-term resilience [5] - The company is expected to achieve net profits of 8.063 billion, 9.060 billion, and 10.129 billion RMB for 2025-2027, with year-on-year growth rates of 11.83%, 12.37%, and 11.80% respectively [6] - The current stock price corresponds to P/E ratios of 9.34, 8.31, and 7.43 for the years 2025, 2026, and 2027 [6] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 43.536 billion RMB, a year-on-year decrease of 4.91%, with net profits of 2.780 billion and 2.720 billion RMB, down 13.00% and 13.72% respectively [8] - The decline in revenue is attributed to the exit of certain subsidiaries and transitional impacts in the engineering construction sector [8] - The company’s comprehensive gross margin for H1 2025 was 14.50%, down 1.38 percentage points year-on-year [8] Business Segments - Revenue from engineering construction, trade sales, and highway investment operations in H1 2025 was 38.836 billion, 3.201 billion, and 1.345 billion RMB, with year-on-year changes of -7.08%, +221.99%, and -3.96% respectively [8] - The company has seen significant growth in trade sales, while engineering construction has faced challenges due to complex project conditions [8] Order Growth and Market Expansion - The company reported a rapid increase in orders, with a total new bid amount of approximately 72.2 billion RMB in H1 2025, a year-on-year increase of 22.20% [8] - The company has successfully expanded into international markets, including signing projects in Kuwait and achieving breakthroughs in Ethiopia and Malaysia [8] Financial Projections - The company’s projected revenues for 2025, 2026, and 2027 are 116.654 billion, 128.453 billion, and 138.946 billion RMB, with corresponding growth rates of 8.78%, 10.11%, and 8.17% [7][10] - The net profit for 2025 is projected at 8.063 billion RMB, with a growth rate of 11.83% [7][10]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 45.63 CNY [6][17]. Core Views - The company is expected to benefit significantly from the construction of the Yaluzangbu River hydropower station and regional infrastructure projects, leading to accelerated performance in the coming years [4][6]. - The company's revenue for H1 2025 reached 771 million CNY, a year-on-year increase of 6.55%, while the net profit attributable to the parent company was 69 million CNY, up 25.7% year-on-year [1][2]. Financial Performance - In H1 2025, the company achieved a gross profit margin of 28.23%, an increase of 2.49 percentage points year-on-year, with a net profit margin of 8.63%, up 0.92 percentage points year-on-year [3]. - The company’s cash flow from operations (CFO) increased significantly, reaching 147 million CNY, a year-on-year increase of 190 million CNY [3]. Business Segments - The company's blasting services and explosive materials segments generated revenues of 378 million CNY and 332 million CNY, respectively, with explosive materials showing a significant year-on-year growth of 22.1% [2]. - The decline in blasting services revenue by 7.57% is attributed to fewer large projects and delayed project commencements [2]. Market Outlook - The overall performance of the national blasting industry remains stable, with the production value in Tibet increasing by 25.88% year-on-year, the highest growth rate in the country [4]. - The commencement of the Yaluzangbu River hydropower project, with a total investment of approximately 1.2 trillion CNY, is expected to significantly boost demand for blasting services in the region [4].