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四川路桥(600039):业绩短期承压,订单增长支撑长期韧性
Hua Yuan Zheng Quan· 2025-09-02 01:05
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 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 09 月 02 日 | 盈利预测与估值(人民币) | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入(百万元) | 115,042 | 107,238 | 116,654 | 128,453 | 138,946 | | 同比增长率(%) | -14.88% | -6.78% | 8.78% | 10.11% | 8.17% | | 归母净利润(百万元) | 9,004 | 7,210 | 8,063 | 9,060 | 10,129 | | 同比增长率(%) ...
高争民爆(002827):25H1归母同比+26%,或将充分受益于雅下水电站开工建设
Tianfeng Securities· 2025-08-12 10:13
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].