2025 年 10 月 14 日 中宠股份 (002891) ——自主品牌实现高增，境外业务稳步增长 报告原因：有业绩公布需要点评 买入（维持） 上 市 公 司 农林牧渔 | 市场数据： | 2025 年 10 月 14 日 | | --- | --- | | 收盘价（元） | 53.38 | | 一年内最高/最低（元） | 74.00/25.88 | | 市净率 | 5.6 | | 股息率%（分红/股价） | 1.12 | | 流通 A 股市值（百万元） | 16,248 | | 上证指数/深证成指 | 3,865.23/12,895.11 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | | --- | --- | --- | | 每股净资产（元） | | 9.50 | | 资产负债率% | | 42.05 | | 总股本/流通 A 股（百万） | | 304/304 | | 流通 B 股/H 股（百万） | | -/- | 一年内股价与大盘对比走势： 10-14 11-14 12-14 01-14 02-14 03-14 04-14 0 ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Railway Construction Corporation (601186.SH/1186.HK) [1] Core Views - The company has shown signs of operational recovery in Q2, with significant growth in overseas business. The new contracts signed in Q2 have increased by 2.4% year-on-year, despite a decline in total new contracts for the first half of the year [6][7] - The company's revenue for H1 2025 was 489.2 billion yuan, with a net profit attributable to shareholders of 10.7 billion yuan, reflecting a year-on-year decrease of 5.2% and 10.1% respectively [5][6] - The overseas new contract signing has surged by 57.4% year-on-year, indicating strong international demand [6] Summary by Sections Financial Performance - In H1 2025, the company achieved operating revenue of 489.2 billion yuan, a decrease of 5.2% year-on-year, and a net profit of 10.7 billion yuan, down 10.1% year-on-year. In Q2 alone, the revenue was 232.4 billion yuan, with a net profit of 5.6 billion yuan, reflecting a decline of 3.6% and 5.6% respectively [5][6] - The gross profit margin for H1 2025 was 8.8%, down 0.3 percentage points year-on-year, while the net profit margin also decreased by 0.3 percentage points to 2.6% [7][8] Contract and Revenue Breakdown - The total new contracts signed in H1 2025 amounted to 1,056.17 billion yuan, a decline of 4.0% year-on-year. However, the overseas contracts grew significantly, with domestic contracts at 942.08 billion yuan (down 8.4%) and international contracts at 114.09 billion yuan (up 57.4%) [6] - The engineering contracting segment saw a notable decline in urban rail projects, which dropped by 64.8% year-on-year, while railway engineering, power engineering, and highway engineering experienced growth of 39.3%, 10.9%, and 10.7% respectively [6] Profitability and Cash Flow - The company’s operating cash flow for H1 2025 was -79.46 billion yuan, an improvement of 2.22 billion yuan compared to the same period last year [8] - The report forecasts net profits for 2025-2027 to be 22.3 billion, 22.9 billion, and 23.5 billion yuan respectively, maintaining the "Buy" rating for both A and H shares [8][9]