智通财经APP讯，太极实业(600667.SH)发布公告，公司子公司十一科技与上海四建组成联合体，参与 了华虹宏力半导体(无锡)有限公司的华虹FAB9B项目工程总承包的投标。根据公示，联合体为项目拟确 定中标人，投标报价为37.78亿元。十一科技为联合体牵头人，预计合同工作量占比为98.46%，金额约 为37.19亿元。 该项目预中标体现了十一科技在国内集成电路产业工程领域的EPC领先地位。如能确定中标并签订正式 合同，因项目存在跨年实施，且受合同签订时间、开工日期及实施进度影响，对公司2026年度业绩的影 响存在不确定性。 ...

Group 1 - The core project involves a total construction area of approximately 192,100 square meters, including various facilities such as drying workshops, cold storage, packaging rooms, and more [1][2] - The contract amount for the "Yunnan Province Qujing City Luoping County Smart Agriculture Project Engineering General Contracting (EPC) Section Three" is approximately 654 million yuan, which accounts for 26.34% of the company's audited operating revenue for 2024 [1][2] - ST Weihai holds various qualifications, including first-class general contracting for construction engineering, water conservancy and hydropower engineering, and municipal public engineering, allowing it to undertake various types of construction projects [1] Group 2 - The company is transitioning from a construction general contracting model to an engineering general contracting model, extending its industrial chain from construction to investment, design, and operation [1]

Core Viewpoint - China Aluminum International Engineering Corporation (中铝国际) announced that its subsidiary, Shenyang Aluminum Magnesium Design Research Institute, has formed a consortium to win a contract for the "large-to-small" upgrade project of the electrolytic cell at Qingtongxia Aluminum Industry Co., Ltd. [1][2] Group 1: Project Details - The project aims to design a production capacity of 420,000 tons and includes the construction of power rectification systems, electrolytic production areas, raw material storage and transportation, anode assembly production areas, and necessary auxiliary systems and living facilities [2] - The contract is structured as an EPC (Engineering, Procurement, and Construction) total contracting method, covering all work required for a complete 420,000-ton electrolytic aluminum project from design to operation [2] Group 2: Financial Impact - The total contract amount is approximately RMB 2.909 billion, with the portion for Shenyang Institute and its subsidiary, Six Metallurgy, amounting to about RMB 2.348 billion, which represents approximately 9.78% of the company's audited revenue for 2024 [2] - Successful implementation of this project contract is expected to have a positive impact on the company's current and future performance, enhancing its sustainable profitability [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [6][4]. Core Views - The company reported a significant increase in Q2 performance, with a revenue growth of over 150% and a high dividend payout, showcasing its investment value [1]. - The engineering contracting business is experiencing rapid growth, with substantial contributions from new projects expected to enhance future performance [2]. - The company's profitability has improved, with better cost control and a net profit margin increase [3]. - Long-term growth prospects remain strong, supported by a robust order backlog and new project contributions [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 1.249 billion yuan, a year-on-year increase of 21.81%, and a net profit of 120 million yuan, up 42.54% [1]. - Q2 alone saw revenues of 701 million yuan, reflecting a 38.48% increase year-on-year, and a net profit of 69 million yuan, which is a remarkable 156.22% increase [1]. - The company maintained a cash dividend payout ratio of around 100%, with a TTM dividend yield of 4.43% as of August 23 [1]. Business Segments - The engineering segment reported revenues of 409 million yuan and 46 million yuan from contracting and design services, respectively, with year-on-year growth of 483.46% and 89.67% [2]. - In the chemical segment, revenues from various products showed mixed results, with a decline in some areas but an increase in profit margins due to rising prices of certain chemicals [2]. - New business initiatives, particularly in cellulose and its derivatives, generated 9.654 million yuan in revenue, indicating a 47.73% increase year-on-year, with potential for future growth [2]. Profitability and Cost Control - The overall gross margin improved to 19.9%, a year-on-year increase of 0.89 percentage points, while the expense ratio decreased to 10.11%, down 1.55 percentage points [3]. - The net profit margin reached 9.51%, reflecting a 1.39 percentage point increase year-on-year [3]. - Cash flow from operations showed a net inflow of 22 million yuan, although it was lower than the previous year due to increased bank acceptance bill settlements [3]. Long-term Growth Potential - The company has a strong order backlog, and new projects are expected to contribute positively to future earnings [4]. - Adjusted profit forecasts for 2025-2027 are 330 million, 430 million, and 550 million yuan, respectively, with corresponding P/E ratios of 17.6, 13.7, and 10.7 [4].