Core Viewpoint - The Anhui Construction Group is transitioning from a traditional construction focus to a smart and green manufacturing model, exemplified by the launch of its Intelligent Green Manufacturing Industrial Park in Changfeng County, Hefei, which began full operations in May this year [1] Group 1: Smart Manufacturing and Automation - The core business of the industrial park includes smart traffic safety facilities, with a production capacity of nearly 300 tons of wave beam guardrails daily, supporting highway and road construction in Anhui Province [3][4] - The industrial park features automated production lines that minimize downtime, even during high temperatures, allowing for continuous operation and real-time data monitoring for production optimization [3][4] - The wave beam guardrails produced are designed for easy installation on-site, significantly reducing construction time and improving efficiency [3][4] Group 2: Prefabricated Construction Innovations - The industrial park is pioneering prefabricated construction methods, producing components in a factory setting that are then assembled on-site, which enhances construction efficiency and reduces environmental impact [7][10] - For example, a 120-square-meter two-story steel structure can be completed in about 15 days using prefabricated methods, cutting traditional construction time by over 60% and reducing carbon emissions by 80% during the construction phase [7][10] - The prefabricated buildings are designed for safety, capable of withstanding seismic activities up to an 8-magnitude earthquake, and 90% of the components can be recycled and reused, promoting sustainability [9][10] Group 3: Strategic Development and Future Goals - The Anhui Construction Group aims to integrate resources and technological innovations across various sectors, including construction, industry, and transportation, to achieve a collaborative model of design, production, construction, and operation [10] - The company is focused on driving innovation and reform to enhance its competitiveness and promote the development of specialized, intensive, and large-scale industries [10]

| 黄细里 | Diskte | | --- | --- | | 刘力宇 | | | 需路 | | | 郭雨蒙 | | | 孙仁昊 | De vo | | 赖闊旭 | סטרונים | 未经许可，不得转载或者引用。 | 投资要点 | | --- | 公司公告： 公司2025Q1单季度实现营收为191.5亿元，同环比分别-27.9%/-50.3%；实现归母净利润7.5亿 元 ， 同 环 比 分 别 +240.6%/-60.8%； 实 现 扣 非 后 归 母 净 利 润 3.94 亿 元 ， 同 环 比 分 别 +244.3%/-78.2%。 2025Q1处于新品上市前期，业绩表现符合我们预期： 1）营收层面：Q1单季度问界品牌共交付4.53万辆，同环比分别-45.7%/-53.1%，主要原因为春 节假期影响&公司Q1处于新品切换期。其中M9交付2.33万台，同环比分别+117.4%/-51.6%， M7交付1.79万台，同环比分别-74.3%/-57.3%。公司产品销量结构持续改善，M9销量占比环比 +1.7pct，Q1单季度ASP提升至42.3万元（分母为AITO销量），同环比分别+32.6%/+6%。2） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance met expectations, with significant contributions from the M8 model, which has received over 60,000 pre-orders within 13 days of its launch [8] - The company is planning to issue H-shares and list on the Hong Kong Stock Exchange, aiming to enhance its international capital operations and competitiveness [8] - The financial forecasts for 2025, 2026, and 2027 project net profits of 9.6 billion, 14.2 billion, and 18.5 billion RMB respectively, with corresponding P/E ratios of 22, 15, and 11 times [8] Financial Summary - For Q1 2025, the company reported total revenue of 19.15 billion RMB, with a year-on-year growth of 240.6% in net profit, reaching 750 million RMB [8] - The gross margin for Q1 was 27.6%, reflecting a year-on-year increase of 6.1 percentage points, indicating strong product positioning in the high-end automotive market [8] - The company's asset-liability ratio improved to 76.83% from 87.38% at the end of 2024, primarily due to sustained profitability and equity financing [8] Revenue and Profit Forecasts - The total revenue forecast for 2023 is 35.84 billion RMB, with a projected increase to 145.18 billion RMB in 2024, and further growth to 210.83 billion RMB by 2027 [1] - The projected net profit for 2023 is a loss of 2.45 billion RMB, turning to a profit of 5.95 billion RMB in 2024, and reaching 18.53 billion RMB by 2027 [1] - The earnings per share (EPS) is expected to rise from a loss of 1.50 RMB in 2023 to 11.34 RMB by 2027 [1]