证券研究报告 港股通 中国联塑 (2128 HK) 城市更新催化，高标农田拉动 | 华泰研究 | | | 更新报告 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 7 月 | 23 日│中国香港 | 其他建材 | 目标价(港币): | 5.89 | 据新华社，7 月 14-15 日，中央城市工作会议在北京举行，指出城市发展正 从大规模增量扩张转向存量提质增效为主。我们认为人口增长和城镇化率等 指标发展达到一定阶段后，增量建设将转向存量更新为主，城市更新有望迎 来持续催化阶段，我们认为其中的管网改造环节有望拉动市政塑管需求，叠 加近两年第一产业投资增速稳健，中国联塑介入农业用塑管领域成效显现， 考虑到公司工程端市占率较高，我们认为公司有望充分受益，我们上调其目 标价至 5.89 港元（前值 4.36 港元，上调幅度为 35%），维持"买入"。 城市更新为提质增效抓手，存量建筑物规模庞大 本次中央城市工作会议强调以城市更新为重要抓手，高质量开展城市更新， 稳步推进城中村改造和危旧房改造，我们认为城市更新有望在"十五五"期 间接 ...

Core Viewpoint - The article discusses the ongoing gas pipeline renovation project in Gongshu District, highlighting its significance as a public welfare initiative aimed at improving safety and convenience for residents [4][5]. Group 1: Project Overview - In March, Gongshu District initiated a new round of gas pipeline updates, targeting the renovation of 72.8 kilometers of gas pipelines, including 30.75 kilometers of underground pipelines and 42.05 kilometers of gas risers, covering 13 streets and 36 communities [4]. - As of now, the renovation of underground gas pipelines in 18 old communities has been completed, with 60.23% of gas riser renovations finished, and all projects are scheduled for completion before the National Day this year [5]. Group 2: Innovation and Technology - The renovation project incorporates innovative models, including the replacement of gas meters with smart meters and the use of metal corrugated hoses, ensuring comprehensive safety monitoring within households [6]. - The installation of NB remote meters allows for 24-hour real-time monitoring of pipeline pressure, flow, and leakage, with immediate alerts sent to the gas company and relevant departments in case of anomalies [6]. Group 3: Efficiency Improvements - The project has adopted factory-prefabricated components for gas pipeline renovations, significantly reducing noise and dust during construction, thus minimizing disruption to residents [7]. - The new construction method of "first drilling, then installing" enhances safety, functionality, and aesthetics, while also improving construction efficiency [8].

Group 1: Company Performance and Market Outlook - The company anticipates a stable growth trend in the pipeline industry due to increased national investment in water conservancy, with a projected investment of CNY 1.3529 trillion in 2024, a year-on-year increase of 12.8% [2] - The company aims to become a comprehensive service provider in the water-saving sector, focusing on quality, brand, and technological innovation across three main product lines: concrete pipes, composite steel pipes, and plastic pipes [2] Group 2: Stock Performance and Shareholder Returns - Despite strong performance, stock prices have not increased due to various influencing factors, including national policies and macroeconomic conditions [3] - The company has consistently prioritized shareholder returns, having distributed dividends for 15 consecutive years [3] Group 3: Financial Management and Project Execution - In 2024, the company adjusted its accounts receivable and payment strategies, implementing measures to enhance contract management and risk assessment [3] - The decline in Q1 2025 financial results was attributed to project delays in northern regions due to weather conditions, with expectations for increased shipments starting in Q2 [3] Group 4: Strategic Expansion Plans - The company is considering a simplified procedure for a private placement to support strategic projects that align with industry development and enhance capital structure [3] - The company has initiated a market strategy to expand into southern regions, with a significant contract won in 2023 for a CNY 400 million project in Guangdong, marking a key step in this strategy [3]

Group 1 - The core viewpoint emphasizes the importance of upgrading old heating pipelines to ensure safe, stable, and efficient heating operations during winter [1][3] - Qingdao Energy Thermal Power Group has initiated a comprehensive plan to replace 115 kilometers of old heating pipelines, marking it as a priority project for the year [1][5] - The project includes 200 sub-projects, requiring careful consideration of traffic flow and overall planning, while avoiding peak periods such as exam seasons and summer floods [5][11] Group 2 - The aging heating pipelines, some dating back to the 1980s, have begun to show signs of corrosion and deterioration, posing potential risks to heating safety and quality for residents [3][7] - The project will replace a total of 1,476 meters of DN900 pipelines, which currently support a heating load of approximately 8 million square meters [9] - To enhance project efficiency, the company has organized two construction teams with over 30 workers, implementing real-time monitoring and dust control measures [9][11]