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中国电建(601669):毛利率承压,关注投运业务增长和重大基建催化
Changjiang Securities· 2025-09-07 08:44
Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company achieved a revenue of 292.757 billion yuan in the first half of the year, representing a year-on-year growth of 2.66%. However, the net profit attributable to shareholders decreased by 13.81% to 5.426 billion yuan, and the net profit after deducting non-recurring gains and losses fell by 22.66% to 4.821 billion yuan [2][6]. Summary by Sections Revenue and Profitability - In the first half of the year, the company signed new contracts totaling 686.699 billion yuan, a year-on-year increase of 5.83%, achieving 49.13% of the annual target of 1,397.8 billion yuan. Domestic contracts accounted for 79.37% of the total, while international contracts made up 20.63% [13]. - The overall gross margin for the first half was 11.23%, down 1.03 percentage points year-on-year. The net profit margin attributable to shareholders was 1.85%, a decrease of 0.35 percentage points [13]. Cash Flow and Financial Health - The company experienced a net cash outflow from operating activities of 51.196 billion yuan in the first half, an increase of 4.569 billion yuan year-on-year. The cash collection ratio improved to 97.63%, up 6.53 percentage points [13]. - The asset-liability ratio increased by 1.17 percentage points to 79.86%, and the accounts receivable turnover days rose by 9.31 days to 85.11 days [13]. Business Segments and Future Outlook - The company signed energy and power business contracts worth 431.388 billion yuan, accounting for 62.82% of the total new contracts, with a year-on-year growth of 12.27%. Notably, wind power contracts surged by 68.78% [13]. - The company is positioned as a leader in hydropower infrastructure in China, with potential benefits from major projects such as the Yarlung Tsangpo River downstream hydropower project and the South-to-North Water Diversion West Route Project [13].