Investment Rating - The report maintains a "Buy" rating for the company, indicating strong investment attractiveness with a projected dividend yield of 6% for 2025 based on an average payout ratio of 84% for 2023-2024 [4][6]. Core Insights - The company's Q1 2025 performance showed a slight revenue decline but is expected to accelerate significantly starting Q2 2025, driven by the completion of major projects and increased contract liabilities [1][3]. - The gross margin improved to 20.6% in Q1 2025, up by 0.78 percentage points year-on-year, while operating cash flow remained robust with a net inflow of 1.3 billion yuan [2]. - New contracts signed in Q1 2025 reached 300 million yuan, a staggering increase of 7592% year-on-year, indicating strong future revenue potential [3]. Financial Performance Summary - Q1 2025 revenue was 550 million yuan, a 5.5% increase year-on-year, while net profit attributable to shareholders was 52 million yuan, down 10.5% year-on-year [1]. - The company expects net profits for 2025-2027 to grow by 44%, 35%, and 36% respectively, with earnings per share (EPS) projected at 0.58, 0.79, and 1.07 yuan [4]. - The company reported a significant increase in contract liabilities, up 70% from the beginning of the year, indicating strong future revenue recognition [1][2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][16]. Core Views - The company achieved a revenue of 18.49 billion yuan in 2024, representing a year-on-year growth of 12.03%, while the net profit attributable to shareholders was 512 million yuan, down 6.69% year-on-year [1][4]. - The company is experiencing a transformation in its business structure, focusing on areas such as prefabricated buildings, industrial chains, and BIPV, which is expected to optimize its business model [1][4]. - The company has seen a significant increase in overseas business, with new orders growing by 8.4% year-on-year to 21.97 billion yuan, and the international orders increased by 202.9% [2][4]. Financial Performance - The gross margin for 2024 was 12.7%, a slight decrease of 0.33 percentage points year-on-year, while the net profit margin was 2.85%, down 0.61 percentage points [3][4]. - The company reported a cash flow from operations (CFO) of 771 million yuan, an increase of 301 million yuan year-on-year, indicating improved cash flow management [3][4]. - The company expects a steady growth in net profit for the years 2025 to 2027, with projections of 572.93 million yuan, 644.81 million yuan, and 721.65 million yuan respectively, reflecting a growth rate of 12% each year [4][5]. Market Position and Growth Potential - As a leading player in the steel structure industry, the company has strong brand advantages and customer loyalty, with potential for increased market share in the medium to long term [4][5]. - The company aims to achieve a new order target growth of over 10% for 2025, supported by its expanding overseas business and emerging sectors [2][4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][16]. Core Views - The company achieved a revenue of 18.49 billion yuan in 2024, representing a year-on-year growth of 12.03%, while the net profit attributable to shareholders was 511.68 million yuan, down 6.69% year-on-year [1][4]. - The company is experiencing a transformation in its business structure, focusing on prefabricated buildings, industrial chains, strategic alliances, and BIPV (Building Integrated Photovoltaics), which is expected to optimize its business model [1][4]. - The company has seen a significant increase in overseas business, with new orders growing by 8.4% year-on-year to 21.97 billion yuan, and the international orders increased by 202.9% [2][4]. Financial Performance - The gross margin for 2024 was 12.7%, a slight decrease of 0.33 percentage points year-on-year, while the net profit margin was 2.85%, down 0.61 percentage points [3][4]. - The company reported a cash flow from operations (CFO) of 771 million yuan, an increase of 301 million yuan year-on-year, indicating improved cash flow management [3][4]. - The company expects net profits for 2025-2027 to be 572.93 million yuan, 644.81 million yuan, and 721.65 million yuan, respectively, with growth rates of 12%, 12.55%, and 11.92% [4][5]. Market Position and Growth Potential - As a leading player in the steel structure industry, the company has strong brand advantages and customer loyalty, with potential for increased market share in the medium to long term [4][5]. - The company aims to accelerate its overseas expansion and leverage emerging businesses to create a second growth curve [4][5].

证券研究报告 | 2025年04月09日 中国中冶（601618.SH） 优于大市 毛利率筑底企稳，充分减值待转机 收入与业绩承压，充分计提减值释放潜在风险。2024 年公司实现营收 5520 亿元，同比-12.9%，实现归母净利润 67.5 亿元，同比-22.2%。其中 2024 年 第四季度公司实现营业收入 1394 亿元，同比-16.3%，实现归母净利润-0.85 亿元，单季度小幅亏损。在钢铁行业需求持续下降、建筑行业增长乏力等因 素的影响下，公司主动进行业务结构调整，充分计提减值释放潜在风险，营 业收入和利润均有所下滑。 海外新签合同额显著增长，固本强基优化业务结构。2024 年公司新签合同额 12483 亿元，同比 12.4%，其中新签海外合同额 932 亿元，同比+47.8%。从 业务结构来看，冶金建设作为公司"核心"业务板块展现较强的韧性，2024 年公司冶金建设收入 1091 亿元，同比-1.9%，受下游需求减少、业主回款恶 化影响，公司房建和市政基础设施工程业务收缩较多，实现收入 3923 亿元， 同比-17.3%。 毛利率底部企稳，研发费用支出减少。2024 年公司整体毛利率为 9.69% ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7][25]. Core Views - The company has shown a significant increase in processing volume, with a year-on-year growth of 14% in Q1, suggesting a potential operational turning point [1]. - New signed orders in Q1 2025 reached 7.052 billion yuan, a 1.25% increase year-on-year, while steel structure production was 1.0491 million tons, reflecting a 14.3% increase [1]. - The report anticipates that the company's orders and production will continue to grow rapidly in 2025, driven by cost reductions from robotic welding and fiscal stimulus boosting industry demand [1][4]. Summary by Sections Orders and Production - In Q1 2025, the company secured 14 contracts exceeding 10,000 tons, a decrease from 24 in Q1 2024, indicating a shift towards smaller orders which may enhance cash flow and profitability [2]. - The average unit price for new orders in Q1 2025 was between 4,511 and 5,700 yuan per ton, down from 5,000 to 7,000 yuan per ton in Q1 2024, reflecting a 14.9% year-on-year decline [2]. Financial Performance - The company expects to achieve net profits of 950 million, 1.1 billion, and 1.28 billion yuan for the years 2024 to 2026, respectively, with corresponding P/E ratios of 14.6, 12.5, and 10.8 [4]. - Revenue projections for 2025 are set at 26.33 billion yuan, representing a 15.57% growth from 2024 [5]. Technological Advancements - The company has developed a "lightweight arc welding robot intelligent welding system," which is expected to enhance efficiency and quality in the long term [3]. - The initial sales of welding robots are anticipated to positively impact the company's valuation [3]. Market Outlook - The report highlights a favorable outlook for downstream demand recovery in 2025, supported by significant fiscal measures, including the issuance of approximately 2.84 trillion yuan in local government bonds, an 80% increase year-on-year [4].

Core Viewpoint - Yaxiang Integrated (603929) has secured a significant project in Singapore, which is expected to enhance its international engineering capabilities and positively impact its operational performance [1] Company Announcement Summary - Yaxiang Integrated's Singapore branch has won the VSMC FACILITY SYSTEM project with a contract value of approximately 3.16 billion RMB (before tax) [1] - The project is located at TAMPINES INDUSTRIAL AVENUE 1/2 in Singapore and is expected to be completed by September 2027 [1] - The scope of the project includes mechanical air conditioning, electrical systems, plumbing, fire protection, automation, broadcasting, security monitoring, and other engineering services [1] - The new facility is projected to start mass production in 2027, with an expected monthly capacity of 55,000 wafers by 2029, focusing on mixed-signal, power management, and analog products for various markets [1] - Successful execution of this project will enhance the company's ability to undertake overseas engineering projects and improve its experience in international project collaboration [1]

证券研究报告 | 2025年04月02日 中岩大地（003001.SZ） 与晶泰科技达成战略合作，AI 赋能有望驱动岩土工程效率革命 |  公司研究·公司快评 | | |  | 建筑装饰·专业工程 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | --- | | 证券分析师： | 任鹤 | 010-88005315 | | renhe@guosen.com.cn | 执证编码：S0980520040006 | | 证券分析师： | 朱家琪 | 021-60375435 | | zhujiaqi@guosen.com.cn | 执证编码：S0980524010001 | 事项： 2025 年 3 月 31 日，中岩大地与晶泰科技正式签署战略合作协议。晶泰科技是一个基于量子物理、以人工 智能赋能和机器人驱动的创新型研发平台。公司采用基于量子物理的第一性原理计算、人工智能、高性能 云计算以及可扩展及标准化的机器人自动化相结合的方式，为制药及材料科学(包括农业技术、能源及新 型化学品以及化妆品)等产业的全球和国内公司提供药物及材料科学研发解决方案及服务。此次签 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][4][23] Core Viewpoints - The strategic cooperation between the company and Jingtai Technology is expected to drive a revolution in geotechnical engineering efficiency through AI empowerment, significantly shortening the research and development cycle of geotechnical materials and reducing overall costs [2][3][9] - The company has made significant progress in major national engineering projects, including collaborations in the nuclear power and hydropower sectors, which are expected to accelerate the realization of related orders [3][16][18] Summary by Relevant Sections Strategic Cooperation - The company signed a strategic cooperation agreement with Jingtai Technology, focusing on the fields of soil solidification agents and soft foundation solidification, combining industry experience with AI technology to create a new generation of intelligent geotechnical material systems [2][3] Market Opportunities - The collaboration is anticipated to enhance the company's leading advantage in geotechnical engineering, opening up potential market space for foundation treatment services [3][4] - The company has secured strategic partnerships with major players in the nuclear power and hydropower sectors, which are expected to lead to accelerated project approvals and order realizations [16][18] Financial Forecast - The company is projected to achieve revenues of 919 million, 1.342 billion, and 2.050 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits of 71 million, 147 million, and 299 million yuan, reflecting significant growth rates of +123%, +106%, and +103% [4][23]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company is expected to continue its profit growth in 2024, with the Bangladesh project entering its operational phase in 2025, driving sustained revenue growth [1]. - In 2024, the company achieved a revenue of 19.08 billion, a year-on-year decrease of 11.21%, while the net profit attributable to the parent company was 1.05 billion, an increase of 14.32% year-on-year [1]. - The company has a strong order backlog, with contracts worth 63.9 billion USD (approximately 459.6 billion CNY) currently in execution, which is about 2.4 times the revenue for the period [2]. - The company’s comprehensive gross margin improved to 12.82% in 2024, up by 2.5 percentage points year-on-year, indicating enhanced profitability [3]. Financial Performance Summary - In 2024, the company reported a revenue of 190.8 billion CNY, with a net profit of 10.5 billion CNY, reflecting a 14.32% increase year-on-year [1]. - The company’s EBITDA for 2024 is projected at 1,964.89 million CNY, with a net profit attributable to the parent company expected to be 1,049.51 million CNY in 2024 [5]. - The company’s cash flow from operations (CFO) for 2024 is 653.35 million CNY, with a cash flow ratio of 104.61%, indicating improved cash management [3]. Business Segment Performance - Revenue from engineering construction and services, resource equipment supply chain, power operation, and industrial manufacturing in 2024 was 83.6 billion, 89.7 billion, 4.4 billion, and 12.4 billion CNY respectively, with notable declines in the first three segments [2]. - The Mongolian integrated mining project saw a 17.6% increase in mining volume, while coal sales decreased by 3.6% year-on-year [2]. - The Croatian wind power project generated 385 million kWh in 2024, a decrease of 16.3% year-on-year, primarily due to adverse weather conditions [2].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Views - The company experienced a revenue decline of 12.9% year-on-year in 2024, with total revenue reaching 552 billion. The net profit attributable to shareholders decreased by 22.2% to 67.5 billion [1]. - The report emphasizes the potential for overseas growth and the revaluation of mineral resources, particularly in projects located in Papua New Guinea and Pakistan, which show significant profit contributions [2][3]. - The company aims for high-quality development, with a focus on increasing overseas contracts, which saw a 46.94% year-on-year growth in 2024 [3]. Financial Performance - In 2024, the company reported a net profit margin of 1.43%, down 0.37 percentage points year-on-year, while the gross margin remained stable at 9.7% [4]. - The company plans to distribute a cash dividend of 11.6 billion, representing a payout ratio of 17.2% and a dividend yield of 2% [1]. - The projected net profits for 2025-2027 are 71 billion, 76 billion, and 81 billion, respectively, with corresponding price-to-earnings ratios of 9, 8.5, and 7.9 [1]. Business Segmentation - The company's revenue from engineering contracting, specialty businesses, and comprehensive real estate was 501.5 billion, 38.2 billion, and 18.8 billion, respectively, with year-on-year changes of -14.35%, -1.63%, and +13.52% [2]. - Domestic revenue decreased by 13.77% to 523.9 billion, while overseas revenue increased by 6.77% to 28.1 billion [2]. Cash Flow and Valuation - The company reported a net cash inflow from operating activities of 7.848 billion in 2024, an increase of 19.6% year-on-year [4]. - The company's asset-liability ratio stood at 77.43%, an increase of 2.83 percentage points year-on-year [4]. - The projected earnings per share for 2025 is 0.34, with a price-to-earnings ratio of 9.09 [5].