5月16日早盘，A股城中村改造板块部分概念股异动上涨。 重要文件发布 中共中央办公厅、国务院办公厅日前印发的《关于持续推进城市更新行动的意见》（以下简称《意 见》）提到，到2030年，城市更新行动实施取得重要进展，城市更新体制机制不断完善，城市开发建设 方式转型初见成效，安全发展基础更加牢固，服务效能不断提高，人居环境明显改善，经济业态更加丰 富，文化遗产有效保护，风貌特色更加彰显，城市成为人民群众高品质生活的空间。 在推进城中村改造方面，《意见》提到，做好历史文化风貌保护前期工作，不搞大拆大建，"一村一 策"采取拆除新建、整治提升、拆整结合等方式实施改造，切实消除安全风险隐患，改善居住条件和生 活环境。加快实施群众改造意愿强烈、城市资金能平衡、征收补偿方案成熟的城中村改造项目。 金需求约为1.4万亿元，假设其中80%的货币化安置款会再次流入商品房市场，共将拉动1.1万亿元商品 住宅销售额。 社保基金重仓这些概念股 据证券时报·数据宝统计，A股中布局城中村改造业务的个股共有116只，涉及房屋建设、装修装饰、电 梯等通用设备、供水改造等多个方面。业绩上来看，近半数概念股今年一季度业绩向好，建研设计、城 投控股等 ...

公司报告 | 年报点评报告 陕建股份（600248） 证券研究报告 减值损失拖累业绩，省外&海外业务保持较高增长 业绩仍有所承压，维持"买入"评级 24 年公司期间费用率为 4.36%，同比+0.17pct，销售、管理、研发、财务 费用率分别同比+0.00pct、+0.22pct、-0.12pct、+0.07pct，资产、信用减 值损失为 68.15 亿，同比多损失 11.73 亿，综合影响下，公司 24 年净利率 为 2.39%，同比-0.24%；2025 年 Q1 净利率为 1.76%，同比-0.52%。现金流 方面，24 年公司 CFO 总额为-81.86 亿，同比多流出 7.17 亿，收付现比分 别为 88.85%、95.67%，同比+10.9pct、+11.39pct，25Q1 公司 CFO 净额为 -65.92 亿，同比少流出 21.23 亿。 风险提示：基建投资不及预期，市场拓展不及预期，坏账及减值准备风险。 | 财务数据和估值 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 ...

陕建股份（600248） 证券研究报告 减值损失拖累业绩，省外&海外业务保持较高增长 业绩仍有所承压，维持"买入"评级 25Q1 公司实现收入 232.42 亿，同比-16.3%，归母净利润为 4.17 亿，同比 -24.5%，扣非净利润为 4.01 亿，同比-23.64%，Q1 盈利下滑主要系收入下 滑、期间费用率上升、信用减值损失上升。 24 年公司实现收入 1511.39 亿，同比-16.29%，归母净利润为 29.6 亿，同 比-25.3%，扣非净利润为 22.55 亿，同比-41.2%，非经常性损益为 7.05 亿， 同比增加 5.8 亿，主要为非金融企业收取的资金占用费大幅增加。24Q4 单 季实现收入 493.15 亿，同比-12.19%，归母净利润-0.1 亿，同比-101.47%， 主要系 Q4 资产及信用减值同比大增。2024 年度拟派发现金分红 5.25 亿， 分红比例 17.74%，对应 4 月 30 日收盘价股息率为 3.56%。考虑到下游需求 仍有压力，我们预计公司 25-27 年归母净利润为 32.6、36.2、40.6 亿（25、 26 年预测前值为 44.5、51.1 亿）， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's main business shows steady growth, with emerging and overseas momentum accelerating [4] - The company achieved a revenue of 555.34 billion yuan in Q1 2025, a year-on-year increase of 1.10%, and a net profit attributable to shareholders of 15.01 billion yuan, up 0.61% year-on-year [5] - The company continues to optimize its business structure, with strategic emerging industries achieving a revenue of 45.3 billion yuan, a year-on-year increase of 34.2% [5] - New contracts signed in Q1 2025 totaled 1,203.7 billion yuan, a year-on-year increase of 8.4%, with overseas contracts increasing significantly by 178.5% [5] - The company maintains a strong cash flow management, with a net cash outflow of 95.85 billion yuan in Q1 2025, a decrease of 7.43 billion yuan year-on-year [5] Financial Performance Summary - Revenue forecast for 2025 is 2,243.13 billion yuan, with a year-on-year growth rate of 2.56% [4] - Net profit attributable to shareholders for 2025 is projected at 47.54 billion yuan, with a growth rate of 2.93% [4] - The company's earnings per share (EPS) for 2025 is estimated to be 1.15 yuan [4] - The price-to-earnings (P/E) ratio for 2025 is projected at 4.79 [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [6][18]. Core Views - The company has shown steady revenue growth in Q1 2025, with operating income reaching 555.34 billion yuan, a year-on-year increase of 1.1%. The net profit attributable to shareholders was 15.01 billion yuan, up 0.6% year-on-year [1]. - The company has experienced a significant increase in new orders, with a total of 1,203.7 billion yuan in new contracts signed in Q1 2025, representing an 8.4% year-on-year growth. Key sectors contributing to this growth include industrial plants, energy engineering, and water conservancy [1][2]. - The company is expanding its overseas business, with new contracts amounting to 67.4 billion yuan in Q1 2025, a year-on-year increase of 150%. Revenue from overseas operations also grew by 8.5% to 23.9 billion yuan [2]. - The strategic emerging industries of the company reported revenue of 45.3 billion yuan in Q1 2025, marking a 34.2% year-on-year increase, contributing to 8.2% of total revenue [2]. Financial Performance Summary - The gross profit margin for Q1 2025 was 7.85%, a slight decrease of 0.24 percentage points year-on-year. The net profit margin was 3.23%, down 0.02 percentage points year-on-year [3]. - The company reported a cash flow from operations (CFO) net outflow of 95.85 billion yuan in Q1 2025, which is a reduction in outflow by 0.74 billion yuan compared to the previous year [3]. - The company’s long-term profit forecasts for 2025 to 2027 are 47.52 billion yuan, 48.73 billion yuan, and 50.02 billion yuan respectively, indicating a gradual increase in profitability [4][5]. Business Segment Performance - In Q1 2025, the revenue from the construction business was 364.9 billion yuan, a slight decrease of 0.2% year-on-year. The infrastructure segment saw a revenue increase of 0.5% to 128.3 billion yuan, while the surveying and design segment experienced a decline of 11.3% to 2.3 billion yuan [2]. - The real estate development segment achieved a revenue of 53.7 billion yuan, up 15.5% year-on-year, although the contracted sales decreased by 14.5% to 66.5 billion yuan [2]. - The company’s land reserves increased to 76.25 million square meters by the end of Q1 2025, with an addition of 1.95 million square meters during the quarter [2].

Group 1 - The core viewpoint is that the Guangxi Housing and Urban-Rural Development Department is enhancing the quality of rural housing through technical support from professional design teams and universities, focusing on modern livable housing and seismic performance improvement [1][2] - The initiative includes the development of standard design drawings, modern housing designs, construction management, and training for rural construction craftsmen, all provided free of charge [1] - Four pilot counties have been selected to sign technical support agreements with design teams, aiming to establish a technical support mechanism for rural housing construction [1] Group 2 - The use of new green building materials is being explored to improve the seismic and environmental performance of rural houses, such as using bamboo fiber reinforced concrete for existing house renovations [1] - In the pilot area of Qinnan District, carbon-reducing recycled concrete blocks are promoted for new housing construction, emphasizing carbon reduction and resource recycling [1] - In Pu Bei County, a comprehensive free guidance and technical review process is implemented for enhancing the seismic performance of new and renovated houses, ensuring continuous technical support through real-time communication and on-site inspections [2]

公司研究 2025.03.10 龙元建设（ 600491） 公司点评报告 定增方案更新，静待审核落地 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 | 刘清海 | 登记编号：S1220523090001 | | --- | --- | | 张其超 | 登记编号：S1220524090002 | 强烈推荐 ( 维 持 ) | 公 | 司 | 信 | 息 | | | --- | --- | --- | --- | --- | | 行业 | | | | 房屋建设Ⅲ | | 最新收盘价(人民币/元) | | | | 3.96 | | 总市值(亿)(元) | | | | 60.58 | | 52 周最高/最低价(元) | | | | 4.51/2.37 | 历史表现 -20% -5% 10% 25% 40% 24/3/10 24/6/9 24/9/8 24/12/8 龙元建设 沪深300 数据来源：wind 方正证券研究所 相关研究 《龙元建设(600491)：业绩大幅减亏，定增落地 在望》2025.01.21 《龙元建设(600491)：杭州车路云试点加速，公 司有望获得订单》2024.12.21 盈利 ...