建筑装饰/基础建设 中国能建（601868.SH） 营收利润同比增长，新签订单保持增长 2025 年 09 月 01 日 投资评级：买入（维持） | 日期 | 2025/8/29 | | --- | --- | | 当前股价(元) | 2.45 | | 一年最高最低(元) | 3.09/2.01 | | 总市值(亿元) | 1,021.43 | | 流通市值(亿元) | 794.50 | | 总股本(亿股) | 416.91 | | 流通股本(亿股) | 324.29 | | 近 3 个月换手率(%) | 86.74 | 股价走势图 数据来源：聚源 -16% 0% 16% 32% 48% 2024-08 2024-12 2025-04 2025-08 中国能建 沪深300 相关研究报告 新签订单保持增长，新能源业务开展顺利 2025 年上半年，公司实现新签合同额 7753.57 亿，同比增长 4.98%。其中，能源 电力、水利核心主业新签合同额、营业收入分别同比增长 3.12%和 18.58%，分 别占公司全部新签合同、营业收入的 69.02%、74.49%；国内火电、电网业务签 约合同保持高速增长，分别同比 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][6][17] Core Views - The company demonstrated resilient revenue in Q2, achieving a total revenue of 292.76 billion with a year-on-year growth of 2.66%. The net profit attributable to the parent company decreased by 13.81% to 5.43 billion [1] - The company is expected to benefit significantly from the construction of the Yarlung Tsangpo River hydropower project, where it is a major participant [1][4] - The report has adjusted the forecast for the company's net profit for 2025-2027, now estimating 12.05 billion, 13.05 billion, and 14.13 billion respectively, down from previous estimates [1] Revenue Breakdown - In H1 2025, revenue from engineering contracting and surveying design was 265.93 billion, power investment and operation was 12.39 billion, and other businesses contributed 13.56 billion, with year-on-year changes of +3.19%, +1.73%, and -5.42% respectively [2] - The company has a total installed capacity of 35.16 million kilowatts, with wind power, solar energy, hydropower, thermal power, and independent storage capacities showing year-on-year growth of 20.45%, 60.87%, 3.53%, stable, and stable respectively [2] Profitability and Cash Flow - The overall gross margin for H1 2025 was 11.23%, a decrease of 1.04 percentage points year-on-year. The gross margins for engineering contracting, power investment, and other businesses were 8.46%, 45.05%, and 32.25% respectively [3] - The company experienced a net cash outflow of 51.20 billion in H1 2025, which is an increase of 4.57 billion compared to the same period last year [3] Contract and Order Growth - The company signed new contracts worth 686.70 billion in H1 2025, achieving 49.13% of the annual target, with a year-on-year increase of 5.83%. The new contracts in the energy and power sector amounted to 431.39 billion, reflecting a growth of 12.27% [4] - The overseas new contract amount reached 141.67 billion, with a year-on-year increase of 17.5%, indicating sustained high demand in international markets [4] Financial Data and Valuation - The projected revenue for 2025 is 656.97 billion, with a growth rate of 3.53%. The estimated net profit attributable to the parent company for 2025 is 12.05 billion, with an EPS of 0.70 [5][11] - The company’s P/E ratio is projected to be 8.46 for 2025, while the P/B ratio is expected to be 0.58 [5][11]

Core Insights - Shandong Road and Bridge reported a decrease in the number of shareholders to 45,629 as of June 30, 2025, down by 2,373 or 4.94% from March 31, 2025 [1][2] - The average number of shares held per shareholder increased from 32,500 to 34,200, with an average market value of 201,200 yuan per shareholder [1][2] - Compared to the industry average, Shandong Road and Bridge has a lower number of shareholders and average market value per shareholder [1] Financial Performance - The stock price of Shandong Road and Bridge increased by 1.03% from March 31, 2025, to June 30, 2025, despite the reduction in the number of shareholders [1][2] - Over the same period, the company experienced a net outflow of 47.89 million yuan from institutional investors, while retail investors contributed a net inflow of 34.38 million yuan [2] - The average market value of shareholders in the infrastructure sector is 247,000 yuan, which is higher than that of Shandong Road and Bridge [1]

Group 1 - The core point of the news is that the number of shareholders of Garden Co. decreased significantly by 31.76% from March 31, 2025, to June 30, 2025, while the average shareholding value per shareholder was lower than the industry average [1][2] - As of June 30, 2025, Garden Co. had 9,637 shareholders, a decrease of 4,486 from the previous quarter, with an average shareholding of 16,700 shares and an average market value of 217,000 yuan [1][2] - In the same period, the stock price of Garden Co. increased by 40.67%, despite the significant reduction in the number of shareholders [1][2] Group 2 - The average number of shareholders in the infrastructure industry was 54,900 as of June 30, 2025, indicating that Garden Co.'s shareholder count is below the industry average [1] - The average market value of shares held by shareholders in the infrastructure industry was 247,000 yuan, which is higher than that of Garden Co. [1] - From March 31, 2025, to June 30, 2025, the net inflow of main funds into Garden Co. was 64.44 million yuan, while retail investors experienced a net outflow of 36.18 million yuan [2]

Group 1 - The core viewpoint of the news is that *ST Yuancheng has experienced a decrease in shareholder numbers and average shareholding value, indicating a potential decline in investor interest [1][2] - As of June 30, 2025, the number of shareholders for *ST Yuancheng is 10,153, a decrease of 371 shareholders or 3.53% from March 31, 2025 [1][2] - The average shareholding value per shareholder is 112,600 yuan, which is lower than the industry average of 247,000 yuan for infrastructure sector A-share listed companies [1][2] Group 2 - From March 31, 2025, to June 30, 2025, *ST Yuancheng's stock price decreased by 5.14%, coinciding with a reduction in shareholder numbers [1][2] - During the same period, the net outflow of main funds was 236 million yuan, while retail investors saw a net inflow of 156 million yuan [2]

Company Performance - *ST Zhengping reported a revenue of approximately 344 million yuan for the first half of 2025, representing a year-on-year decrease of 37.77% [1] - The net loss attributable to shareholders was approximately 88.12 million yuan, with a basic earnings per share loss of 0.13 yuan [1] - In comparison, for the same period in 2024, the revenue was approximately 553 million yuan, with a net loss of about 78.40 million yuan and a basic earnings per share loss of 0.11 yuan [1] Industry Context - The domestic A-class car exhibition is set to open in the second half of the year, featuring nearly 120 brands and 1,600 vehicles, indicating a competitive landscape in the southwest region [1] - The emergence of new energy vehicles is expected to reshape the automotive market dynamics [1]

Group 1 - The company has approved the repurchase of unvested shares from the 2023 employee stock ownership plan due to unmet unlocking conditions [1][3][5] - The employee stock ownership plan aims to align the interests of shareholders, the company, and employees, promoting long-term sustainable development [1][2] - The company will repurchase 920,640 shares at a price of 15.73 yuan per share, returning the investment amount to the plan participants [4][5] Group 2 - As of the announcement date, the employee stock ownership plan holds 2,148,160 shares, accounting for 0.8783% of the company's total share capital [4] - The repurchase will not adversely affect the company's operations, financial status, or future development, and will not change the control of the company [5]

Group 1 - Hailiang Co., Ltd. achieved a revenue of 44.476 billion yuan, a year-on-year increase of 1.17%, and a net profit of 711 million yuan, a year-on-year increase of 15.03% [1] - Yinfai Storage reported a revenue of 543 million yuan, a year-on-year decrease of 18.97%, and a net profit of 62.347 million yuan, a year-on-year decrease of 20.05% [1] - Huamao Technology achieved a revenue of 1.108 billion yuan, a year-on-year increase of 14.42%, and a net profit of 137 million yuan, a year-on-year increase of 3.21% [2] Group 2 - Postal Savings Bank reported a revenue of 179.446 billion yuan, a year-on-year increase of 1.5%, and a net profit of 49.228 billion yuan, a year-on-year increase of 0.85% [4] - Bright Dairy achieved a revenue of 12.472 billion yuan, a year-on-year decrease of 1.9%, and a net profit of 217 million yuan, a year-on-year decrease of 22.53% [6] - Pianzaihuang reported a revenue of 5.379 billion yuan, a year-on-year decrease of 4.81%, and a net profit of 1.442 billion yuan, a year-on-year decrease of 16.22% [7] Group 3 - Great Wall Motors achieved a revenue of 92.335 billion yuan, a year-on-year increase of 0.99%, and a net profit of 6.337 billion yuan, a year-on-year decrease of 10.21% [9] - Haowei Group reported a revenue of 13.956 billion yuan, a year-on-year increase of 15.42%, and a net profit of 2.028 billion yuan, a year-on-year increase of 48.34% [10] - Batian Co., Ltd. achieved a revenue of 2.543 billion yuan, a year-on-year increase of 63.93%, and a net profit of 456 million yuan, a year-on-year increase of 203.71% [12] Group 4 - Yuxin Technology reported a revenue of 1.415 billion yuan, a year-on-year decrease of 5.01%, and a net profit of 220 million yuan, a year-on-year increase of 35.26% [14] - Zhongti Industry reported a revenue of 787 million yuan, a year-on-year decrease of 25.24%, and a net loss of 24.3955 million yuan [15] - Kemei Diagnostics achieved a revenue of 165 million yuan, a year-on-year decrease of 27.03%, and a net profit of 24.3408 million yuan, a year-on-year decrease of 68.24% [16] Group 5 - Huatai Co., Ltd. reported a revenue of 6.409 billion yuan, a year-on-year decrease of 1.86%, and a net profit of 67.6382 million yuan, a year-on-year decrease of 63.13% [17] - Fudan Fuhua reported a revenue of 326 million yuan, a year-on-year increase of 2.20%, and a net loss of 711.58 million yuan [19] - Haili Co., Ltd. achieved a revenue of 12.426 billion yuan, a year-on-year increase of 13.16%, and a net profit of 333.546 million yuan, a year-on-year increase of 693.76% [21] Group 6 - Xintong New Science reported a revenue of 61.852 million yuan, a year-on-year increase of 8.49%, and a net loss of 30.393 million yuan [22] - Newzhisoft achieved a revenue of 897 million yuan, a year-on-year decrease of 3.40%, and a net profit of 30.3531 million yuan, a year-on-year increase of 42.84% [24] - Maolai Optics reported a revenue of 319 million yuan, a year-on-year increase of 32.26%, and a net profit of 32.7555 million yuan, a year-on-year increase of 110.36% [25] Group 7 - Qianjin Pharmaceutical achieved a revenue of 1.818 billion yuan, a year-on-year decrease of 5.52%, and a net profit of 128 million yuan, a year-on-year increase of 8.50% [28] - Quanfeng Automotive reported a revenue of 1.218 billion yuan, a year-on-year increase of 18.90%, and a net loss of 167 million yuan [29] - Zhongjin Lingnan's application for a specific issuance of A-shares has been accepted by the Shenzhen Stock Exchange [31] Group 8 - Zhonglv Electric achieved a revenue of 2.333 billion yuan, a year-on-year increase of 29.30%, and a net profit of 618 million yuan, a year-on-year increase of 33.06% [33] - Sanhuan Group reported a revenue of 4.149 billion yuan, a year-on-year increase of 21.05%, and a net profit of 1.237 billion yuan, a year-on-year increase of 20.63% [35] - China Energy Construction achieved a revenue of 212.091 billion yuan, a year-on-year increase of 9.18%, and a net profit of 28.02 billion yuan, a year-on-year increase of 0.72% [37] Group 9 - Liou Co., Ltd. reported a revenue of 9.635 billion yuan, a year-on-year decrease of 9.62%, and a net profit of 478 million yuan, turning from a loss to profit [38] - Suzhou Bank achieved a revenue of 6.504 billion yuan, a year-on-year increase of 1.81%, and a net profit of 3.134 billion yuan, a year-on-year increase of 6.15% [40] - Shunxin Agriculture reported a revenue of 4.593 billion yuan, a year-on-year decrease of 19.24%, and a net profit of 173 million yuan, a year-on-year decrease of 59.09% [43] Group 10 - Tongfu Microelectronics achieved a revenue of 13.038 billion yuan, a year-on-year increase of 17.67%, and a net profit of 412 million yuan, a year-on-year increase of 27.72% [44] - Weidao Nano reported a revenue of 1.05 billion yuan, a year-on-year increase of 33.42%, and a net profit of 192 million yuan, a year-on-year increase of 348.95% [44] - ZTE Corporation achieved a revenue of 715.53 billion yuan, a year-on-year increase of 14.51%, and a net profit of 50.58 billion yuan, a year-on-year decrease of 11.77% [46]

Investment Rating - The report maintains a "Buy" rating for the company [1][6][17] Core Views - The company achieved a revenue of 2120.91 billion yuan in H1 2025, representing a year-on-year increase of 9.18%, with a net profit attributable to shareholders of 28.02 billion yuan, up 0.72% year-on-year [1] - The company continues to strengthen its core business in energy and power while rapidly developing its strategic emerging industries, with expected net profits for 2025-2027 projected at 87.9 billion, 94.1 billion, and 101.7 billion yuan respectively [1][3] Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 2120.91 billion yuan, with a quarterly revenue of 1117.21 billion yuan in Q2, showing a 15.35% increase year-on-year [1][2] - The comprehensive gross margin for H1 2025 was 11.29%, a decrease of 0.91 percentage points year-on-year [2] - The company’s net profit margin was 2.26%, down 0.08 percentage points year-on-year [2] Business Segments - Revenue from surveying, design, and consulting, engineering construction, industrial manufacturing, and investment operations for H1 2025 was 90.98 billion, 1819.96 billion, 162.48 billion, and 151.8 billion yuan respectively, with year-on-year growth rates of 16.46%, 10.31%, 10.96%, and 15.52% [2] - The strategic emerging industries saw a revenue increase of 14.6% in H1 2025, accounting for 37.3% of total revenue [3] Contracts and Projects - The company signed new contracts worth 7753.57 billion yuan in H1 2025, a year-on-year increase of 4.98%, with significant growth in engineering construction and surveying design contracts [3] - Major projects include the Yarlung Tsangpo River downstream hydropower project and the Jilin Songyuan hydrogen energy industrial park, which is set to produce 32,400 tons of hydrogen annually [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's revenue from its main construction business has declined, but investment income has supported performance improvement in Q2 [1] - The company reported a 21.47% year-on-year decline in revenue for the first half of 2025, with a net profit decrease of 7.40% [8] - Despite the decline in construction revenue, new contract signing remains stable, with a slight increase of 0.18% in new orders for the first half of 2025 [8] - The company expects net profit for 2025-2027 to be 2.902 billion, 3.060 billion, and 3.324 billion yuan respectively, corresponding to PE ratios of 6.9, 6.5, and 6.0 [8] Financial Performance Summary - For the first half of 2025, the company achieved revenue of 22.021 billion yuan, down 21.47% year-on-year, and a net profit of 727 million yuan, down 7.40% year-on-year [8] - The second quarter alone saw revenue of 11.471 billion yuan, a decrease of 17.56% year-on-year, but net profit increased by 15.86% to 396 million yuan [8] - The company plans to distribute a cash dividend of 252 million yuan for the first half of 2025, with a cash dividend ratio of approximately 34.61% [8] - The company's sales gross margin for the first half of 2025 was 15.39%, an increase of 0.45 percentage points year-on-year [8] - Investment income significantly increased by 196.56% to 307 million yuan, accounting for 1.40% of revenue [8] Revenue and Profit Forecast - Projected revenue for 2025 is 68.371 billion yuan, with a slight decline of 0.6% year-on-year, followed by a growth of 2.3% in 2026 and 5.3% in 2027 [7] - The expected net profit for 2025 is 2.902 billion yuan, with a growth forecast of 2.1% in 2025, 5.5% in 2026, and 8.6% in 2027 [7]