维持增持下调预 测2025-2026年 EPS0.77/0.82元（原0.92/1.09元）增7.1/6.2%，预测2027 年EPS 为0.86 元 增5.5%。给予2025 年18 倍PE，下调目标价至13.86 元。 本报告导读： 中国海诚2024 年归母净利增8.1%，经营现金流明显改善由负转正。2024 年新签订单增长 7.5%，境外新 签订单增 46.2%，加大境外业务的开拓。 投资要点： 风险提示：宏观政策超预期紧缩，基建投资低于预期等 2024 年归母净利增8.1%，经营现金流明显改善由负转正。(1)2024 年营收68.2 亿元增2.5%(Q1-Q4 同比 +2.3/-0.7/+4.6/+3.4%),2025 年Q1 营收10.5 亿元减15.3% 。归母净利3.4 亿元增8.1%(Q1-Q4 同比 +6.6/+12.5/+4.5/+8.0%),2025 年Q1 归母净利0.5 亿元减17.6%。扣非归母净利3.1 亿元增12.2%,2025 年Q1 扣非归母净利0.4 亿元减20.5%。 (2)2024年毛利率15.3%(+0.7pct),归母净利率4.9%(+0.25pct),加权ROE ...

证券代码：002140 证券简称：东华科技 公告编号：2025-030 东华工程科技股份有限公司 2025 年第一季度经营情况简报 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司 自律监管指引第 3 号——行业信息披露》等规定，东华工程科技股份有 限公司（以下简称"本公司""东华科技"）现公告 2025 年第一季度主 要经营情况，具体如下： 一、 关于生产经营整体情况 | 项目 类型 | 第一季度 新签约订单 | | 第一季度 中标未签约订单 | | 截至报告期末累计 已签约未完工订单 | | 备注 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 数量 | 金额 | 数量 | 金额 | 数量 | 金额 | | | | (个) | (万元) | (个) | (万元) | (个) | (万元) | | | 设计技术 性服务 | 26 | 2,325.69 | 0 | 0 | 737 | 即咨 165,443.75 询、设 | | | | | ...

Core Viewpoint - The company has reported significant growth in contract signing and operational performance in the first quarter, indicating a strong start to the year and a commitment to high-quality development and transformation initiatives [5][6][8]. Financial Performance - The company did not conduct an audit for the first quarter financial report [3]. - Major financial data and indicators are presented in thousands of RMB, with a focus on non-recurring gains and losses [3][14]. Contract and Market Development - New domestic contracts signed amounted to 7.665 billion RMB, a year-on-year increase of 52.08% [6]. - New overseas contracts reached 900 million RMB, up 42.67% year-on-year [6]. - Industrial contracts accounted for 8.402 billion RMB, representing 98.10% of total new contracts, with a year-on-year increase of 78.47% [6]. Operational Efficiency - The company has enhanced project execution capabilities, achieving successful milestones in various projects, including the commissioning of a new energy project and the completion of significant installations [6][11]. - A focus on quality management has led to improved project performance and customer satisfaction [6]. Risk Management - The company has implemented a comprehensive risk management system to identify and mitigate major operational risks, with no significant risk events reported during the period [10][11]. Digital Transformation - The company is accelerating its digital transformation efforts, with new contracts in digitalization exceeding 100 million RMB, a year-on-year increase of 87.90% [9]. - Initiatives include the establishment of a digital management platform and the development of smart products to enhance operational efficiency [9]. Reform and Talent Development - The company is pursuing deep reforms to enhance organizational efficiency and effectiveness, focusing on talent development across various key areas [12][13]. - A performance management system has been implemented to ensure comprehensive coverage and alignment with strategic goals [13].