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][17]. Core Views - The company's Q1 performance continues to face pressure, with a slight revenue increase of 1.61% year-on-year to CNY 142.56 billion, while net profit decreased by 12.03% to CNY 2.636 billion. The expectation is for gradual improvement in operations due to anticipated fiscal policy support [1][2]. - The report highlights the potential benefits for the company from major hydropower projects, as it is a leading player in the water conservancy and hydropower sector, responsible for over 80% of river planning and more than 65% of the construction of medium and large hydropower stations in China [3][1]. Financial Performance Summary - In Q1 2025, the company reported a gross margin of 10.81%, a decrease of 0.98 percentage points year-on-year. The net profit margin was 2.46%, down by 0.4 percentage points [2]. - The company signed new contracts worth CNY 299.32 billion in Q1 2025, a decrease of 9.6% year-on-year. Notably, new contracts in hydropower and wind power increased by 20.2% and 67.3% respectively, indicating strong demand in these sectors [3]. - The company's operating cash flow showed a net outflow of CNY 40.519 billion in Q1 2025, which is an increase in outflow by CNY 1.516 billion compared to the same period last year [2]. Financial Data and Valuation - The projected revenue for the company is expected to grow from CNY 609.41 billion in 2023 to CNY 738.51 billion by 2027, with a compound annual growth rate of approximately 6.87% [5]. - The estimated net profit attributable to the parent company is projected to increase from CNY 12.99 billion in 2023 to CNY 15.66 billion by 2027, reflecting a growth rate of 11.76% [5]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 6.43 in 2023 to 5.34 by 2027, indicating potential undervaluation [5].

Investment Rating - The report maintains a "Buy" rating for China Railway Construction Corporation (601186.SH) [4][6] Core Views - Q1 performance remains under pressure due to fluctuating gross margins, with traditional infrastructure investments still needing improvement. The company reported total revenue of 256.8 billion, a year-on-year decline of 6.6%, and a net profit attributable to shareholders of 5.15 billion, down 14.5% [1][2] - The company has a substantial backlog of contracts amounting to 78,613 billion, which is 7.4 times the revenue expected for 2024, indicating a strong order book that could stabilize future performance as new funding sources are expected to accelerate project execution [1][2] - New contracts in emerging sectors such as mining and electricity have seen rapid growth, while overseas orders continue to increase significantly. The total new contract amount for Q1 was 492.8 billion, a decrease of 10.5% year-on-year, with infrastructure projects accounting for 85% of the total [3] Summary by Sections Financial Performance - In Q1 2025, the gross margin was 7.51%, a decrease of 0.28 percentage points year-on-year. The expense ratio was 4.15%, down 0.07 percentage points, indicating effective cost control [2] - Operating cash flow showed improvement, with a net outflow of 38.95 billion, which is 7.65 billion less than the previous year [2] Contracting and Order Book - The new contract amount for Q1 was 492.8 billion, with infrastructure projects seeing a decline of 13%. However, contracts in emerging sectors like mining and electricity grew significantly, with increases of 66% and 139% respectively [3] - Domestic and overseas contracts were 4,487 billion and 442 billion respectively, with overseas business maintaining rapid growth [3] Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 21.5 billion, 21.6 billion, and 21.9 billion respectively, with corresponding EPS of 1.58, 1.59, and 1.61 yuan per share [4]

Investment Rating - The report maintains a "Buy" rating for China Railway Construction Corporation (601186.SH) [4][6] Core Views - The company's Q1 performance remains under pressure due to fluctuating gross margins and a need for improvement in traditional infrastructure investments. However, cash flow has shown some improvement [1][2] - The company has a substantial backlog of contracts, amounting to 78,613 billion, which is 7.4 times the revenue expected for 2024, indicating a strong order book that could stabilize future revenue as new funding sources are deployed [1] - New contracts in emerging sectors such as mining and electricity have seen significant growth, while overseas orders continue to increase [3] Financial Performance Summary - For Q1 2025, the company reported total revenue of 256.8 billion, a decrease of 6.6% year-on-year, and a net profit attributable to shareholders of 5.15 billion, down 14.5% year-on-year [1] - The gross margin for Q1 2025 was 7.51%, a decline of 0.28 percentage points year-on-year, while the expense ratio improved slightly to 4.15% [2] - The company’s operating cash flow showed a net outflow of 38.95 billion, which is an improvement compared to a larger outflow in the previous year [2] Contract and Order Summary - In Q1 2025, the new contract value was 492.8 billion, down 10.5% year-on-year, with infrastructure projects accounting for 85% of the total new contracts [3] - Emerging engineering orders, particularly in railways, mining, and electricity, have seen substantial increases, with growth rates of 66%, 139%, and 29% respectively [3] - Domestic and overseas new contract values were 448.7 billion and 44.2 billion respectively, showing a year-on-year decline of 13% for domestic contracts but a 30% increase for overseas contracts [3] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 21.5 billion, 21.6 billion, and 21.9 billion respectively, with corresponding EPS of 1.58, 1.59, and 1.61 [4]

在产业生态重构方面，中孚信息结合生态合作伙伴不同的价值定位，将生态体系分为集成生态、产品生 态、协同生态三类，构建了"统分结合"的生态谋划、决策、执行、督导和评估机制，联合生态伙伴为用 户提供一体化的解决方案。"在企业内控管理方面，坚持党建引领，2005年公司就成立了党支部，19年 升格为企业党委，支部建设覆盖了市场、研发、技术、职能等各业务体系，中、高层管理人员及关键岗 位人员党员覆盖率超过80%，真正将党组织把方向、管大局的作用融入企业经营管理的全过程。"魏东 晓说。 海利尔药业集团股份有限公司是一家致力于解决农作物病虫草害、帮助作物增产丰收、保障粮食健康安 全，集研产销技术服务于一体的上市公司。"海利尔创立20余年来，通过建立系统规范的现代企业制 度，以清晰的产权结构、规范的法人治理体系和市场化的运营机制，实现从家族企业到主板上市公司的 转型，走出了一条规范化、专业化、国际化的高质量发展之路。"董事长兼总裁葛家成说。 面对行业竞争，海利尔在科学治理体系框架下确立"原药制剂一体化、国内国际一体化"的双轮驱动战 略，构建全产业链布局。上游自主研发与跨国合作突破新化合物开发"卡脖子"技术，储备20余个自主知 ...

前十大流通股东累计持有： 33659.94万股，累计占流通股比： 72.9%，较上期变化：0.00 。 | 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 张忠强 | 10671.67 | 23.11 | 不变 | | 张忠山 | 10671.67 | 23.11 | 不变 | | 张籍文 | 3166.67 | 6.86 | 不变 | | 张中奎 | 2533.33 | 5.49 | 不变 | | 保定恒广基业企业管理中心(有限合伙) | 1583.33 | 3.43 | 不变 | | 张馨文 | 1520.00 | 3.29 | 不变 | | 张磊 | 1520.00 | 3.29 | 不变 | | 上海厚义达远企业管理中心(有限合伙) | 767.80 | 1.66 | 不变 | | 上海义厚德广企业管理中心(有限合伙) | 765.81 | 1.66 | 不变 | | 上海仁山智海企业管理中心(有限合伙) | 459.66 | 1.00 | 不变 | 三、分红送配方案情况 本次公司不分配不转赠。 一、主要会计数据和财 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - The company achieved a revenue of 633.685 billion yuan in 2024, representing a year-on-year increase of 4.07%, while the net profit attributable to shareholders was 12.015 billion yuan, down 7.21% year-on-year [1] - The company is focusing on business transformation and upgrading, consolidating its traditional strengths in water conservancy and hydropower construction while actively pursuing opportunities in renewable energy and pumped storage projects [1] - The report anticipates a slowdown in revenue growth and has adjusted the net profit forecasts for 2025-2027 to 12.8 billion, 14.0 billion, and 15.7 billion yuan respectively [1] Revenue Breakdown - In 2024, the company generated revenue from engineering contracting and surveying design (575.003 billion yuan), power investment and operation (25.404 billion yuan), and other businesses (31.281 billion yuan), with year-on-year growth rates of 4.42%, 5.95%, and -1.71% respectively [2] - The renewable energy segment achieved a revenue of 10.757 billion yuan, reflecting a year-on-year increase of 13.12% [2] - The company’s installed capacity reached 33.13 GW by the end of 2024, a year-on-year increase of 22% [2] Profitability and Cash Flow - The company reported a gross margin of 13.19% in 2024, a slight decrease of 0.04 percentage points year-on-year [3] - The net cash flow from operations was 24.546 billion yuan, an increase of 2.281 billion yuan year-on-year [3] - The report highlights a decrease in net profit margin to 2.5%, down 0.33 percentage points year-on-year [3]

公司报告 | 年报点评报告 浙江交科（002061） 证券研究报告 Q1 扣非业绩同比增长 17.2%，区域基建高景气延续 25Q1 收入、利润稳步增长，24 年业绩小幅承压 2025Q1 公司实现收入 81.71 亿，同比+5.74%，归母、扣非净利润为 2.2、 2.1 亿，同比+18.82%、+17.2%，Q1 扣非业绩表现较好主要系毛利率提升以 及减值损失减少。 24 年公司实现收入 477.7 亿，同比+3.75%，归母、扣非净利润为 13.1、10.2 亿，同比-2.8%、-20.8%，24 年扣非利润有所承压主要系毛利率下滑、税金 及附加、费用率同比增加，非经常性损益为 2.87 亿，同比增加 2.31 亿， 主要为江山基地关停所产生的资产处置收益；24Q4 单季实现收入 171.2 亿，同比+4.8%，归母、扣非净利润为 4.7、2.0 亿，同比-20%、-64%。 养护业务实现较快增长，省内交通投资保持高景气 分业务来看，公司 2024 年路桥工程施工、养护施工分别实现收入 408、48 亿，同比-1.6%、+16.4%，毛利率分别为 7.75%、8.48%，同比-0.08pct、-0.92 ...

安徽建工（600502） 证券研究报告 一季度收入&订单稳健增长，关注后续订单结转速度 Q1 收入业绩稳健增长，基建订单快速放量 公司发布 25 年一季报，25Q1 公司实现营业收入 145.42 亿元，同比+7.42%， 实现归母净利润 3.11 亿元，同比+0.31%，扣非归母净利润 2.71 亿元，同 -4.86%。从订单层面来看，25Q1 合计新签订单 408.48 亿元，同比+3.76%， 其中基建、房建分别新签 292.12、105.73 亿元，同比分别+11.91%、-17.88%， 基建业务订单持续扩容主要依托公路桥梁订单的增加，细分项目中，25Q1 公路桥梁、市政工程、水利工程、港航工程新签订单分别为 237.9、36.09、 12.69、5.44 亿元，同比分别+318.25%、-74.79%、-78.98%、+736.92%。此 外，公司其他业务（含智能制造、检测、设计咨询等业务）快速放量，新 签合同金额 10.63 亿元，同比增长 172.94%。 盈利能力小幅下滑，控费能力有所提升 25Q1 公司毛利率为 12.4%，同比-0.55pct，期间费用率为 9.13%，同比 -0.34p ...

Investment Rating - The report maintains an investment rating of "Outperform the Market-B" for the construction industry [9] Core Insights - The fiscal policy for 2025 is expected to be more proactive, with an emphasis on increasing deficits and expanding the issuance of special bonds, which will support steady growth in infrastructure investment [10][12] - The approval of 10 new nuclear power units indicates a positive trend in the nuclear power sector, with a total investment expected to exceed 200 billion yuan [4][18] - The construction industry is anticipated to benefit from improved government investment and debt resolution measures, leading to a marginal improvement in the industry's fundamentals [3][10] Summary by Sections Industry Dynamics - The political bureau meeting on April 25 emphasized the need for proactive macro policies, including the timely introduction of incremental reserve policies and enhanced counter-cyclical adjustments [3][16] - Infrastructure investment is expected to accelerate, driven by increased domestic demand and government support for local government debt issuance [3][17] Market Performance - The construction sector saw a weekly increase of 0.76%, underperforming the Shenzhen Composite Index but outperforming the CSI 300 and Shanghai Composite Index [20] - The chemical engineering sector performed notably well with a weekly increase of 5.34% [20] Company Announcements - The report highlights significant contract wins, including China Energy Construction winning a project worth approximately 5.118 billion yuan [33] - The report also notes the financial performance of various companies, with some showing substantial year-on-year growth in revenue and net profit [34][35] Key Focus Stocks - The report suggests focusing on undervalued construction state-owned enterprises such as China State Construction, China Communications Construction, and China Railway Construction, which are expected to benefit from improved financial metrics and market conditions [10][11][12] - It also recommends attention to construction design firms and international engineering service providers that are expanding their overseas presence [11][12]

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 28 年 月 日 投资建议：我们预计公司 2025-2027 年归母净利润分别为 129/136/141 亿，同比 增长 7%/5%/4%，EPS 分别为 0.75/0.79/0.82 元/股，当前股价对应 PE 分别为 6.4/6.1/5.9 倍，维持"买入"评级。 风险提示：电力投资不及预期、信用减值风险、新能源投产盈利不及预期等。 中国电建（601669.SH） 现金流显著改善，新能源盈利占比持续提升 减值增加致 Q4 业绩承压，新能源工程业务维持高增。2024 年公司实现营业收入 6346 亿，同增 4%；实现归母净利润 120 亿，同降 7%；扣非归母净利润同降 5%。 分季度看：Q1/Q2/Q3/Q4 单季分别实现营收 1403/1451/1410/2082 亿，同比 +5%/-2%/+1%/+10%；单季归母净利润分别为 30/33/25/32 亿，同比+1%/- 12%/-9%/-7%，Q4 营收增长明显提速，业绩有所承压，主要因单季计提减值损 失 49 亿，较同期增加 16 亿。分业务看：工程承包业务实现营收 5431 ...