建筑装饰 2025 年 12 月 21 日 行 业 研 究 / 行 业 点 评 tangmeng@swsresearch.com 相关研究 证 券 研 究 报 告 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究支持 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 A0230523080003 基建投资承压，推动投资止跌回稳必要性增强 看好 ——申万宏源建筑周报（20251215-20251219） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 及 产 业 - ⚫ 一周板块回顾：板块表现方面，SW 建筑装饰指数-0.10%，沪深 300 指 数-0.28%，相对收益为 0.18pct。周涨幅最大的三个子行业分别为国际 工程（+4.90%）、钢结构（+3.09%）、装饰幕墙（+2.09%），对应行业 内三个公司：中材国际（+10.78%）、鸿路钢构（+7. ...

证券之星消息，12月18日专业工程板块较上一交易日上涨1.22%，亚翔集成领涨。当日上证指数报收于 3876.37，上涨0.16%。深证成指报收于13053.98，下跌1.29%。专业工程板块个股涨跌见下表： 从资金流向上来看，当日专业工程板块主力资金净流出8659.85万元，游资资金净流入6208.71万元，散 户资金净流入2451.15万元。专业工程板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

Group 1 - The article highlights the target price increases for several listed companies, with notable gains for Honglu Steel Structure, Jiuzhou Pharmaceutical, and Huarui Precision, showing increases of 56.76%, 48.99%, and 36.02% respectively [1][2] - On December 17, a total of 26 listed companies received recommendations from brokers, with Hubei Energy, Hefeng Co., and Zhongnan Media each receiving one recommendation [2] - The brokerage firm Qunyi Securities (Hong Kong) upgraded the rating of Tianci Materials from "Range Trading" to "Buy" on December 17 [3][4] Group 2 - On December 17, nine companies received initial coverage from brokers, including SAIC Motor and Jiuzhou Pharmaceutical, both rated "Buy" by Aijian Securities and Huachuang Securities respectively [4][5] - Other companies receiving initial coverage include Zhongke Chuangda and Kema Technology, rated "Buy" and "Increase" by Dongbei Securities [5]

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 18.54 CNY and a fair value of 22.26 CNY [6]. Core Insights - The company is a leading provider of cleanroom technology services and is actively expanding its cloud and data services, which are expected to benefit from the increasing demand for government and enterprise cloud adoption [2][6]. - The company has undergone several asset restructurings, focusing on digital information services and industrial services, with significant ownership by China Electronics [12][15]. - The cleanroom market is projected to grow significantly, with the company positioned to benefit from the expansion of the domestic electronics industry [6][19]. Summary by Sections Company Overview - The company was established in 1987 and has transformed through multiple acquisitions, including the purchase of China System in 2020, which shifted its focus to information and industrial services [12][15]. - As of Q3 2025, China Electronics holds a 42.25% stake in the company, which is a key player in the cleanroom engineering sector [15][19]. Financial Performance - Revenue has shown a compound annual growth rate (CAGR) of 16.4% from 2021 to 2024, increasing from 427.04 million CNY to 673.89 million CNY [22][24]. - The company reported a net profit of 3.30 million CNY in 2023, with expectations of maintaining similar levels in 2024 [22][24]. - The gross profit margin for the high-tech industrial engineering service segment has been stable, while the digital and information services segment has seen fluctuations [19][22]. Cloud and Data Services Market - The cloud services market is experiencing high growth, driven by government policies and the increasing need for digital transformation across various sectors [37][39]. - The company focuses on three main product lines within its cloud services: cloud computing and storage, data innovation, and digital government services [6][35]. - The government has set ambitious targets for the digital economy, which is expected to further boost the demand for cloud services [37][39]. Cleanroom Engineering Services - The cleanroom market is projected to reach 1,157 billion CNY in the electronics sector by 2025, with the company being a leading player in this space [6][19]. - The company has established strong partnerships with major clients in the semiconductor industry, enhancing its competitive position [6][19]. Profitability Forecast and Investment Recommendations - The report forecasts net profits of 238 million CNY, 278 million CNY, and 307 million CNY for the years 2025 to 2027, respectively [5][6]. - The company is valued at 253 billion CNY based on segment valuations, leading to a fair value estimate of 22.26 CNY per share [6].

Core Insights - On December 17, 2023, brokerage firms provided target prices for listed companies, with notable increases for Honglu Steel Structure (002541), Jiuzhou Pharmaceutical (603456), and Huarui Precision, showing target price increases of 56.76%, 48.99%, and 36.02% respectively, across the professional engineering, medical services, and general equipment industries [1][2]. Target Price Increases - Honglu Steel Structure (002541) received a target price of 25.27 yuan, with a target increase of 56.76% from Guotai Junan Securities [2]. - Jiuzhou Pharmaceutical (603456) has a target price of 26.64 yuan, reflecting a 48.99% increase from Huachuang Securities [2]. - Huarui Precision (688059) was assigned a target price of 110.05 yuan, indicating a 36.02% increase from Guotou Securities [2]. - Other companies with significant target price increases include Hefeng Co. (603609) at 32.58%, Tianci Materials (002709) at 27.56%, and Anfu Technology (603031) at 26.56% [2]. Rating Adjustments - On December 17, only one company had its rating upgraded, with Qunyi Securities (Hong Kong) raising Tianci Materials (002709) from "Hold" to "Buy" [3][4]. First Coverage - A total of nine companies received initial coverage on December 17, including SAIC Motor (600104) and Weilan Lithium (002245), both rated "Buy" by Aijian Securities [4][5]. - Jiuzhou Pharmaceutical (603456) was also rated "Recommended" by Huachuang Securities, while Zhongke Chuangda (300496) and Kema Technology (301611) received "Buy" and "Increase" ratings from Dongbei Securities [4][5].

Group 1 - The core viewpoint of the article highlights that 26 stocks have been recommended by brokerages, with significant target price increases for Honglu Steel Structure and Jiuzhou Pharmaceutical, exceeding 40% [1] Group 2 - On December 17, brokerages provided a total of 10 target price adjustments, with Honglu Steel Structure, Jiuzhou Pharmaceutical, and Huarui Precision showing target price increases of 56.76%, 48.99%, and 36.02% respectively, across the professional engineering, medical services, and general equipment industries [1] Group 3 - A total of 26 listed companies received brokerage recommendations on December 17, with Hubei Energy, Hefeng Co., and Zhongnan Media each receiving one recommendation [1] Group 4 - On the same date, one company had its rating upgraded, specifically, Qunyi Securities (Hong Kong) raised the rating of Tianci Materials from "Range Trading" to "Buy" [1] Group 5 - There were 9 instances of first-time coverage on December 17, with SAIC Motor and Weilan Lithium receiving "Buy" ratings from Aijian Securities, Jiuzhou Pharmaceutical receiving a "Recommended" rating from Huachuang Securities, and Zhongke Chuangda and Kema Technology receiving "Buy" and "Increase" ratings from Northeast Securities respectively [1]

从资金流向上来看，当日专业工程板块主力资金净流出1.09亿元，游资资金净流出3132.93万元，散户资 金净流入1.4亿元。专业工程板块个股资金流向见下表： 证券之星消息，12月17日专业工程板块较上一交易日上涨0.51%，中材国际领涨。当日上证指数报收于 3870.28，上涨1.19%。深证成指报收于13224.51，上涨2.4%。专业工程板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

从资金流向上来看，当日专业工程板块主力资金净流出2.39亿元，游资资金净流入4264.41万元，散户资 金净流入1.96亿元。专业工程板块个股资金流向见下表： 证券之星消息，12月16日专业工程板块较上一交易日下跌1.4%，上海港湾领跌。当日上证指数报收于 3824.81，下跌1.11%。深证成指报收于12914.67，下跌1.51%。专业工程板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 601133 | 相诚股份 | 15.56 | 6.28% | | 47.52万 | 7.26亿 | | 603929 | 亚翔集成 | 92.50 | 6.24% | | 6.67万 | 6.00亿 | | 603163 | 圣晖集成 | 62.68 | 5.01% | | 5.19万 | 3.25亿 | | 300029 | *ST天龙 | 5.49 | 3.20% | 1 | 9.60万 | 5116.66万 | | 920057 | 百甲科技 | 6.56 | 1 ...

证券之星消息，12月15日专业工程板块较上一交易日上涨0.21%，利柏特领涨。当日上证指数报收于 3867.92，下跌0.55%。深证成指报收于13112.09，下跌1.1%。专业工程板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日专业工程板块主力资金净流出2.86亿元，游资资金净流出558.7万元，散户资金 净流入2.91亿元。专业工程板块个股资金流向见下表： ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [4][25]. Core Insights - The report highlights a focus on stabilizing investment and addressing government debt risks, with an emphasis on increasing central budget investments and optimizing local government bond usage [4][12]. - The construction sector has shown varied performance, with the SW Construction Decoration Index declining by 1.59%, underperforming against major indices [4][5]. - Key sectors such as infrastructure private enterprises and ecological landscaping have seen significant annual gains, with increases of 51.98% and 50.53% respectively [4][6]. Industry Performance Summary - The construction industry experienced a weekly decline of 1.59%, with the best-performing sub-industry being professional engineering, which increased by 0.73% [5][6]. - The top three companies in terms of weekly gains were 亚翔集成 (+25.20%), 汇绿生态 (+24.55%), and 海南发展 (+20.37%) [10][11]. - Year-to-date, the best-performing sub-industries included 基建民企 (+51.98%), 生态园林 (+50.53%), and 专业工程 (+46.64%) [6][10]. Key Company Developments - 重庆建工 won a joint bid for a project worth 1.714 billion yuan, representing 6.29% of its 2024 revenue [14]. - 文科股份 secured a contract for an environmental improvement project valued at 91 million yuan, accounting for 13.08% of its 2024 revenue [14]. - The report notes significant changes in company leadership and shareholder structures, impacting various firms within the industry [16].