Summary of Key Points Core Viewpoint - 中工国际 has shown a positive trend in shareholder growth and stock performance, with an increase in the number of shareholders and a rise in stock price over the specified period. Group 1: Shareholder Statistics - As of June 30, 2025, 中工国际 had 54,311 shareholders, an increase of 2,089 or 4.0% from March 31, 2025 [1] - The average number of shares held per shareholder decreased from 23,700 to 22,800 shares [1] - The average market value of shares held per shareholder was 196,600 yuan, which is higher than the industry average of 190,800 yuan [1][2] Group 2: Stock Performance - From March 31, 2025, to June 30, 2025, 中工国际's stock price increased by 6.94% [1] - During this period, the company experienced a net outflow of 108 million yuan from major funds and a net outflow of 34.0163 million yuan from speculative funds, while retail investors contributed a net inflow of 142 million yuan [2] Group 3: Industry Comparison - 中工国际's number of shareholders is above the industry average of 38,500 as of June 30, 2025 [1] - The average market value of shares held by shareholders in the professional engineering industry is 190,800 yuan, which is lower than 中工国际's average [1]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | еозага | 百利科技 | 5.55 | -1.94% | 17.22万 | | 9609.76万 | | 920019 | 铜冠矿建 | 24.56 | -1.60% | 3.29万 | | 8100.67万 | | 002469 | 三维化学 | 9.03 | -1.31% | 22.53万 | | 2.04亿 | | 603637 | 镇海股份 | 11.01 | -1.08% | 6.30万 | | 6921.30万 | | 601618 | 與世圖世 | 3.28 | -0.91% | 134.42万 | | 4.39 Z | | 835857 | 百甲科技 | 7.72 | -0.90% | 4.07万 | | 3138.16万 | | 300029 | *ST天龙 | 6.27 | -0.63% | 6.94万 | | 4401.90万 | | 000065 | 北方国际 | 12.19 | -0.49% | 27 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company faced operational pressure in H1 2025 due to declining coking coal prices, but the focus on the coking coal business's elasticity is emphasized under the anti-involution policy [1] - The company achieved revenue of 6.735 billion in H1 2025, a year-on-year decrease of 35.34%, and a net profit attributable to the parent company of 309 million, down 42.71% [1] - The company is expected to benefit from the operational performance of ongoing projects, particularly the Bangladesh coal-fired power plant, which is anticipated to start contributing operational revenue this year [1] - The overall coking coal prices have shown signs of recovery since Q3, which is expected to enhance profit elasticity in the company's coking coal business [1] - The company maintains a positive outlook on its integrated investment and operation business development prospects, forecasting net profits attributable to the parent company of 1.12 billion, 1.24 billion, and 1.4 billion for 2025-2027 [1] Financial Performance Summary - In H1 2025, the revenue from various business segments was as follows: Engineering Construction and Services 3.1 billion, Resource Equipment Supply Chain 2.66 billion, Power Operations 330 million, and Industrial Manufacturing 620 million, with respective year-on-year changes of -24.9%, -50.9%, +55.2%, and -0.9% [2] - The overall gross margin for H1 2025 was 13.09%, an increase of 3 percentage points year-on-year, with Q2 gross margin at 13.15%, up 2.63 percentage points [2] - The company signed new contracts worth 402 million USD in H1 2025, a decrease of 44.76% year-on-year, while efforts to explore emerging markets have yielded breakthroughs in Egypt and the UAE [2] - The company's cash flow from operations (CFO) improved to 147 million in H1 2025, an increase of 531 million year-on-year, primarily due to a reduction in the maturity of large acceptance bills compared to the previous year [3] Financial Data and Valuation - The projected financial data for the company from 2023 to 2027 includes revenue growth rates of 59.96% in 2023, -11.21% in 2024, and positive growth in subsequent years [4] - The estimated net profit attributable to the parent company is forecasted to be 918.06 million in 2023, increasing to 1.399 billion by 2027, with corresponding growth rates of 44.35%, 14.32%, and 12.97% [4] - The company's price-to-earnings (P/E) ratio is projected to decrease from 14.30 in 2023 to 9.38 in 2027, indicating an improving valuation over time [4]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][18]. Core Views - The company achieved a revenue of 10.55 billion, a year-on-year increase of 2.17%, but the net profit attributable to the parent company decreased by 32.7% to 288 million [1]. - The report emphasizes the potential for profit recovery due to the steel industry's "anti-involution" measures, which may lead to an increase in steel prices and improve processing fees and net profit per ton [1][3]. - The company has adjusted its profit forecast for 2025-2027, expecting net profits of 810 million, 940 million, and 1.09 billion respectively, with corresponding P/E ratios of 15, 13, and 11 [1]. Revenue and Profit Analysis - In the first half of 2025, the company reported a revenue of 10.55 billion, with a net profit of 288 million, reflecting a significant decline in profitability [1]. - The second quarter saw a revenue of 5.735 billion, a decrease of 2.78% year-on-year, with net profits dropping by 32.61% [1]. - The gross profit margin for the first half of 2025 was 10%, down by 0.67 percentage points year-on-year, with a gross profit of 470 yuan per ton, a decline of 85 yuan [3]. Product Segment Performance - Revenue from various product segments in the first half of 2025 included H-beams (5.8 billion), box-type columns (2 billion), and other components, with mixed performance across segments [2]. - The company has been investing in smart manufacturing technologies, including advanced production lines and robotic systems, to enhance operational efficiency [2]. Financial Metrics - The company’s financial metrics indicate a slight decrease in expense ratios, with a total expense ratio of 6.61% in the first half of 2025 [4]. - The cash flow from operations was negative at -198 million, primarily due to an increase in inventory [4]. - The projected revenue for 2025 is 23.6 billion, with a net profit of 811.5 million, reflecting a growth rate of 5.08% [5][12]. Market Position and Outlook - The company is positioned in the construction decoration and specialized engineering industry, with a focus on transitioning to intelligent steel structure manufacturing [6]. - The report suggests that the ongoing supply-side reforms in the steel industry could positively impact the company’s performance if steel prices rise [3].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company achieved steady growth in operational performance in 25H1, with revenue of 10.55 billion yuan, a year-on-year increase of 2.2%, and a net profit attributable to the parent company of 2.9 billion yuan, a decrease of 33% due to a significant drop in non-recurring gains [1][4]. - The company is expected to benefit from the "anti-involution" policy, which is anticipated to lead to a new round of supply-side reforms in the steel industry, helping to stabilize and potentially increase steel prices [3][4]. Financial Performance Summary - In 25H1, the company reported a gross margin of 10.0%, down 0.7 percentage points year-on-year, primarily due to a decline in steel prices [2]. - The operating cash flow showed a net outflow of 200 million yuan in 25H1, which is an increase in outflow compared to the previous year, attributed to increased procurement of steel materials [2]. - The company’s net profit forecast for 2025-2027 is adjusted to 640 million, 780 million, and 920 million yuan respectively, with year-on-year changes of -17%, +21%, and +18% [4]. Market Position and Outlook - The company’s market share is expected to continue to rise, supported by a slight increase in new signed orders and production growth despite a weak macro demand environment [1][3]. - The report highlights that if steel prices increase by 3%, 5%, or 10%, the company's net profit per ton could increase by 15, 25, or 50 yuan respectively, significantly impacting overall profitability [3].

证券之星消息，8月21日专业工程板块较上一交易日下跌0.36%，*ST天龙领跌。当日上证指数报收于 3771.1，上涨0.13%。深证成指报收于11919.76，下跌0.06%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 601618 | 共量四十 | 3.31 | 1.22% | 196.28万 | | 6.48亿 | | 920019 | 铜冠矿建 | 24.96 | 0.93% | 4.41万 | | = 1.10亿 | | 603929 | 亚翔集成 | 35.04 | 0.89% | 4.21万 | | 1.48亿 | | 002116 | 中国海诚 | 10.76 | 0.47% | 9.60万 | | 1.04亿 | | 600477 | 杭鼎钢构 | 2.72 | 0.37% | 31.86万 | | 8624.82万 | | 002542 | 中化岩土 | 3.92 | 0.26% | 87.57万 | | 3.44亿 | | ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 1.249 billion yuan for 1H2025, representing a year-on-year increase of 21.81%, and a net profit attributable to shareholders of 120 million yuan, up 42.54% year-on-year [7][8] - The engineering segment saw significant revenue growth, primarily due to the steady progress of the Beifang Huajin project, which generated 239 million yuan in revenue in 1H2025 [7][8] - The company expects to achieve net profits of 339 million yuan, 451 million yuan, and 581 million yuan for the years 2025 to 2027, respectively, with corresponding PE ratios of 17.9, 13.5, and 10.5 [7][8] Financial Performance Summary - Revenue projections for the company are as follows: 2,657 million yuan in 2023, 2,554 million yuan in 2024, 3,075 million yuan in 2025, 3,658 million yuan in 2026, and 4,296 million yuan in 2027, with a revenue growth rate of 20.4% in 2025 [6][9] - The net profit attributable to shareholders is projected to be 282 million yuan in 2023, 263 million yuan in 2024, 339 million yuan in 2025, 451 million yuan in 2026, and 581 million yuan in 2027, with a net profit growth rate of 29.2% in 2025 [6][9] - The company's sales gross margin for 1H2025 was 19.94%, an increase of 0.89 percentage points year-on-year, while the net profit margin was 9.64%, up 1.4 percentage points year-on-year [7][8] Market Performance - The company's stock price closed at 9.38 yuan as of August 20, 2025, with a circulating share capital of 629 million shares and a total share capital of 649 million shares [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating strong investment attractiveness based on growth potential and financial performance [4][6]. Core Views - The company experienced a significant year-on-year revenue increase of 156% in Q2, driven by accelerated project recognition in its engineering business. The total revenue for H1 2025 reached 1.25 billion yuan, with a net profit attributable to shareholders of 120 million yuan, reflecting a 43% increase [1]. - The engineering and chemical sectors are showing upward trends, with expectations for continued growth in net profits over the next few years [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved a comprehensive gross margin of 20%, up by 0.9 percentage points year-on-year. The gross margins for engineering, chemicals, and catalysts were 21%, 19%, and 32%, respectively [2]. - The operating cash flow for H1 2025 showed a net inflow of 20 million yuan, although it was a decrease of 120 million yuan compared to the previous year [2]. Business Segments - The engineering segment saw new orders of 640 million yuan in H1 2025, a 60% increase year-on-year, with significant contributions from design and engineering contracting services [3]. - The industrial segment is benefiting from rising prices of key products, such as propanol, which increased by 8% in August compared to July [4]. Growth Projections - The company forecasts net profits of 350 million yuan, 480 million yuan, and 630 million yuan for 2025, 2026, and 2027, respectively, with growth rates of 33% for each year [4]. - The anticipated dividend yield for 2025 is approximately 5%, based on an average dividend payout ratio of 84% for 2023-2024 [4].

证券之星消息，8月20日专业工程板块较上一交易日上涨0.1%，*ST天龙领涨。当日上证指数报收于 3766.21，上涨1.04%。深证成指报收于11926.74，上涨0.89%。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3.33亿元，游资资金净流入1.17亿元，散户资金净 流入2.16亿元。专业工程板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002564 | 天沃科技 | 7.93 | -2.10% | 42.01万 | 3.35 Z | | 300986 | 志特新材 | 13.58 | -1.59% | 15.82万 | 2.14亿 | | 601618 | 中国中治 | 3.27 | -1.51% | 237.89万 | 7.75亿 | | 300712 | 永福股份 | 25.86 | -1.41% | - 3.48万 | 8957.15万 | | 000032 | 深绿达 A | 24.84 | -1.31% | 31. ...

证券之星消息，8月19日专业工程板块较上一交易日上涨0.75%，*ST天龙领涨。当日上证指数报收于 3727.29，下跌0.02%。深证成指报收于11821.63，下跌0.12%。专业工程板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601618 | 中国中治 | 1.33 Z | 15.46% | -723.95万 | -0.84% | -1.26 Z | -14.62% | | 000032 深桑达A | | 4622.53万 | 4.21% | -289.93万 | -0.26% | -4332.59万 | -3.94% | | 002593 | 日上集团 | 2976.54万 | 13.97% | -1239.04万 | -5.81% | -- - 1737.50万 | -8.15% | | 000928 | 中钢国际 | 2536.21万 | 10.26% | -3110.16万 ...