[Table_Main] 公司研究|工业|商业和专业服务 证券研究报告 华设集团(603018)公司点评报告 2025 年 09 月 03 日 [Table_Title]传统业务承压，转型持续推进 ——华设集团(603018)2025 年半年报点评 [Table_Summary] 报告要点： 传统业务表现疲软，业务转型持续推进 2025H1，公司实现营收 14.95 亿元，同比-9.97%；归母净利 1.01 亿元， 同比-34.36%；扣非归母净利润 0.93 亿元，同比-37.75%；销售净利率 6.85%，同比-2.23pct，销售毛利率 34.79%，同比-1.58pct。2025H1 勘察 设计营收入 7.44 亿元，同比-9.58%；规划研究营收 1.30亿元，同比-42.95%， 传统业务有所承压；数字及智慧业务、低碳及环保业务和项目过程管理及商 业运营营收分别为 1.49/1.91/0.94 亿元，同比+22.17%/3.96%/14.54%，公 司坚定转型，打造创新型科技企业平台，目前初见成效。 数字化转型进展不断，降本增效成效初显 公司数字化工作取得新进展，数字化业务合同总额突破 1.5 ...

截至8月6日，险资二季度共现身18只个股前十大流通股东，合计持股3.39亿股，合计持股市值达40.96亿 元。其中，6只个股持股数量超千万，北京文化、西部矿业、同洲电子持股数量居前，险资分别持有 1.12亿股、0.82亿股、0.61亿股。从险资持股行业分布来看，主要集中在资本货物、商业和专业服务、 技术硬件与设备，分别有4只、2只、2只。 从持股市值来看，截至8月6日，11只个股险资持股市值超亿元，西部矿业、同洲电子、北京文化持股市 值居前，分别为13.56亿元、6.31亿元、5.38亿元。 Wind数据统计显示，8月6日，险资现身3只个股前十大流通股东，合计持股967.34万股，合计持股市值 达1.56亿元。具体来看，东睦股份、长虹华意、回盛生物持股数量分别为0.06亿股、0.03亿股、0.01亿 股，持股市值分别为1.17亿元、0.22亿元、0.17亿元。 ...

Investment Rating - The report indicates an "Overweight" rating for the industry, suggesting a positive outlook for the next six months [31]. Core Insights - The report highlights a total of 79 merger and acquisition (M&A) events during the period from July 28 to August 3, with 14 classified as significant M&A transactions. Out of these, 15 M&A events were completed, while no significant M&A transactions were finalized [10]. - Recent policy updates emphasize that government investment funds should not engage in public trading of stocks, except for M&A, directed placements, and strategic allocations. This aims to prevent the increase of local government hidden debts [7][8]. - The report notes that the restructuring index outperformed the Wind All A index by 1.07% during the specified period, indicating a strong performance in the restructuring sector [25]. Summary by Sections M&A Activity Overview - During the week of July 28 to August 3, there were 79 M&A events involving listed companies, with 2 failures. The significant M&A events included 14 transactions, with 15 completed [10][16]. Major M&A Updates - The report lists several major M&A transactions involving state-owned enterprises and private companies, with notable transactions including China Shipbuilding's acquisition of China Heavy Industry for approximately 11.52 billion CNY [14]. Control Changes - Four listed companies reported changes in actual control, with notable transitions including Renfu Pharmaceutical being taken over by the State-owned Assets Supervision and Administration Commission [19]. Market Performance - The restructuring index showed a positive trend, outperforming the broader market index, which reflects a favorable environment for M&A activities [25].

Group 1 - The confidence index for business and professional services in the UK dropped from -28 in February to -43 in May, marking the lowest level since November 2022 [1] - Consumer-facing service companies also experienced a decline in confidence, with price increase expectations rising at the fastest rate in two years for business and professional services [1] - Concerns were raised regarding the increase in employer social security contributions by £25 billion (approximately $33.78 billion) and a nearly 7% rise in the minimum wage, both effective from April [1] Group 2 - The profit expectations index for business and professional services fell to -47, the lowest level since February 2020, and lower than the previous quarter's -36 [2] - Investment intentions, business volume, and hiring conditions all showed a decline [2] - The UK services sector's PMI for May recorded an initial value of 50.2, indicating a slow return to growth, despite low confidence in future prospects [2]

[Table_Main] 公司研究|工业|商业和专业服务 证券研究报告 华设集团(603018)公司点评报告 2025 年 05 月 19 日 [Table_Title] 传统业务有所承压，低空业务表现亮眼 ——华设集团(603018)2024 年报及 2025 年一季报点评 [Table_Summary] 报告要点： 主业处于下行周期，公司业绩短期承压 2024 年，公司实现营收 44.28 亿元，同比-17.28%；归母净利润 3.83 亿元， 同比-45.17%；扣非归母净利 3.78 亿元，同比-44.25%；销售毛利率 37.22%， 同比-1.78pct。25Q1 营收 6.75 亿元，同比-14.55%；归母净利润 0.58 亿 元，同比-37.68%；扣非归母净利 0.51 亿元，同比-43.43%；销售毛利率 30.59%，同比-2.42pct。主要系勘察设计行业处于下行周期，24 年公司传 统业务勘察规划、规划研究共营收 27.67 亿元，同比-24.31%，毛利 11.43 亿元，同比-27.60%。 产业转型顺利，数字化、低空经济表现亮眼 公司持续深化数字化战略，报告期内，公司统筹推进 ...

[Table_Main] 公司研究|工业|商业和专业服务 证券研究报告 华设集团(603018)公司点评报告 2025 年 05 月 19 日 [Table_Title] 传统业务有所承压，低空业务表现亮眼 ——华设集团(603018)2024 年报及 2025 年一季报点评 [Table_Summary] 报告要点： 主业处于下行周期，公司业绩短期承压 投资建议与盈利预测 公司作为交通发展与城市建设领域设计的优秀企业，在低空经济大力发展的 背景下，有望打开新的增长空间。我们预计公司 2025-2027 年营收分别为 44.99/46.71/49.03 亿元，归母净利 4.48/4.97/5.38 亿元，对应 EPS 分别为 0.65/0.73/0.79 元/股，对应 PE 分别 12/10/10 倍，维持"增持"评级。 风险提示 低空经济基础设施建设不及预期的风险；基建相关政策支持不及预期的风 险；基础设施投资规模波动风险；跨行业开展工程设计业务风险；应收账款 发生坏账损失风险；控制权发生变更导致正常经营活动受到影响的风险。 [Table_Finance] 附表：盈利预测 | 财务数据和估值 | 2023A ...