今日重点推荐 | 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3871 | -0.12 | 5.58 | 1.52 | | 深证综指 | 2462 | -0.25 | 9 | 2.36 | | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | -0.61 | 9.9 | 16.21 | | 中盘指数 | 0.06 | 12.08 | 17.94 | | 小盘指数 | 0.17 | 7.73 | 13.61 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 电机Ⅱ | 3.39 | 23.88 | 21.23 | | 其他电子Ⅱ | 2.77 | 14.81 | 27.17 | | 小金属Ⅱ | 2.69 | 24.86 | 60.34 | | 地面兵装Ⅱ | 2.57 | -17.72 | 38. ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [9][8] Core Viewpoints - The company is positioned for growth under the support of its major shareholder, the Jianfa Group, which enhances its operational platform and opportunities for development [8][9] - The company is actively seeking transformation opportunities in urban renewal and business extension, aligning with national policies promoting urban development [49][8] - The construction business is expected to grow significantly, with projected revenues and profits increasing over the next few years, reflecting resilience in a challenging market [9][7] Summary by Sections Company Overview - Jianfa Hecheng, established in 1995, specializes in engineering supervision, design consulting, and project management, and was listed on the Shanghai Stock Exchange in 2016 [18] - The company became controlled by the Xiamen State-owned Assets Supervision and Administration Commission after Jianfa Group acquired a 29.01% stake in 2021 [18] Business Expansion - The company has rapidly expanded its construction business, with revenues from this segment reaching 57 billion yuan in 2024, accounting for 86.2% of total revenue [24][22] - The construction business has seen a significant increase in revenue share from 30.2% in 2022 to 86.2% in 2024, indicating a strategic shift towards this area [24][22] Financial Data and Profit Forecast - Projected total revenue for 2025 is 9.371 billion yuan, with a year-on-year growth rate of 41.8% [7] - Expected net profit for 2025 is 122 million yuan, reflecting a growth rate of 27.4% [7] - The company’s earnings per share are projected to be 0.47 yuan in 2025, with a corresponding price-to-earnings ratio of 23X [9][7] Market Opportunities - The urban renewal initiative is anticipated to become a new growth engine for the construction industry, as the market transitions from new construction to renovation and maintenance of existing structures [49][8] - The company is actively pursuing mergers and acquisitions to expand its capabilities in new materials and technologies, enhancing its competitive edge in the evolving market landscape [48][8] Investment Analysis - The report estimates a market value of approximately 40 billion yuan for the company based on a conservative price-to-earnings multiple of 25.0X for 2027, indicating a potential upside of 34% from the current market capitalization of 28.3 billion yuan [9][8]

上 市 公 司 建筑装饰 2025 年 09 月 12 日 建发合诚 (603909) ——建发系协同发展迎新，存量蓝海市场打造机遇 买入（首次评级） | 市场数据： | 2025 年 09 月 11 日 | | --- | --- | | 收盘价（元） | 10.86 | | 一年内最高/最低（元） | 11.35/6.70 | | 市净率 | 2.6 | | 股息率%（分红/股价） | 1.10 | | 流通 A 股市值（百万元） | 2,831 | | 上证指数/深证成指 | 3,875.31/12,979.89 | | 注："股息率"以最近一年已公布分红计算 | | --- | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 4.19 | | 资产负债率% | 76.18 | | 总股本/流通 A 股（百万） | 261/261 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 09-11 10-11 11-11 12-11 01-11 02-11 03-11 04-11 05-11 06-11 07-11 ...