股 票 研 究 毛利率提升现金流改善，投建营业务取得新突破 中工国际(002051) 中工国际 2025 半年报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 韩其成(分析师) | 021-38676162 | hanqicheng@gtht.com | S0880516030004 | | 郭浩然(分析师) | 010-83939793 | guohaoran@gtht.com | S0880524020002 | | 曹有成(分析师) | 021-23185701 | caoyoucheng@gtht.com | S0880525040079 | 本报告导读： 中工国际 2025H1 归母净利润同比下降 34.9%，其中 Q1/Q2 同比 12.17/-70.39%。 2025H1 应收账款下降，经营现金流显著改善，新签合同增长 33%。 投资要点： 建筑工程业 [Table_Industry] /工业 | [Table_Invest] 评级： | 增持 | | --- | --- | | [Table_Targe ...

股 票 研 究 2025H1 经营净现金流净流出减少，工业厂房、能源工程、市政工程新签 增速快。(1)2025H1 经营净现金流-828.3 亿元(2024 年同期-1087.7 亿元)， 其中 Q1/Q2 为-958.5/130.2 亿元(2024Q1-Q4 为-966.0/-121.7/317.6/927.8 亿元)。(2)2025H1 新签 25010 亿元同增 0.9%，其中房建 14964 亿元同比 下降 2.3%，基建 8237 亿元同比增长 10%，地产合约销售额 1745 亿元同 比下降 8.9%。从细分结构来看，房建中工业厂房新签合同额 4522 亿元 同比增长 16.2%，科教文卫体设施新签合同额 2454 亿元，其中教育设施 新签合同额 1023 亿元，同比增长 13.5%；基建中能源工程新签合同额 3501 亿元同比增长 34.2%，市政工程新签合同额 1580 亿元增长 43.8%。 中国建筑股息率 4.88%估值底部，市场化建筑龙头被低估。(1)中国建筑 是全球最大的投资建设集团之一，被纳入中证 50、上证 50、富时中国 A50、MSCI 中国 A50 互联互通指数。(2)202 ...

Core Viewpoint - The construction industry is experiencing a decline in prosperity, with a slowdown in fixed asset investment growth [2] Group 1: Construction Industry Indicators - In July, the construction industry Purchasing Managers' Index (PMI) was 50.6, a decrease of 2.2 percentage points from the previous month [2][1] - The construction business activity index was also 50.6%, down 2.2 percentage points from last month [2][1] - The new orders index for the construction industry was 42.7%, reflecting a decline of 2.2 percentage points from the previous month [2][1] - The input price index for the construction industry rose to 54.5%, an increase of 6.2 percentage points from last month [2][1] - The sales price index for the construction industry was 49.2%, up 0.9 percentage points from the previous month [2][1] - The employment index in the construction industry was 40.9%, an increase of 1.0 percentage point from last month [2][1] - The business activity expectation index was 51.6%, down 2.3 percentage points from the previous month [2][1] Group 2: Fixed Asset Investment - From January to July, national fixed asset investment (excluding rural households) reached 288,229 billion yuan, with a year-on-year growth of 1.6%, a decrease of 1.2 percentage points compared to January to June [2] - The broad infrastructure investment growth rate was 6.67%, down 2.31 percentage points from the previous value, while the narrow infrastructure investment growth rate was 2.89%, down 1.57 percentage points [3] - In the first seven months, investment in electricity, heat, gas, and water production and supply increased by 21.5%, while investment in transportation, warehousing, and postal services grew by 3.9% [3] Group 3: Real Estate Sector - From January to July, national real estate development investment was 53,580 billion yuan, a year-on-year decrease of 12.0%, with the decline expanding by 0.8 percentage points compared to January to June [4] - The sales area of commercial housing was 51,560 million square meters, down 4% year-on-year, with the decline expanding by 0.5 percentage points [4] - The area of new housing starts was 35,206 million square meters, down 19.4% year-on-year, with the decline narrowing by 0.6 percentage points [4] - The area of completed housing was 25,034 million square meters, down 16.5% year-on-year, with the decline expanding by 1.7 percentage points [4] Group 4: Infrastructure Projects - The establishment of the New Tibet Railway Company with a registered capital of 95 billion yuan is expected to boost infrastructure investment [5] - The total investment for the New Tibet Railway is estimated at approximately 175.4 billion yuan per year over a 10-year construction period [5] - The approval of the Yaxia Hydropower Project, with an investment of 1.2 trillion yuan, is expected to further enhance long-term infrastructure investment expectations [5] Group 5: Investment Recommendations - Recommendations include companies involved in stable growth, construction, and regional development such as China Power Construction, China Energy Construction, and Shanghai Construction [5] - Focus on companies benefiting from infrastructure investment and those with high dividends, including Anhui Construction, China National Materials, and China Railway Construction [5] - Attention is also drawn to growth sectors such as low-altitude economy and welding robots, with suggestions to monitor design and engineering firms [5]