中南传媒：子公司签订10.09亿元采购合同 5月22日晚，中南传媒（601098）发布公告称，全资子公司湖南省新华书店有限责任公司于2025年5月21 日与湖南省教育厅签订《政府采购合同协议书》，合同总价10.09亿元。该合同涉及2025年湖南省义务 教育免费教科书及相关教学资源的供应，确保了公司主营业务收入的稳定性，对公司2025年度生产经营 产生积极影响。 资料显示，中南传媒成立于2008年12月，主营业务是出版物的出版、发行、印刷及印刷物资供应。 所属行业：传媒–出版–教育出版 铜陵有色：2位公司高管辞职 5月22日晚，铜陵有色（000630）发布公告称，公司总经理梁洪流和副总经理赵荣升因上级调用，分别 辞去公司总经理和副总经理职务。梁洪流辞职后仍在公司担任董事及董事会专门委员会相应职务，赵荣 升辞职后不再担任公司其他任何职务。 资料显示，铜陵有色成立于1996年11月，主营业务是铜、铁、硫金矿采选，铜、金、银、稀有贵金属冶 炼及压延加工，硫酸、电子产品生产、铜加工产品等。 所属行业：有色金属–工业金属–铜 所属行业：医药生物–化学制药–原料药 峨眉山A：选举童建明为董事并聘任其为总经理 5月22日晚， ...

公司报告 | 年报点评报告 陕建股份（600248） 证券研究报告 减值损失拖累业绩，省外&海外业务保持较高增长 业绩仍有所承压，维持"买入"评级 24 年公司期间费用率为 4.36%，同比+0.17pct，销售、管理、研发、财务 费用率分别同比+0.00pct、+0.22pct、-0.12pct、+0.07pct，资产、信用减 值损失为 68.15 亿，同比多损失 11.73 亿，综合影响下，公司 24 年净利率 为 2.39%，同比-0.24%；2025 年 Q1 净利率为 1.76%，同比-0.52%。现金流 方面，24 年公司 CFO 总额为-81.86 亿，同比多流出 7.17 亿，收付现比分 别为 88.85%、95.67%，同比+10.9pct、+11.39pct，25Q1 公司 CFO 净额为 -65.92 亿，同比少流出 21.23 亿。 风险提示：基建投资不及预期，市场拓展不及预期，坏账及减值准备风险。 | 财务数据和估值 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 ...

陕建股份（600248） 证券研究报告 减值损失拖累业绩，省外&海外业务保持较高增长 业绩仍有所承压，维持"买入"评级 25Q1 公司实现收入 232.42 亿，同比-16.3%，归母净利润为 4.17 亿，同比 -24.5%，扣非净利润为 4.01 亿，同比-23.64%，Q1 盈利下滑主要系收入下 滑、期间费用率上升、信用减值损失上升。 24 年公司实现收入 1511.39 亿，同比-16.29%，归母净利润为 29.6 亿，同 比-25.3%，扣非净利润为 22.55 亿，同比-41.2%，非经常性损益为 7.05 亿， 同比增加 5.8 亿，主要为非金融企业收取的资金占用费大幅增加。24Q4 单 季实现收入 493.15 亿，同比-12.19%，归母净利润-0.1 亿，同比-101.47%， 主要系 Q4 资产及信用减值同比大增。2024 年度拟派发现金分红 5.25 亿， 分红比例 17.74%，对应 4 月 30 日收盘价股息率为 3.56%。考虑到下游需求 仍有压力，我们预计公司 25-27 年归母净利润为 32.6、36.2、40.6 亿（25、 26 年预测前值为 44.5、51.1 亿）， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's main business shows steady growth, with emerging and overseas momentum accelerating [4] - The company achieved a revenue of 555.34 billion yuan in Q1 2025, a year-on-year increase of 1.10%, and a net profit attributable to shareholders of 15.01 billion yuan, up 0.61% year-on-year [5] - The company continues to optimize its business structure, with strategic emerging industries achieving a revenue of 45.3 billion yuan, a year-on-year increase of 34.2% [5] - New contracts signed in Q1 2025 totaled 1,203.7 billion yuan, a year-on-year increase of 8.4%, with overseas contracts increasing significantly by 178.5% [5] - The company maintains a strong cash flow management, with a net cash outflow of 95.85 billion yuan in Q1 2025, a decrease of 7.43 billion yuan year-on-year [5] Financial Performance Summary - Revenue forecast for 2025 is 2,243.13 billion yuan, with a year-on-year growth rate of 2.56% [4] - Net profit attributable to shareholders for 2025 is projected at 47.54 billion yuan, with a growth rate of 2.93% [4] - The company's earnings per share (EPS) for 2025 is estimated to be 1.15 yuan [4] - The price-to-earnings (P/E) ratio for 2025 is projected at 4.79 [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [6][18]. Core Views - The company has shown steady revenue growth in Q1 2025, with operating income reaching 555.34 billion yuan, a year-on-year increase of 1.1%. The net profit attributable to shareholders was 15.01 billion yuan, up 0.6% year-on-year [1]. - The company has experienced a significant increase in new orders, with a total of 1,203.7 billion yuan in new contracts signed in Q1 2025, representing an 8.4% year-on-year growth. Key sectors contributing to this growth include industrial plants, energy engineering, and water conservancy [1][2]. - The company is expanding its overseas business, with new contracts amounting to 67.4 billion yuan in Q1 2025, a year-on-year increase of 150%. Revenue from overseas operations also grew by 8.5% to 23.9 billion yuan [2]. - The strategic emerging industries of the company reported revenue of 45.3 billion yuan in Q1 2025, marking a 34.2% year-on-year increase, contributing to 8.2% of total revenue [2]. Financial Performance Summary - The gross profit margin for Q1 2025 was 7.85%, a slight decrease of 0.24 percentage points year-on-year. The net profit margin was 3.23%, down 0.02 percentage points year-on-year [3]. - The company reported a cash flow from operations (CFO) net outflow of 95.85 billion yuan in Q1 2025, which is a reduction in outflow by 0.74 billion yuan compared to the previous year [3]. - The company’s long-term profit forecasts for 2025 to 2027 are 47.52 billion yuan, 48.73 billion yuan, and 50.02 billion yuan respectively, indicating a gradual increase in profitability [4][5]. Business Segment Performance - In Q1 2025, the revenue from the construction business was 364.9 billion yuan, a slight decrease of 0.2% year-on-year. The infrastructure segment saw a revenue increase of 0.5% to 128.3 billion yuan, while the surveying and design segment experienced a decline of 11.3% to 2.3 billion yuan [2]. - The real estate development segment achieved a revenue of 53.7 billion yuan, up 15.5% year-on-year, although the contracted sales decreased by 14.5% to 66.5 billion yuan [2]. - The company’s land reserves increased to 76.25 million square meters by the end of Q1 2025, with an addition of 1.95 million square meters during the quarter [2].