公 司 研 究 / 建 筑 装 饰 / 证 券 研 究 报 告 中国能建（601868）深度研究 "四新"转型求变，积极布局新型能源 体系建设 2026 年 01 月 28 日 【投资要点】 挖掘价值 投资成长 增持（维持） 东方财富证券研究所 证券分析师：王翩翩 证书编号：S1160524060001 证券分析师：郁晾 证书编号：S1160524100004 证券分析师：闫广 证书编号：S1160526010004 相对指数表现 -10% 0% 10% 20% 30% 40% 2025/2 2025/8 2026/1 中国能建 沪深300 | 基本数据 | | | --- | --- | | 总市值（百万元） | 102,560.26 | | 流通市值（百万元） | 79,774.67 | | 52 周最高/最低（元） | 3.01/2.17 | | 52 周最高/最低（PE） | 15.84/11.42 | | 52 周最高/最低（PB） | 1.17/0.85 | | 52 周涨幅（%） | 13.36 | | 52 周换手率（%） | 53.33 | 注：数据更新日期截止 2026 年 01 月 28 ...

公 司 研 究 / 建 筑 装 饰 / 证 券 研 究 报 告 中国能建（601868）深度研究 "四新"转型求变，积极布局新型能源 体系建设 2026 年 01 月 28 日 【投资要点】 挖掘价值 投资成长 增持（维持） 东方财富证券研究所 证券分析师：王翩翩 证书编号：S1160524060001 证券分析师：郁晾 证书编号：S1160524100004 证券分析师：闫广 证书编号：S1160526010004 相对指数表现 -10% 0% 10% 20% 30% 40% 2025/2 2025/8 2026/1 中国能建 沪深300 | 基本数据 | | | --- | --- | | 总市值（百万元） | 102,560.26 | | 流通市值（百万元） | 79,774.67 | | 52 周最高/最低（元） | 3.01/2.17 | | 52 周最高/最低（PE） | 15.84/11.42 | | 52 周最高/最低（PB） | 1.17/0.85 | | 52 周涨幅（%） | 13.36 | | 52 周换手率（%） | 53.33 | 注：数据更新日期截止 2026 年 01 月 28 ...

Group 1 - The meeting between Liu Hongjian, the Secretary of the Municipal Party Committee, and Ni Zhen, the Deputy Secretary of the Party Committee and General Manager of China Energy Construction Group, highlights the importance of collaboration for economic development in Kunming [3]. - Liu expressed gratitude for China Energy's support in Kunming's economic and social development and emphasized the city's rich green energy resources and solid industrial foundation, indicating broad cooperation potential [3]. - Ni Zhen acknowledged the promising development prospects of Kunming and stated that China Energy would leverage its full industry chain advantages in energy and power infrastructure to deepen practical cooperation across multiple levels and fields, contributing to high-quality economic development in Kunming [3].

Core Viewpoint - The company reported steady revenue growth in the first half of 2025, driven by strong performance in energy, water resources, and strategic emerging industries, with a focus on core business areas [2][4]. Financial Performance - The company achieved operating revenue of 212.09 billion yuan in the first half of 2025, a year-on-year increase of 9.18%, with a second-quarter revenue of 111.72 billion yuan, up 15.35% year-on-year [2][3]. - The net profit attributable to shareholders was 2.80 billion yuan, reflecting a year-on-year growth of 0.72%, while the net profit after deducting non-recurring items was 2.52 billion yuan, up 8.32% year-on-year [1][2]. Business Segments - Core businesses in energy and water resources saw revenue growth of 18.58%, with strategic emerging industries growing by 14.6% [2]. - The company signed new contracts worth 775.36 billion yuan in the first half of 2025, a year-on-year increase of 4.98%, with overseas contracts growing by 13.74% [4]. Profitability and Margins - The overall gross margin for the first half of 2025 was 11.29%, a decrease of 0.91 percentage points year-on-year, primarily due to declining margins in engineering construction and investment operations [3]. - The net profit margin for the first half of 2025 was 1.32%, down 0.11 percentage points year-on-year [3]. Project and Capacity Development - As of the end of the reporting period, the company had a total installed capacity of 20.29 million kilowatts, with significant contributions from renewable energy sources [5]. - The company is expected to benefit from major infrastructure projects, including the Yarlung Tsangpo River downstream hydropower project and the South-to-North Water Diversion West Line project [5].