中国建筑（601668）公告，2025年1-5月新签合同总额18412亿元，同比增长1.7%。其中，建筑业务新签 合同额17108亿元，同比增长2.2%。具体来看，房屋建筑新签合同额11120亿元，同比下降4.0%；基础 设施新签合同额5939亿元，同比增长16.2%；勘察设计新签合同额49亿元，同比下降15.3%。分区域 看，境内新签合同额16324亿元，同比增长3.5%；境外新签合同额784亿元，同比下降19.7%。此外，房 屋建筑施工面积14.77亿平方米，同比下降0.3%；新开工面积1.08亿平方米，同比增长3.0%；竣工面积 5497万平方米，同比下降17.2%。地产业务方面，合约销售额1304亿元，同比下降4.0%；合约销售面积 455万平方米，同比下降6.4%。期末土地储备7625万平方米，新购置土地储备271万平方米。 ...

机构简介： 上海重阳投资管理有限公司（简称重阳投资）是在成立于2001年的上海重阳投资有限公司的基础上于 2009年设立的采用合伙经营模式的有限责任公司。重阳投资运用各种规范的金融工具为客户管理金融财 富，以管理资产的可持续成长为己任，致力于成为一家有竞争力的专业资产管理公司。在业务目标上， 重阳投资通过有效的风险控制，把握相对确定的投资机会，追求财富的长期复合增长。在投资方法上， 重阳投资注重研究驱动的投资，强调严谨科学的投资流程在投资中的重要性。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 根据市场公开信息及6月9日披露的机构调研信息，知名私募重阳投资近期对1家上市公司进行了调研， 相关名单如下： 1）华侨城Ａ （重阳投资参与公司特定对象调研） 调研纪要：华侨城A在存货减值方面，根据成本与可变现净值孰低计量，计提跌价准备。今年以来销售 情况好转，1-4月合同销售面积同比增加11%，金额同比增加2%。公司维持总体债务规模稳中有降，截 至2024年末综合融资成本为3.62%，较年初压降了29个BP。股份公司每年获批华侨城集团公司委 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock will outperform the benchmark index by more than 20% over the next 6-12 months [2][5][7]. Core Views - The company reported a total revenue of RMB 15.88 billion for 2024, a year-on-year increase of 3.79%, with a net profit attributable to shareholders of RMB 2.03 billion, up 32.36% year-on-year. The fourth quarter alone saw a revenue of RMB 5.27 billion, reflecting a 17.90% increase year-on-year and a 44.29% increase quarter-on-quarter [5][10][11]. - The dye industry is expected to recover, and the company is anticipated to benefit from increased sales of various chemical products and ongoing real estate projects, supporting the "Buy" rating [5][7][10]. Financial Summary - The company’s revenue for 2024 was RMB 15,883.86 million, with a growth rate of 3.79% compared to 2023. The EBITDA for 2024 was RMB 2,900 million, and the net profit was RMB 2,354.86 million, marking a 35.88% increase year-on-year [11][15]. - The earnings per share (EPS) for 2024 is projected at RMB 0.62, with a slight adjustment in forecasts for 2025-2026, expecting EPS of RMB 0.63 and RMB 0.71 respectively [7][15]. - The company’s gross margin for 2024 was 27.87%, an increase of 1.74 percentage points year-on-year, indicating improved profitability despite challenges in the dye market [10][11]. Business Segments - The dye and intermediate business showed resilience, with revenue from the dye segment reaching RMB 75.91 billion in 2024, a 0.94% increase year-on-year, despite a 5.81% decline in average price per ton [10][11]. - The real estate segment saw significant growth, with revenue of RMB 24.82 billion, up 87.26% year-on-year, driven by project deliveries [10][11]. - The company has a strong market position in the dye industry, with a production capacity of 300,000 tons per year, and is expanding its intermediate product offerings to enhance its competitive edge [10][11].

Core Viewpoint - The company reported a revenue of 15.88 billion yuan for 2024, a year-on-year increase of 4%, with a net profit attributable to shareholders of 2.03 billion yuan, reflecting a significant growth of 32% year-on-year [1] Group 1: Financial Performance - The company achieved a revenue of 5.27 billion yuan in Q4 2024, representing a year-on-year increase of 18% and a quarter-on-quarter increase of 44% [1] - The net profit for Q4 2024 was 680 million yuan, showing a year-on-year increase of 7% and a quarter-on-quarter increase of 50% [1] - The company proposed a final dividend of 0.25 yuan per share, resulting in a payout ratio of 72.1% [1] Group 2: Dye and Intermediate Business - The dye and intermediate business experienced high production capacity, with sales volumes increasing by 7.2% and 16.6% year-on-year, reaching 238,000 tons and 106,000 tons respectively [2] - Revenue from the dye and intermediate business grew by 0.9% and 4.6% year-on-year, totaling 7.59 billion yuan and 3.28 billion yuan respectively [2] - The gross margin for dyes improved by 3.8 percentage points to 31.7%, while the gross margin for intermediates decreased by 2.6 percentage points to 29.4% [2] Group 3: Real Estate Business - The real estate segment reported a revenue increase of 87.3% year-on-year, reaching 2.48 billion yuan, primarily due to project completions [3] - The overall gross margin for the company increased by 1.7 percentage points to 27.9% [3] - The company recorded non-recurring gains of 190 million yuan, a significant increase from the previous year [3] Group 4: Ongoing Projects and Industry Position - The company has a dye, additive, intermediate, and inorganic product production capacity of 300,000 tons, 100,000 tons, 119,500 tons, and 1.45 million tons respectively for 2024 [4] - The company has successfully launched several projects, including the residential project "Hua Xing New City," which has achieved over 90% sales rate [4] Group 5: Profit Forecast and Valuation - The company adjusted profit forecasts for 2025-2027, expecting net profits of 2.15 billion yuan, 2.36 billion yuan, and 2.47 billion yuan respectively [5] - The estimated earnings per share (EPS) for 2025-2027 are projected to be 0.66 yuan, 0.72 yuan, and 0.76 yuan [5] - The target price for the company is set at 11.22 yuan, reflecting a price-to-earnings (PE) ratio of 17x for 2025 [5]