Summary of Zhongyan Dadi Conference Call Company Overview - Zhongyan Dadi has successfully transformed its strategy, reducing its real estate order proportion to below 17% while actively expanding into nuclear power, ports, and water conservancy sectors [2][4][3] - The company has implemented an option incentive plan, reflecting confidence in future performance growth, with exercise prices set at 11.25 yuan and performance assessment indicators requiring net profit growth of no less than 300% in 2024 and 500% in 2025 [2][4] Core Technologies and Innovations - Achievements in safety control and green efficient technology for weak soil foundation projects have earned the company a national technology invention second prize [2][4] - Key technologies include DMC high-speed high-pressure foot spraying composite pile technology, SGOT intelligent sensing super spraying technology, and DDM information dynamic detection technology, enhancing the company's competitiveness in intelligence and digitalization [2][4] Market Expansion and Strategic Positioning - Zhongyan Dadi is evolving from a builder to a major problem solver, leveraging experiences from Japan and actively expanding into overseas markets, particularly along the Belt and Road Initiative [2][5] - The company has secured significant projects, such as the Jin Qimen nuclear power project, with an estimated market share of 50% for each unit, indicating strong growth potential [2][6] Management Team and Expertise - The management team is well-structured, featuring industry experts like Academician Wang Shiyan, with a high proportion of master's degree holders and numerous registered geotechnical engineers [2][7] - The team’s expertise in materials, equipment, and engineering integration provides a solid foundation for future development [2][7] Nuclear Power Sector Developments - Despite a decline in revenue, the company has achieved a gross margin of 24.89%, indicating improved profitability [2][8] - The company ensures the approval of at least 10 nuclear units annually, with significant demand expected from the construction of 41 third-generation nuclear units from 2022 to 2025 [3][8] Port Construction Insights - Recent policy relaxations have led to the initiation of large projects, such as the Zhoushan Port, with the company securing an 80 million yuan order, establishing a foothold in high-barrier industries [2][10] - The demand for traditional products like soil solidifiers is expected to rise due to the need for detailed surveys and improvements in coastal sediment mechanics [2][10] Water Conservancy Sector Potential - China's hydropower installed capacity is projected to reach approximately 440 million kilowatts by the end of 2024, with significant room for development compared to other countries [2][11] - The company is involved in key projects like the Pinglu River and Zhangjing Bridge, achieving breakthroughs in precision detection technology, which may lead to substantial orders by year-end [2][11] International Market Development - The company is actively expanding into Southeast Asia, with projects in Vietnam, Singapore, and Malaysia, and has established subsidiaries to support this growth [2][16] - Strategic partnerships with leading digital and AI companies in the construction sector are being formed to enhance project development in the region [2][16] Industry Outlook and Comparisons - The geotechnical engineering market in China is approximately 7 to 10 times larger than that of Japan, with significant growth potential driven by urbanization and infrastructure needs [2][18] - The industry is expected to undergo a concentration process, with domestic companies like Zhongyan Dadi poised for broader development opportunities [2][18] Financial Projections - Forecasts indicate that the company will achieve net profits of 150 million, 280 million, and 430 million yuan from 2025 to 2027, with corresponding earnings per share of 0.85 yuan, 1.56 yuan, and 2.41 yuan [2][26] - The company is expected to secure over 100 million yuan in orders by 2025, with a gross margin approaching 40% [2][26]

证券研究报告 | 2025年04月02日 中岩大地（003001.SZ） 与晶泰科技达成战略合作，AI 赋能有望驱动岩土工程效率革命 |  公司研究·公司快评 | | |  | 建筑装饰·专业工程 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | --- | | 证券分析师： | 任鹤 | 010-88005315 | | renhe@guosen.com.cn | 执证编码：S0980520040006 | | 证券分析师： | 朱家琪 | 021-60375435 | | zhujiaqi@guosen.com.cn | 执证编码：S0980524010001 | 事项： 2025 年 3 月 31 日，中岩大地与晶泰科技正式签署战略合作协议。晶泰科技是一个基于量子物理、以人工 智能赋能和机器人驱动的创新型研发平台。公司采用基于量子物理的第一性原理计算、人工智能、高性能 云计算以及可扩展及标准化的机器人自动化相结合的方式，为制药及材料科学(包括农业技术、能源及新 型化学品以及化妆品)等产业的全球和国内公司提供药物及材料科学研发解决方案及服务。此次签 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][4][23] Core Viewpoints - The strategic cooperation between the company and Jingtai Technology is expected to drive a revolution in geotechnical engineering efficiency through AI empowerment, significantly shortening the research and development cycle of geotechnical materials and reducing overall costs [2][3][9] - The company has made significant progress in major national engineering projects, including collaborations in the nuclear power and hydropower sectors, which are expected to accelerate the realization of related orders [3][16][18] Summary by Relevant Sections Strategic Cooperation - The company signed a strategic cooperation agreement with Jingtai Technology, focusing on the fields of soil solidification agents and soft foundation solidification, combining industry experience with AI technology to create a new generation of intelligent geotechnical material systems [2][3] Market Opportunities - The collaboration is anticipated to enhance the company's leading advantage in geotechnical engineering, opening up potential market space for foundation treatment services [3][4] - The company has secured strategic partnerships with major players in the nuclear power and hydropower sectors, which are expected to lead to accelerated project approvals and order realizations [16][18] Financial Forecast - The company is projected to achieve revenues of 919 million, 1.342 billion, and 2.050 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits of 71 million, 147 million, and 299 million yuan, reflecting significant growth rates of +123%, +106%, and +103% [4][23]