公司报告 | 半年报点评 中岩大地（003001） 证券研究报告 盈利能力持续改善，或将受益于雅下水电+核电工程 Q2 归母净利润稳健增长，继续维持"买入"评级 公司发布 2025 年半年报，上半年公司实现营收 3.61 亿元，同比-11.77%， 归母净利润0.21 亿元，同比+2.69%，扣非归母净利润0.19 亿元，同比-6.59%。 其中，25Q2 单季实现营收 1.99 亿元，同比-26.96%，归母、扣非归母净利 润均为 0.1 亿元，同比分别-35.59%、-44.24%。上半年公司营收虽同比有所 下滑，但公司的盈利能力、资产质地及运营质量依然良好。我们维持公司 2025-2027 年归母净利润的盈利预测：1.5/2.9/4.2 亿元，继续维持"买入" 评级。 上半年毛利率大幅提升，费用率仍有改善空间 分业务来看，25 年上半年公司岩土工程、产品销售分别实现营收 3.4、0.18 亿元，同比+6.96%、-77.22%，毛利率分别为 25.03%、18.08%，同比分别+3.37、 +3.48pct。25H1 公司整体毛利率为 24.44%，同比+3.09pct，期间费用率同 比提升 4.64p ...

Group 1 - The stock price of Zhonghua Rock and Soil closed at 3.87 yuan on August 13, down 0.02 yuan, a decrease of 0.51% from the previous trading day [1] - The trading volume on that day was 560,631 hands, with a transaction amount of 217 million yuan [1] - Zhonghua Rock and Soil's main business includes geotechnical engineering, underground engineering, and municipal engineering, with involvement in low-altitude economy and new urbanization [1] Group 2 - On August 13, the company announced that the board approved several proposals, including a related party transaction regarding guarantees provided by the controlling shareholder, which faced opposition from one director [1] - The opposing director argued that charging a 1% guarantee fee was unreasonable given that counter-guarantee measures had already been provided [1] - The company plans to apply for a guarantee limit of no more than 2 billion yuan from the controlling shareholder, with a term of three years [1] Group 3 - On August 13, the net outflow of main funds for Zhonghua Rock and Soil was 20.94 million yuan, with a cumulative net outflow of 30.54 million yuan over the past five trading days [1]

Core Viewpoint - The company, Hongyeji, is facing challenges in its overseas listing application due to regulatory feedback and ongoing financial difficulties, particularly related to its reliance on the real estate sector [5][6]. Group 1: Regulatory Feedback - The China Securities Regulatory Commission (CSRC) has requested additional information regarding production safety incidents and their potential impact on financing and listing eligibility [1]. - The company is required to clarify the impact of its real estate property mortgages on its business operations and the upcoming issuance [2]. - The CSRC has also asked for details on whether the shares held by shareholders participating in the "full circulation" plan are subject to pledges, freezes, or other rights defects [3]. Group 2: Financial Performance - Hongyeji's revenue has been declining from 1.228 billion yuan in 2022 to an estimated 1.011 billion yuan in 2024, while net profit has shown a slight increase from 47.48 million yuan to 75.67 million yuan during the same period [6]. - The company has seen a significant increase in trade receivables and notes, with average turnover days rising from 174 to 286 days, indicating cash flow challenges [6]. - As of February 28, 2025, the company has outstanding bank and other borrowings of 468 million yuan, with cash and cash equivalents dropping to 10.4 million yuan, which is below the average interest payment over the past three years [6]. Group 3: Market Position and Industry Context - Hongyeji specializes in geotechnical engineering services, particularly in pile foundation and excavation projects, and holds a leading market share of 1.9% in large geotechnical projects in South China [5]. - The company has a strong workforce with 50 professionals holding advanced qualifications, which positions it favorably within the industry [5]. - The ongoing downturn in the real estate market since 2021 has led to significant asset impairment losses for the company, highlighting its vulnerability to sector fluctuations [6][7].

Core Insights - ABO-Group Environment celebrates 30 years of expertise in environmental services, evolving from soil remediation in Flanders to an international benchmark in environmental consulting [2] - The company reported a strong growth of 14.6% in turnover, reaching nearly EUR 100 million, with significant contributions from Belgium and the Netherlands [3][4] - ABO-Group is shifting towards larger, multidisciplinary projects, requiring organizational adjustments and increased cross-border collaboration [6][7] Financial Performance - In Belgium, revenue increased by 23% to EUR 33.6 million, driven by demand for PFAS-related projects and acquisitions [3] - The Netherlands experienced a growth of 38.8%, attributed to integrated project execution and the acquisition of Eco Reest [4] - France's turnover rose by 2.5%, despite challenges in ongoing projects [4] Market Demand and Strategy - There is a notable shift in market demand from solely soil investigations to combined geotechnical-geophysical investigations and ecological studies [5] - ABO-Group's unique market position allows it to address multidisciplinary requests, integrating all phases of project execution [5] - The company has secured approximately EUR 45 million in large-scale assignments for 2025, including EUR 25 million from the French Ministry of Defence [7] Major Assignments - Recent contracts include projects for military airbases, safe docking areas for nuclear submarines, and high-speed rail line constructions [8][9] - Major assignments in Belgium and the Netherlands include initiatives for the Port of Antwerp-Bruges and regional development projects [9] Company Overview - Founded in 1995, ABO-Group has grown into an international engineering firm specializing in environmental and soil-related services [10][11] - The company operates through semi-independent subsidiaries in Belgium, France, and the Netherlands, employing over 800 experts [11] - ABO-Group is listed on Euronext Brussels and Euronext Paris, providing comprehensive solutions for various sectors including construction, infrastructure, and energy [12]

Core Viewpoint - Hongyeji is attempting to list on the Hong Kong Stock Exchange after facing challenges in its A-share listing process, with a history of declining revenues and emerging liquidity risks [1][2]. Company Overview - Hongyeji has over 22 years of experience in geotechnical engineering services in South China and holds various construction qualifications [1]. - The company is the largest non-state-owned geotechnical engineering firm in South China, with a market share of 1.9% in 2024 [2]. Financial Performance - Revenue has declined for three consecutive years, with figures of 1.228 billion RMB, 1.112 billion RMB, and 1.011 billion RMB for the fiscal years 2022 to 2024 [3]. - Despite declining revenues, net profits increased from 47.5 million RMB in 2022 to 75.7 million RMB in 2024, attributed to rising gross margins and decreasing sales costs [2][3]. - Gross profit margins improved from approximately 15.5% in 2022 to 23.7% in 2024, primarily due to reduced direct material costs [4]. Cash Flow and Liquidity - The company's cash flow has been volatile, with operating cash flows of -94.1 million RMB, 113 million RMB, and 155 million RMB over the same period [4]. - Trade receivables have been high, with significant contributions from five major clients, leading to increased liquidity risks [5][6]. Industry Context - The construction industry, particularly the real estate sector, is experiencing a downturn, impacting demand for geotechnical services [7]. - Key metrics in the real estate sector, such as new construction area and sales area, are in negative growth, indicating a challenging environment for related industries [7][8]. Competitive Landscape - Hongyeji's operations are heavily concentrated in South China, particularly in Shenzhen, which accounts for over 70% of its revenue [8][9]. - Competitors with a national presence may pose challenges for Hongyeji's growth, as the company lacks experience in expanding to other regions [9].

Core Viewpoint - The company, Hongyeji, is a leading geotechnical engineering service provider in South China, with a significant market presence and a steady revenue stream over the past three fiscal years. Group 1: Company Overview - Hongyeji has over 22 years of experience in geotechnical engineering services in South China, with revenues of approximately RMB 12.28 billion, RMB 11.11 billion, and RMB 9.94 billion for the fiscal years 2022, 2023, and 2024, respectively, accounting for 100%, 99.9%, and 98.3% of total revenue [5][6] - The company is ranked as the largest non-state-owned geotechnical engineering firm in South China based on 2024 revenue and holds the top position among non-state-owned enterprises involved in large geotechnical projects in the region, with a market share of 1.9% [5] - Hongyeji has a high percentage of qualified personnel, with 11.2% of its workforce holding advanced professional qualifications, including 50 individuals with first-level registered cost engineer and builder certifications [5] Group 2: Business Segments - The main business focuses on providing geotechnical engineering services, including pile foundation engineering, foundation pit engineering, and mixed engineering for pile foundations and foundation pit support [6] - Additional services include the provision of new geotechnical engineering materials and gas energy rock-breaking technology, along with other construction engineering services [6] Group 3: Financial Performance - The company's financial performance shows a trend of decreasing revenue from RMB 12.28 billion in 2022 to RMB 9.94 billion in 2024, while net profit has increased from RMB 47.48 million in 2022 to RMB 75.67 million in 2024 [6][8] - Gross profit has also shown an upward trend, increasing from RMB 190.23 million in 2022 to RMB 239.71 million in 2024, indicating improved cost management [8]