北交所信息更新 青矩技术（836208.BJ） 国家战略工程核心服务商，订单饱满+AI 工程审计驱动成长 2025 年二季度末订单余额 29.32 亿元 青矩技术 2025H1 实现营收 3.51 亿元、扣非归母净利润 6368.58 万元，分别同比 增长 2.39%、6.71%。销售收现 3.19 亿元，同比增长 2.92%。同时，公司上半年 新签业务合同 6.58 亿元，同比增长 29.50%，期末在手订单余额达到 29.32 亿元。 由于固定投资增速放缓及公司并购、新设子公司等业务增加管理费用，我们下调 2025-2027 年盈利预测，预计归母净利润分别为 2.32/2.62/3.00（原 2.58/3.02/3.50） 亿元，当前股价对应 PE 分别为 17.0/15.0/13.1 倍，看好雅江工程、新藏铁路等国 家战略工程对基建投资等领域带来的辐射效应，以及公司积极拥抱人工智能发 展，维持"买入"评级。 紧盯投资热点领域，深度服务国家战略 公司广泛服务于民建、能源、工业、交通、国防、通信、市政、水利以及新型基 础设施建设、战略新兴产业投资、城市更新等众多工程建设领域。2025H1 全国 固定资产投资 ...

Core Insights - Qingju Technology (836208.BJ) reported a revenue of 351 million yuan for the first half of 2025, marking a year-on-year increase of 2.39%, and a net profit attributable to shareholders of 65.7 million yuan, up 0.56% from the previous year [1] - The company signed new business contracts worth 658 million yuan during the same period, representing a growth of 29.50% year-on-year, with a backlog of orders reaching 2.932 billion yuan, an increase of 2.56% from the beginning of the year [1] Revenue and Profit Growth - The company's core business, which includes full-process engineering consulting services, generated revenue of 338 million yuan, reflecting a year-on-year growth of 4.53% [1] - The non-recurring net profit reached 63.7 million yuan, with a year-on-year increase of 6.71% [1] Strategic Client Acquisition - Qingju Technology successfully entered the consulting intermediary agency library of several strategic clients, including China Rare Earth Group and China Agricultural Bank, contributing to a new contract amount increase of 143.7 million yuan, or 28.79% [2] Second Growth Curve Development - The company is developing a second growth curve through its engineering management technology service ecosystem, leveraging data and algorithms to provide investment control platforms and smart cost estimation robots [3] - Despite a temporary decline in revenue from the "one circle" business, new contracts in this segment increased by 47.38% year-on-year, with non-construction party contracts making up 91.84% of the total [3] Technological Innovation and AI Integration - Qingju Technology has established a strategic partnership with Beijing Future Intelligent Technology Co., focusing on the application of AI in engineering management and consulting [4] - The self-developed "AI Smart Engineering Audit Platform" has shown promising results in practical applications and was recognized as a typical case in the field of AI at the Zhongguancun Forum [4] ESG and Corporate Governance - The company achieved a comprehensive ESG rating score of 8.27, ranking first among all companies listed on the Beijing Stock Exchange and receiving an AA rating for its performance in environmental, social, and governance aspects [5] - The board and executive team underwent a restructuring, increasing the number of members and incorporating AI experts, which enhances the company's governance and strategic direction [5] Competitive Advantages - As a leading enterprise in the industry, Qingju Technology possesses competitive advantages in talent development, client resources, and geographic distribution, positioning it for potential performance and valuation growth in 2025 [6]