Investment Rating - The report maintains a "Buy" rating for the company [5][11] Core Views - The company has signed 3,579 new energy and power projects with a total contract value of 516.24 billion RMB from January to August 2025, representing a year-on-year increase of 14.3% [1] - The overseas business has shown rapid growth, with new contracts amounting to 179.84 billion RMB, up 21.9% year-on-year [2] - The company has achieved significant growth in its electricity investment and operation business, with a total installed capacity of 35.16 million kilowatts as of June 2025, including wind power capacity of 10.83 million kilowatts, solar power capacity of 13.04 million kilowatts, and hydropower capacity of 7.09 million kilowatts [3] Summary by Sections Business Performance - The company signed 692 new hydropower projects with a contract value of 123.54 billion RMB, up 58.88% year-on-year, and 811 new wind power projects with a contract value of 166.26 billion RMB, up 61.27% year-on-year [1] - In August alone, the company signed 24 projects with individual contract values exceeding 500 million RMB, an increase of 2 projects from the previous month [1] Financial Forecast - The company is expected to achieve net profits attributable to shareholders of 12.30 billion RMB, 13.50 billion RMB, and 13.89 billion RMB for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 2.4%, 9.8%, and 2.9% [3][4] - The projected earnings per share (EPS) for the same years are 0.71 RMB, 0.78 RMB, and 0.81 RMB [3][4] Key Data - The company's revenue is projected to grow from 608.44 billion RMB in 2023 to 733.55 billion RMB in 2027, with a compound annual growth rate (CAGR) of approximately 5.5% [4] - The price-to-earnings (P/E) ratio is expected to decrease from 7.4 in 2023 to 6.9 in 2027, indicating a potentially undervalued stock [4]

Core Insights - The company, Jianyan Design (301167), has stated that its digital business encompasses the entire process of design, cost estimation, construction, and operation and maintenance, with applications including BIM forward design, integrated design quantity, BIM construction management, and BIM + digital twin technologies [1] Group 1: Digital Business Overview - The scale of the company's digital business currently accounts for a small proportion of its total revenue, not yet reaching 5% [1] - In the field of urban information CIM model platforms, the company has established the CIM platform version 1.0 for the historical cultural district of Tongcheng East Street based on BIM + GIS, but this project is still a research topic and has not directly impacted the company's revenue [1] Group 2: Future Development Plans - The company plans to continue research in the application of artificial intelligence technologies, digital forward design, and digital twin fields to promote intelligent and digital development [1]

Core Viewpoint - The company reported a revenue increase of 4.46% year-on-year for the first half of 2025, reaching 22.597 billion yuan, with a net profit increase of 13.15% to 1.829 billion yuan [1] Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 12.522 billion yuan, a year-on-year increase of 0.78%, and a net profit of 1.235 billion yuan, up 10.75% year-on-year [1] - The gross margin and net margin for the first half of 2025 reached historical highs of 15.33% and 8.31%, respectively, with increases of 1.18 percentage points and 0.56 percentage points year-on-year [2] - The energy technology service business contributed to profitability, with a revenue increase of 2.79% and a gross margin of 21.46%, marking a year-on-year increase of 2.47 percentage points [2] Group 2: Business Segments - The energy technology service sector generated 7.993 billion yuan in revenue, with a gross margin of 21.46%, both achieving historical highs [2] - The low-carbon and digital industries saw revenue growth of 11.17%, with significant increases in the workload of new energy technology (32.89%), safety emergency services (22.70%), and digital business (10.17%) [3] - The energy logistics service sector reported a revenue increase of 5.13%, reaching 11.640 billion yuan, supported by strategies to mitigate the impact of oil price fluctuations [3] Group 3: Strategic Moves - The company plans to optimize resource allocation by selling its cold energy business and assets, including stakes in various air separation companies, for a total of 371 million yuan [3]

Core Viewpoint - Company is actively positioning itself in deep-sea technology and has achieved stable growth in its three main business areas, leading to a "buy" rating for the stock [1] Financial Performance - In the first half of 2025, the company reported total revenue of 22.597 billion yuan, a year-on-year increase of 4.46%, and a net profit attributable to shareholders of 1.829 billion yuan, up 13.15% year-on-year [2] - For Q2 2025, the company achieved revenue of 12.522 billion yuan, a year-on-year increase of 0.78% and a quarter-on-quarter increase of 24.30%, with a net profit of 1.235 billion yuan, up 10.75% year-on-year and 107.97% quarter-on-quarter [2] Business Segments - The company focuses on three main industries: 1. Energy Technology Services: Revenue of 7.993 billion yuan, up 2.79% year-on-year, with significant increases in downhole tools (16.11%) and artificial lift services (3.24%) [3] 2. Low Carbon Environmental and Digitalization: Revenue of 3.870 billion yuan, up 11.17% year-on-year, with notable growth in new energy technology (32.89%) and safety emergency services (22.70%) [3] 3. Energy Logistics Services: Revenue of 11.640 billion yuan, up 5.13% year-on-year, with increases in terminal loading and unloading (6.23%) and product sales (15.61%) [3] Cost and Expenses - The financial expense ratio increased primarily due to a decrease in bank deposit interest income, while sales and management expenses showed slight changes [4] Strategic Initiatives - The company is accelerating the high-end, intelligent, and green transformation of traditional industries, launching ten digital management modules and establishing three smart factories [5] - It is also advancing new strategic industries and future industries, optimizing its product and service offerings across six major areas [5] Profit Forecast - The profit forecast for the company has been slightly adjusted upwards, with expected net profits of 4.150 billion yuan, 4.749 billion yuan, and 5.326 billion yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 9.9, 8.6, and 7.7 times [6]

Group 1 - The establishment of Jiangke Yili Engineering Consulting Co., Ltd. aims to expand the company's order reach in the low-altitude economy sector, with shareholders including Yili Transportation Investment Group (51%) and Sujiao Technology (49) [2][3] - Xinjiang ranks second in low-altitude economic procurement activities, with 2,693 entries, indicating a robust market potential for low-altitude applications in various industries such as transportation, agriculture, and tourism [3] - The company has secured multiple low-altitude economic projects in Jiangsu Province, enhancing its capabilities and positioning in the low-altitude economy market [3] Group 2 - Jiangsu Province's implementation plan for digital transformation aims for a digital economy core industry value-added of 1.8 trillion yuan by 2027, with significant advancements in smart city construction [4] - The company is actively expanding its digital business, focusing on integrated safety construction projects and leveraging new technologies such as IoT, 5G, and digital twin technology for enhanced project management [4] - The growth of the company's digital business is expected to align with Jiangsu's push for digital economic development, indicating a positive outlook for future revenue streams [4]