该公司拥有水利建设市场AAA级信用资质和水利安全生产标准化一级单位认证，先后承建甘肃引洮供水、山西中部引黄、青海引大济湟等10余项国家172项 重大水利工程，以及多项省属重点水利工程、大中型水库枢纽、泵站、水电站、调蓄水池、大跨度渡槽引调水工程、大型灌区改造及病险水库除险加固工 程。所建工程多次获国家水利大禹奖、省部级优质工程奖；施工技术斩获省级科技进步奖及国家级、省部级工法，拥有多项发明专利与实用新型专利，多项 质量管理成果获评水利工程优秀质量管理Ⅰ类、Ⅱ类等级，还被省工信厅认定为"省级企业技术中心"。 近年来，甘肃省水利水电工程局有限责任公司以国企改革为引擎，通过"三减一增""三项制度"改革提升运营效能；在做强水利水电主业基础上，推进多元化 发展，形成从西北辐射全国的市场布局；强化科技投入、完善创新激励，构建"引育用留"人才体系，建立"四支队伍"后备人才库，优化薪酬考核机制，为发 展注入动力。 未来，甘肃省水利水电工程局有限责任公司将以晋升特级资质为新起点，依托甘肃水投集团"融、投、建、管、运、服"全产业链优势，从单一施工企业向集 工程施工、投资建设运营、水力发电、生态科技于一体的综合型强企转型，朝着"打 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [7]. Core Insights - The company is positioned to benefit from the high investment intensity in Anhui Province's 14th Five-Year Plan, particularly in highway and municipal construction, with a projected average annual increase in highway operational mileage of 363 kilometers, a 21% increase from the previous plan [6]. - The company has shown resilience with a year-on-year increase of 2.68% in new orders to 75.086 billion yuan in the first half of 2025, despite industry headwinds [6]. - The company is expanding its geographical reach and operational capabilities, establishing 18 branches outside Anhui and focusing on key markets such as Beijing-Tianjin-Hebei, the Yangtze River Delta, and the Greater Bay Area [6]. - The company has a strong dividend profile, with a cash dividend of 463 million yuan in 2024, a payout ratio of 34.46%, and a dividend yield of 5.9% as of September 30 [6]. Financial Projections - The projected net profit attributable to the parent company for 2025-2027 is 1.338 billion, 1.439 billion, and 1.538 billion yuan, respectively, with corresponding P/E ratios of 5.99, 5.57, and 5.21 [7]. - Revenue forecasts for 2024-2027 are 96.502 billion, 92.332 billion, 94.614 billion, and 96.997 billion yuan, with growth rates of 5.76%, -4.32%, 2.47%, and 2.52% [8].

格隆汇8月13日丨保利联合(002037.SZ)于投资者互动平台表示，公司具有水利水电工程施工相关资质及 相关工程服务经验。 ...