公司在火电、水电、核电及输变电等领域占据领先地位，同时积极抢占新能源、 储能等市场，竞争优势突出。公司由工程建设主业战略性转向工程建设与投资 运营双轮驱动，盈利水平有望提升。首次覆盖，给予 "增持"投资评级。 ❑ 风险提示：电力需求增长不及预期、项目投产进度不及预期、应收账款回款 增持（首次） 目标估值：NA 当前股价：2.52 元 基础数据 中国能建（601868.SH） 火水风光储氢齐头并进，打造"投建营"一体化新引擎 周期/环保及公用事业/房地产 证券研究报告 | 公司深度报告 2026 年 03 月 04 日 | 总股本（百万股） | 41691 | | --- | --- | | 已上市流通股（百万股） | 32429 | | 总市值（十亿元） | 105.1 | | 流通市值（十亿元） | 81.7 | | 每股净资产（MRQ） | 2.8 | | ROE（TTM） | 6.7 | | 资产负债率 | 77.8% | | 主要股东 中国能源建设集团有限公司 | | | 主要股东持股比例 | 45.21% | 股价表现 % 1m 6m 12m 绝对表现 5 3 11 相对表现 5 -1 -9 资料来 ...

Group 1 - The company, Dasin Intelligent (002421.SZ), has stated on its interactive platform that it has not directly participated in the construction of the downstream hydropower project of the Yarlung Tsangpo River [1]

Core Viewpoint - The launch of the Yarlung Tsangpo River downstream hydropower project, with a total investment of 1.2 trillion yuan, has significantly impacted the A-share market, particularly benefiting China Power Construction (601669.SH) as a concept stock related to the project [1][6][7]. Group 1: Company Performance - China Power Construction signed 576 new hydropower contracts in the first half of the year, with a total contract value exceeding 100 billion yuan, marking a year-on-year increase of approximately 67% [2][11]. - The company's overall profitability remains stable, with annual net profit exceeding 10 billion yuan from 2022 to 2024, and a net profit of over 2.6 billion yuan in the first quarter of this year [2][12]. - The company has actively engaged in research and development, with R&D investment reaching 29.846 billion yuan in 2024 [3]. Group 2: Market Activity - Following the announcement of the Yarlung Tsangpo River downstream hydropower project, China Power Construction's stock price experienced a surge, hitting the daily limit for four consecutive trading days [1][5][6]. - On July 24, the stock achieved a record trading volume of 15.86 billion yuan, the highest since 2015, indicating strong market interest [5][6]. - The stock price had previously fluctuated, reaching a low of 4.33 yuan per share in September 2024 before rebounding to 5.08 yuan by July 18 [4][5]. Group 3: Strategic Initiatives - The company is deeply involved in national strategic projects, investing over 60 billion yuan in key regions such as the Beijing-Tianjin-Hebei area and the Yangtze River Economic Belt [9]. - China Power Construction has successfully delivered significant projects and secured numerous high-value contracts, including 15 contracts worth over 10 billion yuan each [9]. - The company is focusing on clean energy investments, with plans for new wind, solar, and hydropower capacity additions in 2024 [10].

Group 1 - The Yarlung Tsangpo River downstream hydropower project has officially commenced, with a total investment of approximately 1.2 trillion yuan, which is about six times the investment of the Three Gorges Project [4][3] - The project will construct five cascade power stations, with an estimated installed capacity of 60 million kilowatts, based on the average cost of hydropower projects in 2023 [4][4] - The construction is expected to generate an annual engineering order volume of 33.6 to 44.8 billion yuan over a 15-20 year period, significantly boosting the construction sector [4][4] Group 2 - China Power Construction Corporation is a leading enterprise in water conservancy and hydropower construction, holding over 65% of the construction tasks for large and medium-sized hydropower stations in China [6][6] - The company is projected to secure approximately 21.8 to 29.1 billion yuan in engineering volume from the Yarlung Tsangpo River downstream project, which would account for 1.7% to 2.3% of the company's new contract amount in 2024 [6][6] - In the first five months of 2025, the company signed 488 new hydropower projects with a contract amount of 65.387 billion yuan, reflecting a year-on-year increase of 60.66% [6][6]

Investment Rating - The report maintains an "Overweight" rating for the construction and building materials industry [4] Core Insights - The commencement of the Yarlung Zangbo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to generate substantial construction and material orders [1][2] - The project is estimated to have a capacity of 60 million kW, with an average construction cost of 20,344 yuan/kW for hydropower projects in 2023 [1][2] - The project is anticipated to have a construction period of 15-20 years, leading to an annual investment of 60-80 billion yuan [2] - The project will significantly boost infrastructure investment growth in China, with a 4.6% year-on-year increase in infrastructure investment in the first half of 2025 [3] Summary by Sections Project Overview - The Yarlung Zangbo River downstream hydropower project is located in Linzhi City, Tibet, and involves the construction of five tiered power stations to enhance power generation efficiency [1] - The total investment is about six times that of the Three Gorges Project, which had a total investment of 207.2 billion yuan [2] Investment Structure - The investment structure for hydropower projects includes approximately 32%-45% for permanent construction, 18%-25% for electromechanical equipment, and 10%-35% for other costs [2] Market Impact - The project is part of China's "14th Five-Year Plan" and is expected to effectively stimulate infrastructure investment growth [3] - Recommended companies to watch include China Power Construction, China Energy Engineering, and several others involved in construction and materials [3]