证券研究报告 中材国际 (600970 CH) 境外需求稳健，红利价值较好 2025 年 8 月 27 日│中国内地 建筑施工 公司发布半年报：25H1 实现营收 216.76 亿元（yoy+3.74%），归母净利 14.21 亿元（yoy+1.56%），扣非净利 12.39 亿元（yoy-11.60%）。其中 Q2 实现营收 115.29 亿元（yoy+8.69%，qoq+13.61%），归母净利 7.58 亿元（yoy-0.65%，qoq+14.30%），基本符合我们的预期（7.74 亿元）， 我们认为公司海外市场需求的持续性较好，25H1 新签合同额 412 亿元，同 比+11%，保持稳健增长，截至 25H1 末未完合同额 620 亿，同比+5%，在 手订单充裕。中长期看，公司业绩有望保持稳健增长，根据 8 月 26 日收盘 价 9.34 元/股计算，预计 25/26 年股息率 5.6%/6.3%，具备较好投资价值， 维持"买入"评级。 生产运营服务稳定增长，装备业务境外拓展成果显著 公司 25H1 工程技术服务/高端装备制造/生产运营服务分别实现收入 125.76/23.09/62.35 亿元，同比+ ...

Group 1 - The stock of China National Materials International (中材国际) closed at 9.2 yuan on August 15, 2025, with an increase of 1.43% and a trading volume of 241,100 hands, resulting in a transaction amount of 221 million yuan [1] - On August 15, 2025, the net inflow of main funds was 14.54 million yuan, accounting for 6.59% of the total transaction amount, while retail investors experienced a net outflow of 7.38 million yuan, representing 3.34% of the total transaction amount [1] - Over the past five days, the stock has seen fluctuations in fund flows, with significant net outflows from retail investors on several days [1] Group 2 - As of the first quarter of 2025, China National Materials International reported a main business revenue of 10.147 billion yuan, a year-on-year decrease of 1.36%, while the net profit attributable to shareholders was 663 million yuan, an increase of 4.19% [2] - The company has a total market value of 24.288 billion yuan, with a net asset value of 23.445 billion yuan and a net profit of 663 million yuan, ranking 69th in the engineering construction industry [2] - The company's price-to-earnings ratio (P/E) is 9.16, significantly lower than the industry average of 35.58, indicating a potentially undervalued stock [2] Group 3 - In the last 90 days, 9 institutions have given buy ratings for the stock, with an average target price of 13.64 yuan [3] - The definitions of fund flows indicate that the stock price's upward movement is driven by active buying, while downward movements are influenced by active selling [3] - The classification of funds includes main funds as large orders, speculative funds as medium orders, and retail funds as small orders [4]

Core Viewpoint - China National Materials International Engineering Co., Ltd. (中材国际) has experienced fluctuations in its stock price and a decrease in new contract amounts for the second quarter of 2025, indicating potential challenges in its operational performance [1][2]. Group 1: Company Performance - As of July 11, 2025, the stock price of China National Materials International closed at 9.05 yuan, up 4.62% from the previous week [1]. - The total market capitalization of the company is 23.892 billion yuan, ranking 4th in the professional engineering sector and 681st among all A-shares [1]. - In the second quarter of 2025, the company signed new contracts totaling 1,328,368.82 thousand yuan, a decrease of 16% year-on-year [2]. - The breakdown of new contracts shows a 29% decrease in engineering technical services, while high-end equipment manufacturing saw a 27% increase [2]. Group 2: Contract and Project Status - The company’s new contracts for the first half of 2025 totaled 4,116,420.98 thousand yuan, reflecting an 11% year-on-year growth [2]. - The total uncompleted contract amount as of the reporting period is 6,203,703.16 thousand yuan, which is a 5.94% increase from the previous reporting period [4][5]. - A significant project, the Zambia Central Africa Cement Company's 5,000 tons per day clinker production line, has a contract value of 480 million USD and is currently in the financing stage, not yet executed [4]. Group 3: Shareholder Changes - The company plans to repurchase and cancel 18,138,506 shares of restricted stock granted to 253 incentive recipients who have not met the release conditions [3]. - Following the repurchase, the total share capital will decrease from 2,639,958,030 shares to 2,621,819,524 shares [3]. - The total amount required for the repurchase is approximately 83.26 million yuan, funded by the company's own resources [3].

Group 1 - Company stock closed at 8.8 yuan on July 8, 2025, with a 1.27% increase and a turnover rate of 0.66% [1] - Total trading volume was 148,500 shares, with a transaction amount of 130 million yuan [1] Group 2 - On July 8, 2025, the fund flow for the company showed a net inflow of 1.2997 million yuan from main funds, accounting for 1.0% of total transaction amount [2] - Retail investors had a net inflow of 13.8094 million yuan, representing 10.6% of total transaction amount, while speculative funds had a net outflow of 15.1091 million yuan, accounting for 11.6% [2] Group 3 - In Q2 2025, the company signed new contracts totaling 1,328,368.82 million yuan, a decrease of 16% year-on-year [2] - The breakdown of new contracts includes: engineering technical services at 683,158.10 million yuan (down 29% YoY), high-end equipment manufacturing at 202,853.31 million yuan (up 27% YoY), and production operation services at 388,561.83 million yuan (down 11% YoY) [2] - For the first half of 2025, new contracts totaled 4,116,420.98 million yuan, an increase of 11% year-on-year [2] Group 4 - The company’s uncompleted contract amount as of the reporting period was 6,203,703.16 million yuan, reflecting a growth of 5.94% compared to the previous reporting period [2] - A significant project signed but not yet executed is the Zambia Central Africa Cement Company's 5,000 tons per day clinker production line and supporting engineering project, with a contract amount of 480 million USD, currently in financing [2]

Group 1 - The company reported a total new contract amount of 1,328,368.82 million RMB in Q2 2025, representing a 16% decrease year-on-year [2] - The new contract amounts for different segments include: - Engineering technical services: 683,158.10 million RMB, down 29% - High-end equipment manufacturing: 202,853.31 million RMB, up 27% - Production operation services: 388,561.83 million RMB, down 11% [2] - The total new contract amount for the first half of 2025 was 4,116,420.98 million RMB, reflecting an 11% increase year-on-year [2] Group 2 - As of the end of the reporting period, the company's uncompleted contract amount was 6,203,703.16 million RMB, an increase of 5.94% compared to the previous reporting period [3] - The uncompleted contract amount refers to the balance of effective contracts, which is the total of all contracts minus those that have been signed but not executed or are on hold [3] Group 3 - The company has a significant ongoing project in Zambia, involving a clinker production line with a daily capacity of 5,000 tons, with a contract amount of 480 million USD. The project is still in the financing stage and has not yet entered the execution phase [3]

| 证券代码：600970 | 证券简称：中材国际 | | 公告编号：临 2025-043 | | --- | --- | --- | --- | | 债券代码：241560 | 债券简称：24 | 国工 K1 | | 中国中材国际工程股份有限公司 2025 年第二季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国中材国际工程股份有限公司（以下简称"公司"） 2025 年第二季度主 要经营情况公布如下： 注："未完合同额"指有效合同的结转额，即在手所有合同的结转额减去已 签订未执行及停缓建合同的结转额。 三、已签订尚未执行的重大项目进展情况 赞比亚中非水泥有限公司日产5000吨熟料生产线及配套工程项目 一、新签合同情况 1 单位：万元 币种：人民币 合同类型 2025 年 4-6 月 2025 年 1-6 月 新签合同金额 同比增减 新签合同金额 同比增减 1. 分产品 工程技术服务 683,158.10 -29% 2,767,216.55 15% 高端装备制造 202,853.31 27% 491,3 ...