Group 1 - Company Shaanxi Construction Group announced on September 10 that it has won four construction projects with a total bid amount of 4.506 billion yuan, exceeding 500 million yuan each [1] - The revenue composition for Shaanxi Construction Group in 2024 is as follows: engineering contracting accounts for 92.81%, petrochemical engineering business accounts for 6.02%, other industries account for 0.81%, and other businesses account for 0.36% [1] - As of the report, the market capitalization of Shaanxi Construction Group is 14.3 billion yuan [1]

Group 1 - Shaanxi Construction Group (SH 600248) announced on August 30 that it will recognize an asset impairment provision for the first half of 2025, which will reduce the company's consolidated profit by approximately 927 million yuan [1] - For the year 2024, the revenue composition of Shaanxi Construction Group is as follows: engineering contracting accounts for 92.81%, petrochemical engineering business accounts for 6.02%, other industries account for 0.81%, and other businesses account for 0.36% [1]

Group 1 - The company, Shaanxi Construction Group Co., Ltd. (SH 600248), announced the convening of its 26th meeting of the 8th Board of Directors on August 8, 2025, via communication methods [2] - For the fiscal year 2024, the company's revenue composition is as follows: engineering contracting accounts for 92.81%, petrochemical engineering business accounts for 6.02%, other industries account for 0.81%, and other businesses account for 0.36% [2]

Investment Rating - The report maintains a "Buy" rating for the company [7][18] Core Views - The company's performance is under pressure due to impairment losses, but its business outside the province and overseas is showing strong growth [1][2] - Revenue for 2024 is projected at 151.14 billion, a year-on-year decrease of 16.29%, with a net profit of 2.96 billion, down 25.3% year-on-year [2] - The company plans to distribute a cash dividend of 525 million for 2024, with a dividend payout ratio of 17.74% [2] Financial Performance - In Q1 2025, the company achieved revenue of 23.24 billion, a decline of 16.3% year-on-year, and a net profit of 417 million, down 24.5% year-on-year [1] - The gross profit margin for 2024 is reported at 11.7%, an increase of 1.11 percentage points year-on-year [3] - The company’s cash flow from operations (CFO) for 2024 was -8.19 billion, a year-on-year increase in outflow of 717 million [5] Business Development - New contracts signed in Q1 2025 were 75.1 billion, remaining stable year-on-year, while total new contracts for 2024 were 346.94 billion, down 12.48% [4] - The company aims to achieve a signed contract amount of 390.8 billion in 2025, expecting a year-on-year growth of 12.6% [4] - The company’s revenue from overseas markets grew by 58.19% year-on-year, while domestic revenue decreased by 16.87% [3] Valuation Metrics - The projected PE ratios for 2025, 2026, and 2027 are 4.5, 4.1, and 3.6 respectively [2][6] - The company’s total assets for 2024 are estimated at 353.19 billion, with a debt-to-asset ratio of 88.68% [12][13]