Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.33 CNY [7] Core Views - The company achieved significant growth in Q2, with a revenue increase of 21.81% year-on-year, driven by collaboration with its controlling shareholder and benefits from urban renewal projects [1][2] - The company has raised its profit forecasts for 2025-2027, expecting net profits of 1.2 billion, 1.3 billion, and 1.5 billion CNY respectively [1] - The engineering construction business has seen a substantial increase in new contract signings, with a total of 50.50 billion CNY in new contracts, a 48% increase year-on-year, primarily from the construction segment [2] Financial Performance - In H1 2025, the company reported a revenue of 3.393 billion CNY, a year-on-year increase of 7.67%, and a net profit of 0.45 billion CNY, up 32.33% [1] - The company's gross margin for H1 2025 was 4.99%, with a net profit margin of 1.61%, reflecting a 0.15 percentage point increase year-on-year [3] - The cash flow from operations for H1 2025 was 0.52 billion CNY, an increase of 0.95 billion CNY year-on-year, indicating improved cash collection management [3] Business Expansion - The company has increased its expected daily related transaction limit with its controlling shareholder to 12 billion CNY for 2025, up from 8 billion CNY [4] - The company’s engineering consulting business showed resilience with a new contract amount of 4.57 billion CNY, remaining stable compared to the previous year [2]

建筑装饰/工程咨询服务Ⅱ 建发合诚（603909.SH） 营收利润同比大幅增长，工程施工业务订单大幅增长 2025 年 08 月 20 日 投资评级：买入（维持） | 日期 | 2025/8/19 | | --- | --- | | 当前股价(元) | 10.30 | | 一年最高最低(元) | 11.35/6.68 | | 总市值(亿元) | 26.85 | | 流通市值(亿元) | 26.85 | | 总股本(亿股) | 2.61 | | 流通股本(亿股) | 2.61 | | 近 3 个月换手率(%) | 53.97 | 股价走势图 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2024-08 2024-12 2025-04 建发合诚 沪深300 相关研究报告 《营收利润同比大幅增长，施工业务 占比提升稀释毛利率—公司信息更新 报告》-2025.3.24 《三季度营收利润同比大增，工程咨 询业务蕴蓄业绩增长潜能—公司信息 更新报告》-2024.10.27 《业绩势能强势延续，股东协同夯实 长 期 业 绩 — 公 司 信 息 更 新 报 告 》 -2024.8.21 ——公司信息更新报告 ...