营收及业绩企稳改善，新签订单稳定增长 金螳螂(002081) 证券研究报告 装修装饰Ⅱ / 公司点评 / 2025.08.26 | 投资评级:增持(维持) | | | --- | --- | | 基本数据 | 2025-08-25 | | 收盘价(元) | 3.62 | | 流通股本(亿股) | 26.45 | | 每股净资产(元) | 5.16 | | 总股本(亿股) | 26.55 | 最近 12 月市场表现 数据来源：wind 数据，财通证券研究所（以 2025 年 08 月 25 日收盘价计算） 相关报告 1. 《Q1 盈利同比稳定，持续加强业务优化》 2025-04-30 2. 《主业经营仍承压，经营性现金维持净流 入》 2025-04-30 3. 《经营尚在修复期，持续深耕属地市场》 2024-05-02 请阅读最后一页的重要声明！ -7% 1% 10% 19% 28% 36% 金螳螂 沪深300 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 联系人 陈悦明 chenym01@ctsec.com 核心观点 | 盈利预测 | | | | | | | | ...

Investment Rating - The investment rating for the company is maintained at "Buy" [1] Core Views - The company has shown continuous improvement in orders, indicating a turning point in operations. The revenue for 1H25 reached 9.528 billion RMB, a year-on-year increase of 2.49%, with a net profit attributable to shareholders of 358 million RMB, up 3.95% year-on-year [1] - The company’s decoration business revenue grew, with a notable recovery in the scale of income, attributed to a continuous increase in order growth over the past nine quarters [2] - The company achieved new signed orders of 12.46 billion RMB in 1H25, marking a year-on-year increase of 2.5%, with significant growth in orders from Guangdong and Sichuan regions [4] - The company maintains a target price of 4.31 RMB, reflecting a 20x PE valuation for 2025, with projected net profits of 574 million RMB for 2025 [5] Summary by Sections Financial Performance - In 1H25, the company reported a total revenue of 95.28 billion RMB, with a net profit of 3.58 billion RMB and a non-recurring net profit of 3.31 billion RMB, showing a year-on-year increase of 14.19% [1][2] - The comprehensive gross margin for 1H25 was 13.71%, a slight increase of 0.04 percentage points year-on-year, with the decoration and design business gross margins at 12.52% and 31.26%, respectively [2] Cost and Efficiency - The expense ratio for 1H25 was 7.68%, a decrease of 0.20 percentage points year-on-year, with improvements in accounts receivable turnover ratio to 0.74 times [3] - The company reported a net cash flow from operating activities of -1.023 billion RMB, which was a reduction in outflow by 167 million RMB year-on-year [3] Order and Market Dynamics - The company has signed new orders for nine consecutive quarters, with a significant increase in overseas revenue by nearly 29% year-on-year [4] - The company’s order growth is driven by enhanced regional focus and optimization of business structure, including urban renewal and clean technology development [4] Profit Forecast and Valuation - The company’s projected net profits for 2025-2027 are 574 million, 602 million, and 624 million RMB, respectively, with a CAGR of 4.28% [5] - The company is valued at a PE of 20x for 2025, with a target price set at 4.31 RMB, indicating a potential upside from the current market price [5]

Group 1 - The core point of the article is that Quanzhu Co., Ltd. announced the results of its board meeting and provided insights into its revenue composition for the year 2024 [1] - The company held its 31st meeting of the 5th board on August 14, 2025, where it reviewed the 2025 semi-annual report and summary [1] - As of the report, Quanzhu Co., Ltd. has a market capitalization of 3.5 billion yuan [1] Group 2 - In 2024, the revenue composition of Quanzhu Co., Ltd. is as follows: public decoration construction accounted for 49.94%, furniture business 29.19%, design business 14.59%, home decoration construction 3.2%, and other businesses 3.09% [1]

证券代码：002789 证券简称：*ST 建艺 公告编号：2025-103 深圳市建艺装饰集团股份有限公司 2025 年第二季度装修装饰业务主要经营情况简报 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 为便于投资者了解公司各季度经营情况，根据《深圳证券交易所上市公司自 律监管指引第 3 号—行业信息披露》的相关规定，特编制公司 2025 年第二季度 装修装饰业务主要经营情况简报。 | 业务类型 | 2025 年第二季度 | 截至报告期末累计 | 2025 年第二季度 | | | --- | --- | --- | --- | --- | | | 新签订单金额 | 已签约未完工的合同金额 | 已中标尚未签约订单金 | | | | （万元） | （万元）1 | 额（万元） | | | 公共装修 | 11,131.33 | | 111,522.51 | 0.00 | | 住宅装修 | .33 3,044.67 | | 65,170.54 | 0.00 | | 设计业务 | | 890.18 | 3,919.47 | 0.00 | | 园林市政 | | 234.69 ...

证券简称：ST 瑞和 证券代码：002620 公告编号：2025-045 深圳瑞和建筑装饰股份有限公司 2025 年第二季度装修装饰业务主要经营情况简报 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 根据《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司自律监 管指引第 3 号——行业信息披露》等相关规定，深圳瑞和建筑装饰股份有限公司 （以下简称"公司"）现将 2025 年第二季度装修装饰业务主要经营情况公告如 下： 一、按业务类型分类订单汇总表 "上一季度截至报告期末累计已签约未完工的合同金额（不含已完工部分）"， 区分于公司以往披露的装修装饰业务主要经营情况简报中"上一季度截至报告期 末累计已签约未完工的合同金额（含已完工部分）"。敬请投资者注意区分，并 注意投资风险。 特此公告。 注：以上数据仅为阶段性数据且未经审计，最终将根据合同履行情况，以实 际审定的数据为准。并注意投资风险。 深圳瑞和建筑装饰股份有限公司 董事会 单位：万元 | 业务 | 2025 年第二季度 | 截至 2025 年 6 月 30 日累计 | 2025 年第二季度已中 | | - ...

Summary of Key Points Core Viewpoint - China Haicheng (002116) reported a total of new signed engineering contracting orders amounting to 2.454 billion yuan in the second quarter of 2025, indicating a strong performance in securing new projects [1] Group 1: New Signed Orders - The company secured new engineering contracting orders of 1.919 billion yuan, design business orders of 315 million yuan, supervision business orders of 119 million yuan, and consulting business orders of 102 million yuan, totaling 2.454 billion yuan [1] - By industry classification, the orders included 1.255 billion yuan in pulp and paper, 444 million yuan in food fermentation, 39.78 million yuan in daily chemicals, 224 million yuan in civil and public construction, 38.58 million yuan in municipal projects, 18.1 million yuan in environmental protection, 32.36 million yuan in new energy materials, 13 million yuan in pharmaceuticals, and 110 million yuan in other orders [1] Group 2: Domestic and International Orders - The company received 1.678 billion yuan in new signed domestic orders and 776 million yuan in new signed overseas orders [1] Group 3: Ongoing and Upcoming Projects - As of the end of the second quarter of 2025, the company had a total of 143 signed but uncompleted engineering contracting projects, amounting to approximately 8.083 billion yuan [1] - In the second quarter of 2025, the company had 3 projects that were won but not yet signed, with a total value of 486 million yuan [1]

上海隧道工程股份有限公司 | 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-032 | | --- | --- | --- | --- | --- | --- | | 债券代码：185752 | 债券简称：22 | 隧道 | 01 | | | | 债券代码：115633 | 债券简称：23 | 隧道 | K1 | | | | 债券代码：115902 | 债券简称：23 | 隧道 | K2 | | | | | | 小计 | 3,936,958.120 | 100 | 0.64 | | --- | --- | --- | --- | --- | --- | | 设计 | 订单总 | 1366 | 155,354.762 | 100 | 46.02 | | 业务 | 个数 | | | | | | 运营 | 订单总 | 505 | 511,668.165 | 100 | 31.31 | | 业务 | 个数 | | | | | | 数字 | 订单总 | 91 | 16,761.056 | 100 | -27.54 | | 业务 | 个数 | | | | | | | 合计 | | 4 ...

Core Viewpoint - De Cai Co., Ltd. reported a challenging performance in 2024, with a revenue of 4.134 billion yuan and a net profit of -287 million yuan, primarily due to overall market demand slowdown and intensified industry competition [1] Financial Performance - In 2024, De Cai Co., Ltd. achieved a revenue of 4.134 billion yuan and a net profit of -287 million yuan [1] - In Q1 2025, the company experienced a recovery with a revenue of 551 million yuan and a net profit of 43.8 million yuan, representing a year-on-year growth of 17.11% [1] Accounts Receivable and Cash Flow Management - As of December 31, 2024, the company's accounts receivable balance was 5.18 billion yuan, with 42.86 million yuan of bank deposits frozen due to litigation [1] - The company is implementing a multi-faceted risk prevention system, focusing on accounts receivable management and cash flow stability [2] Strategic Measures - De Cai Co., Ltd. plans to enhance its order evaluation process and project management to improve profitability [2] - The company aims to establish a professional accounts receivable management system and strengthen collection efforts [2] - A strategy for asset disposal is being developed to reduce the asset-liability ratio [2] Market Opportunities - In 2024, the company signed new "urban renewal" projects worth approximately 1.983 billion yuan and "urban supporting" projects worth about 1.510 billion yuan, accounting for 80.38% of the total new signed projects [3] - The company anticipates structural development opportunities in urban renewal and major engineering projects due to increased infrastructure investment in 2025 [3]

证券代码：002663 证券简称：普邦股份 公告编号：2025-023 广州普邦园林股份有限公司 2025 年第一季度经营情况简报 特此公告。 本公司及董事会全体成员保证公告内容真实、准确和完整，并对公告中的虚假记载、误导性陈述或者 重大遗漏承担责任。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 3 号— —行业信息披露》等相关规定，广州普邦园林股份有限公司（以下简称"公司"）2025 年第一 季度经营情况公布如下： | 业务类型 | 一季度 | | 截至报告期末 | | 一季度 | | | --- | --- | --- | --- | --- | --- | --- | | | 新签合同 | | 累计已签约未完工订单 | | 已中标尚未签约订单 | | | | 数量 | 金额（万元） | 数量 | 金额（万元） | 数量 | 金额（万元） | | 工程 | 50 | 35,703.41 | 232 | 307,409.31 | 8 | 2,566.68 | | 设计 | 17 | 983.10 | 696 | 69,458.24 | 10 | 750.43 | | 城市运营 ...

为便于投资者了解公司各季度经营情况，根据《深圳证券交易所上市公司自 律监管指引第 3 号—行业信息披露》的相关规定，特编制公司 2025 年第一季度 装修装饰业务主要经营情况简报。 | 业务类型 | 2025 年第一季度 | 截至报告期末累计 | 2025 年第一季度 | | --- | --- | --- | --- | | | 新签订单金额 | 已签约未完工的合同金额 | 已中标尚未签约订单金 | | | （万元） | （万元）1 | 额（万元） | | 公共装修 | 17,413.05 | 110,644.59 | 0.00 | | 住宅装修 | 19,957.57 | 68,880.84 | 0.00 | | 设计业务 | 0.00 | 3,725.84 | 0.00 | | 园林市政 | 1,445.68 | 38,102.57 | 0.00 | | 合计 | 38,816.30 | 221,353.85 | 0.00 | 证券代码：002789 证券简称：*ST 建艺 公告编号：2025-076 深圳市建艺装饰集团股份有限公司 2025 年第一季度装修装饰业务主要经营情况简报 本公司及董事会全体成 ...