境外需求旺盛拉动上半年新签合同较快增长，海外拓展有空间 2025年1-6月，中材国际新签合同为411.6亿元，同比增长11%，其中境内/境外新签合同为133.3/278.4亿 元，同比-2%/+19%，占比32%/68%。境外市场已成为中材国际订单的主要来源，境外新签订单的高增拉 动公司新签合同较快增长。当前海外如中东及东南亚等地随着经济的多元化发展或经济的快速增长，催生 了大量的基建需求，我国在基建领域拥有技术、资金及产品等多项优势，各大建筑央国企正积极出海，1-5 月，我国对外承包工程完成营业额619.4亿美元，同比增长5.4%；新签合同额986.8亿美元，同比增长 13%。作为中材集团的出海先锋，中材国际正持续深化全球市场布局，依托"一带一路"新兴市场城镇化发 展及工业化需求，紧抓新建线及运维业务需求，带动高端装备业务出海，多业务互相协同，有效拓展海外 市场。 高分红比例将持续提升，当前股息率近5% 中材国际近三年均维持较高的分红比例，在公司发布的《关于2024年度"提质增效重回报"行动方案的公 告》中，明确分红比例将持续提升，即"未来三年（2024年-2026年）在保证公司能够持续经营和长期发展 的前 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown strong growth in new contracts, particularly in overseas markets, with a total of 41.16 billion yuan in new contracts signed in the first half of 2025, representing an 11% year-on-year increase [1] - The company is committed to increasing its dividend payout ratio, with a current dividend yield of approximately 5%, which is competitive compared to major state-owned banks [2] - The company's business structure is continuously optimizing, with stable operations across its three main business segments: engineering, maintenance, and equipment [3] Summary by Sections New Contracts and Market Expansion - In the first half of 2025, the company signed new contracts worth 41.16 billion yuan, with domestic and international contracts at 13.33 billion yuan and 27.84 billion yuan respectively, showing a year-on-year growth of -2% and +19% [1] - The overseas market has become a major source of orders, driven by infrastructure demand in regions like the Middle East and Southeast Asia [1] Dividend Policy - The company has maintained a high dividend payout ratio over the past three years and plans to continue increasing it, targeting a cash distribution of at least 44% of the distributable profits in 2024, 48.4% in 2025, and 53.24% in 2026 [2] Business Structure and Financial Performance - The company is actively expanding its overseas market presence while optimizing its business structure, which has led to improved profitability [3] - The forecasted net profit for 2025 is 3.26 billion yuan, with a projected growth rate of 9.43% [4]

Group 1: Company Announcements - China Merchants Bank has received approval to establish a wholly-owned subsidiary, China Merchants Financial Asset Investment Co., with a registered capital of 15 billion yuan, aimed at market-oriented debt-to-equity swaps and equity investment pilot projects [3] - Aerospace Chengtong has had its qualification for military material engineering service procurement restored after completing internal investigations and appeals [4] - Funiu Co.'s controlling shareholder has obtained a loan commitment of up to 162 million yuan from Bank of China Fujian Branch to increase its stake in the company [5] - Jiete Bio plans to establish a partnership fund with a total investment of 50.01 million yuan, focusing on early and mid-stage biopharmaceutical projects [6] - ST Yazhen's stock will resume trading on July 4 after completing a review due to a significant price deviation [7] - Xingxin New Materials intends to invest approximately 800 million yuan in a project to produce 153,000 tons of polyolefin amine series products in the China-Malaysia Qinzhou Industrial Park [8] - Changling Hydraulic's controlling shareholder is planning a change in control, leading to a temporary suspension of trading [9] - Xinda Real Estate's affiliate will provide up to 240 million yuan for asset renovation projects, with a 7-year term and a 5% annual interest rate [10] Group 2: Major Contracts - China Electric Power Construction has signed a mining transportation project contract worth approximately 5.063 billion yuan in Guinea, with a total project duration of about 72 months [12] - China Oil Engineering's subsidiary has signed a contract worth 294 million USD (approximately 2.122 billion yuan) for the Atawi GMP pipeline project in Iraq, which will positively impact future revenues and profits [13] - Boshi Co. has entered into an outsourcing service contract with China National Petroleum Corporation, valued at 109 million yuan over a 3-year period [14] Group 3: Performance Updates - Poly Developments reported a 30.95% year-on-year decrease in June contract amount to 29.011 billion yuan, with a total of 145.171 billion yuan for the first half of the year, down 16.25% [16] - Huayin Power expects a net profit increase of 175 to 215 million yuan for the first half of 2025, driven by increased power generation and reduced fuel costs [17]

Core Viewpoint - The company has signed an outsourcing service contract for solid product packaging line operations with China National Petroleum Corporation's Guangxi Petrochemical Branch, amounting to approximately RMB 109 million, which is expected to positively impact the company's performance during the contract period [1] Financial Impact - The contract value is set at RMB 109 million, with an annual contract amount of approximately RMB 36.38 million over a service period of three years [1] - This contract represents 1.18% of the company's projected revenue for 2024 and 4.39% of the company's industrial service revenue for the same year [1] Performance Expectations - The agreed industrial service content is anticipated to have a positive effect on the company's performance during the contract execution period [1]

事件 2025 年4 月28 日，协鑫集成发布2024 年报及2025 年一季报。2024 年公司实现营业收入162.4 亿元，同 比增长1.7%，实现归母净利润0.7 亿元，同比减少56.7%，实现销售毛利率8.9%，同比下降0.2pct。 2025Q1 公司实现营业收入31.6 亿元，同比增长7.1%，实现归母净利润-2.0 亿元，上年同期为0.2 亿元， 实现销售毛利率3.4%，同比下降4.0pct。 系统集成业绩高速增长 2024 年公司系统集成包业务实现营业收入23.2 亿元，同比增长90.4%，实现毛利率9.9%，同比提升 1.8pct。2024 年国内光伏装机增速放缓，公司调整业务策略，通过与央国企设立合资平台、成立地方开 发公司等方式，实行"以点至面"开发策略，实现系统集成业务业绩大幅增长。同时注重后端业务开发， 2024 年公司检测业务开发实现1419MW，同比提高41%，运维开发950MW，同比提升268%。 盈利预测与投资建议 我们预计公司2025-2027 年营业收入分别为181.9/221.2/265.5 亿元，同比增速分别为 12.0%/21.6%/20.0%；归母净利润分别为2. ...

证券研究报告·公司点评报告·光伏设备 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 余慧勇 欧普泰（836414） 2024 年报&2025 一季报点评：2024 年光伏需 求放缓盈利承压，2025 年随新产品放量高增 可期 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 180.05 | 81.94 | 191.59 | 242.89 | 305.38 | | 同比（%） | 35.42 | (54.49) | 133.82 | 26.78 | 25.72 | | 归母净利润（百万元） | 34.39 | (16.44) | 20.05 | 27.18 | 39.16 | | 同比（%） | 17.92 | (147.80) | 222.00 | 35.53 | 44.10 | | EPS-最新摊薄（元/股） | 0.43 | (0.21) | ...

Core Viewpoint - Company demonstrated strong operational resilience and steady development in a complex market environment, with a slight decline in revenue but growth in gross margin and net profit [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 985 million yuan, a slight year-on-year decrease; however, the comprehensive gross margin increased to 37.20% and the net profit attributable to shareholders after deducting non-recurring gains and losses rose to 43 million yuan [1]. - The company's equity balance reached a historical high of 1.628 billion yuan by the end of 2024, and it plans to distribute a cash dividend of 0.58 yuan per 10 shares [2]. Revenue Structure - The smart training product segment performed exceptionally well, generating revenue of 354 million yuan, accounting for 35.96% of total operating revenue, with a growth rate of 39.61% [1]. - The intelligent operation and maintenance business saw a year-on-year revenue increase of 11.13%, reaching 230 million yuan, with significant market expansion and new product development [2]. R&D Investment - In 2024, the company invested 78.856 million yuan in R&D, with the average proportion of R&D investment to operating revenue exceeding 10% over the past three years [2]. - Significant progress was made in R&D projects across various fields, including smart training systems and intelligent operation and maintenance equipment training systems, laying a solid technical foundation for future business growth [2]. Market Opportunities - The rail transit sector is experiencing a new round of development opportunities due to national policies promoting digital transformation and equipment upgrades [3]. - The company's technological advantages and market breakthroughs in intelligent operation and maintenance and smart training will provide a strong growth foundation and development momentum on the international stage [3].