党的二十届四中全会召开后，大庆油田工程建设有限公司建材公司(下称大庆建设建材)基层23个党支部 将全会精神与企业生产任务深度融合，通过"多元学习+一线攻坚+绿色实践"三维发力，让全会精神在 建材生产一线落地生根、开花结果。 党建强引领，根基树起来。防腐管道厂早会开设"5分钟微宣讲"，生产会开展"学精神、谈担当"互动。 该厂设立6个"党员责任区"和3支保供突击队，在关键工序亮身份、扛重任;依托党员先锋岗执行"毫米 级"检测，产品一次合格率保持100%。预制厂在车间设"学习角"，通过班前会微宣讲、线上短视 频、"学习达人挑战赛"等形式实现全员覆盖。 学习掀热潮，形式活起来。石油石化设备厂各车间创新"微场景"学习矩阵，采取"班前10分钟全会课 堂""快问快答"等形式，让理论学习更接地气、更具活力。能源装备制造西北分公司以"班子领学+支部 研学+个人自学"模式推进学习，通过"现场微课堂""指尖学习"实现全覆盖。 抢工保重点，攻坚硬起来。石油石化设备厂深化"党员责任区"建设，在页岩油项目设立焊接工艺攻关 岗，党员技术骨干牵头破解技术难题;锚定保障国家能源装备供应目标，推行党员带头倒班制，储油 库、储气库等项目中，党员突 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 12.96 [7][8]. Core Views - The company reported a revenue of RMB 2.49 billion in 2024, a year-on-year decrease of 13.08%, while the net profit attributable to the parent company was RMB 169.24 million, an increase of 5.03% year-on-year. The decline in revenue is attributed to tight local government funding and slow progress in municipal infrastructure projects [1][4]. - In Q1 2025, the company achieved a revenue of RMB 521 million, down 19.1% year-on-year, with a net profit of RMB 42.83 million, a decrease of 17.78% year-on-year. The slow recovery of operations post-Spring Festival has put pressure on revenue recognition [1][4]. - The company maintains a positive outlook on infrastructure investment, particularly in water conservancy, which is expected to remain robust despite external tariff disruptions [1][4]. Summary by Sections Revenue and Profitability - The company’s main business gross margin for 2024 was 20.7%, a decrease of 2.4 percentage points year-on-year. The gross margins for PE, steel wire, anti-corrosion, insulation, and PVC were 22.75%, 31.2%, 19.1%, 10.9%, and 15.4%, respectively, showing declines across most segments [2][4]. - The company’s operating cash flow for 2024 was RMB 94.45 million, a significant decrease of 50.7% year-on-year, primarily due to reduced cash receipts from sales [3][4]. Financial Forecast and Valuation - The revenue forecast for 2025-2027 has been adjusted downwards, with net profit estimates revised to RMB 200 million, RMB 230 million, and RMB 270 million for 2025, 2026, and 2027, respectively. The corresponding EPS is projected to be RMB 0.72, RMB 0.83, and RMB 0.95 [4][6]. - The company is assigned a PE ratio of 18 times for 2025, reflecting an increase from the previous year's 16 times, with a target price set at RMB 12.96 [4][6].

Investment Rating - The report maintains a "Buy" rating for the company [6][17] Core Views - The company experienced a revenue decline of 13.08% year-on-year in 2024, with total revenue of 2.49 billion. However, the net profit attributable to the parent company increased by 5.03% to 169.24 million [1][5] - The company is the largest composite pipeline manufacturer globally and is expanding into new fields such as hydrogen energy, nuclear power, and marine photovoltaics, which is expected to enhance its market share in the pipeline sector [1] - Despite fierce competition in the domestic pipeline market since 2024, the company is projected to achieve net profits of 200 million, 240 million, and 290 million for the years 2025 to 2027, respectively [1] Financial Performance - In 2024, the company's comprehensive gross margin was 18.67%, a decrease of 0.71 percentage points year-on-year, while the gross margin for Q1 2025 was 21%, an increase of 5.16 percentage points year-on-year [3] - The company’s operating expenses ratio was 12.23% in 2024, up 1.45 percentage points year-on-year, with financial expenses increasing by 14.25% due to higher interest and fees [3] - The net profit margin improved by 0.97 percentage points to 6.8% in 2024, influenced by non-recurring gains such as asset impairment reversals and increased investment income [3] Market Outlook - National water conservancy investment reached a historical high of 1.35 trillion in 2024, marking the third consecutive year of exceeding 1 trillion. The first quarter of 2025 saw a 2.9% year-on-year increase in water conservancy investment [4] - The report anticipates a strong performance for the company in Q2, supported by accelerated funding for water conservancy projects, including a 37% year-on-year increase in local government special bonds [4]