Investment Rating - The industry investment rating is "Outperform the Market" [3][44] Core Viewpoints - Supply chain logistics companies are leveraging their substantial transaction volumes to create a second growth curve through monetization of flow, extending their business from "logistics - trade - manufacturing" [5][18] - New business segments are experiencing high growth, with significant increases in profit margins. For instance, from 2018 to 2024, the annualized gross profit growth rate for Manufacturing at Wuchan Zhongda is 22%, while for Milky Way's distribution, it is 21% [6][19] - The potential for a "Davis Double" exists, where high growth in new business profits and rising profit shares could drive overall profit growth for companies, alongside a rebound in commodity prices and improved market sentiment [7][30] Summary by Sections 1.1 Transaction Volume and Growth - Supply chain companies handle substantial transaction volumes, but revenue growth in logistics or manufacturing is slowing, necessitating new growth points [10][12] - The revenue growth rates for various companies from 2018 to 2024 show a mix of positive and negative trends, indicating a need for strategic shifts [11] 1.2 Monetization Logic - The monetization logic follows a "logistics - trade - manufacturing" model, with companies like Wuchan Zhongda and Milky Way focusing on enhancing their manufacturing and distribution capabilities [13][15] 2.1 Flow Monetization and New Business Growth - Flow monetization is driving high growth in new business revenues and gross profits, with expectations for continued growth in the future [16][18] 2.2 Wuchan Zhongda: High Growth in Manufacturing - Wuchan Zhongda's high-end manufacturing business has seen a 26% annualized revenue and gross profit growth from 2016 to 2024, with a 28% year-on-year gross profit increase in the first half of 2025 [21][23] 2.3 Profit Growth Center Rising - The rising share of gross profits from new business segments for companies like Wuchan Zhongda and Milky Way indicates an upward trend in overall profit growth [27][29] 3.1 Supply Chain Profit Recovery - Supply chain profit growth is correlated with commodity prices, which are currently at a historical low, suggesting potential for recovery as commodity prices rise [31][33] 3.2 Valuation Upside - Domestic supply chain companies' PE and PB ratios are approaching those of Japanese trading companies, with expectations for higher valuations due to faster projected profit growth from 2024 to 2027 [34][36]

维业建设集团股份有限公司成立于1994年，是珠海国有企业华发集团控股的A股上市公司，拥有多项荣 誉称号，连续多年入选中国建筑装饰"百强"企业、"广东省守合同重信用企业"及"深圳500强企业"。 2021年完成重大资产重组后，经营规模迅速扩张，营收规模连破百亿元，现已发展成为综合性企业集 团，综合实力位居国内建筑装饰行业前列。 半年度业绩及营收下滑原因 公司上半年实现营业收入40.08亿元，同比下降47.81%；归母净利润为1043.34万元，同比增长5.38%， 基本每股收益0.05元。营业收入下滑主要源于土建业务收入减少。 成本控制与盈利能力提升 9月10日，维业股份在其二楼228会议室接受了湘财证券、小忠资本、恒江基金等3家机构的特定对象调 研。公司副总裁兼董事会秘书沈茜、证券事务代表詹峰接待了来访机构。 维业股份基本情况 应收账款回款举措 受建筑行业经营特点影响，应收账款占比较大。维业股份通过客户信用管理把控风险，建立动态监控预 警体系防范履约风险，并针对逾期账款成立专项收款小组，采取多种催收手段，必要时通过法律手段保 障公司权益。 光伏及新业务开拓情况 公司全资子公司建泰建设此前中标珠海分布式光伏发电 ...