证券研究报告 中材国际 (600970 CH) 境外需求稳健，红利价值较好 2025 年 8 月 27 日│中国内地 建筑施工 公司发布半年报：25H1 实现营收 216.76 亿元（yoy+3.74%），归母净利 14.21 亿元（yoy+1.56%），扣非净利 12.39 亿元（yoy-11.60%）。其中 Q2 实现营收 115.29 亿元（yoy+8.69%，qoq+13.61%），归母净利 7.58 亿元（yoy-0.65%，qoq+14.30%），基本符合我们的预期（7.74 亿元）， 我们认为公司海外市场需求的持续性较好，25H1 新签合同额 412 亿元，同 比+11%，保持稳健增长，截至 25H1 末未完合同额 620 亿，同比+5%，在 手订单充裕。中长期看，公司业绩有望保持稳健增长，根据 8 月 26 日收盘 价 9.34 元/股计算，预计 25/26 年股息率 5.6%/6.3%，具备较好投资价值， 维持"买入"评级。 生产运营服务稳定增长，装备业务境外拓展成果显著 公司 25H1 工程技术服务/高端装备制造/生产运营服务分别实现收入 125.76/23.09/62.35 亿元，同比+ ...

Group 1 - The core point of the news is that Ningbo Yingfeng Asset Management Co., Ltd. has pledged a total of 164 million shares of Yingfeng Environment, accounting for 5.2% of the total share capital [1] - As of the announcement date, Ningbo Yingfeng Asset Management has pledged a total of 572 million shares, which represents 56.16% of its total holdings [1] - Yingfeng Group Co., Ltd. has pledged 164 million shares, accounting for 45.73% of its total holdings [1] Group 2 - Yingfeng Environment reported a main revenue of 3.182 billion yuan for Q1 2025, an increase of 6.15% year-on-year [3] - The net profit attributable to the parent company was 181 million yuan, up 4.74% year-on-year [3] - The company’s debt ratio stands at 38.86%, with an investment loss of 14.9391 million yuan and financial expenses of 17.4266 million yuan [3] - The gross profit margin is reported at 22.9% [3] - The main business areas of Yingfeng Environment include environmental monitoring, environmental governance, and high-end equipment manufacturing [3]

Group 1 - The stock of China National Materials International (中材国际) closed at 9.2 yuan on August 15, 2025, with an increase of 1.43% and a trading volume of 241,100 hands, resulting in a transaction amount of 221 million yuan [1] - On August 15, 2025, the net inflow of main funds was 14.54 million yuan, accounting for 6.59% of the total transaction amount, while retail investors experienced a net outflow of 7.38 million yuan, representing 3.34% of the total transaction amount [1] - Over the past five days, the stock has seen fluctuations in fund flows, with significant net outflows from retail investors on several days [1] Group 2 - As of the first quarter of 2025, China National Materials International reported a main business revenue of 10.147 billion yuan, a year-on-year decrease of 1.36%, while the net profit attributable to shareholders was 663 million yuan, an increase of 4.19% [2] - The company has a total market value of 24.288 billion yuan, with a net asset value of 23.445 billion yuan and a net profit of 663 million yuan, ranking 69th in the engineering construction industry [2] - The company's price-to-earnings ratio (P/E) is 9.16, significantly lower than the industry average of 35.58, indicating a potentially undervalued stock [2] Group 3 - In the last 90 days, 9 institutions have given buy ratings for the stock, with an average target price of 13.64 yuan [3] - The definitions of fund flows indicate that the stock price's upward movement is driven by active buying, while downward movements are influenced by active selling [3] - The classification of funds includes main funds as large orders, speculative funds as medium orders, and retail funds as small orders [4]

Core Viewpoint - Jerry Holdings (002353.SZ) reported strong financial performance for the first half of 2025, with significant revenue and profit growth, driven by robust performance in traditional energy and natural gas-related businesses [2][3]. Financial Performance - The company achieved a revenue of 6.901 billion yuan, representing a year-on-year increase of 39.21% [3][4]. - Net profit attributable to shareholders reached 1.241 billion yuan, up 14.04% compared to the previous year [3][4]. - The net profit after deducting non-recurring gains and losses was 1.231 billion yuan, reflecting a growth of 33.90% [3]. - Operating cash flow surged by 196.36% to 3.144 billion yuan [6]. Business Segments - The high-end equipment manufacturing segment generated 4.224 billion yuan in revenue, accounting for 61.22% of total revenue, with a year-on-year growth of 22.42% [4][5]. - The oil and gas engineering and technical services segment reported revenue of 2.069 billion yuan, a significant increase of 88.14% [4][5]. - The natural gas-related business saw a remarkable revenue increase of 112.69%, with a gross margin improvement of 5.61 percentage points [2][4]. Geographic Performance - Revenue from overseas markets reached 3.295 billion yuan, up 38.38%, contributing to 47.75% of total revenue [4][6]. - The company made significant progress in emerging markets such as the Middle East and North Africa, with a 24.16% increase in new overseas orders [4]. Strategic Focus - Jerry Holdings is focusing on the dual strategy of "oil and gas industry" and "new energy industry," with a cautious approach to its new energy business due to industry competition [5][7]. - The company plans to deepen its global layout in high-end equipment manufacturing while leveraging the high demand in the natural gas market to strengthen its traditional business advantages [7].

8月4日，中国机械工业联合会发布2025年上半年机械工业经济运行形势信息。上半年机械工业经济运行 稳中向好，产品产销平稳增长，对外贸易展现韧性。机械工业规模以上企业增加值同比增长9.0%，实 现利润同比增长9.4%。中国机械工业联合会执行副会长、新闻发言人罗俊杰指出，尽管下半年仍将面 临有效需求不足、价格内卷压缩利润空间等挑战，但宏观政策与产业政策持续发力、各项改革举措加快 推出，预计下半年机械工业经济运行将延续稳中向好的总体态势，机械工业主要经济指标增速在5.5% 左右。 但需要看到，面对更加严峻复杂的外部环境，机械行业运行仍存在一些困难与挑战，回稳向好的基础仍 需稳固。市场出现波动、有效需求不足、外贸出口承压，部分产业结构性矛盾凸显，价格内卷压缩利润 空间，账款回收难加大经营压力，部分企业经营困难。 罗俊杰指出，专项调查中66%的企业反馈存在订单不足的问题，在手订单增速回落、短单居多、出口订 单收缩的趋势均进一步加剧。 虽然机械工业仍面临不少风险挑战，但宏观政策和产业政策持续加码加力。近期工业和信息化部即将印 发机械、汽车、电力装备等行业稳增长工作方案，着力提升优质供给能力，优化行业发展环境，推动行 业实 ...

Core Viewpoint - China National Materials International Engineering Co., Ltd. (中材国际) has experienced fluctuations in its stock price and a decrease in new contract amounts for the second quarter of 2025, indicating potential challenges in its operational performance [1][2]. Group 1: Company Performance - As of July 11, 2025, the stock price of China National Materials International closed at 9.05 yuan, up 4.62% from the previous week [1]. - The total market capitalization of the company is 23.892 billion yuan, ranking 4th in the professional engineering sector and 681st among all A-shares [1]. - In the second quarter of 2025, the company signed new contracts totaling 1,328,368.82 thousand yuan, a decrease of 16% year-on-year [2]. - The breakdown of new contracts shows a 29% decrease in engineering technical services, while high-end equipment manufacturing saw a 27% increase [2]. Group 2: Contract and Project Status - The company’s new contracts for the first half of 2025 totaled 4,116,420.98 thousand yuan, reflecting an 11% year-on-year growth [2]. - The total uncompleted contract amount as of the reporting period is 6,203,703.16 thousand yuan, which is a 5.94% increase from the previous reporting period [4][5]. - A significant project, the Zambia Central Africa Cement Company's 5,000 tons per day clinker production line, has a contract value of 480 million USD and is currently in the financing stage, not yet executed [4]. Group 3: Shareholder Changes - The company plans to repurchase and cancel 18,138,506 shares of restricted stock granted to 253 incentive recipients who have not met the release conditions [3]. - Following the repurchase, the total share capital will decrease from 2,639,958,030 shares to 2,621,819,524 shares [3]. - The total amount required for the repurchase is approximately 83.26 million yuan, funded by the company's own resources [3].

Summary of Zhongcai International Conference Call Company Overview - Zhongcai International has maintained its position as the global leader in cement equipment and engineering operations for 17 consecutive years, with a business scope that includes engineering technical services, high-end equipment manufacturing, operation and maintenance services, and others [2][3] Core Business Insights - The company expects a compound annual growth rate (CAGR) of 14% in revenue from 2019 to 2024, with a scale operation CAGR of 13% [2][5] - In 2024, overseas revenue is projected to reach 16 billion yuan, a year-on-year increase of 12%, driven by the Belt and Road Initiative [2][6] - Domestic market faces challenges, but super emission transformation is expected to create new demand [2][6] High-End Equipment Manufacturing - Focused on cement and mining sectors, with a self-sufficiency rate of core proprietary equipment at 67% and a domestic market share of 85% for dust removal transporters [2][7] - Revenue from this segment is expected to decline by 18% in 2024 due to decreased domestic demand, while overseas orders are anticipated to increase, accounting for 36% of total orders [2][7] Operation and Maintenance Services - This segment is a significant growth driver, with expected revenue of 12.9 billion yuan in 2024, a 22% year-on-year increase [2][8] - New contracts signed are projected to reach 17.3 billion yuan, up 27% year-on-year, with mining operation contracts making up 63% of new orders [2][9] Future Profitability and Investment Outlook - The company anticipates steady growth in profitability over the next few years, particularly in overseas markets driven by the Belt and Road policy [2][10] - Cash dividend ratios for 2024-2026 are committed to be no less than 44%, 48%, and 53% of distributable profits, respectively, with an expected dividend yield of around 6% [2][10] Market Trends and Projections - The global cement production demand is expected to grow significantly, especially in countries along the Belt and Road [2][6] - The operation and maintenance service market is projected to remain stable, with an estimated annual market size of 40 to 45 billion yuan by 2025 [2][11] Valuation and Dividend Yield - The company's overall valuation is considered low, with an expected price-to-earnings ratio of less than 8 times by 2025 and a dividend yield of approximately 6% [2][16] Key Themes and Events - The upcoming Fourth Belt and Road Forum is highlighted as a significant event that could further promote the company's internationalization efforts [2][18]

Group 1 - Company stock closed at 8.8 yuan on July 8, 2025, with a 1.27% increase and a turnover rate of 0.66% [1] - Total trading volume was 148,500 shares, with a transaction amount of 130 million yuan [1] Group 2 - On July 8, 2025, the fund flow for the company showed a net inflow of 1.2997 million yuan from main funds, accounting for 1.0% of total transaction amount [2] - Retail investors had a net inflow of 13.8094 million yuan, representing 10.6% of total transaction amount, while speculative funds had a net outflow of 15.1091 million yuan, accounting for 11.6% [2] Group 3 - In Q2 2025, the company signed new contracts totaling 1,328,368.82 million yuan, a decrease of 16% year-on-year [2] - The breakdown of new contracts includes: engineering technical services at 683,158.10 million yuan (down 29% YoY), high-end equipment manufacturing at 202,853.31 million yuan (up 27% YoY), and production operation services at 388,561.83 million yuan (down 11% YoY) [2] - For the first half of 2025, new contracts totaled 4,116,420.98 million yuan, an increase of 11% year-on-year [2] Group 4 - The company’s uncompleted contract amount as of the reporting period was 6,203,703.16 million yuan, reflecting a growth of 5.94% compared to the previous reporting period [2] - A significant project signed but not yet executed is the Zambia Central Africa Cement Company's 5,000 tons per day clinker production line and supporting engineering project, with a contract amount of 480 million USD, currently in financing [2]

Group 1 - The company reported a total new contract amount of 1,328,368.82 million RMB in Q2 2025, representing a 16% decrease year-on-year [2] - The new contract amounts for different segments include: - Engineering technical services: 683,158.10 million RMB, down 29% - High-end equipment manufacturing: 202,853.31 million RMB, up 27% - Production operation services: 388,561.83 million RMB, down 11% [2] - The total new contract amount for the first half of 2025 was 4,116,420.98 million RMB, reflecting an 11% increase year-on-year [2] Group 2 - As of the end of the reporting period, the company's uncompleted contract amount was 6,203,703.16 million RMB, an increase of 5.94% compared to the previous reporting period [3] - The uncompleted contract amount refers to the balance of effective contracts, which is the total of all contracts minus those that have been signed but not executed or are on hold [3] Group 3 - The company has a significant ongoing project in Zambia, involving a clinker production line with a daily capacity of 5,000 tons, with a contract amount of 480 million USD. The project is still in the financing stage and has not yet entered the execution phase [3]

| 证券代码：600970 | 证券简称：中材国际 | | 公告编号：临 2025-043 | | --- | --- | --- | --- | | 债券代码：241560 | 债券简称：24 | 国工 K1 | | 中国中材国际工程股份有限公司 2025 年第二季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国中材国际工程股份有限公司（以下简称"公司"） 2025 年第二季度主 要经营情况公布如下： 注："未完合同额"指有效合同的结转额，即在手所有合同的结转额减去已 签订未执行及停缓建合同的结转额。 三、已签订尚未执行的重大项目进展情况 赞比亚中非水泥有限公司日产5000吨熟料生产线及配套工程项目 一、新签合同情况 1 单位：万元 币种：人民币 合同类型 2025 年 4-6 月 2025 年 1-6 月 新签合同金额 同比增减 新签合同金额 同比增减 1. 分产品 工程技术服务 683,158.10 -29% 2,767,216.55 15% 高端装备制造 202,853.31 27% 491,3 ...