10月21日，森特股份涨5.23%，截至发稿，报14.68元/股，成交9016.44万元，换手率1.17%，总市值 79.23亿元。 资料显示，森特士兴集团股份有限公司位于北京经济技术开发区永昌东四路10号，成立日期2001年12月 5日，上市日期2016年12月16日，公司主营业务涉及研发、生产、销售绿色、环保、节能新型建材并提 供相关工程设计、生产、安装和售后等一体化服务。主营业务收入构成为：BIPV业务60.38%，建筑金 属围护系统30.61%，土壤与地下水环境治理7.09%，其他1.83%，其他(补充)0.09%。 从基金十大重仓股角度 数据显示，大成基金旗下1只基金重仓森特股份。大成动态量化配置策略混合A（003147）二季度持有 股数2.97万股，占基金净值比例为1.1%，位居第四大重仓股。根据测算，今日浮盈赚取约2.17万元。 大成动态量化配置策略混合A（003147）成立日期2016年9月20日，最新规模1301.32万。今年以来收益 46.81%，同类排名833/8162；近一年收益54.8%，同类排名459/8024；成立以来收益37.88%。 大成动态量化配置策略混合A（003147） ...

核校：沈楠 资料显示，精工钢构海外业务的快速发展，得益于2008年成立国际业务部的早期战略布局，目前已构建 起坚实基础：拥有熟悉国际标准的团队（含超500名持各类国际标准证书焊工、近千名持国标证书焊 工），获得美国AISC、欧盟EN 1090 EXC4、日本H级、俄罗斯GOST等多重国际认证，累计承接卢塞尔 体育场、吉达塔等50余项境外大型地标，"精工国际"品牌在国际市场获得广泛认可。 2025年上半年，公司新签5.5亿元吉达体育场及周边体育村项目（服务2034年沙特世界杯），在东南亚 中标Iconic Tower超高层地标项目；工业建筑领域与赛轮集团（印尼轮胎工厂）、英科医疗（印尼生产 基地）、天能集团（越南电池项目）、友助实业（泰国化工基地）等跨国企业签约，同时延续与比亚 迪、星星冷链等老客户的合作。此外，公司高度重视国际业务风险管理，推进合同履约、财务、海外用 工、安全生产风险属地化管理等机制建设，为海外业务健康发展提供保障。 分业务板块来看，国际业务表现较为亮眼。2025年1-9月，公司国际业务项目金额50.0亿元，同比大幅 增长87.3%，这一规模已超过2024年全年海外业务订单（30亿元）。其中， ...

同时，公司工业连锁及战略加盟业务与BIPV业务继续保持高速增长，截至三季度末，新签订单分别为 11.4亿元、2.8亿元，同比分别增长57.1%、51.6%，且1-9月累计新签订单也已超过2024年全年工业连锁 及战略加盟与BIPV业务订单总额（8.5亿元、2.2亿元）。 2025年1-9月，公司钢结构销量118.0万吨，同比增长34.6%，其中7-9月钢结构销量34.5万吨，同比增长 11.8%。 格隆汇10月13日丨精工钢构(600496.SH)公布，2025年1-9月，公司（包括控股子公司）共新签合同533 项，累计合同金额179.8亿元，同比增长4.8%。2025年7-9月，公司（包括控股子公司）共新签合同173 项，累计合同金额54.7亿元，同比增长11.2%。 公司继续抓住海外市场发展机遇，持续加速拓展国际业务，截至三季度末，海外业务新签订单50.0亿 元，同比增长87.3%，1-9月累计新签订单已超过2024年全年海外业务订单（30亿）。海外市场作为国内 市场的重要延伸，有效弥补了国内建筑市场激烈竞争环境下对公司业务的影响，有助于公司在规模增长 的同时保证订单的盈利性和回款条件。 ...

Group 1 - The core viewpoint of the news is that Sente Group's stock has seen a significant increase, with a rise of 5.01% to 16.15 CNY per share, and a total market capitalization of 8.716 billion CNY [1] - Sente Group specializes in the research, production, and sales of green, environmentally friendly, and energy-saving new building materials, providing integrated services including engineering design, production, installation, and after-sales [1] - The company's main business revenue composition includes BIPV business at 60.38%, building metal enclosure systems at 30.61%, soil and groundwater environmental remediation at 7.09%, and other services at 1.83% [1] Group 2 - From the perspective of fund holdings, Dachen Fund has a significant position in Sente Group, with its Dachen Dynamic Quantitative Allocation Strategy Mixed A fund holding 29,700 shares, accounting for 1.1% of the fund's net value [2] - The Dachen Dynamic Quantitative Allocation Strategy Mixed A fund has achieved a year-to-date return of 48.8%, ranking 955 out of 8,172 in its category, and a one-year return of 77.37%, ranking 1,244 out of 7,980 [2] - The fund manager, Xia Gao, has a tenure of 10 years and 289 days, with the fund's total asset size at 2.26 billion CNY [3]

Company Overview - Sente Group Co., Ltd. is located in Beijing Economic and Technological Development Zone and was established on December 5, 2001. The company was listed on December 16, 2016. Its main business involves the research, production, and sales of green, environmentally friendly, and energy-saving new building materials, along with providing integrated services such as engineering design, production, installation, and after-sales support [1]. Financial Performance - For the first half of 2025, Sente Group achieved operating revenue of 1.619 billion yuan, representing a year-on-year growth of 29.40%. The net profit attributable to the parent company was 72.056 million yuan, reflecting a year-on-year increase of 25.51% [2]. - Since its A-share listing, Sente Group has distributed a total of 471 million yuan in dividends, with 80.91 million yuan distributed over the past three years [3]. Stock Performance - As of September 12, Sente Group's stock price was 15.78 yuan per share, with a market capitalization of 8.516 billion yuan. The stock has increased by 65.24% year-to-date, with a 10.74% rise over the past five trading days and a 21.85% increase over the past 20 days [1]. - The company has appeared on the "龙虎榜" (a stock trading list) six times this year, with the most recent appearance on September 9 [1]. Shareholder Information - As of June 30, 2025, Sente Group had 23,000 shareholders, a decrease of 7.91% from the previous period. The average number of circulating shares per shareholder was 23,410, which increased by 8.59% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked as the seventh largest, holding 3.3434 million shares, an increase of 87,100 shares compared to the previous period [3]. Industry Classification - Sente Group is classified under the construction decoration industry, specifically in the professional engineering and steel structure sectors. It is associated with concepts such as solar energy, photovoltaic glass, BIPV, margin financing, and soil remediation [2].

Group 1 - The core viewpoint of the news is that Sente Group's stock has seen a significant increase, with a rise of 5.05% to 13.93 CNY per share, and a total market capitalization of 7.518 billion CNY [1] - Sente Group, established on December 5, 2001, and listed on December 16, 2016, specializes in the research, production, and sales of green, environmentally friendly, and energy-saving new building materials, providing integrated services including design, production, installation, and after-sales [1] - The main business revenue composition of Sente Group includes: BIPV business 60.38%, building metal enclosure systems 30.61%, soil and groundwater environmental remediation 7.09%, and others 1.83% [1] Group 2 - From the perspective of major fund holdings, Dachen Fund has a significant position in Sente Group, with its Dachen Dynamic Quantitative Allocation Strategy Mixed A fund holding 29,700 shares, accounting for 1.1% of the fund's net value, ranking as the fourth-largest holding [2] - The Dachen Dynamic Quantitative Allocation Strategy Mixed A fund has achieved a return of 39.68% year-to-date, ranking 788 out of 8178 in its category, and a one-year return of 61.64%, ranking 1257 out of 7978 [2]

Core Insights - The company reported a revenue of 1.619 billion yuan for the first half of the year, representing a year-on-year growth of 29.40% [1] - The BIPV business segment generated revenue of 978 million yuan, with a year-on-year increase of 39.80% [1] - The net profit attributable to shareholders reached 72.056 million yuan, marking a year-on-year growth of 25.51% [1] Financial Performance - The company achieved a net cash flow from operating activities of 128 million yuan, an increase of 160 million yuan year-on-year [1] - The operating cash flow per share was 0.24 yuan, which is 1.85 times the basic earnings per share of 0.13 yuan [1] Contractual Growth - In the first half of 2025, the company signed contracts worth 1.853 billion yuan, reflecting a year-on-year growth of 72.08% [1] - The BIPV projects accounted for 1.097 billion yuan of the contracts, showing a significant year-on-year increase of 112.03% [1] - The environmental protection business generated 228 million yuan in contracts, with a remarkable year-on-year growth of 737.29% [1]

Group 1 - The core viewpoint of the news is that Sente Holdings experienced a decline in stock price, dropping by 5.06% to 15.38 CNY per share, with a trading volume of 608 million CNY and a turnover rate of 7.10%, resulting in a total market capitalization of 8.301 billion CNY [1] - Sente Holdings, established on December 5, 2001, and listed on December 16, 2016, specializes in the research, production, and sales of green, environmentally friendly, and energy-saving new building materials, providing integrated services including engineering design, production, installation, and after-sales [1] - The company's main business revenue composition includes: BIPV business 48.17%, building metal enclosure systems 39.25%, soil and groundwater environmental remediation 10.81%, and other 1.41% [1] Group 2 - From the perspective of major fund holdings, Dachen Fund has one fund heavily invested in Sente Holdings, specifically the Dachen Dynamic Quantitative Allocation Strategy Mixed A (003147), which held 29,700 shares in the second quarter, accounting for 1.1% of the fund's net value, ranking as the fourth-largest holding [2] - The Dachen Dynamic Quantitative Allocation Strategy Mixed A (003147) has a current scale of 13.0132 million CNY and has achieved a return of 48.71% this year, ranking 536 out of 8194 in its category; over the past year, it has returned 68.89%, ranking 1104 out of 7963 [2] - The fund manager of Dachen Dynamic Quantitative Allocation Strategy Mixed A (003147) is Xia Gao, who has a tenure of 10 years and 268 days, with the fund's total asset size at 2.26 billion CNY, achieving the best return of 224.05% and the worst return of -71.74% during the tenure [3]

Company and Industry Summary Company Overview - The company, founded in 1999, is a large publicly listed group specializing in the design, research and development, sales, manufacturing, and construction of steel structures and related products. It has ranked first in the national steel structure industry for six consecutive years and has received numerous accolades, including being listed among China's top 500 private manufacturing enterprises and the top 50 competitive enterprises in national construction steel structures [1][2]. Industry Insights - The company has been involved in landmark projects such as the Bird's Nest for the Beijing Olympics and the Beijing Daxing International Airport, showcasing its extensive experience and technical capabilities in the steel structure industry [2]. Financial Performance 2024 Annual Performance - New contracts signed amounted to 21.97 billion yuan, a year-on-year increase of 8.4% [3]. - Revenue reached 18.49 billion yuan, reflecting a year-on-year growth of 12.03% [3]. - Net profit attributable to shareholders was 510 million yuan, a decrease of 6.69% year-on-year [3]. - Cash flow from operating activities was 771 million yuan, up 63.92% year-on-year [3]. - Steel structure sales totaled 1.353 million tons, an increase of 10.9% year-on-year [3]. - Total assets at the end of 2024 were 25.614 billion yuan, a 9.80% increase from the previous year [3]. Q1 2025 Performance - New contracts signed in Q1 2025 were 6.14 billion yuan, a slight increase of 0.7% year-on-year [7]. - Revenue for Q1 2025 was 4.82 billion yuan, a significant increase of 41.16% year-on-year [7]. - Net profit attributable to shareholders was 124 million yuan, up 27.34% year-on-year [7]. Strategic Initiatives - The company is focusing on an EPC (Engineering, Procurement, and Construction) transformation strategy, with EPC projects accounting for 47.9% of new contracts, a growth of 44.7% [4]. - The BIPV (Building-Integrated Photovoltaics) business has seen significant growth, with contracts worth 220 million yuan signed, a year-on-year increase of 48.4% [4]. - The company has established joint ventures in locations such as Hainan and the Netherlands, achieving a contract amount of 810 million yuan, a year-on-year increase of 103.5% [5]. Innovation and Technology - The company invested 685 million yuan in R&D, representing 3.70% of its revenue, an increase of 3.10% year-on-year [5]. - It has developed proprietary AI software for steel structure design, enhancing efficiency in production and design processes [6]. Valuation Enhancement Plan - The company has implemented a valuation enhancement plan focusing on high-quality development, cash flow management, and technological innovation [8]. - It aims to increase new orders by over 10% year-on-year in 2025 [7]. Investor Relations - The company has maintained active communication with investors, holding three performance briefings and responding to 138 interactive questions [9]. - A cash dividend of 0.08 yuan per share was declared for 2024, representing a 31.12% payout ratio, an increase of approximately 10% from the previous year [9]. This summary encapsulates the key points from the earnings call, highlighting the company's performance, strategic initiatives, and industry positioning.

Core Viewpoint - The credit rating of Changjiang Jinggong Steel Structure (Group) Co., Ltd. is maintained at AA with a stable outlook, reflecting its strong market competitiveness and support from national policies in the steel structure sector [1][2]. Company Overview - Changjiang Jinggong Steel Structure (Group) Co., Ltd. primarily engages in steel structure business, with a focus on energy-efficient and environmentally friendly construction [1][2]. - The company has a registered capital of 2.01 billion yuan, with major shareholders being Jinggong Holding Group Co., Ltd. and Jinggong Holding Group (Zhejiang) Investment Co., Ltd. [9][10]. Financial Performance - Total assets increased from 221.03 billion yuan in 2022 to 256.14 billion yuan in 2024, while total liabilities rose from 69.00 billion yuan to 73.82 billion yuan during the same period [2][3]. - Operating revenue grew from 157.15 billion yuan in 2022 to 184.92 billion yuan in 2024, although net profit decreased from 7.06 billion yuan to 5.27 billion yuan [2][3]. - The gross profit margin slightly declined from 14.06% in 2022 to 12.66% in 2024, indicating increased cost pressures [2][3]. Debt and Financing - The company has a total interest-bearing debt of 73.82 billion yuan, with a debt-to-asset ratio of 64.96% as of 2024 [2][3]. - The "Jinggong Convertible Bonds" have a total issuance of 20 billion yuan, with the funds primarily used for the Liu'an Technician College Comprehensive Industrial Park project and to supplement working capital [7][8]. Industry Environment - The steel structure industry is supported by national policies promoting green building practices, with a target for steel structure usage to reach 15% of new construction by 2025 [16][17]. - The market for steel structures is expected to grow due to increasing demand from infrastructure, real estate, and manufacturing sectors, with government initiatives aimed at stabilizing investment in these areas [18][19][20]. Competitive Landscape - The steel structure market is characterized by intense competition, with major players including state-owned enterprises and private firms like Changjiang Jinggong [21][22]. - The industry is gradually consolidating, with larger firms expected to gain market share as regulatory pressures increase on smaller competitors [21][22].