建筑装饰/基础建设 隧道股份（600820.SH） 营收利润同比收缩，毛利率水平有所提升 2025 年 04 月 30 日 投资评级：买入（维持） | 日期 | 2025/4/29 | | --- | --- | | 当前股价(元) | 6.15 | | 一年最高最低(元) | 7.37/5.18 | | 总市值(亿元) | 193.36 | | 流通市值(亿元) | 193.36 | | 总股本(亿股) | 31.44 | | 流通股本(亿股) | 31.44 | | 近 3 个月换手率(%) | 44.35 | 司 信 息 更 新 报 告 股价走势图 数据来源：聚源 -30% -20% -10% 0% 10% 20% 2024-04 2024-08 2024-12 隧道股份 沪深300 相关研究报告 《业绩表现符合预期，新签订单稳健 增 长 — 公 司 信 息 更 新 报 告 》 -2024.10.31 《经营业绩表现稳健，中期分红增强 回报—公司信息更新报告》-2024.8.28 《二季度新签订单环比增长，拟认购 中交设计定增—公司信息更新报告》 -2024.7.16 | 齐东（分析师） | 胡耀文（分 ...

| 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-019 | | --- | --- | --- | --- | --- | --- | | 债券代码：185752 | 债券简称：22 | 隧道 | 01 | | | | 债券代码：115633 | 债券简称：23 | 隧道 | K1 | | | | 债券代码：115902 | 债券简称：23 | 隧道 | K2 | | | 上海隧道工程股份有限公司 第十届监事会第十七次会议决议公告 本公司监事会及全体监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个别及连带责任。 重要内容提示： ●本次监事会全体监事出席。 ●本次监事会无监事对会议审议议案投反对或弃权票情形。 ●本次监事会审议议案全部获得通过。 一、监事会召集、召开情况 上海隧道工程股份有限公司第十届监事会第十七次会议，于2025 年 4 月 21 日以电子邮件方式发出会议通知，并进行了电话确认，于 2025 年 4 月 29 日下午以通讯表决方式召开，应到监事 3 名，实到 3 名。本次会议的召集、召开符合法律、法 ...

| 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-018 | | --- | --- | --- | --- | --- | --- | | 债券代码：185752 | 债券简称：22 | 隧道 | 01 | | | | 债券代码：115633 | 债券简称：23 | 隧道 | K1 | | | | 债券代码：115902 | 债券简称：23 | 隧道 | K2 | | | 上海隧道工程股份有限公司 第十届董事会第四十三次会议决议公告 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个别及连带责任。 重要内容提示： ●本次董事会会议全体董事出席。 一、董事会会议召集、召开情况 上海隧道工程股份有限公司（简称"公司"）第十届董事会第四 十三次会议，于 2025 年 4 月 21 日以电子邮件方式发出会议通知，并 进行了电话确认，于 2025 年 4 月 29 日以通讯表决方式召开，应到董 事 8 名，实到 8 名。本次会议的召集、召开符合相关法律、法规和《公 司章程》的规定。 二、董事会会议审议情况 （ ...

上海隧道工程股份有限公司2025 年第一季度报告 证券代码：600820 证券简称：隧道股份 上海隧道工程股份有限公司 2025 年第一季度报告 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。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一) 主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 上年同期 | | 本报告期比上年同期增 减变动幅度(%) | | | --- | --- | --- | --- | --- | --- | | | | 调整前 | 调整后 | 调整后 | | | 营业收入 | 10,549,386,215.70 | 14,125,167,419.49 | 14,128,835,941.90 | ...

Investment Rating - The report maintains a "Buy" rating for the company [7][8] Core Views - The company achieved a revenue of 68.8 billion RMB in 2024, a year-on-year decrease of 7.28%, and a net profit attributable to shareholders of 2.84 billion RMB, down 3.54% year-on-year, slightly below expectations due to a slowdown in traditional infrastructure investment [1] - The company focuses on high-quality development and digital transformation, with a target revenue and profit growth of 5-10% in 2025, supported by strong cash flow and a high dividend payout ratio [1][4] - The digital information business showed significant growth, with an overall gross margin increase to 12.2% year-on-year [2] Summary by Sections Financial Performance - In 2024, the core construction business generated revenue of 57.2 billion RMB, accounting for 83% of total revenue, with a gross margin of 6.96%, up 0.03 percentage points year-on-year [2] - The company reported a net cash inflow from operating activities of 4.59 billion RMB, an increase of 1.41 billion RMB year-on-year, with a cash collection and payment ratio of 97.4% and 88.0% respectively [3] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 2.98 billion RMB, 3.12 billion RMB, and 3.26 billion RMB respectively, reflecting a downward adjustment in revenue growth expectations [4] - The target price is set at 9.24 RMB, based on a valuation method that considers comparable averages, with a price-to-earnings ratio of 7.0x for construction and 27x for information operations [4][8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.86 CNY, reflecting a 9x PE for 2025 [6][17]. Core Views - The company demonstrated stable performance in Q4 2024, with a revenue of 259.3 billion CNY, a year-on-year decrease of 5.1%. The net profit attributable to the parent company was 13.4 billion CNY, down 7.5% year-on-year, while the non-recurring net profit increased by 1.3% year-on-year [1][2]. - The company plans to distribute a cash dividend of 6.9 billion CNY for the year-end, totaling 10.06 billion CNY for the year, with a dividend payout ratio of 35.68% and a corresponding dividend yield of 5.25% [1][2]. Revenue and Profitability - In 2024, the company achieved an operating income of 688.2 billion CNY, a decrease of 7.28% year-on-year, with a net profit of 28.4 billion CNY, down 3.5% year-on-year [1][5]. - The company’s gross margin improved to 12.2%, up 1.87 percentage points year-on-year, with a Q4 gross margin of 12.99%, an increase of 5.44 percentage points year-on-year [2][4]. Business Segments - The company’s revenue from various segments in 2024 included construction at 572 billion CNY, design services at 24 billion CNY, infrastructure operations at 50 billion CNY, and digital information business at 4 billion CNY, with respective year-on-year changes of -6.7%, -6.9%, -15.8%, and +26.7% [2][3]. - The company’s new orders reached 1,030 billion CNY in 2024, a year-on-year increase of 8.01%, with significant growth in municipal and energy sectors exceeding 30% [3]. Financial Management - The company maintained a good control over operating expenses, with a total expense ratio of 8.94%, a slight increase of 0.06 percentage points year-on-year. The net profit margin for 2024 was 4.3%, up 0.02 percentage points year-on-year [4][5]. - The company reported a net cash inflow from operating activities of 45.9 billion CNY, an increase of 14 billion CNY year-on-year [4].

Core Viewpoint - Tunnel Corporation (隧道股份) maintains stable operations with a high dividend investment value, projecting a target price of 8.86 yuan and a "buy" rating for the stock [1] Financial Performance - In 2024, the company achieved operating revenue of 68.82 billion yuan, a year-on-year decrease of 7.28%, with net profit attributable to shareholders at 2.84 billion yuan, down 3.5% [1] - The fourth quarter saw revenue of 25.93 billion yuan, a decline of 5.1%, while net profit attributable to shareholders was 1.34 billion yuan, down 7.5% [1] - The company plans to distribute cash dividends of 690 million yuan, resulting in a total cash dividend of 1.006 billion yuan for the year, with a dividend payout ratio of 35.68% and a corresponding dividend yield of 5.25% [1] Business Segments - Revenue from various business segments in 2024 includes construction at 57.2 billion yuan, design services at 2.4 billion yuan, infrastructure operations at 5 billion yuan, and digital information business at 400 million yuan, with respective year-on-year changes of -6.7%, -6.9%, -15.8%, and +26.7% [2] - The overall gross margin improved to 12.2%, up 1.87 percentage points year-on-year, with a fourth-quarter gross margin of 12.99%, an increase of 5.44 percentage points [2] Order Growth - The company signed new orders worth 103 billion yuan in 2024, an increase of 8.01% year-on-year, which is 1.5 times the revenue for the period [3] - In the first quarter of 2025, new orders reached 23.08 billion yuan, a year-on-year increase of 1.87%, with significant growth in municipal and energy-related orders exceeding 30% [3] Cost Management and Profitability - The company maintained a period expense ratio of 8.94%, with a slight increase of 0.06 percentage points year-on-year [4] - Investment income contributed 1.44 billion yuan, a decrease of 1.54 billion yuan year-on-year, while the net profit margin for 2024 was 4.3%, up 0.02 percentage points [4] - Operating cash inflow was 4.59 billion yuan, an increase of 1.4 billion yuan year-on-year, with a cash payment ratio improvement of 3.26 percentage points [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.86 CNY, reflecting a 9x PE for 2025 [6][17]. Core Insights - The company achieved a revenue of 68.82 billion CNY in 2024, a decrease of 7.28% year-on-year, with a net profit attributable to the parent company of 2.84 billion CNY, down 3.5% year-on-year [1][5]. - The company plans to distribute a cash dividend of 690 million CNY, resulting in a total cash dividend of 1.006 billion CNY for the year, with a dividend payout ratio of 35.68% and a corresponding dividend yield of 5.25% [1][5]. - The company’s gross margin improved to 12.2%, up 1.87 percentage points year-on-year, with a quarterly gross margin of 12.99%, an increase of 5.44 percentage points year-on-year [2][4]. Revenue and Profitability - In 2024, the company’s revenue from various segments included construction (57.2 billion CNY), design services (2.4 billion CNY), infrastructure operations (5 billion CNY), and digital information services (400 million CNY), with respective year-on-year changes of -6.7%, -6.9%, -15.8%, and +26.7% [2]. - The company’s net profit margin for 2024 was 4.3%, a slight increase of 0.02 percentage points year-on-year, while the net profit margin for Q4 was 5.16%, down 0.61 percentage points year-on-year [4]. Order Growth and Market Position - The company signed new orders worth 103 billion CNY in 2024, representing an 8.01% increase year-on-year, which is 1.5 times its revenue for the same period [3]. - The new orders in municipal and energy sectors grew by over 30%, with significant growth in Shanghai and overseas markets [3]. Financial Metrics and Valuation - The company’s projected net profit for 2025-2027 is estimated at 3.1 billion CNY, 3.37 billion CNY, and 3.71 billion CNY, respectively, with corresponding PE ratios of 6.2, 5.7, and 5.2 [1][5]. - The company’s total assets are projected to reach 176.24 billion CNY by 2025, with a debt-to-asset ratio of 78.01% [11][12].

Core Viewpoint - Tunnel Corporation announced a cash distribution plan for the fiscal year 2024, proposing a dividend of 2.2 yuan per 10 shares (including tax), amounting to a total cash payout of 6.92 billion yuan, which represents 24.35% of the net profit and a dividend yield of 3.38% based on the average trading price for the year [1][2]. Financial Performance - The company reported a total revenue of 688.16 billion yuan for the fiscal year 2024, reflecting a year-on-year decline of 7.28% - The net profit for the same period was 28.41 billion yuan, down 3.54% year-on-year - Basic earnings per share were recorded at 0.9 yuan, with a weighted average return on equity of 9.4% [2]. Dividend History - The company has a history of 28 cumulative cash distributions since its listing - The latest proposed dividend of 2.2 yuan per 10 shares is compared to previous distributions, such as 2.3 yuan in 2023 and 2.7 yuan in 2022, indicating a slight decrease in the dividend amount [1][2]. Market Activity - The stock experienced a net outflow of 874,200 yuan in principal funds on the day of the announcement, with a total net outflow of 4.73 million yuan over the past five days [3]. - The latest margin financing balance for the stock was 485 million yuan, showing a decrease of 5.66 million yuan, or 1.15%, over the past five days [4]. Industry Comparison - In the construction and decoration industry, Tunnel Corporation's cash distribution ranks among the lower end compared to peers, with China State Construction leading with a cash payout of 112.18 billion yuan, followed by China Railway and China Railway Construction with payouts of 44.04 billion yuan and 40.74 billion yuan, respectively [5].

| 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-016 | | --- | --- | --- | --- | --- | --- | | 债券代码：185752 | 债券简称：22 | 隧道 | 01 | | | | 债券代码：115633 | 债券简称：23 | 隧道 | K1 | | | | 债券代码：115902 | 债券简称：23 | 隧道 | K2 | | | 上海隧道工程股份有限公司 "估值提升计划（2025-2027 年）"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个别及连带责任。 重要内容提示： ●估值提升计划的触发情形及审议程序：公司股票连续 12 个月每 个交易日收盘价均低于最近一个会计年度经审计的每股归属于上市 公司股东的净资产，根据中国证监会发布的《上市公司监管指引第 10 号——市值管理》规定，属于应当制定估值提升计划的情形。 2025 年 4 月 24 日，公司第十届董事会召开第四十二次会议，审 议通过《上海隧道工程股份有限公司估值提升计划（2025-202 ...