Core Viewpoint - China National Materials International Engineering Co., Ltd. (中材国际) has shown a stable performance in stock price and financial metrics, with a slight increase in revenue and net profit year-on-year, indicating resilience in its business operations despite market fluctuations [2][3]. Financial Performance - As of September 30, 2025, the company achieved a revenue of 32.998 billion yuan, representing a year-on-year growth of 3.99% [2]. - The net profit attributable to shareholders was 2.074 billion yuan, with a year-on-year increase of 0.68% [2]. - The stock price increased by 5.32% year-to-date, with a recent decline of 0.94% over the last five trading days [1]. Stock Market Activity - On November 6, 2025, the stock price rose by 2.04%, reaching 9.51 yuan per share, with a trading volume of 53.3942 million yuan and a turnover rate of 0.25% [1]. - The total market capitalization of the company is approximately 24.934 billion yuan [1]. - The net inflow of main funds was 5.4085 million yuan, with significant buying activity from large orders [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 63,000, up by 8.95% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 8.22% to 35,748 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 48.8489 million shares, a decrease of 13.1793 million shares from the previous period [3]. Dividend Distribution - The company has distributed a total of 7.498 billion yuan in dividends since its A-share listing, with 3.037 billion yuan distributed in the last three years [3]. Business Segments - The main business revenue composition includes: Engineering Technical Services (58.02%), Production Operation Services (28.77%), High-end Equipment Manufacturing (10.65%), and Other Services (5.69%) [2]. - The company operates in various sectors, including cement technology equipment, mining crushing, and material handling equipment [2].

Investment Rating - The report maintains a "Recommended" rating for the company, with projected P/E ratios of 7.87, 7.52, and 7.23 for the years 2025 to 2027 respectively [4]. Core Insights - The company achieved a revenue of 11.317 billion yuan in Q3 2025, reflecting a year-on-year growth of 4.48%. However, the net profit attributable to shareholders decreased by 1.18% to 653 million yuan [4]. - For the first three quarters of 2025, the company reported a total revenue of 32.998 billion yuan, a growth of 3.99%, while the net profit attributable to shareholders increased by 0.68% to 2.074 billion yuan [4]. - The company signed new contracts worth 59.882 billion yuan in the first three quarters, marking a 13.44% increase year-on-year, with overseas contracts growing by 37% [4]. Financial Forecast Summary - Projected operating revenue for 2025 is 46.127 billion yuan, with a growth rate of 0.7%. This is expected to increase to 53.243 billion yuan by 2028, with a growth rate of 5.2% [5]. - The forecasted net profit attributable to shareholders for 2025 is 2.983 billion yuan, with a growth rate of 2.3%, reaching 3.381 billion yuan by 2028 [5]. - The gross profit margin is projected to be 19.6% in 2025, slightly decreasing to 18.8% by 2028 [5].

Core Viewpoint - As of November 4, 2025, Zhongcai International (600970) closed at 9.36 yuan, down 1.27%, with significant net outflows from major funds and mixed inflows from retail investors [1][2]. Financial Performance - For the first three quarters of 2025, Zhongcai International reported a main revenue of 32.998 billion yuan, a year-on-year increase of 3.99%, and a net profit attributable to shareholders of 2.074 billion yuan, up 0.68% year-on-year [2]. - The third quarter of 2025 saw a single-quarter main revenue of 11.322 billion yuan, a year-on-year increase of 4.48%, while the net profit attributable to shareholders was 653 million yuan, down 1.18% year-on-year [2]. - The company’s gross profit margin stood at 17.18%, with a net profit margin of 6.76% [2]. Market Position - Zhongcai International has a total market value of 24.54 billion yuan, ranking 12th in the engineering construction industry [2]. - The company’s price-to-earnings ratio (P/E) is 8.88, which is lower than the industry average of 12.9, indicating a potentially undervalued position [2]. - The return on equity (ROE) is 9.61%, significantly higher than the industry average of 0.45%, suggesting effective management and profitability [2]. Investment Sentiment - In the last 90 days, 16 institutions have rated the stock, with 15 buy ratings and 1 hold rating, indicating strong institutional support [3]. - The average target price set by institutions over the past 90 days is 14.22 yuan, suggesting potential upside from the current trading price [3].

Investment Rating - The report maintains an "Optimistic" rating for the construction industry [2][3]. Core Insights - The construction industry faced revenue and profit pressures in Q1-Q3 2025, with total revenue of 5.52 trillion, down 5.2% year-on-year, and net profit of 118.9 billion, down 9.0% year-on-year [2][3]. - The decline in revenue has narrowed, and cash flow has shown significant improvement, attributed to local government debt resolution policies and enhanced cash flow management by companies [2][5]. - The industry’s gross margin remained stable at 9.8%, with a net margin of 2.16%, indicating effective cost control despite external pressures [2][10]. Summary by Sections 1. Financial Overview of the Construction Industry - In Q1-Q3 2025, major listed companies in the construction sector reported a total revenue of 5.52 trillion, reflecting a year-on-year decrease of 5.2%, and a net profit of 118.9 billion, down 9.0% [3][9]. - Quarterly revenues were 1.84 trillion, 1.91 trillion, and 1.76 trillion, with respective year-on-year declines of 6.2%, 5.2%, and 4.3% [3][9]. 2. ROE Analysis - The overall Return on Equity (ROE) for the industry in Q1-Q3 2025 was 3.36%, a decrease of 0.53 percentage points year-on-year [17]. - The decline in ROE is attributed to reduced investment and increased cost pressures, impacting profitability [17][28]. 3. Cash Flow Improvement - The industry’s operating cash flow showed improvement, with a net outflow of 404.7 billion, which is 70.7 billion less than the previous year [4][14]. - The cash collection ratio improved to 103%, 87%, and 108% across the three quarters, indicating better cash management [4][14]. 4. Investment and Profitability Trends - The construction sector is experiencing a shift towards cash management and asset quality improvement, with companies focusing on reducing ineffective assets [5][26]. - Investment net income in Q3 2025 decreased by 39.4 billion year-on-year, reflecting the ongoing challenges in the sector [26]. 5. Market Perception and Opportunities - The report suggests that the market underestimates the potential for investment in the construction and real estate sectors, which remain crucial to the economy [6]. - The emphasis on quality over growth by state-owned enterprises is expected to create new opportunities for sustainable growth [6].

Core Points - China National Materials International Engineering Co., Ltd. (中材国际) reported a closing price of 9.48 yuan as of November 3, 2025, with a market capitalization of 24.855 billion yuan [1] - The company announced the full repayment of its first phase of medium-term notes issued on November 1, 2022, totaling 1.0268 billion yuan, with an interest rate of 2.68% [1] Group 1 - The stock opened at 9.45 yuan, reached a high of 9.56 yuan, and a low of 9.38 yuan on the reporting day, with a trading volume of 2.59 billion yuan and a turnover rate of 1.21% [1] - The medium-term notes had a total issuance amount of 1 billion yuan, and the repayment date was set for November 2, 2025 [1] - The relevant documents regarding the repayment have been published on the China Monetary Network and Shanghai Clearing House website [1]

| 证券代码：600970 | 证券简称：中材国际 | | | 2025-070 | | --- | --- | --- | --- | --- | | | | | 公告编号：临 | | | 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 中国中材国际工程股份有限公司（以下简称"公司"）于2022年11月1日成 功发行2022年度第一期中期票据（科创票据），发行总额为人民币10亿元，发行 利率2.68%，兑付日为2025年11月2日。相关内容详见《关于2022年度第一期中期 票据（科创票据）发行结果的公告》（公告编号：临2022－090）。 2025年11月2日，公司已全部完成该期中期票据的兑付工作，共计支付本息 合计人民币1,026,800,000.00元。 本 期 中 期 票 据 到 期 兑 付 的 相 关 文 件 已 在 中 国 货 币 网 (http://www.chinamoney.com.cn) 以 及 上 海 清 算 所 网 站 (http://www.shclearing.com.cn)上刊登。 特此公告。 关于 2022 年度第一期中期票 ...

Investment Rating - The industry rating is maintained at "Outperform the Market" [4] Core Views - The construction sector experienced a decline of 1.35% this week, underperforming the broader market by 1.11 percentage points, with mergers, acquisitions, and technology-related stocks showing stronger performance [1][3] - For the first three quarters of 2025, the construction sector reported a revenue decline of 5.10% and a net profit decline of 9.53%, with the revenue drop remaining consistent compared to the same period in 2024 [1][12] - The third quarter of 2025 saw a revenue decline of 4.24% and a net profit decline of 17.52%, with an increase in expenses impacting profits [1][12] Summary by Sections 1. Construction Sector Performance - The construction sector's revenue for the first three quarters of 2025 was 58,415 billion yuan, with a year-on-year decline of 5.10% and a net profit of 1,239 billion yuan, down 9.53% [12][15] - The third quarter of 2025 showed a revenue decline of 4.24% and a net profit decline of 17.52%, with a slight improvement in revenue compared to the second quarter [1][12] 2. Central Enterprises - Only China Chemical, China Electric Power, and China Energy Construction reported positive revenue growth in the first three quarters of 2025, with China Chemical also achieving positive net profit growth [2][15] - The current dividend yield for China Construction is at 5.00%, highlighting its strong performance in terms of dividends [2][15] 3. International Engineering - China National Materials achieved a revenue growth of 3.99% in the first three quarters of 2025, with a 4.48% growth in the third quarter [2][19] - Other international engineering companies faced significant revenue and profit pressure, with high dividend yields for China National Materials and China Steel International at 4.76% and 4.67% respectively [2][19] 4. Local State-Owned Enterprises - Local state-owned enterprises such as Sichuan Road and Bridge, Tibet Tianlu, and Xinjiang Communications Construction reported positive revenue and profit growth [2][22] - Xinjiang Communications Construction showed remarkable performance with a revenue growth of 38.58% and a net profit growth of 147.73% in the first three quarters of 2025 [2][22] 5. Professional Engineering - Companies in the semiconductor cleanroom sector, such as Shenghui Integration, reported significant growth, with a revenue increase of 59.40% and a net profit increase of 93.89% in the third quarter of 2025 [2][20] - The overall performance in the professional engineering sector showed a clear divergence, with some companies experiencing strong growth while others faced challenges [2][20] 6. Investment Recommendations - The report suggests focusing on the construction sector's recovery, particularly in infrastructure investments driven by government initiatives [29] - Key recommendations include local state-owned enterprises in high-growth regions such as Sichuan and Zhejiang, as well as central enterprises like China Communications Construction and China Railway Construction [29]

Summary of Key Points Core Viewpoint - China National Materials International Engineering Co., Ltd. (中材国际) is actively engaging in financial maneuvers, including a proposed bond issuance and ongoing litigation, which may impact its financial standing and operational capabilities [1][2][3]. Group 1: Company Financial Activities - The company plans to issue corporate bonds with a registration limit not exceeding 2 billion yuan, aimed at repaying interest-bearing debts and supplementing working capital [1][3]. - As of October 31, 2025, the company's stock price is 9.52 yuan, reflecting a slight decrease of 0.1% from the previous week, with a total market capitalization of 24.96 billion yuan [1]. Group 2: Legal Matters - The company has initiated legal proceedings against Guangxi Jinxiang Cement Co., Ltd. due to a construction contract dispute, with the amount in question totaling approximately 904.58 million yuan, which includes principal and interest [2][3]. - In the past 12 months, the company has faced a total of 126 other litigation and arbitration cases, with a cumulative disputed amount of about 1.47 billion yuan, indicating ongoing legal challenges [2].

Group 1 - A total of 87 stocks were newly covered by institutions this week, with 14 stocks receiving target prices [1] - Naxin Micro was rated "Accumulate" by Guoyuan Securities with a target price of 207 CNY, while its latest closing price was 172.06 CNY [1] - Tengjing Technology received a "Buy" rating from Guojin Securities with a target price of 146.9 CNY, compared to its latest closing price of 109.63 CNY [1] Group 2 - Other notable stocks include Kingsoft Office, Desay SV, Dazhu CNC, and Northern Rare Earth, which were also mentioned in the report [1] - The report includes a detailed table of stocks with their respective institutions, research dates, latest ratings, target prices, and latest closing prices [2] - For instance, Kexin New Source was rated "Buy" by Guotai Junan Securities with a target price of 66.86 CNY, while its latest closing price was 42.73 CNY [2]

Core Viewpoint - China National Materials International Engineering Co., Ltd. has initiated a significant lawsuit against Guangxi Jinxiang Cement Co., Ltd. regarding a construction contract dispute, with the claimed amount totaling approximately 904.58 million yuan [2][3]. Group 1: Lawsuit Details - The lawsuit is currently in the acceptance stage at the Laibin Intermediate People's Court in Guangxi Zhuang Autonomous Region [2][3]. - The company is the plaintiff in this case, seeking payment for unpaid construction fees and associated costs [2][4]. - The total amount claimed includes 854,633,588.30 yuan in principal, along with interest and other costs, bringing the total to 904,580,876.61 yuan [7]. Group 2: Contractual Background - The dispute arises from a contract signed on May 9, 2021, for the EPC general contracting of a cement production line and aggregate line, with a contract value of 1,936.90 million yuan [5]. - The final settlement price confirmed on August 20, 2024, was 1,959,518,834 yuan, excluding interest [5]. Group 3: Legal Actions and Requests - The company has requested the court to order Guangxi Jinxiang to pay the owed construction fees and to grant the company priority rights over the project in case of liquidation [7][9]. - Additionally, the company has filed for property preservation measures to secure its claims against Guangxi Jinxiang [9]. Group 4: Other Legal Matters - The company has also initiated a separate lawsuit regarding guarantee responsibilities related to unpaid construction fees, involving multiple defendants [10]. - Over the past 12 months, the company has faced a total of 126 other legal disputes, with a cumulative disputed amount of approximately 1.47 billion yuan [11].