2025 年 04 月 30 日 中国建筑(601668.SH) 营收/业绩同比增长，基建新签订单同 比高增 事件：公司发布 2025 年一季报，2025Q1 公司实现营业收入 5553.42 亿元（yoy+1.1%），归母净利润 150.13 亿元（yoy+0.6%）。 Q1 营收/归母业绩同比增长，新兴业务营收同比高增。 2025Q1，公司实现营收 5553.42 亿元，同比增长 1.1%，营收实现 同比正向增长，主要系公司强化项目全周期履约管理，推进重点 项目落地实施，叠加主动拓展客户资源储备，全力以赴保障项目 交付进度与品质等因素所致。各业务营收及增速为：房建 3649 亿 元（yoy-0.2%）、基建 1283 亿元（yoy+0.5%）、地产开发 537 亿元 （yoy+15.5%）、勘察设计 23 亿元（yoy-11.3%）。此外，公司加速 布局战略性新兴产业，2025Q1实现营收453亿元，同比高增34.2%， 营收占比达 8.2%。从区域看，2025Q1 公司持续强化属地深耕和协 同出海，境外实现营收 239 亿元，同比增长 8.5%。2025Q1，公司 实现归母净利润 150.13 亿元，同 ...

锚定高质量发展，国内外市场开拓成效显著 报告期内，公司牢牢把握高质量发展的主线，积极应对市场变化带来的机遇和挑战，着力推进"学政 策、创效益、深改革、优管理、促创新、防风险、强党建"七大任务，主要经营指标稳步增长。 具体来看，建筑业务加快拓展市场空间。2025年一季度，建筑业务新签合同额12037亿元，同比增长 8.4%。其中，基础设施业务4206亿元，同比增长40.0%，继续保持较快增长。实物量指标方面，房屋建 筑施工面积145808万平方米；新开工面积9293万平方米，同比增长61.8%；竣工面积2856万平方米。 地产业务方面，报告期内公司新增土地储备195万平方米，全部位于一线、强二线及省会城市，期末土 地储备7625万平方米，土地储备充足。实现营业收入537亿元，同比增长15.5%；实现毛利90.6亿元，同 比增长1.5%。其中，中海地产权益销售额、新增土地货值稳居百强房企前列，中建智地、中建信和、 中建东孚等合约销售额实现稳健增长。中国建筑持续聚焦"好房子"投资建设，建设安全、舒适、绿色、 智慧的"好房子"。 受益于公司海外业务的高质量发展战略布局，中国建筑海外新签订单额取得了显著增长。报告期内， ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company has shown steady revenue growth with a significant increase in infrastructure orders, achieving a revenue of 555.34 billion yuan and a net profit of 15.01 billion yuan in Q1 2025, reflecting year-on-year growth of 1.1% and 0.6% respectively [1][2]. - The real estate development business has shown signs of recovery, with a notable increase in land reserves located in first-tier and strong second-tier cities, totaling 7,625 million square meters [2][4]. - The company has signed new contracts worth 1,270.2 billion yuan in Q1 2025, marking a year-on-year increase of 6.9%, with significant growth in infrastructure and overseas contracts [3][4]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenues from various segments: construction (364.9 billion yuan), infrastructure (128.3 billion yuan), real estate development (53.7 billion yuan), and surveying and design (2.3 billion yuan), with respective year-on-year changes of -0.2%, +0.5%, +15.5%, and -11.3% [2]. - The gross margin and net margin for Q1 2025 were 7.8% and 3.2%, showing slight declines compared to the previous year [2]. Contracting and Orders - The company secured new contracts totaling 12,702 billion yuan in Q1 2025, with the construction segment contributing 12,037 billion yuan, reflecting an 8.4% increase year-on-year [3]. - Specific growth in new contracts includes energy engineering (96.6% increase) and municipal engineering (44.4% increase) within the infrastructure sector [3]. Cash Flow and Management - The company has improved its cash flow management, with a net cash outflow from operating activities of 95.85 billion yuan, which is a reduction of 0.74 billion yuan compared to the previous year [4]. - The company has also seen a commitment from its parent group to increase shareholding, indicating confidence in its future performance [4]. Profit Forecast and Valuation - The profit forecast for the company remains stable, with expected net profits of 47.49 billion yuan, 48.67 billion yuan, and 50.13 billion yuan for 2025, 2026, and 2027 respectively [4][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's main business shows steady growth, with emerging and overseas momentum accelerating [4] - The company achieved a revenue of 555.34 billion yuan in Q1 2025, a year-on-year increase of 1.10%, and a net profit attributable to shareholders of 15.01 billion yuan, up 0.61% year-on-year [5] - The company continues to optimize its business structure, with strategic emerging industries achieving a revenue of 45.3 billion yuan, a year-on-year increase of 34.2% [5] - New contracts signed in Q1 2025 totaled 1,203.7 billion yuan, a year-on-year increase of 8.4%, with overseas contracts increasing significantly by 178.5% [5] - The company maintains a strong cash flow management, with a net cash outflow of 95.85 billion yuan in Q1 2025, a decrease of 7.43 billion yuan year-on-year [5] Financial Performance Summary - Revenue forecast for 2025 is 2,243.13 billion yuan, with a year-on-year growth rate of 2.56% [4] - Net profit attributable to shareholders for 2025 is projected at 47.54 billion yuan, with a growth rate of 2.93% [4] - The company's earnings per share (EPS) for 2025 is estimated to be 1.15 yuan [4] - The price-to-earnings (P/E) ratio for 2025 is projected at 4.79 [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [6][18]. Core Views - The company has shown steady revenue growth in Q1 2025, with operating income reaching 555.34 billion yuan, a year-on-year increase of 1.1%. The net profit attributable to shareholders was 15.01 billion yuan, up 0.6% year-on-year [1]. - The company has experienced a significant increase in new orders, with a total of 1,203.7 billion yuan in new contracts signed in Q1 2025, representing an 8.4% year-on-year growth. Key sectors contributing to this growth include industrial plants, energy engineering, and water conservancy [1][2]. - The company is expanding its overseas business, with new contracts amounting to 67.4 billion yuan in Q1 2025, a year-on-year increase of 150%. Revenue from overseas operations also grew by 8.5% to 23.9 billion yuan [2]. - The strategic emerging industries of the company reported revenue of 45.3 billion yuan in Q1 2025, marking a 34.2% year-on-year increase, contributing to 8.2% of total revenue [2]. Financial Performance Summary - The gross profit margin for Q1 2025 was 7.85%, a slight decrease of 0.24 percentage points year-on-year. The net profit margin was 3.23%, down 0.02 percentage points year-on-year [3]. - The company reported a cash flow from operations (CFO) net outflow of 95.85 billion yuan in Q1 2025, which is a reduction in outflow by 0.74 billion yuan compared to the previous year [3]. - The company’s long-term profit forecasts for 2025 to 2027 are 47.52 billion yuan, 48.73 billion yuan, and 50.02 billion yuan respectively, indicating a gradual increase in profitability [4][5]. Business Segment Performance - In Q1 2025, the revenue from the construction business was 364.9 billion yuan, a slight decrease of 0.2% year-on-year. The infrastructure segment saw a revenue increase of 0.5% to 128.3 billion yuan, while the surveying and design segment experienced a decline of 11.3% to 2.3 billion yuan [2]. - The real estate development segment achieved a revenue of 53.7 billion yuan, up 15.5% year-on-year, although the contracted sales decreased by 14.5% to 66.5 billion yuan [2]. - The company’s land reserves increased to 76.25 million square meters by the end of Q1 2025, with an addition of 1.95 million square meters during the quarter [2].

Core Viewpoint - China State Construction Engineering Corporation reported steady revenue and profit growth in Q1 2025 despite ongoing pressures in the real estate market, driven by strong performance in infrastructure and emerging strategic industries [1][6]. Financial Performance - Revenue reached 555.3 billion yuan, a year-on-year increase of 1.1% - Net profit was 17.96 billion yuan, up 0.6% from the previous year - Basic earnings per share were 0.36 yuan, reflecting a 2.9% increase [1][3][5]. Business Structure Optimization - New contracts in the infrastructure sector totaled 420.6 billion yuan, a significant increase of 40% - Energy engineering contracts surged by 96.6%, while municipal engineering contracts rose by 44.4% - New contracts in the housing construction sector slightly decreased by 3.3% to 779.9 billion yuan [1][6][8]. Real Estate Business Performance - Real estate revenue was 53.7 billion yuan, a 15.5% increase year-on-year - Gross profit from real estate was 9.06 billion yuan, up 1.5% - The company added 1.95 million square meters of land reserves, all located in first-tier and strong second-tier cities [1][6][9]. New Business Highlights - Strategic emerging industries achieved revenue of 45.3 billion yuan, a growth of 34.2%, accounting for 8.2% of total revenue - Overseas business contracts reached 67.4 billion yuan, a 150% increase, with revenue of 23.9 billion yuan, up 8.5% [1][9].

中国建筑股份有限公司（以下简称公司）第四届董事会第十六次会议审议同 意下属子公司中国建筑一局（集团）有限公司（以下简称中建一局）投资北京市 朝阳区黄杉木店、孙河两组团地块房地产开发项目（以下简称本项目）。近日， 由中建一局下属子企业中建智地置业有限公司（以下简称中建智地）等单位组成 的联合体竞得本项目土地使用权。 本项目位于北京市朝阳区，由黄杉木店平房区城中村改造项目 2107-01、02、 03 地块、孙河组团土地储备项目 2902-73 地块组成，总占地面积约 14.83 万平 方米，总计容建筑面积约 28.27 万平方米，规划用途包括商品住宅、商业、幼托 等。中建智地与北京市朝阳城市建设综合开发有限责任公司按照 97%和 3%的持股 比例成立北京兴鼎房地产开发有限公司（以下简称北京兴鼎）。北京兴鼎、北京 方兴亦城置业有限公司、广州越秀华城房地产开发有限公司组成联合体竞得本项 目土地使用权，共同实施开发。本项目土地获取价款 126 亿元。 本项目土地使用权的竞得和投资开发，有利于公司提高在北京区域市场的影 响力、引领力及品牌号召力，助力公司深耕北京房地产开发市场。本项目是公司 在当前市场状况下，结合实际并 ...

Core Viewpoint - China State Construction has successfully acquired land use rights for a real estate development project in Beijing's Chaoyang District for 12.6 billion yuan [1] Group 1: Project Details - The project covers a total area of approximately 148,300 square meters and a total construction area of about 282,700 square meters [1] - Planned uses for the project include residential, commercial, and childcare facilities [1] Group 2: Strategic Implications - This investment is expected to enhance the company's influence and brand recognition in the Beijing market [1] - The development of the project may face various influencing factors, indicating potential risks [1]

证券代码：601668 证券简称：中国建筑 公告编号：2025-032 中国建筑股份有限公司 关于召开2024年年度股东会的通知 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： (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 23 日 至2025 年 5 月 23 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联 网投票平台的投票时间为股东会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 1 股东会召开日期：2025年5月23日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 一、 召开会议的基本情况 (一) 股东会类型和届次 2024年年度股东会 召开的日期时间：2025 年 5 月 23 日 14 点 30 分 召开地 ...