研報掘金丨國聯民生:維持中國能建“買入”評級,“四大轉型”持續深化,前景可期
國聯民生證券研報指出,中國能建(601868.SH)2025Q1收入1,004億,yoy+3%;歸母淨利16.1億,yoy+9%。Q1收入新籤均實現正增,預計能源電力等延續較好需求景氣度。2025Q1公司獲取新能源開發指標2.1GW。創新驅動、綠色低碳、數字智慧、共享融合“四大轉型”推進有效果。經營活動現金流改善,收現比、付現比同比均提升,項目回款邊際改善支撐總體現金流表現改善。公司作為能源基建“國家隊”,氫能/儲能等新興業務不斷開花結果,“四大轉型”持續深化,前景可期。經營質量穩步提升,重視股東回報(如2024年分紅比率同比提升5.6pct至19.2%),維持“買入”評級。
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