中标重大工程，新签合同额同比增长

中标重大工程，新签合同额同比增长 Winning the bid for a major project&Amount of newly signed contracts increasedYoY 最新动态 ➢新签合同额同比增长。2025年，公司合计新签合同额为1.45万亿元，同比增长2.88%。2025年，公司工程建设新签项目数量为7748个，新签合同额为1.35万亿元，同比增长5.60%；其中，传统能源签订新签项目4730个，新签合同额为2909.49亿元，同比下降7.04%；新能源及综合智慧能源新签项目1664个，新签合同额为5925.78亿元，同比增长6.70%；城市建设新签项目489个，新签合同额2702.52亿元，同比增长20.18%；综合交通新签项目214个，新签合同额425.91亿元，同比增长52.83%。2025年，勘探设计及咨询新签项目1.33万个，新签合同261.61亿元，同比增长32.66%；工业制造新签项目1.53万个，新签合同额337.04亿元，同比下降60.24%。2025年，公司境内累计新签合同额为1.10万亿元，同比增长1.05%；公司境外累计新签合同额为3506.73亿元，同比增长9.05%。 ➢公司实现重大工程中标。中国能源建设股份有限公司所属子公司中国葛洲坝集团路桥工程有限公司（联合体牵头人）和中国电力工程顾问集团西北电力设计院有限公司，与华设设计集团股份有限公司组成联合体，中标陕西省安康市恒口示范区恒河、月河流域生态综合治理项目（EPC总承包），中标金额约为68.64亿元人民币。项目建设内容包括流域治理、交通基建、城市更新、水利设施与环保工程等,总工期为36个月。 动向解读 ➢吉林松原氢能产业园（绿色氢氨醇一体化）项目一期工程投产。2025年12月16日，公司投资建设的全球最大规模绿色氢氨醇一体化项目——中能建松原氢能产业园（绿色氢氨醇一体化）项目一期工程正式投产运行。具体情况：一、项目基本情况松原项目一期工程于2023年9月开工建设，总投资69.46亿元，建设内容包括80万千瓦新能源发电（其中风电75万千瓦、光伏5万千瓦），2025年12月1日项目建成并首次成功生产绿氢，2025年12月16日正式投产运行。二、项目投产与技术创新本项目采用“风光直供+储能调峰+高效电解制氢系统+动态氨合成一体化”创新技术路线，成功破解了新能源波动与化工稳定生产之间动态耦合的世界级难题。项目创造了规模最大、储氢量最大、最宽负荷柔性工艺和最大规模碱性电解制氢设备“四项世界纪录”，开创风光储氢氨醇匹配优化技术、100%绿电直供技术、绿色柔性制氢氨醇技术、规模化风光储氢氨醇一体化调控技术“四项国际领先技术”。项目实现关键核心装备100%国产化，填补了我国绿电直连耦合氢氨醇柔性生产空白，形成专利、专有技术、标准规范共计百余项。本项目投产后，可实现年产4.5万吨绿氢以及20万吨绿氨和绿色甲醇的产能，相当于每年节约标准煤约60万吨，减少二氧化碳排放74万吨，实现绿电就地消纳和高附加值转化。 策略建议 ➢盈利预测。我们预测公司2025-2027年归母净利润分别为87.18亿元、90.47亿元、93.54亿元，参考同行业公司，给予公司2026年9倍PE，按照港元兑人民币0.90汇率计算，对应目标价2.20港元，首次覆盖给予“买入”评级。 风险提示 ➢能源政策与转型的风险、市场与竞争风险、外部环境风险。 分析师介绍 分析师庄怀超，拥有北京航空航天大学本科学位和香港大学金融学硕士学位，主要覆盖能源化工和材料行业。 该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司，继续覆盖化工和新材料行业。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 该分析师曾在wind发布报告超过600篇，主要覆盖标的包括： 1）化工&化肥：东岳集团、环球新材国际、中国联塑、阜丰集团、中国三江化工、浦林成山、中海石油化学、中国旭阳集团、龙蟠科技、彩客新能源、天德化工、中国心连心化肥、中化化肥、米高集团、大成生化科技； 2）能源&公用事业：中创新航、中集安瑞科、新奥能源、长江基建集团、中煤能源、宏华集团、中海油田服务、安东油田服务、惠生工程、协合新能源、绿色动力环保、中国光大绿色环保、首钢资源、新特能源、中裕能源； 3）有色&材料：中国宏桥、紫金黄金国际、万国黄金集团、潼关黄金、中国罕王、中广核矿业、稀美资源、首佳科技、信义光能、华新水泥、华润建材科技、大明国际。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852)97487114; (86) 188 01353 3537 The Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 months SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization ofthe issuer mentioned in this Research Report. (4)Global Prosperity Financial Company Limitedand/or its subsidiaries have not had investment banking relationships with the issuermentioned in this Research Report within the preceding 12 months. (5) Global Prosperity Financial Company Limitedand/or its subsidiaries are not making a market in the securities in respect of the issuermentioned in this Research Report. (6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officerof the issuermentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated withGlobal ProsperityFinancial Company Limitedand/or its subsidiaries. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity FinancialCompany Limited. Global Prosperity Financial Company Limited and its group companies may do business that relates to companies coveredin research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor,underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by salespersons, dealers and other professional executives of Global Prosperity Financial Company Limitedgroup of companies. Any opinionsexpressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment bankinggroups ofGlobal Prosperity Financial Company Limited. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report,Global ProsperityFinancial Company Limited does not guarantee the accuracy and completeness of the information and data herein. This ResearchReportmay contain some forward-lookingestimates and forecasts derived from the assumptions of the future political and economic conditions withinherently unpredictable and mutable situation, so uncertainty may contain. Investors should understandand comprehend the investmentobjectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, an