SD Road&Bridge has released its interim report:1H26 revenue came in at RMB25,357mn(-11.26%YoY),attributable net profit at RMB731mn(-28.93%YoY),and recurring net profit at RMB647mn(-34.98%YoY).For 2Q26,revenue was RMB16,481mn(-12.39%YoY,+85.69%QoQ),with attributable net profit of RMB563mn(-27.71%YoY,+236.00%QoQ),below our estimate of RMB604mn,due to revenue pressure and ahigher financial expense ratio from FX volatility.We believe new contract signings maintained solid growth and gross margin improved.As the order backlog gradually moves into execution,we expect operations to improve over the medium-to-long term.Maintain BUY.
Construction soft,maintenance steady,overseas on track
In 1H26,blended gross margin was 13.77%,up 2.30pp YoY.For 2Q26,gross margin was 14.46%,up 2.99pp YoY/1.99pp QoQ.By segment,core road and bridge construction revenue was RMB22.2bn,down 13.21%YoY,due to local government debt resolution and adjustments to the investment pace.Some projects were landed or started more slowly than expected,limiting construction progress.Gross margin for this segment was 13.79%,up 2.66pp YoY.Road and bridge maintenance revenue reached RMB2.0bn,up 10.27%YoY.By region,East China remained the largest revenue contributor at RMB17.1bn,down 23.5%YoY.Overseas expansion was rapid,with 1H26 revenue of RMB3.1bn,up 61.5%YoY,lifting its revenue share by 5.46pp to 12.13%.
FX losses and impairments dragged attributable net margin
In 1H26,the expense ratio was 6.55%,up 1.30pp YoY.The selling/administrative/R&D/financial expense ratios were 0.01%/2.65%/1.88%/2.01%,flat/+0.24/+0.26/+0.80pp YoY.Financial expenses rose 47.30%YoY,due to larger FX losses.Impairment expenses as apercentage of revenue rose 0.85pp YoY to 1.76%.As aresult,1H26 attributable net margin was 2.88%,down 0.72pp YoY.Operating cash flow was-RMB2,952mn in 1H26,a YoY increase in net outflow of RMB1,229mn,on ahigher cash payment ratio.The cash received-to-operating revenue ratio/cash paid-to-operating cost ratio were 84.4%/85.7%,up 6.33/9.05pp YoY.
Diversified business advances,2Q new contract wins up 34.5%
The company has abroad business portfolio,with coordinated development across housing construction,municipal works,and industrial parks.Meanwhile,it has achieved steady revenue growth in maintenance and accelerating expansion in emerging businesses such as wind power&energy storage,water conservancy,facility agriculture,and environmental protection.Overseas expansion is also picking up pace.Contract wins reached RMB104.0bn in 2025,up 13.7%YoY,including RMB16.8bn from overseas,up 84%YoY.In 1H26,contract wins totaled RMB49.8bn,with 2Q26 wins of RMB30.4bn,up 34.5%YoY.The order backlog stood at RMB124.6bn as of end-2Q26,up 15.1%YoY,or 1.82x 2025 revenue.We believe this provides ample order coverage to support future revenue recognition.
Earnings forecasts and valuation
We maintain our 2026/2027/2028 attributable net profit forecasts at RMB2,068/2,055/2,077mn.Comparable companies trade at an average 2026E PE of 7x on Wind consensus.Given the company is still transitioning toward adiversified business mix and its revenue structure needs time to be adjusted,we maintain a6x 2026E PE and our target price of RMB7.98.
Risks:weaker effect of pro-growth measures than we expect,slower order conversion than we expect.

　　事件：8月25日公司公告1H2026实现营收253.6亿元，同比-11.3%，归母、扣非净利润7.3、6.5亿元，同比-28.9%、-35.0%。Q2单季度营收164.8亿元，同比-12.4%，归母、扣非净利润5.6、4.9亿元，同比-27.7%、-35.3%。
　　“进城出海”双向突破，多元业务协同布局。分业务来看，路桥工程、路桥养护实现收入221.5、20.2亿元，同比-13.21%、+10.27%，路桥工程毛利率为13.79%，同比+2.66pct。公司综合毛利率为13.77%，同比+2.3pct。订单来看，公司1H2026新签订单546.1亿元，同比+10.9%。公司“进城出海”战略实现双向突破，1H26公司城市业务中标271.3亿元占比54.4%，为稳增长提供支撑；海外业务加快开拓南美、中亚、东南亚等新兴区域，市场版图持续扩大。此外，公司中标业务已拓展至21个业务领域，海洋生态修复、新型储能、生态循环产业、数字智算等新兴业务领域增长动能持续释放，先后中标青岛海洋生态保护修复、100MW飞轮储能调频电站等代表性项目。
　　少数股东损益及减值损失拖累盈利能力，经营现金流有所承压。
　　1H2026期间费用率同比+1.30pct至6.55%，其中销售、管理、研发、财务费用率同比分别同比持平、+0.24、+0.26、+0.80pct，1H2026公司资产及信用减值损失为4.46亿元，同比多损失1.8亿元，综合影响下净利率同比-0.72pct至2.88%。1H2026公司CFO净额为-29.5亿元，同比-12.29亿元，收现比、付现比同比分别+6.33pct、+9.05pct，至84.44%、85.65%。
　　投资建议：预计公司26-28年归母净利润为19.9、22.5、24.8亿元，对应PE为3.9、3.4、3.1倍，维持“买入”评级。
　　风险提示：项目推进不及预期，订单承接不及预期，宏观经济波动风险。

　　山东路桥发布半年报，2026H1实现营收253.57亿元（yoy-11.26%），归母净利7.31亿元（yoy-28.93%），扣非净利6.47亿元（yoy-34.98%）。其中Q2实现营收164.81亿元（yoy-12.39%，qoq+85.69%），归母净利5.63亿元（yoy-27.71%，qoq+236.00%），低于我们的预期（6.04亿元），主因收入端承压、汇率波动导致财务费用率上行所致。我们认为公司新签维持较好增长、毛利率改善，未来随着在手项目逐步进入执行，中长期经营有望逐步改善，维持“买入”。
　　施工主业承压，养护稳健增长，海外扩张顺利
　　26H1公司综合毛利率为13.77%，同比+2.30pct，其中26Q2毛利率14.46%，同比+2.99pct，环比+1.99pct。分业务，核心主业路桥施工实现营收222亿元，同比-13.21%，主要受地方债务化解及投资节奏调整影响，部分项目落地、开工不及预期，施工进度受限，毛利率13.79%，同比+2.66pct。路桥养护施工业务实现营收20亿元，同比+10.27%。分地区看，华东地区仍是收入主要贡献区域，实现营收171亿元，同比-23.5%，海外实现较快扩张，上半年收入31亿元，同比+61.5%，占比提升5.46pct至12.13%。
　　汇兑损失及减值增加拖累归母净利率表现
　　26H1期间费用率为6.55%，同比+1.30pct，其中销售/管理/研发/财务费用率分别为0.01%/2.65%/1.88%/2.01%，同比持平/+0.24/+0.26/+0.80pct，财务费用同比47.30%，主要由于汇兑损失增加。减值支出占收入比例同比0.85pct至1.76%。综合影响下26H1归母净利率2.88%，同比-0.72pct。26H1公司经营性现金流净额-29.52亿元，同比多流出12.29亿元，主因付现比提升较多所致，收、付现比为84.4%/85.7%，同比+6.33/+9.05pct。
　　业务多元布局推进，26Q2新签订单同比+34.5%
　　公司业务布局广泛，房建、市政、产业园区协同发展，养护平稳增长，风电储能、水利工程、设施农业、生态环保等新兴业务加速崛起，海外拓展加快。25年中标订单1040亿元，同比+13.7%，海外168亿元，同比+84%。26H1中标订单498亿元，其中26Q2中标304亿元（同比+34.5%），截至26Q2末在手订单1246亿元，同比+15.1%，约为25年收入的1.82倍，订单保障充足，为后续收入确认提供支撑。
　　盈利预测与估值
　　我们维持公司26-28年归母净利润预测为20.68/20.55/20.77亿元。可比公司26年Wind一致预期PE均值为7x，考虑到公司当前正处业务向多元化转型进程中，收入结构仍需时间调整，维持给予公司26年6倍PE估值，维持目标价为7.98元。
　　风险提示：稳增长不及预期，后续订单转化不及预期的风险。

　　经营业绩承压下滑，高分红仍具较大吸引力
　　25年公司实现收入685.68亿元，同比-3.9%，归母、扣非归母净利润分别为22.27、20.84亿元，同比-4.12%、-3.36%。其中，25Q4单季实现收入272.14亿元，同比-5.08%，归母、扣非归母净利润为8.18、7.4亿元，同比-5.56%、-12.55%。26Q1公司实现收入88.75亿元，同比-9.1%，归母、扣非归母净利润为1.68、1.58亿元，同比-32.76%、-33.85%，利润下滑幅度较大主要系重要子公司权益变动影响。考虑到建筑施工行业竞争加剧，我们预计公司26-28年归母净利润20.1/21.4/22.9亿元（26-27年前值为26.1/28.4亿元）。25年公司全年累计分红已达3.43亿元，按照公司25年分红比例计算，截至2026/6/17日收盘，26年公司股息率约3.9%，继续维持“买入”评级。
　　25年订单增速超10%，“进城出海”成效显著优化业务结构
　　分业务来看，25年公司路桥工程、路桥养护施工业务分别实现收入616.62、44.48亿元，同比-1.22%、-10.99%，受地方化债等因素影响，部分项目实际开工不足，项目进度不及预期，导致公司营业收入有所下降。25年公司实现新签合同额1040.41亿元，同比增长13.73%，其中，聚焦城市更新、市政工程等领域的城市业务占比达51.91%。同时积极开拓新能源施工、水利工程等新兴板块，其中新能源施工业务中标99.47亿元，同比增长188%，业务结构不断优化。从新签合同的结构来看，25年公司海外新签合同额167.93亿元，同比增长83.93%，创历史新高。
　　25年毛利率持续提升、现金流同比大幅改善
　　25年公司毛利率为14.36%，同比提升1.16pct，其中，路桥工程施工业务毛利率为14.29%，同比提升2.06pct。25年公司期间费用率为6.45%，同比增长0.03pct，其中，销售、管理、研发、财务费用率同比分别持平、+0.01%、-0.01%、+0.03%。资产及信用减值损失合计计提16.7亿元，同比多计提2.9亿元；投资净收益为2.16亿元，同比减少0.97亿元。综合影响下25年公司净利率为4.87%，同比提升0.64pct。2025年公司经营性现金净流入2.57亿元，同比实现由负转正，主要系公司狠抓“两金”清收与压降，现金流质量大幅改善。
　　风险提示：基建投资不及预期、减值风险、REITs配套政策落地节奏及执行力度不及预期等。

SD Road&Bridge has reported 1Q26 results,notably revenue of RMB8,875mn(-9.10%YoY,-67.39%QoQ),attributable net profit of RMB168mn(-32.76%YoY,-79.49%QoQ),and recurring net profit of RMB158mn(-33.85%YoY).New orders once again topped RMB100bn.As China’s pro-growth policies take hold and the company's order backlog gradually moves into execution,we expect operations to improve.Maintain BUY.
Gross margin up YoY,net margin narrowed
For 1Q26,gross margin came in at 12.48%,up 1.02pp YoY.The total expense ratio was 8.43%,up 0.61pp YoY,with the administrative/R&D/financial expense ratios at 4.12/1.75/2.56%,up 0.20/down 0.08/up 0.49pp YoY.Impairment reversals totaled RMB9.96mn,down by RMB42.28mn YoY,while minority interest rose 94.7%YoY.The combined effect pushed attributable net margin to 1.89%,down 0.66pp YoY.
Timing mismatch b/w receipts and payments dented ST OCF
At end-1Q26,the debt-to-asset ratio stood at 76.02%,down 1.91pp YoY and 0.49pp from end-2025.The interest-bearing debt ratio was 21.2%,down 2.45ppYoY but up 1.69pp from early 2026.Net operating cash outflow was RMB3,084mn,widening by RMB2,559mn YoY,mainly due to the seasonal timing mismatch between sales collections and procurement payments in 1Q.The cash-to-revenue and cash-to-cost ratios were 136%and 144%,down 1.6pp and up 11.3ppYoY,respectively.At end-1Q26,notes&accounts receivable/contract assets/prepayments/notes&accounts payable/contract liabilities were RMB23.9/74.2/1.6/79.6/3.3bn,representing changes of RMB+0.52/-2.80/+0.06/-4.72/+0.68bn from end-2025.
New orders continue to grow;1Q26 contract wins up 8.5%YoY
The company's broad business footprint and improving market competitiveness are driving coordinated growth across housing construction,municipal works,and industrial parks,while its maintenance business advances steadily.Strategic segments—including wind and solar energy construction,water conservancy,facility agriculture,and environmental protection—are gaining momentum,and overseas expansion is accelerating,all contributing to sustained order growth.In 2025,contract wins reached RMB104bn,up 13.7%YoY,as overseas wins surged 84%YoY to RMB16.8bn.1Q26 contract wins totaled RMB24.3bn,up 8.5%YoY,maintaining solid momentum.At end-1Q26,the order backlog stood at RMB119.7bn,up 2.9%YoY,equivalent to 1.74x 2025 revenue,a healthy coverage ratio.
Earnings forecasts and valuation
We maintain our 2026/2027/2028 attributable net profit forecasts at RMB2,068/2,055/2,077mn.Peer companies trade at aWind consensus-based average 2026E PE of 7x.Given the company's business diversification efforts—which will take time to reshape the revenue mix—we maintain a2026E target PE of 6x and an unchanged target price of RMB7.98.
Risks:Pro-growth policies falling short of our expectations,slower order conversion than we expect.

　　投资要点：
　　山东路桥发布2025年报：公司2025年实现营业总收入685.68亿元，同比减少3.90%。实现归母净利润22.27亿元，同比减少4.12%。实现扣非后归母净利润20.84亿元，同比减少3.36%。其中，Q4实现营业收入272.14亿元，同比减少5.08%；实现归母净利润8.18亿元，同比减少5.56%。
　　公司收入略微承压，海外业务收入逆势增长。2025年建筑业施工、商品混凝土加工及材料销售、工程设计咨询、周转材料设备租赁及其他的业务收入分别为661.10/8.76/4.11/11.7亿元，同比分别减少1.95%/28.58%/18.59%/46.77%，主要受地方政府化债导致部分项目开工不足、项目进度不及预期影响，公司收入有所下滑。2025年国内/国外分别实现营收633.00/52.67亿元，同比分别变动-5.08%/+12.87%，公司紧跟国家高质量共建“一带一路”战略，以匈塞铁路为代表的海外重大项目顺利推进，支撑海外收入快速增长。
　　毛利率逆势提升，盈利能力预期持续增强。公司2025年实现综合毛利率14.36%，同比上升1.16pct，实现净利率4.87%，同比上升0.64pct。分季度来看，Q1、Q2、Q3、Q4毛利率分别为11.45%/11.48%/14.14%/17.50%，同比分别变动-0.63pct/-0.70pct/+1.53pct/+2.94pct。2025年营业成本同比下降5.18%，大于营业收入3.9%的降幅，直接拉升毛利率。其中，建筑业施工的毛利率达14.33%，同比上升1.97pct。公司毛利率提升，得益于重点经营开发利润高、回款快、信誉好的优质项目，为毛利率水平提升做好支撑；其次公司不断提升项目管理水平，通过科学管理和集约采购，促进降本增效，有效提升了在建项目利润；此外，加强了收尾或完工项目管理，加快项目变更、调差等事项的确认。
　　2025年经营性现金流由负转正，分红率提升至15.38%。2025年经营现金流净流入2.57亿元，同比多流入53.96亿元，同比增长105.00%。分季度来看，Q1、Q2、Q3、Q4经营性现金流净额分别为-5.25/-11.98/+3.34/+16.46亿元，同比分别变动+22.36/-13.62/+37.67/+7.56亿元。经营性现金流由负转正得益于公司坚持激励与约束并重，狠抓“两金”清收与压降。公司2025年拟现金分红3.43亿元，分红比例15.38%，同比增加2.08pct，回馈股东力度上升。
　　业务结构持续优化，公司业绩有望稳健增长。作为国内建筑领域的核心企业，公司现有订单储备充裕，2025年公司实现中标额1040.41亿元，同比增长13.73%，为同年营业收入的1.52倍。2025年公司海外业务拓展成效显著，实现中标额167.93亿元，同比增长83.93%。2025年公司在新能源施工业务中标额99.47亿元，同比增长188%，风电储能、水利工程、设施农业工程等新兴业务从无到有，改变了传统路桥“一元独大”的格局，构建了多极支撑的业务体系。
　　盈利预测：我们预计公司2026-2028年的归母净利润分别为21.21亿元/22.16亿元/23.49亿元，同比分别增长-4.8%/4.5%/6.0%，EPS分别为1.37元/1.43元/1.51元，4月23日收盘价对应PE分别为4.2倍/4.0倍/3.8倍，维持“增持”评级。
　　风险提示：地方政府化债与支付风险、地缘政治风险、原材料成本波动风险等