CCCC Design & Consulting has reported 1H26 revenue of RMB4.06bn (-6.87% YoY), an attributable NP of RMB309mn (-44.84% YoY), and a recurring NP of RMB300mn (-44.17% YoY). In 2Q26, revenue reached RMB2.37bn (-11.58% YoY, +40.75% QoQ), while the attributable NP came in at RMB237mn (-49.06% YoY, +231.83% QoQ), below our expectation (RMB396mn). The earnings miss mainly reflected intensifying competition in the design industry and a higher revenue contribution from lower-gross-margin engineering projects, which led to a sharper decline in blended gross margin. Project planning and design demand typically leads the cycle at the beginning of a new Five-Year Plan. We therefore expect industry demand to recover, with the company well positioned to benefit as a leading central SOE. Management also stated in the interim report that it expects performance to improve in 2H26. Maintain BUY.
Competition & higher engineering mix weigh on GPM
The blended gross margin arrived at 22.39% in 1H26 (-5.81pp YoY) and 29.26% in 2Q26 (-7.28pp YoY, +16.54pp QoQ). By business, survey and design / engineering contracting and project management / engineering testing and inspection / construction supervision generated revenues of RMB2.82bn / RMB780mn / RMB160mn / RMB130mn (-11.9%/+5.2%/-0.8%/+6.0% YoY), accounting for 69.4%/19.1%/4.0%/3.3% of total revenue, respectively. The gross margins were 26.2%/10.8%/18.6%/8.5% (-7.26pp/+1.27pp/-4.74pp/-1.26pp YoY), respectively.
Attributable net margin declines; cash outflow increases
The operating expense ratio was 10.27% in 1H26 (+0.37pp YoY). The selling, administrative, R&D, and financial expense ratios were 1.78%/4.12%/4.84%/ -0.47% (+0.14pp/-0.08pp/-0.14pp/+0.46pp YoY), respectively. Impairment charges as a percentage of revenue declined by 0.13pp YoY to 3.11%. As a result, the attributable net margin was 7.60% in 1H26 (-5.23pp YoY). The operating cash flow was -RMB1.47bn, representing an additional outflow of RMB118mn YoY. The cash collection/payment ratios were 87.8%/87.0% (+13.94pp/+11.89pp YoY), respectively.
Overseas development delivers strong results
The company made strong progress in overseas market development in 1H26, with newly signed contracts increasing by 80% YoY. Its operations now span more than 60 countries. Supported by its parent group, the company continued to optimize its global development by establishing regional operating centers and overseas branches, further strengthening its competitive position. Its country coverage and overseas staff deployments continued to expand, while several major project wins further consolidated its market position. The company also achieved key milestones in developing several international standards for which it serves as the lead organization or chief editor.
Earnings forecasts and valuation
Given intensifying industry competition and pressure on profitability, we lower our 2026/20272028 attributable NP forecasts to RMB1.20bn/RMB1.17bn/RMB1.17bn (-15.87%/-21.25%/-23.64% versus our previous forecasts). Comparable companies trade at an average of 15x 2026E PE on Wind consensus. We apply 15x 2026E PE and derive our target price of RMB7.86 (previously RMB9.95, based on the previous 2026E peers’ average of 16x PE). Maintain BUY.
Risks: macroeconomic cycle volatility, slower-than-expected accounts receivable collection.

　　中交设计发布半年报，2026年H1实现营收40.59亿元（yoy-6.87%），归母净利3.09亿元（yoy-44.84%），扣非净利3.00亿元（yoy-44.17%）。其中Q2实现营收23.73亿元（yoy-11.58%，qoq+40.75%），归母净利2.37亿元（yoy-49.06%，qoq+231.83%），低于我们的预期（3.96亿元），主要是设计行业竞争加剧，叠加低毛利率的工程业务占比提升，导致综合毛利率下滑较多。考虑到“十五五”初期，通常项目规划、设计需求先行，行业有望迎来需求恢复，公司作为央企龙头有望率先受益，于半年报中明确预计下半年将有所好转，维持“买入”评级。
　　设计行业竞争加剧、工程业务占比提升，影响毛利率同比承压
　　26H1公司综合毛利率为22.39%，同比-5.81pct，26Q2为29.26%，同比-7.28pct，环比+16.54pct。分业务看，勘察设计/工程总承包及项目管理/工程试验检测/监理分别实现营收28.2/7.8/1.6/1.3亿元，同比-11.9%/+5.2%/-0.8%/+6.0%，占比69.4%/19.1%/4.0%/3.3%，毛利率26.2%/10.8%/18.6%/8.5%，同比-7.26/+1.27/-4.74/-1.26pct。
　　归母净利率同比下降，现金流出增加
　　26H1公司期间费用率为10.27%，同比+0.37pct，其中，销售/管理/研发/财务费用率1.78%/4.12%/4.84%/-0.47%，同比+0.14/-0.08/-0.14/+0.46pct。减值支出占收入比例同比-0.13pct至3.11%，综合影响下，公司26H1归母净利率为7.60%，同比-5.23pct。26H1经营性现金流-14.65亿元，同比多流出1.18亿元，收/付现比分别为87.8%/87.0%，同比+13.94/+11.89pct。
　　积极推进国际化战略，海外布局成果显著
　　26H1公司海外市场开发成效显著，新签合同额较去年同期增长80%，在全球市场布局上，业务遍及全球60余个国家，依托集团支持，通过区域经营中心、境外分支机构建设等优化市场布局，海外竞争优势持续增强。在海外市场覆盖国别、境外派驻人次不断突破，成功承揽多个重点项目，进一步巩固市场优势。公司主导、主编的多项国际标准也取得关键进展。
　　盈利预测与估值
　　考虑到行业竞争加剧，盈利能力承压，我们下调公司26-28年归母净利润预测至12.03/11.68/11.74亿元（较前值-15.87%/-21.25%/-23.64%）。可比公司26年Wind一致预期PE均值为15x，给予公司26年15xPE估值，对应目标价为7.86元（前值9.95元，对应26年可比均值16xPE），维持“买入”评级。
　　风险提示：宏观经济周期波动带来的风险，应收账款回收风险。

CCCC Design&Consulting released its 1Q26 results,with 1Q26 revenue of RMB1,686mn,up 0.69%YoY and down 65.90%QoQ,attributable NP of RMB71.44mn,down 23.94%YoY and down 89.83%QoQ,and recurring attributable NP of RMB64.91mn,down 16.67%YoY.Considering that at the outset of the 15th Five-Year Plan,project planning and design demand typically come first,the industry should,in our view,see apickup in demand,with the company,a central SOE leader,first in line to benefit.Maintain BUY.
Industry competition intensifies,with GPM down YoY
In 1Q26,the company's overall GPM was 12.72%,down 2.11pp YoY,and the expense ratio was 12.43%,down 1.30pp YoY,with sales/administrative/R&D/financial expense ratios at 2.19/5.00/6.01/-0.78%,+0.18/-0.23/-1.34/+0.09pp YoY,a testament to sound expense control.The impairment expenditure as apercentage of revenue in 1Q26 decreased by 0.53pp YoY to 5.15%.Taken together,the company's 1Q26 attributable NPM was 4.24%,-1.37pp YoY,and recurring attributable NPM was 3.85%,-0.80pp YoY.
Asset and debt mix optimized YoY and QoQ
At end-1Q26,the company's debt-to-asset ratio was 44.84%,down 3.42pp YoY and down 2.14pp from end-2025.Net operating cash flow in 1Q26 was RMB-1,112mn,with an additional outflow of RMB46mn YoY.The cash received-to-revenue ratio/cash paid-to-cost ratios were 113.8/118.4%,down 6.5/5.4pp YoY.At end-1Q26,the company's notes and accounts receivable/contract assets/prepayments/notes and accounts payable/contract liabilities were RMB10.84/1.32/0.4/6.7/1.06bn,changing by-RMB8mn/-RMB30mn/+RMB30mn/-RMB720mn/+RMB20mn vs end-2025.
Expanding into strategic future industries
As the design platform under CCCC Group,CCCC Design&Consulting has notable advantages in scale and high-end positioning.It is positioned as a"world-class high-end design consulting services group,"strengthening group synergy,focusing on"Greater Transportation"and"Greater Cities,"expanding into emerging industrial fields such as new energy,the low-altitude economy,underground space,and deep sea,promoting the deep integration of traditional infrastructure and digitalization,and accelerating its global layout to implement the overseas-first strategy.We believe that the company will achieve its development strategy through both organic and inorganic means in the future.In the long term,it may well replicate the growth path of the overseas design leader AECOM,in our view.
Earnings forecasts and valuation
We maintain our 2026/2027/2028 attributable NP forecasts for the company at RMB1,427/1,479/1,533mn.The average 2026E PE for comparable companies on Wind consensus is 16x.We assign the company a16x 2026E PE valuation,translating to atarget price of RMB9.95(previous:RMB9.30,based on the 2026E peer average of 16x PE).Maintain BUY.
Risks:Risks from macroeconomic cyclical fluctuations,risk of accounts receivable collection.

　　中交设计发布一季报，2026年Q1实现营收16.86亿元（yoy+0.69%、qoq-65.90%），归母净利7144.29万元（yoy-23.94%、qoq-89.83%），扣非净利6490.89万元（yoy-16.67%）。考虑到“十五五”初期，通常项目规划、设计需求先行，行业有望迎来需求改善，公司作为央企龙头，有望率先受益，维持“买入”评级。
　　行业竞争加剧，毛利率同比下滑
　　26Q1公司综合毛利率为12.72%，同比-2.11pct，期间费用率为12.43%，同比-1.30pct，其中销售/管理/研发/财务费用率分别为2.19%/5.00%/6.01%/-0.78%，同比+0.18/-0.23/-1.34/+0.09pct，费用压降良好。26Q1减值支出占收入比例同比-0.53pct至5.15%。综合影响下，26Q1公司归母净利率4.24%，同比-1.37pct，扣非归母净利率为3.85%，同比-0.80pct。
　　资产负债结构同、环比优化
　　26Q1末公司资产负债率44.84%，同比-3.42pct，较25年末下降2.14pct。26Q1经营性现金流净额-11.18亿元，同比多流出0.46亿元，收/付现比113.8%/118.4%，同比-6.5/-5.4pct，26Q1末公司应收票据及应收账款/合同资产/预付款/应付票据及应付账款/合同负债分别为108.4/13.2/4/67/10.6亿元，较25年末-0.08/-0.3/+0.3/-7.2/+0.2亿元。
　　拓展新兴领域前瞻未来赛道，深度融入中交集团“大海外”业务体系
　　中交设计作为中交集团旗下设计平台，规模化与高端化优势明显，定位“世界一流高端设计咨询服务集团”，强化集团协同，聚焦“大交通”+“大城市”，拓展新兴领域，布局新能源、低空经济、地下空间、深海等新兴产业赛道，推动传统基建与数字化深度融合，加速全球化布局实践海外优先战略。我们认为公司未来将通过内生和外延两条路径实现发展战略落地，远期有望对标海外设计龙头AECOM成长路径。
　　盈利预测与估值
　　我们维持公司26-28年归母净利润预测为14.27/14.79/15.33亿元，可比公司26年Wind一致预期PE均值为16x，给予公司26年16xPE估值，对应目标价为9.95元（前值9.30元，对应26年可比均值16xPE），维持“买入”评级。
　　风险提示：宏观经济周期波动带来的风险，应收账款回收风险。

CCCC Design&Consulting(CCCC D&C)has released its 2025 annual results:revenue reached RMB11,060mn(-11.05%YoY),with an attributable NP of RMB1,455mn(-16.91%YoY)and arecurring NP of RMB1,377mn(-15.76%YoY).The attributable NP was largely in line with our previous estimate of RMB1,400mn.For 4Q25,revenue was RMB4,944mn(-13.36%YoY,+181.34%QoQ),with the attributable NP at RMB703mn(-8.79%YoY,+264.33%QoQ).We expect the design market to benefit from early-stage project planning and design demand at the start of the 15th Five-Year Plan(FYP),and maintain BUY.
GPM rebounded,localized efforts overseas continued to advance
By segment,the survey&design/electromechanical&traffic safety/engineering testing&inspection/supervision businesses generated revenues of RMB8,400/1,600/500/2,800mn(-9.5/-20.49/+2.27/-8.05%YoY),with the electromechanical&traffic safety segment seeing asteeper decline due to the shift of short-cycle EPC projects from traditional highway and municipal businesses to emerging areas such as PV and electromechanical systems.Overseas revenue reached RMB765mn(+4.52%YoY),as the company accelerated localized operations abroad.For 2025,the overall GPM improved by 0.7pp YoY to 30%,with the survey&design/electromechanical&traffic safety/engineering testing&inspection/supervision GPMs at 33.4/13.8/25.9/17.9%(+1.0/-1.9/-1.3/+0.2pp YoY),showing asolid profitability recovery.New contract value totaled RMB16,316mn(-5.6%YoY),mainly due to slower infrastructure investment;during the 14th FYP,the company secured over RMB3,800mn in new contracts along the Belt&Road initiative countries and regions,further enhancing its international influence
Earnings forecast and valuation
Given the company’s steady profitability recovery,we adjust our attributable NP forecasts for 2026/2027/2028 to RMB1,427/1,479/1,533mn(revised by+1.43/+3.78/-%vs our prior estimates),with EPS of RMB0.62/0.64/0.67.Comparable companies trade at an average 2026E PE of 15x on Wind consensus,and we assign the company a15x 2026E PE valuation,deriving our target price of RMB9.30(previous:RMB9.74,based on 16x 2025E PE).

　　事项：
　　2025年公司实现营业收入110.60亿元，同比下降11.05%；归母净利润14.55亿元，同比下降16.91%；扣非归母净利润13.77亿元，同比下降15.76%。2025Q4单季公司实现营收49.44亿元，同比下降13.36%；归母净利润/扣非归母净利润7.03/6.92亿元，同比下降8.81%/7.22%。
　　评论：
　　业绩持续承压，核心勘察设计业务毛利率提升。1）2025年公司营收同比下滑11.05%，主要受行业短期承压、处于深度调整期和工程总承包业务剥离影响；核心勘察设计业务营收84.34亿元，同比减少9.50%，占总营收比重达76.25%，较2024年提高1.31pcts。2）通过业务结构优化和成本管控强化，公司2025年毛利率提升至30.08%，同比增加0.68pcts；其中勘察设计业务毛利率提高至33.37%，同比增加0.96pcts。3）2025年，公司新签合同额达163.16亿元，同比减少6%，超额完成年度经营计划。
　　海外业务拓展迅速，规模增长与结构优化双提升。1）2025年，公司实现海外营收7.65亿元，同比增加4.52%，总营收比重达6.91%，较2024年增加1.03pcts；海外业务毛利率达29.34%，同比微降0.19pcts。2）业务结构不断升级，公司2025年成功中标吉尔吉斯斯坦别迭里口岸公路、桑托斯沉管隧道等项目，夯实海外业务基本盘；同时积极拓展光伏等清洁能源、水处理等新赛道，推进尼日利亚绿色农业标准化示范区等项目落地。“十四五”期间，公司在“一带一路”沿线国家和地区新签合同额超38亿元人民币，国际影响力和知名度持续提升。
　　期间费用率小幅提高，现金流大幅改善。1）2025年公司经营活动产生的现金流量净额为3.53亿元，较2024年大幅回正，同比增长215%，主要系年内受政府化债等政策影响销售回款加速，同时强化成本管控经营性流出降低所致。2）期间费用率为9.88%，同比微增0.89pcts，其中销售/管理/研发/财务费用率同比-0.02/+0.05/+0.56/+0.29pcts。3）资产负债率降至46.98%，同比下降3.06pcts，财务结构更加稳健。
　　投资建议：公司为国内领先的央企设计龙头，竞争优势显著，海外业务有望带来新增量。我们预测公司2026-2028年EPS分别为0.66、0.71、0.75元。参考可比公司估值，我们给予公司2026年14倍PE，对应目标价9.21元，维持“推荐”评级。
　　风险提示：基础设施投资规模波动、应收账款回收风险、海外业务不及预期。