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Anhui Construction Engineering Group (Shanghai Stock Exchange: 600502) has no single, authoritative earnings forecast. Its 2025 annual report sets a 2026 management target of CNY 90.0 billion in revenue and CNY 3.385 billion in profit before tax, while a Futubull page displaying S&P estimate data shows CNY 88.261 billion of 2026 revenue and CNY 93.743 billion for 2027. The external 2026 figure is therefore more conservative than management’s plan.
The company enters the forecast period with falling 2025 revenue but higher attributable profit, positive operating cash flow, a CNY 208.49 billion engineering backlog and growing new-contract awards. High leverage, long project cash cycles, property exposure and recent governance disclosures mean the estimates should be treated as scenarios rather than promises.
What are the latest 600502 results?
Anhui Construction Engineering’s 2025 annual report shows a profitability improvement despite a revenue contraction. Revenue fell 13.79% year over year, while attributable net profit rose 13.45%.
| FY2025 measure | Reported amount | What it indicates |
|---|---|---|
| Revenue | CNY 83.198 billion | 13.79% below the prior year |
| Profit before tax | CNY 3.0758 billion | Reported annual pre-tax earnings |
| Attributable net profit | CNY 1.5258 billion | 13.45% year-over-year increase |
| Operating cash flow | CNY 1.2883 billion | Positive cash generated from operations |
| Asset-liability ratio | 86.49% | High balance-sheet leverage |
The combination of lower sales and higher attributable profit can occur when project mix, margins, impairment charges or financing costs change. The disclosed figures do not by themselves identify which factor dominated, so investors should read the detailed profit-and-loss notes rather than infer a permanent margin trend from one year.
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What is the 600502 earnings estimate for 2026?
There are two different 2026 numbers: a company operating target and an external revenue estimate. They should not be presented as interchangeable consensus figures.
Management’s 2026 operating target
The 2025 annual report, published on 27 March 2026, states: “2026 年，公司力争实现以下经营目标：营业收入 900 亿元，同比增长 8.18%，利润总额 33.85 亿元，同比增长 10.05%。” In the report’s Chinese units, 900亿元 means CNY 90.0 billion, not CNY 900 billion, and 33.85亿元 means CNY 3.385 billion, not CNY 33.85 billion. Those conversions reconcile with the stated growth rates from the 2025 base.
| 2026 item | Management plan | Growth stated by company |
|---|---|---|
| Revenue | CNY 90.0 billion | 8.18% |
| Profit before tax | CNY 3.385 billion | 10.05% |
External 2026 revenue estimate
A Futubull earnings page displaying S&P estimate data lists CNY 88.261 billion of FY2026 revenue. That is CNY 1.739 billion, or about 1.9%, below the company’s CNY 90.0 billion target. The page’s vendor, update date and analyst methodology should be checked at the time of use because estimate series can change.
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The same external estimate series shows FY2027 revenue of CNY 93.743 billion. That is CNY 5.482 billion above its 2026 estimate, equivalent to approximately 6.2% year-over-year growth.
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| Fiscal year | External revenue estimate | Change versus prior external estimate |
|---|---|---|
| 2026 | CNY 88.261 billion | Not stated by the vendor; approximately 6.1% above FY2025 reported revenue |
| 2027 | CNY 93.743 billion | Approximately 6.2% above the 2026 estimate |
This path describes gradual recovery rather than a sharp acceleration. It also leaves 2027 revenue only modestly above management’s 2026 target, so execution in the current project pipeline matters more than a high-growth assumption.
Is Anhui Construction Engineering undervalued?
Some dated valuation snapshots look inexpensive, but they are not sufficient to establish that 600502 is undervalued. The figures come from different vendors, dates and forecast bases, and construction-company multiples are sensitive to leverage, working-capital needs and the quality of reported earnings.
| Valuation data | Reported snapshot | Qualification |
|---|---|---|
| Share price | CNY 4.230 | StockAnalysis snapshot dated 30 September 2026; delayed market data |
| Market capitalization | CNY 7.26 billion | Same dated snapshot |
| Trailing revenue | CNY 83.70 billion | Same vendor snapshot |
| Trailing net income | CNY 1.54 billion | Same vendor snapshot |
| Forward P/E | 4.36x | Same dated snapshot |
| Estimated 2026 EPS | CNY 0.87 | MarketScreener vendor forecast |
| Estimated 2027 EPS | CNY 0.91 | MarketScreener vendor forecast |
| Estimated 2026 P/E | 5.39x | MarketScreener vendor forecast |
| Consensus | BUY mean | Based on one analyst; no average target price shown |
The low multiples may reflect the market’s discount for 86.49% liabilities, funding pressure and cyclical infrastructure and property activity. A valuation case becomes stronger only if revenue converts into cash, leverage stabilizes and the forecast profit materializes; a low P/E alone does not answer those questions.
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The order book provides the clearest operational support for a recovery scenario, although contract awards are not the same as recognized revenue or cash collection.
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- Infrastructure and engineering contracts: CNY 162.608 billion of new contracts in 2025, up 4.86% year over year.
- Intelligent manufacturing, testing and design consulting: CNY 3.932 billion of new contracts, up 85.42%.
- Backlog: CNY 208.4865412 billion of infrastructure and engineering work at the end of 2025.
- Business model: the company describes an “investment + construction” approach, including highway BOT investment, prefabricated steel structures, shipbuilding, traffic-safety products, property and health-care projects.
- Emerging initiatives: management also identifies low-altitude technology, new energy and new materials as priorities.
These activities can extend the revenue runway, but investment-led projects typically require substantial capital before completion. The backlog therefore improves workload visibility without eliminating margin, financing or collection risk.
What could make the forecast miss?
The annual report identifies several risks that can push actual results below either the management plan or external estimates.
Macroeconomic and policy changes
Infrastructure approvals, public-sector spending and financing conditions can change with economic policy. A slower investment cycle would delay starts and revenue recognition.
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Competition and property weakness
More intense competition can reduce bidding margins, while weakness in the property market can affect project demand, counterparties and asset values.
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Funding and liquidity
Large, long-cycle projects tie up working capital. With an 86.49% asset-liability ratio, higher funding costs, delayed payments or restricted refinancing could pressure cash flow even when the order book remains large.
Safety and quality incidents
Construction and industrial operations carry safety and quality risks that can cause remediation costs, delays, penalties or reputational damage.
Governance disclosures
The official Shanghai Stock Exchange announcement index lists a 2026 half-year report, a 28 September 2026 perpetual-bond registration notice, a 19 September 2026 chair-investigation notice and an August 2026 senior-executive detention and resignation notice. The index entries alone do not establish causes, legal status or financial impact; those points require reading the underlying announcements.
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In English, the annual report says its descriptions of future plans and development strategy are not substantive commitments to investors and that investors should note the risks.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How should investors use the 600502 estimates?
Use the figures as a dated comparison rather than a single target price.
- Label the source: separate management’s plan from each external vendor’s estimate.
- Match the metric: do not compare a revenue target with an EPS forecast as though they were the same measure.
- Check the period: distinguish FY2026 from FY2027 and note whether a number is reported, trailing or forward.
- Track cash conversion: compare operating cash flow with profit as new projects consume working capital.
- Recheck disclosures: update the model after the 2026 half-year report and the underlying governance and financing notices are available.
On the evidence available, 600502 is best described as a recovery-oriented, execution-dependent situation: management expects 8.18% revenue growth in 2026, while the external estimate is slightly lower and the balance sheet leaves little room for prolonged project delays.
Frequently Asked Questions
Is Anhui Construction Engineering’s 2026 operating plan a guarantee?
No. The annual report expressly says descriptions of future plans and development strategy are not substantive commitments to investors. The CNY 90.0 billion revenue and CNY 3.385 billion pre-tax targets are therefore management objectives, not guaranteed results.
Why can the 2026 revenue estimate be lower than the company’s target?
Management sets an internal operating objective, whereas a vendor estimate reflects an analyst model that may apply different assumptions about project starts, margins, financing and revenue timing. The two figures can diverge without either being an accounting error.
What is the significance of the CNY 208.49 billion backlog?
It represents infrastructure and engineering work reported as outstanding at the end of 2025. Backlog supports future workload visibility, but it does not specify the timing of recognition, profitability or cash collection.
How much did intelligent-manufacturing-related contracting grow in 2025?
New contracts in intelligent manufacturing, testing and design consulting reached CNY 3.932 billion, up 85.42% year over year. That growth is from a smaller base than the core infrastructure and engineering contract total.
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