Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The company achieved an operating revenue of 154.644 billion yuan in Q1 2025, a year-on-year decrease of 12.58%. The net profit attributable to shareholders was 5.467 billion yuan, down 10.98% year-on-year [2][8]. - Despite the revenue decline, the company has shown a commitment to shareholder returns by increasing the dividend payout ratio to 21%, reflecting a focus on enhancing investor returns [14]. - The company has set a target for new contract signing and revenue growth of no less than 7.1% and 5.0%, respectively, for 2025 [14]. Summary by Sections Financial Performance - In Q1 2025, the company reported a comprehensive gross margin of 11.55%, a slight decrease of 0.35 percentage points year-on-year. The net profit margin increased by 0.06 percentage points to 3.54% [14]. - Operating cash flow saw a net outflow of 48.908 billion yuan, an increase of 9.273 billion yuan year-on-year, with a cash collection ratio of 94.85%, down 1.60 percentage points [14]. - The company's debt-to-asset ratio increased by 1.20 percentage points to 75.35% year-on-year [14]. New Contracts and Business Growth - The company signed new contracts worth 553.034 billion yuan in Q1 2025, a year-on-year increase of 9.02%, achieving 27% of the annual target [14]. - New contracts from overseas regions amounted to 106.877 billion yuan (approximately 15.023 billion USD), representing a year-on-year growth of 17.14% [14]. - The company is accelerating its transformation into new business areas, with new contracts in energy engineering and water conservancy projects growing by 185.36% and 29.53%, respectively [14]. Dividend Policy - The company has decided to distribute dividends amounting to approximately 4.911 billion yuan, which is 21% of the net profit attributable to shareholders, reflecting an increase in the dividend payout ratio [14].

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Communications Construction Company (CCCC) [7][5] Core Views - The company has shown significant effects from its engineering business transformation, with a focus on increasing dividends to enhance shareholder returns [5][4] - Despite a slight decline in gross margin, the company has experienced rapid growth in overseas revenue, indicating a positive trend in international contracts [2][3] - The company has effectively controlled costs while planning to increase dividends, with a proposed cash dividend of 4.911 billion yuan for 2024, representing a payout ratio of 21% [4] Summary by Sections Financial Performance - In 2024, CCCC achieved operating revenue of 771.9 billion yuan, with a net profit attributable to shareholders of 23.4 billion yuan, reflecting a year-on-year change of +1.7% and -1.8% respectively [1] - For Q1 2025, the company reported operating revenue of 154.6 billion yuan, with a net profit of 5.5 billion yuan, showing a decline of -12.6% and -11.0% year-on-year [1] Revenue Breakdown - The company's gross margin decreased slightly to 12.3% in 2024, with net margin at 3.9%, down by 0.31 and 0.05 percentage points year-on-year [2] - Revenue from domestic and overseas operations in 2024 was 636.7 billion yuan and 135.3 billion yuan respectively, with year-on-year changes of -0.9% and +16.4% [2] Contracting and Business Growth - CCCC signed new contracts worth 1.8812 trillion yuan in 2024, a year-on-year increase of 7.3%, with significant growth in water conservancy and energy engineering contracts [3] - The company’s overseas new contracts grew by 12.5% in 2024, indicating a strong international presence [3] Cost Management and Dividend Policy - The company has managed its expenses effectively, with sales, management, and R&D expense ratios showing minor fluctuations [4] - CCCC plans to maintain a cash dividend payout ratio of no less than 20% for the years 2025-2027, ensuring consistent returns to shareholders [4] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been adjusted downwards to 24.3 billion yuan and 26.1 billion yuan respectively, reflecting a decrease of 9.7% and 9.1% [5] - The report anticipates steady growth in new contracts and positive outcomes from the engineering business transformation [5]

Company Growth and Achievements - The company achieved significant growth in the infrastructure sector, becoming the world's largest design and construction company for ports, highways, and bridges, with operations in 139 countries and regions[5]. - The company has been recognized as the top international contractor among Chinese enterprises for 18 consecutive years, ranking 63rd in the Global 500 list[10]. - The company has accumulated a total of 43 National Science and Technology Progress Awards and 5 National Technological Invention Awards, showcasing its commitment to innovation and excellence in engineering[8]. - The company has been awarded 37,175 patents, reflecting its strong emphasis on technological innovation and intellectual property[8]. - The company has established 177 innovation platforms, including 16 national-level platforms, to enhance its research and development capabilities and support industrial transformation[7]. Financial Performance - The company achieved a revenue of RMB 768,243 million for the year ending December 31, 2024, representing a 1.7% increase from RMB 755,687 million in 2023[12]. - Gross profit decreased by 2.1% to RMB 92,603 million in 2024, down from RMB 94,549 million in 2023[12]. - The net profit attributable to shareholders was RMB 23,854 million, a decline of 3.6% compared to RMB 24,739 million in the previous year[12]. - New contract value reached RMB 1,881,185 million, reflecting a 7.3% year-on-year growth from RMB 1,753,215 million in 2023[12]. - The total assets increased by 10.3% to RMB 1,858,272 million, compared to RMB 1,684,412 million in 2023[12]. - The total liabilities rose by 13.5% to RMB 1,390,457 million, up from RMB 1,225,212 million in the previous year[12]. Strategic Focus and Development - The company aims to create a globally competitive, technology-driven, and quality-oriented enterprise, committed to high-quality development in the new era[10]. - The company plans to focus on high-quality development and innovation, aiming to enhance its role in national strategic projects[18][21]. - The company is actively promoting investments in clean energy and water resources, with projects in Chile and Botswana leading the way[32]. - The company is focusing on digitalization and intelligent development in the infrastructure industry, aiming to accelerate industrial transformation and upgrade[6]. - The company aims to align its development direction with national policies and contribute to national construction and rejuvenation efforts[24]. International Expansion and Contracts - The company signed new overseas contracts worth CNY 359.73 billion during the reporting period, representing a year-on-year growth of 12.5%[35]. - In the "Belt and Road" initiative countries, the company achieved new contract amounts of USD 38.46 billion, accounting for 75% of the new contracts in overseas regions[36]. - The company has cumulatively signed contracts worth USD 273.22 billion since the "Belt and Road" initiative was proposed[36]. - The company is focusing on internationalization 3.0, aiming to enhance its overseas operational capabilities and expand into key markets such as Southeast Asia and the Middle East[63]. - The company’s overseas contract amounts by region include: Africa (39%), Asia (excluding Hong Kong, Macau, and Taiwan) (27%), and Oceania (13%)[35]. Innovation and Technology - The company is committed to enhancing its independent innovation capabilities and has implemented a strategy to drive development through technological innovation[42]. - The company launched the world's first fully autonomous ecological dredging platform, "Taihu Star," expanding its competitive advantage in river and lake dredging[41]. - The company is actively developing new technologies in offshore wind power and Beidou technology applications, with a comprehensive support policy for strategic emerging industries[39]. - The company has integrated 18 systems for seamless data management, enhancing project supervision and resource scheduling[34]. - The company is focusing on high-quality housing construction in cities with populations over 3 million, enhancing customer outreach and project participation[60]. Risk Management and Operational Efficiency - The company has established a strong safety management system to mitigate risks and ensure stable development[24]. - The company emphasizes risk management by prioritizing debt resolution strategies based on regional economic conditions[119]. - The company is actively addressing overseas risks, including political, safety, integrity, and operational risks[34]. - The company aims to enhance cash flow by optimizing asset and debt structures, focusing on non-operating and low-efficiency assets[51]. - The company is focusing on increasing its operational efficiency and reducing net losses in franchise projects through strategic management and operational improvements[124]. Market Trends and Future Outlook - The company anticipates significant investment opportunities in modern infrastructure construction, particularly in low-carbon and intelligent construction[56]. - The company expects the national water conservancy construction investment to reach CNY 1.5 trillion by 2025, indicating a robust outlook for the water market[56]. - The company is prioritizing ecological and environmental protection, exploring integrated planning for wastewater treatment and resource utilization[61]. - The company is committed to high-quality, sustainable overseas business development, focusing on infrastructure projects that benefit local communities[70]. - The company aims to enhance its core competitiveness by integrating resources in deep-sea engineering, equipment, and technology[61].

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [12]. Core Viewpoints - The Central Political Bureau meeting on April 25 emphasized the need for proactive macroeconomic policies to stabilize growth and address risks in key areas, signaling positive stability for the real estate chain [2][9]. - The meeting highlighted the importance of high-quality development to respond to external uncertainties, particularly in the context of international trade tensions, such as the escalating US-China tariff situation [8][9]. - Infrastructure investment is expected to receive policy support as a key driver for economic growth, with a focus on enhancing funding and implementing new policies [10][11]. Summary by Sections Macroeconomic Policies - The report outlines the need for consistent policy orientation, utilizing more proactive fiscal policies and moderately loose monetary policies, including the issuance of special bonds and maintaining liquidity to support the real economy [9][10]. Real Estate Market - The report indicates that real estate development investment in March 2025 was CNY 0.9 trillion, a decrease of 10.0% year-on-year, with sales and new construction areas also showing declines [62][63]. Infrastructure Investment - In March 2025, narrow infrastructure investment reached CNY 1.9 trillion, up 5.9% year-on-year, while broad infrastructure investment was CNY 2.6 trillion, reflecting a 10.7% increase [54][55]. Sector Performance - The construction sector is advised to focus on the dual themes of stabilizing growth and the "Belt and Road" initiative, with recommendations for companies with high overseas exposure to benefit from increasing international orders [11][12].

Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, but new contract signings showed positive growth, indicating potential recovery in the upcoming quarters [1][2]. Financial Performance - Q1 2025 revenue was 154.6 billion, down 12.6% year-on-year, with a net profit of 5.47 billion, down 11.0% year-on-year [1]. - The gross profit margin for Q1 2025 was 11.6%, a decrease of 0.35 percentage points year-on-year, while the net profit margin increased by 0.07 percentage points to 3.54% [1][2]. - The company experienced a cash outflow of 48.9 billion in operating activities for Q1 2025, which was 9.3 billion more than the previous year, primarily due to seasonal factors [2]. Contract and Order Growth - New contract signings for Q1 2025 reached 553 billion, representing a year-on-year increase of 9.0%, laying a solid foundation for annual growth [2]. - The breakdown of new contracts includes 493.5 billion in infrastructure construction, 15.5 billion in design, and 4.1 billion in dredging, with notable growth in overseas projects [2]. Debt and Cash Flow - As of the end of Q1 2025, the company had a debt ratio of 34.3% and a liability ratio of 75.3%, both showing slight increases compared to the previous year [2]. - The cash collection ratio for Q1 2025 was 94.9%, down 1.61 percentage points year-on-year, while the cash payment ratio was 125.5%, up 3.77 percentage points year-on-year [2]. Profit Forecast and Valuation - The company maintains net profit forecasts of 24.6 billion, 25.9 billion, and 27.0 billion for 2025-2027 [3]. - The target price for A shares is set at 12.11 yuan, while the target price for H shares is adjusted to 7.33 HKD, maintaining a "buy" rating for both A and H shares [3].

Investment Rating - The report maintains a "Buy" rating for China Communications Construction Company (CCCC) [4][7][19] Core Views - CCCC has released a three-year cash dividend plan, indicating a commitment to enhancing shareholder returns. The annual cash dividend will account for no less than 20% of the net profit attributable to the parent company, ensuring a minimum level compared to the previous year [4] - The company has shown resilience in its overseas business, with a notable increase in new orders, particularly in emerging sectors such as energy and water conservancy, which have seen year-on-year growth of 185.4% and 29.5%, respectively [2] - Despite a slight decline in revenue and profit in Q1 2025, the company remains a leader in the construction industry, with stable operational metrics and a strong performance in major urban areas [1][3] Summary by Sections Financial Performance - In Q1 2025, CCCC reported revenue of 154.6 billion, a year-on-year decrease of 12.6%, and a net profit of 5.47 billion, down 11% year-on-year. The decrease in performance was slightly mitigated by a recovery in credit impairment and asset disposals [1] - The gross margin for Q1 2025 was 11.6%, a decrease of 0.35 percentage points year-on-year, while the net profit margin improved slightly to 4.34%, up 0.09 percentage points year-on-year [3] Order Growth - CCCC signed new contracts worth 553 billion in Q1 2025, representing a year-on-year growth of 9.02%, achieving 27% of its annual target. The overseas business contributed significantly, with new orders amounting to 106.9 billion, a 17.1% increase year-on-year [2] Dividend Policy - The company has announced a cash dividend plan for 2025-2027, ensuring that the total annual cash dividend will not be less than 20% of the net profit attributable to the parent company, enhancing investor returns [4] Valuation Metrics - The projected net profit for CCCC from 2025 to 2027 is estimated at 25 billion, 27.1 billion, and 29.5 billion, respectively, with corresponding price-to-earnings ratios of 5.8, 5.4, and 4.9 [4][6]

Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company [8] Core Views - The company reported a Q1 revenue of 154.6 billion, down 12.6% year-on-year, and a net profit of 5.47 billion, down 11.0% year-on-year, primarily due to seasonal factors and high base effects. However, new contracts signed increased by 9.0% year-on-year, indicating a positive trend for future growth [1][4] - The company plans to repurchase A shares worth 500 million to 1 billion and H shares worth 250 million to 500 million, reflecting confidence in stable operations [1] - The company aims for a revenue growth target of at least 5.0% and a new contract growth target of at least 7.1% for 2025 [1] Summary by Sections Financial Performance - In Q1, the gross profit margin was 11.6%, a decrease of 0.35 percentage points year-on-year, while the expense ratio slightly improved to 6.3% [2] - The net profit margin increased by 0.07 percentage points to 3.54% due to a reversal of impairment losses amounting to 521 million [2] Cash Flow and Debt - The company experienced a net cash outflow of 48.9 billion in Q1, primarily due to seasonal cash flow mismatches, with a cash collection ratio of 94.9% [3] - As of the end of Q1, the company had a debt ratio of 34.3% and a liability ratio of 75.3%, both showing slight increases year-on-year [3] New Contracts - The new contract value in Q1 reached 553 billion, up 9.0% year-on-year, with significant contributions from infrastructure construction and overseas projects [4] Profit Forecast and Valuation - The report maintains net profit forecasts for 2025-2027 at 24.6 billion, 25.9 billion, and 27.0 billion respectively, with target prices set at 12.11 RMB for A shares and 7.33 HKD for H shares [5]

据悉，公司3月份发布《市值管理办法》，构建了责任清晰、衔接顺畅、高效协同的市值管理体系。明 确了"1+7+N"市值管理工作体系，综合运用7大市值管理工具，提升公司投资价值。 公司始终将做强主业、做优质量作为市值管理的根本遵循，锻造价值创造硬实力。坚持主业强化。巩固 大交通、大城市业务优势，港航疏浚国内市场份额第一，海外业务稳居亚洲国际承包商首位。坚持质效 双升。净利润增长率、净资产收益率指标连续两年达到股权激励解锁目标。坚持创新驱动。发力新兴产 业，新签合同额贡献达到37%，加速培育第二增长曲线。 根据市值管理相关文件精神，中国交建（601800）（601800.SH，01800.HK）高度重视，稳步推进市值 管理工作的落地实施。 同时，公司制定《估值提升计划及市值管理方案》，从价值创造、价值传递和价值实现3个主要环节16 项主要工作举措，细化市值管理落地路径。价值创造聚焦业务转型与资产盈利能力提升，实现内生增 长。价值传递通过信息披露、投资者关系管理等方式，确保股价反映内在价值。价值实现运用资本运作 工具，推动产融结合与股东价值最大化。 此外，在"聚焦主业、优化结构"的资本战略下，公司通过重组分拆实现资源高 ...

Financial Performance - The company's operating revenue for Q1 2025 was RMB 154.64 billion, a decrease of 12.58% compared to RMB 176.90 billion in the same period last year[6]. - Net profit attributable to shareholders was RMB 5.47 billion, down 10.98% from RMB 6.14 billion year-on-year[6]. - Basic earnings per share were RMB 0.32, down 11.11% from RMB 0.36 in the same period last year[6]. - The company reported a total revenue of RMB 5,530.34 million for the first quarter of 2025, a year-on-year increase of 9.02%[22]. - Net profit for Q1 2025 was ¥6.72 billion, a decline of 10.7% from ¥7.53 billion in Q1 2024[35]. - The total comprehensive income attributable to the parent company for Q1 2025 was ¥5.62 billion, down from ¥7.60 billion in Q1 2024[36]. Cash Flow and Liquidity - The net cash flow from operating activities was negative RMB 48.91 billion, compared to negative RMB 39.63 billion in the previous year, indicating a significant decline[6]. - Cash flow from operating activities for Q1 2025 showed a net outflow of ¥48.91 billion, worsening from a net outflow of ¥39.63 billion in Q1 2024[39]. - The company's cash and cash equivalents increased to RMB 156,153 million from RMB 142,480 million, representing a growth of 9.76%[28]. - The ending cash and cash equivalents balance for Q1 2025 was 21,904,131,100, down from 25,163,256,929 in Q1 2024[53]. - Cash inflow from operating activities totaled 20,692,479,277 in Q1 2025, up from 10,455,869,822 in Q1 2024, indicating a 97.5% increase[52]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 1,927.56 billion, an increase of 3.73% from RMB 1,858.27 billion at the end of the previous year[6]. - The total liabilities as of March 31, 2025, reached RMB 1,452,410 million, up from RMB 1,390,457 million at the end of 2024[30]. - The total current assets as of March 31, 2025, amounted to RMB 820,629 million, up from RMB 788,925 million as of December 31, 2024[28]. - The total equity attributable to shareholders increased to RMB 319,549 million from RMB 313,425 million, marking a growth of 1.0%[31]. Contracts and Business Development - The company signed new contracts worth RMB 553.03 billion, representing a year-on-year growth of 9.02%[10]. - The new contract amount signed by the group during the reporting period was RMB 553.034 billion, representing a year-on-year increase of 9.02% and achieving 27% of the annual target[16]. - The new contracts from domestic regions amounted to RMB 446.157 billion, with a year-on-year growth of 7.23%[16]. - The new contract amount from overseas markets was RMB 106.877 billion (approximately USD 15.023 billion), showing a year-on-year increase of 17.14% and accounting for 19% of the total new contracts[17]. Strategic Focus and Development Goals - The company plans to focus on high-quality development and strategic market breakthroughs, enhancing marketing teams and resource integration[11]. - The company aims to accelerate the industrial upgrade towards high-end, intelligent, and green transformation[11]. - The company emphasizes risk prevention and execution assurance to overcome industry bottlenecks and ensure the implementation of national strategies[11]. Operational Efficiency - The net profit margin improved slightly to 3.54%, an increase of 0.07 percentage points compared to the previous year[10]. - The operating income from subsidiaries increased by 303.73%, primarily due to an increase in insurance claims received[12]. - Infrastructure construction business achieved a revenue of RMB 4,935 million in Q1 2025, a year-on-year increase of 6.26%[22]. - The overseas engineering segment reported a revenue of RMB 1,057.44 million, reflecting a significant year-on-year growth of 21.15%[22]. Research and Development - The company reported a decrease in research and development expenses to ¥4.25 billion in Q1 2025 from ¥4.69 billion in Q1 2024[34]. - Research and development expenses in Q1 2025 were CNY 27.12 million, up from CNY 12.33 million in Q1 2024, indicating a focus on innovation[48].

证券代码：601800 证券简称：中国交建 公告编号：临 2025-019 中国交通建设股份有限公司 第五届董事会第四十八次会议决议公告 中国交通建设股份有限公司（简称公司或本公司）董事会及全体董事保证 本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真 实性、准确性和完整性承担法律责任。 2025 年 4 月 17 日，公司以书面形式发出本次董事会会议通知。2025 年 4 月 27 日，本次董事会以现场方式召开。董事会会议应当出席的董事人数 7 名， 实际出席会议的董事人数 6 名，董事刘翔因公务原因授权委托董事王海怀代为 出席表决。会议由董事长王彤宙主持，会议召开程序及出席董事人数符合有关 规定，表决结果合法有效。会议形成如下决议： 一、审议通过《关于公司 2025 年第一季度报告的议案》 （一）同意公司 2025 年第一季度报告。 （二）本议案在提交董事会审议前已经审计与内控委员会会议审议通过。 表决结果：同意【7】票，反对【0】票，弃权【0】票。 二、审议通过《关于取消公司监事会的议案》 （三）本议案尚需提交公司 2024 年度股东会审议批准。 1 表决结果：同意【7】票，反对【0 ...