重要内容提示： 公司附属公司一公局集团、中交投资合计向关联人中交地产协议转让其持 有的中交服务 39%的股权，关联交易金额约为 27,298 万元。 本次股权转让涉及关联交易，本次交易未构成重大资产重组。 本次交易无需提交股东大会审议。 过去 12 个月内，本公司与同一关联人进行的累计已披露的关联交易约为 8.09 亿元。 释义： 证券代码：601800 证券简称：中国交建 公告编号：临 2024-055 中国交通建设股份有限公司 关于附属公司转让所持中交物业服务集团有限公司 股权所涉关联交易的公告 中国交通建设股份有限公司（简称本公司或公司）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。 公司附属公司一公局集团、中交投资转让标的公司的股权比例分别 24%和 15%，合计 39%。转让价格分别为 16,798.7616 万元、10,499.226 万元，合计约为 27,298 万元。 （二）本次交易的目的和原因 公司聚焦主营业务，通过股权转让确认投资收益，将资金用于主业发展。该 交易符合证监会支持的上市公司并购重组方向，有利于上市 ...

Investment Rating - The investment rating for China Communications Construction Company (CCCC) is maintained at "Buy" [2]. Core Insights - CCCC's gross margin has improved, and new contract amounts continue to grow, indicating a stable overall operational performance. The company reported a slight decline in revenue but an increase in both gross and net profit margins year-on-year. The new contract amount has shown significant growth, particularly in overseas projects [4][5]. Financial Summary - For the first nine months of 2024, CCCC achieved operating revenue of 536.64 billion yuan, a year-on-year decrease of 2.26%. The net profit attributable to shareholders was 16.27 billion yuan, down 0.61% year-on-year. The gross margin for the first three quarters was 11.54%, an increase of 0.28 percentage points year-on-year, while the net margin was 3.91%, up 0.12 percentage points year-on-year [4][5]. - The company’s new contract amount for the first three quarters was 12,804.56 billion yuan, representing a year-on-year increase of 9.28%, achieving 64% of the annual target. The new contracts in emerging business areas reached 390 billion yuan, up 27% year-on-year, with overseas contracts accounting for 21% of the total new contracts [4][5]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 25.69 billion, 27.94 billion, and 30.75 billion yuan, respectively, with corresponding EPS of 1.58, 1.72, and 1.89 yuan. The current stock price corresponds to P/E ratios of 6.5, 6.0, and 5.4 times for the respective years [4][5]. Key Financial Ratios - The company’s asset-liability ratio stands at 75.19%, with a current ratio of 0.92 and a quick ratio of 0.81, indicating a reasonable debt structure [4][5]. - The gross margin is projected to improve slightly from 12.6% in 2023 to 12.9% in 2026, while the net margin is expected to increase from 3.1% to 3.3% over the same period [5]. Market Performance - The current stock price is 10.28 yuan, with a 52-week high of 11.21 yuan and a low of 6.81 yuan. The total market capitalization is approximately 167.34 billion yuan [2].

Investment Rating - The investment rating for China Communications Construction Company (CCCC) is "Outperform the Market" and is maintained [1]. Core Views - The report highlights significant improvements in revenue, profit, and cash flow for Q4, indicating a positive trend for the company [1]. - The company achieved a total operating revenue of 536.64 billion yuan in the first three quarters of 2024, a year-on-year decrease of 2.26%, while the net profit attributable to the parent company was 16.27 billion yuan, down 0.61% year-on-year [5]. - The report emphasizes the company's strong performance in overseas contracts, with a 25% increase in new contracts signed abroad, reflecting the company's strategic focus on international expansion [5]. Financial Performance Summary - For Q3 2024, the company reported a revenue decline of 1.73% year-on-year and a net profit decline of 0.65% year-on-year, with a gross profit margin of 11.30% [5]. - The gross profit margin for the first three quarters of 2024 increased by 0.23 percentage points to 11.54%, while the net profit margin rose by 0.11 percentage points to 3.91% [5]. - The company experienced a significant increase in operating cash outflow, totaling 77.03 billion yuan, which is a 52.92% increase year-on-year [5]. Contract and Business Growth - In the first three quarters of 2024, the company signed new contracts worth 12,804.56 billion yuan, a year-on-year increase of 9.28%, with Q3 alone seeing a 12.12% increase [5]. - The report notes that the company is accelerating the development of emerging business sectors, with new contracts in these areas reaching 390 billion yuan, a 27% increase [5]. Earnings Forecast - The earnings per share (EPS) for 2024 and 2025 are projected to be 1.51 yuan and 1.59 yuan, respectively, with a reasonable valuation range of 12.11 to 13.62 yuan based on a price-to-earnings (PE) ratio of 8-9 times [5][6].

Investment Rating - The report maintains a rating of "Buy" for the company [2][7]. Core Views - The report highlights that due to lower-than-expected infrastructure investment in the construction industry, the earnings per share (EPS) forecasts for 2024-2026 have been revised down to 1.50, 1.56, and 1.60 yuan, representing increases of 3%, 4%, and 3% respectively [2]. - The target price is set at 14.10 yuan, corresponding to a price-to-earnings (PE) ratio of 9.4 times for 2024 [2]. - The company reported a 0.6% decline in net profit for the first three quarters of 2024, which was below expectations, alongside an increase in accounts receivable [2]. Financial Summary - For the first three quarters of 2024, the company achieved revenue of 536.64 billion yuan, a year-on-year decrease of 2.26% [2]. - The net profit attributable to shareholders was 16.3 billion yuan, down 0.61% year-on-year [2]. - The expense ratio for the first three quarters was 6.14%, an increase of 0.28 percentage points, while the net profit margin was 3.03%, up 0.06 percentage points [2]. - The weighted return on equity (ROE) was 5.60%, a decrease of 0.50 percentage points [2]. - The operating cash flow for the first three quarters was -77.03 billion yuan, compared to -49.83 billion yuan in the same period of 2023 [2]. Order Growth - New signed orders for the first three quarters of 2024 increased by 9.3%, with urban construction orders growing by 20% [2]. - The total new signed contracts amounted to 1,280.5 billion yuan, with infrastructure contracts at 1,149.5 billion yuan, reflecting a 10% increase [2]. - The company signed 319.6 billion yuan in new contracts in the third quarter of 2024, a year-on-year increase of 12.1% [2]. Dividend and Shareholder Returns - The company announced a mid-term dividend plan, distributing a cash dividend of 0.14 yuan per share, totaling approximately 2.28 billion yuan [2]. - The current dividend yield is 4.21%, and the price-to-book (PB) ratio is 0.61 times, which is at the 27th percentile of the past 10 years [2].

Investment Rating - The report maintains a "Buy" rating for China Communications Construction Company (601800.SH) [3] Core Views - The company's Q3 performance improved due to gains from the disposal of subsidiaries, with a total revenue of 536.6 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.3%, and a net profit attributable to shareholders of 16.3 billion yuan, a decrease of 0.6% [1] - The gross profit margin increased to 11.54%, up by 0.28 percentage points year-on-year, while the net profit margin reached 3.0%, an increase of 0.1 percentage points [1] - New contract signing accelerated in Q3, with a total of 3.196 billion yuan signed in the quarter, a year-on-year increase of 12.1% [1] Financial Performance Summary - For Q1-Q3 2024, the company reported a net cash outflow from operating activities of 77 billion yuan, an increase of 27.2 billion yuan compared to the same period last year [1] - The company expects net profits for 2024-2026 to be 24.0 billion, 24.9 billion, and 25.7 billion yuan respectively, with corresponding EPS of 1.48, 1.53, and 1.58 yuan per share [1][2] - The P/E ratio is projected to be 7.0, 6.7, and 6.5 for the years 2024, 2025, and 2026 respectively, while the P/B ratio is expected to be 0.61 [2][3] Order and Contract Summary - The total new contracts signed in Q1-Q3 2024 amounted to 12.805 billion yuan, a year-on-year increase of 9.3% [1] - The infrastructure business signed contracts worth 11.495 billion yuan, a year-on-year increase of 10.0%, with significant growth in urban construction [1] - Emerging business areas saw new contracts worth 390 billion yuan, a year-on-year increase of 27% [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [4][6][14]. Core Views - The company is expected to see improvement in cash flow for the full year, driven by anticipated fiscal stimulus and a peak in receivables in the fourth quarter [4]. - The company has demonstrated resilience in maintaining its leading position in transportation infrastructure, with stable revenue despite a slight year-on-year decline [1][4]. - New orders have shown steady growth, particularly in emerging business sectors, with a significant increase in overseas orders [2][4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 536.6 billion, a year-on-year decrease of 2.3%, with net profit attributable to the parent company at 16.27 billion, down 0.61% [1]. - The gross profit margin for the first three quarters was 11.5%, a slight increase of 0.28 percentage points year-on-year, while the third quarter saw a margin of 11.3%, a decrease of 0.96 percentage points [3]. - The company reported a net profit margin of 3.9% for the first three quarters, up 0.13 percentage points year-on-year, with a third-quarter margin of 3.61%, an increase of 0.18 percentage points [3]. Order and Business Growth - New signed orders for the first three quarters of 2024 reached 12,804.56 billion, representing a year-on-year increase of 9.28%, with the third quarter alone seeing a 12.12% increase [2]. - The traditional infrastructure construction sector has maintained high growth, with significant contributions from road and bridge construction [2]. - The overseas new signed orders totaled 265.16 billion, a year-on-year increase of 24.66%, accounting for 21% of the total new contracts [2]. Cash Flow and Profitability Outlook - The operating cash flow for the first three quarters showed a net outflow of 77.03 billion, an increase of 27.2 billion year-on-year, but the third quarter saw a significant improvement with a net outflow of 2.87 billion [4]. - The company forecasts net profits attributable to the parent company for 2024-2026 to be 25.2 billion, 27.8 billion, and 31.1 billion respectively, with corresponding P/E ratios of 6.6, 6.0, and 5.4 [4][5].

Financial Performance - The company's operating revenue for the third quarter was CNY 179.19 billion, a decrease of 1.73% year-on-year[11]. - Net profit attributable to shareholders was CNY 4.88 billion, down 0.65% compared to the same period last year[11]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 2.90 billion, a significant decrease of 32.86% year-on-year[11]. - Total operating revenue for the first three quarters of 2024 was CNY 536.64 billion, a decrease of 2.4% compared to CNY 549.03 billion in the same period of 2023[48]. - Net profit for the first three quarters of 2024 was CNY 20.99 billion, slightly up from CNY 20.86 billion in the same period of 2023, representing a growth of 0.6%[48]. - The company’s total comprehensive income attributable to shareholders of the parent company was CNY 20.02 billion, an increase from CNY 15.88 billion year-over-year[50]. Assets and Liabilities - The total assets at the end of the reporting period reached CNY 1.90 trillion, an increase of 12.94% from the end of the previous year[13]. - The total liabilities of the company reached CNY 1,430.30 billion, compared to CNY 1,225.21 billion in the previous year[46]. - The equity attributable to shareholders increased to CNY 315.45 billion from CNY 301.75 billion year-on-year[46]. - The company's cash and cash equivalents increased to CNY 159.10 billion from CNY 120.98 billion year-on-year[44]. - The total cash and cash equivalents at the end of the period was CNY 24.26 billion, a decrease from CNY 32.23 billion at the end of the same period in 2023[67]. Cash Flow - Cash flow from operating activities showed a net outflow of CNY 77.03 billion, compared to a net outflow of CNY 50.37 billion in the same period last year[19]. - In the first three quarters of 2024, the cash inflow from operating activities was CNY 21.41 billion, a decrease of 37.5% compared to CNY 34.33 billion in the same period of 2023[67]. - The net cash flow from operating activities was -CNY 19.99 billion, compared to -CNY 8.36 billion in the first three quarters of 2023, indicating a worsening cash flow situation[67]. - Cash inflow from financing activities reached CNY 95.45 billion, an increase of 13.5% compared to CNY 83.95 billion in the same period of 2023[67]. - Cash flow from investing activities resulted in a net outflow of CNY 22.09 billion, compared to a net outflow of CNY 50.28 billion in the previous year[53]. Contracts and Business Growth - The company signed new contracts worth CNY 1.28 trillion during the reporting period, representing a year-on-year growth of 9.28%[18]. - The company signed new contracts worth CNY 12,804.56 billion, a year-on-year increase of 9.28%, achieving 64% of the annual target of CNY 17,532.15 billion[30]. - The infrastructure construction business accounted for CNY 11,494.50 billion of the new contracts, while emerging business areas achieved new contracts of CNY 3,900 billion, up 27% year-on-year[30]. - New contracts from overseas regions totaled CNY 2,651.62 billion (approximately USD 376.24 billion), representing a year-on-year growth of 24.66% and accounting for 21% of total new contracts[30]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 158,151, with 146,345 holding A shares and 11,806 holding H shares[21]. - The largest shareholder, China Communications Construction Group, holds 57.59% of the shares[23]. Financing Activities - The company plans to issue a super short-term financing bond of CNY 30 billion with a coupon rate of 1.82% on July 16, 2024[31]. - A technology innovation corporate bond of CNY 5 billion will be issued on August 15, 2024, with a coupon rate of 1.98%[32]. - Another super short-term financing bond of CNY 20 billion will be issued on August 16, 2024, with a coupon rate of 1.92%[34]. - The company issued a super short-term financing bond of CNY 2 billion on July 26, 2024, with a coupon rate of 1.92%[38]. - A public offering of technology innovation corporate bonds was conducted on August 15, 2024, with a total issuance of CNY 1.5 billion and a coupon rate of 2.05%[40]. Research and Development - Research and development expenses for the first three quarters were CNY 17.44 billion, a slight increase from CNY 17.31 billion in the same period of 2023[48]. - Research and development expenses rose to CNY 88.92 million, compared to CNY 14.53 million in the previous year, indicating a substantial increase of 510.5%[64].

证券代码：601800 证券简称：中国交建 公告编号：临 2024-053 中国交通建设股份有限公司 第五届董事会第三十九次会议决议公告 二、审议通过《关于 2024 年度安永事务所审计费用的议案》 同意公司 2024 年度审计师审计费用为人民币 25,700,000 元（含税价格）。 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。 2024 年 10 月 20 日，公司以书面形式发出本次董事会会议通知。2024 年 10 月 30 日，本次董事会以通讯表决方式召开，董事会 7 名董事对所议事项进行了 表决，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《关于审议公司 2024 年第三季度报告的议案》 （一）同意公司 2024 年第三季度报告。 （二）本议案已经审计与内控委员会审议通过，同意提交董事会审议。 （三）该事项具体内容详见公司在上海证券交易所网站 （www.sse.com.cn）发布的《2024 年第三季度报告》公告。 表决结果：同 ...

Financial Performance - Operating revenue for the third quarter was RMB 179.19 billion, a decrease of 1.73% year-on-year[3] - Net profit attributable to shareholders was RMB 4.88 billion, down 0.65% compared to the same period last year[3] - Net profit excluding non-recurring gains and losses was RMB 2.90 billion, a significant decrease of 32.86% year-on-year[3] - The company reported a net profit of RMB 20.99 billion for the period, reflecting a year-on-year increase of 0.63%[6] - Net profit attributable to shareholders for the first three quarters of 2024 was CNY 16.27 billion, down from CNY 16.37 billion in the same period of 2023, indicating a decrease of 0.6%[23] - The company reported a total comprehensive income of CNY 20.02 billion attributable to shareholders for the first three quarters of 2024, compared to CNY 15.88 billion in the same period of 2023, indicating a significant increase of 26.8%[24] Assets and Liabilities - Total assets at the end of the period reached RMB 1.90 trillion, an increase of 12.94% from the previous year[4] - The company's equity attributable to shareholders increased by 4.54% to RMB 315.45 billion compared to the previous year[4] - Total liabilities increased to CNY 1.43 trillion as of September 30, 2024, compared to CNY 1.23 trillion as of December 31, 2023, representing a growth of 16.8%[20] - Current liabilities totaled CNY 894.70 billion, up from CNY 762.25 billion, marking an increase of 17.4%[20] - Non-current liabilities rose to CNY 535.60 billion, compared to CNY 462.96 billion, reflecting a growth of 15.7%[20] Cash Flow - Cash flow from operating activities showed a net outflow of RMB 2.87 billion[3] - Cash flow from operating activities showed a net outflow of ¥77,028,344,565, worsening from a net outflow of ¥50,372,213,567 in the previous year[9] - The net cash flow from operating activities for the first three quarters of 2024 was -CNY 77.03 billion, a decline from -CNY 50.37 billion in 2023, indicating a worsening cash flow situation[26] - The net cash flow from investment activities improved to -CNY 22.09 billion in 2024, compared to -CNY 50.28 billion in 2023, showing a reduction in cash outflow[27] - Cash inflow from financing activities for the first three quarters of 2024 was approximately 95.45 billion, an increase from 83.95 billion in the same period of 2023[35] Contracts and New Business - The company signed new contracts worth RMB 1.28 trillion, representing a year-on-year growth of 9.28%[6] - The new contract amount for the reporting period reached RMB 1,280.456 billion, representing a year-on-year increase of 9.28%, achieving 64% of the annual target of RMB 1,753.215 billion[13] - The new contracts signed from overseas regions amounted to RMB 265.162 billion (approximately USD 37.624 billion), a year-on-year growth of 24.66%, accounting for 21% of the total new contracts[14] - The emerging business sectors achieved new contracts worth RMB 390 billion in the first three quarters, reflecting a year-on-year increase of 27%[13] Shareholder Information - The total number of shares outstanding is 16,278,611,425, with A-shares accounting for 72.86% and H-shares for 27.14%[10] - The top shareholder, China Communications Construction Group, holds 57.59% of the total shares, amounting to 9,374,616,604 shares[10] - The total number of common shareholders at the end of the reporting period was 158,151, with 146,345 being A-share holders[10] Investment and Research - Investment income for the current period reached ¥976,314,155, a significant recovery from a loss of ¥185,217,066 in the same period last year[8] - Research and development expenses for the first three quarters of 2024 were CNY 17.44 billion, slightly up from CNY 17.31 billion in the same period of 2023[22] - The company achieved investment income of CNY 6.83 billion in 2024, up from CNY 5.47 billion in 2023, reflecting strong performance in investments[32] Other Financial Metrics - The basic earnings per share for the period was RMB 0.28, unchanged from the previous year[3] - Other comprehensive income attributable to shareholders was CNY 3.75 billion for the first three quarters of 2024, compared to a loss of CNY 0.49 billion in the same period of 2023[23] - The company experienced a fair value loss of ¥144,120,809, an improvement from a loss of ¥701,513,319 in the previous year[8]

证券代码：601800 证券简称：中国交建 公告编号：临2024-051 2024 年公司以"提质增效重回报"专项行动为抓手，在市场开拓中持续聚 焦主责主业，全力推进"公司国际化升维"，加快发展新质生产力，前三季度， 中国交建新签合同额为 12,804.56 亿元，同比增长 9.28%，完成年度目标的 64% （按照董事会审议批准的在 2023 年新签合同额 17,532.15 亿元的基础上增长 13.5%测算）。其中，基建建设业务、基建设计业务、疏浚业务和其他业务分别 为 11,494.50 亿元、387.16 亿元、842.09 亿元和 80.81 亿元。公司加快构建新 兴业务格局，加大新兴业务市场开拓力度，积极打造中交特色新质生产力，前三 季度新兴业务领域实现新签合同额 3,900 亿元，同比增长 27%。 各业务来自于境外地区的新签合同额为 2,651.62 亿元（约折合 376.24 亿 美元），同比增长 24.66%，约占公司新签合同额的 21%。其中，基建建设业务、 基建设计业务、疏浚业务和其他业务分别为 2,589.79 亿元、17.85 亿元、35.00 亿元和 8.98 亿元。 各业务按照 ...