证券代码：601800 证券简称：中国交建 公告编号：临 2024-052 本次绿色债券的发行及担保事项已经公司第五届董事会第三十次会议审议 通过。发行人于 2024 年 10 月 17 日完成本次绿色债券的定价工作。本次绿色债 券已取得国家发展和改革委员会出具的《企业借用外债审核登记证明》。 本次绿色债券的成功发行有利于拓宽融资渠道，改善负债结构、进一步增强 资本实力，树立品牌形象、增强国际化经营能力，符合公司整体发展战略。同时， 绿色债券作为可持续金融工具，有助于提升公司的社会责任形象，吸引 ESG（ 环 境、社会和治理）投资者，促进公司在环境保护和可持续发展领域的积极贡献， 为公司在市场竞争中获取更多优势。 特此公告。 中国交通建设股份有限公司董事会 2024 年 10 月 25 日 中国交通建设股份有限公司 关于境外子公司离岸人民币绿色债券 发行完成的公告 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个别及连带责任。 2024 年 10 月 24 日，公司附属公司 CCCI Treas ...

Financial Performance - For the six months ended June 30, 2024, the company reported a revenue of RMB 356.01 billion, a decrease of 2.6% compared to RMB 365.35 billion in the same period of 2023[2]. - The gross profit for the same period was RMB 41.60 billion, reflecting an increase of 4.2% from RMB 39.91 billion year-over-year[2]. - The net profit attributable to shareholders was RMB 12.02 billion, down 3.1% from RMB 12.41 billion in the previous year, resulting in a basic earnings per share of RMB 0.70, a decrease of 4.1%[2][5]. - The total assets increased by 10.7% to RMB 1,864.85 billion as of June 30, 2024, compared to RMB 1,684.38 billion at the end of 2023[2]. - Revenue from overseas markets reached RMB 69.46 billion, accounting for 19.5% of total revenue, representing a growth of 4.1% year-on-year[153]. - Operating profit for the same period was RMB 20.53 billion, up 4.0% from RMB 19.74 billion in 2023[154]. - The cost of sales was RMB 314.41 billion, a decrease of 3.4% compared to RMB 325.44 billion for the same period in 2023[159]. - Management expenses rose by 3.0% to RMB 18.910 billion, primarily due to increased R&D costs[161]. Contractual Developments - The company signed new contracts worth RMB 960.87 billion, representing an 8.4% increase from RMB 886.69 billion in the same period last year[2][5]. - The total amount of uncompleted contracts reached RMB 3,536.24 billion as of June 30, 2024, compared to RMB 3,450.66 billion at the end of 2023[2]. - The new contract amount signed during the reporting period reached CNY 960.867 billion, representing an 8.4% year-on-year increase, driven mainly by increased construction demand in overseas projects and urban development[59]. - The new contracts signed from overseas regions amounted to CNY 196.065 billion (approximately USD 27.821 billion), marking a 38.9% year-on-year increase and accounting for 20% of the total new contracts[59]. - The company achieved new contract value of 385.5 billion yuan in the "Big City" business area, representing an 18.4% year-on-year growth[35]. Strategic Initiatives - The company aims to enhance its core competitiveness through technological innovation and management improvements, focusing on high-quality development[6][11]. - The company is committed to expanding its overseas presence, actively participating in the "Belt and Road" initiative and integrating key national management mechanisms[15]. - The company emphasizes risk prevention and control, aiming to reduce interest-bearing debt and enhance compliance risk management[17]. - The company is focusing on eight key areas and 25 sub-sectors in strategic emerging industries, including offshore wind power and Beidou technology applications[37]. - The company is actively participating in the digital transformation of transportation infrastructure, enhancing its technical strength and innovation capabilities in smart transportation[40]. Technological Advancements - The company launched the "Taihu Star," a fully autonomous ecological dredging platform, enhancing its technological innovation capabilities[38]. - The company has developed the world's first ultra-large diameter hard rock vertical excavation machine, showcasing its advancements in equipment manufacturing[41]. - The company is establishing a green and smart future transportation R&D center to drive research in green and smart transportation technologies[40]. - The company has accumulated 43 National Science and Technology Progress Awards, 5 National Technology Invention Awards, and 130 Luban Awards[47]. - The company has 34,343 authorized patents, participating in the formulation of 168 national standards and 537 industry standards[47]. Market Position and Competitiveness - The company is recognized as the world's largest design and construction firm for ports, roads, and bridges, with operations in 139 countries and regions[23]. - The company has a competitive edge in the infrastructure investment sector, focusing on value investment principles to adapt to market changes[21]. - The company is the largest dredging enterprise globally, holding a dominant position in China's coastal dredging market, with strong competitive advantages in core equipment and technology[27]. - The company has established a comprehensive project management system covering all contract procedures, ensuring effective project execution and delivery[20]. - The company is enhancing its market influence in railway infrastructure design, having entered this market during the "11th Five-Year Plan" period and is currently in a growth phase[25]. Urban Development and Sustainability - The company is actively participating in urban renewal and development projects, focusing on new urbanization and affordable housing initiatives[34]. - The company is committed to high-quality, sustainable development in overseas markets, focusing on infrastructure that benefits local communities[67]. - The company is focusing on optimizing its urban business layout, focusing on high-end design and urban operation services[34]. - The company is actively advancing major projects such as the Ma Dong Railway and Bogota Metro, with significant progress in the Saudi Arabian market[66]. - The company is involved in various public service projects, including old community renovations and collective rental housing, responding to increasing market demands[87]. Investment and Financial Management - The company aims to enhance its value creation capabilities through improved capital management and strategic investments[51]. - The company is actively expanding its diversified fund business, collaborating with banks and insurance institutions to establish funds targeting traditional infrastructure projects and emerging industries[56]. - The company is continuously optimizing asset funding and implementing a plan to enhance asset value, focusing on the disposal of financial assets within reasonable price ranges[55]. - The company has implemented several policies to stabilize and expand private investment, focusing on high-quality development and effective risk prevention[134]. - The company has adjusted its market development and operational strategies in response to macroeconomic policy changes, emphasizing value investment and improving investment quality[137].

Investment Rating - The report maintains an "Outperform" rating for China Communications Construction Company (601800.SH) [1][3][8] Core Views - The company experienced a slight decline in revenue and net profit in the first half of 2024, with revenue at 357.5 billion yuan, down 2.3% year-on-year, and net profit at 11.4 billion yuan, down 0.04% year-on-year [1][4] - New contracts signed showed a robust growth of 8.4% year-on-year, with overseas contracts increasing by 38.9%, indicating strong international performance [1][5] - The company is adjusting its strategy to focus more on cash flow management rather than just revenue growth due to weak downstream industry conditions [10][12] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 357.5 billion yuan, with Q1 and Q2 revenues of 176.9 billion yuan (+0.2% YoY) and 180.5 billion yuan (-4.6% YoY) respectively [1][4] - The gross margin for H1 2024 was 11.65%, showing a slight increase from the previous year [6][7] - Operating cash flow showed a net outflow of 74.2 billion yuan, which is an increase of 24.8 billion yuan compared to the previous year [7][8] Contract and Revenue Growth - The total new contracts signed in H1 2024 reached 960.9 billion yuan, with overseas contracts accounting for 196.1 billion yuan, representing 20.4% of the total [1][5] - Revenue from regions outside of mainland China increased by 23.6% year-on-year, while revenue from mainland China decreased by 7.0% [1][5] Profitability and Cost Management - The company’s operating expenses increased by 13.2% year-on-year, with management and sales expenses rising significantly [6][12] - The report forecasts a decline in net profit for the next three years, with expected figures of 22.8 billion yuan, 24.6 billion yuan, and 26.9 billion yuan for 2024, 2025, and 2026 respectively [8][10]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.81 CNY [4] Core Views - The company is expected to benefit significantly from the acceleration of canal construction both domestically and internationally, leveraging its position as the world's largest dredging enterprise [1][3] - The company's overseas revenue and orders have achieved high growth, with overseas orders accounting for over 20% of total new contracts in H1 2024, the highest among traditional infrastructure central enterprises [2] - The company's emerging business sectors, including offshore wind power and maritime cable laying, are rapidly growing, with new contract signings in H1 2024 reaching 295.2 billion CNY, a 51% year-on-year increase, accounting for over 30% of total new contracts [2] Canal Construction Opportunities - The "Four Vertical and Four Horizontal" national high-grade waterway network plan is expected to drive significant investment in canal construction, with six major canal projects planned with a total investment exceeding 850 billion CNY [1][7] - The company has secured a 21.5 billion CNY contract for the Pinglu Canal project, accounting for approximately 30% of the total investment in the project, solidifying its leading position in transportation infrastructure [1][3] - The company is also involved in the construction of the Dechong Funan Canal in Cambodia, a 12.1 billion CNY project, showcasing its technical expertise and diversified overseas investment capabilities [1][3] Financial Performance and Valuation - The company's revenue is expected to grow steadily, with projected revenues of 797.96 billion CNY, 862.40 billion CNY, and 933.61 billion CNY for 2024E, 2025E, and 2026E, respectively [3] - Net profit attributable to the parent company is forecasted to be 25.17 billion CNY, 27.82 billion CNY, and 31.10 billion CNY for 2024E, 2025E, and 2026E, respectively, with a projected EPS of 1.55 CNY, 1.71 CNY, and 1.91 CNY for the same periods [3] - The company's valuation is supported by a 24E PE of 7x, with a target price of 10.81 CNY, reflecting its strong position in the infrastructure sector and growth potential in emerging businesses [2][4] Overseas Expansion - The company has a strong overseas presence, with overseas orders accounting for 20.4% of total new contracts in H1 2024, and overseas revenue growing by 23.55% year-on-year in the same period [2][31] - The company is actively participating in the Belt and Road Initiative, with new contract signings in Belt and Road countries reaching 20.73 billion USD in H1 2024 [2] - The company's overseas projects include key infrastructure developments in Africa, where it has built over 1,600 infrastructure projects, including roads, bridges, and ports [33]

公司报告 | 半年报点评 海外营收&订单实现高增长，中期分红提升投资吸引力 收入、利润短暂承压，中期分红彰显投资性价比 24H1 公司实现收入 3574 亿，同比-2.5%；归母、扣非净利润为 114、106 亿，同比-0.6%、-3.0%，非经常性损益为 7.76 亿，同比增加 3.2 亿，其中 上半年应收款项减值准备转回 5.5 亿元；Q2 单季实现收入 1805 亿元，同 比-5.0%，归母、扣非归母净利 52.6、45.2 亿元，同比-10.6%、-18.0%。24 年上半年公司实行中期分红，拟派发现金红利总计约 22.80 亿，分红比例 20%，首次中期分红体现公司充分重视股东回报。考虑到海外以及新签业 务订单增长较快，我们上调盈利预测，预计公司 24-26 年归母净利润为 251、278、310 亿，（前值 24、25 年为 234、261 亿），认可给予公司 24 年 7 倍 PE，对应目标价 10.81 元，维持"买入"评级。 中国交建（601800） 证券研究报告 2024 年 09 月 09 日 投资评级 行业 建筑装饰/基础建设 6 个月评级 买入（维持评级） 当前价格 7.27元 目标 ...

Investment Rating - The investment rating for China Communications Construction Company (CCCC) is "Buy" (maintained) [1][2] Core Views - The report indicates that while the company's revenue and profit slightly declined in the first half of 2024, the new contract value has increased year-on-year, and the gross profit margins across various segments have improved, particularly in overseas operations [1][2] - The forecast for the company's net profit attributable to shareholders for 2024-2026 is projected at 256.9 billion, 279.4 billion, and 307.5 billion yuan, respectively, with corresponding EPS of 1.58, 1.72, and 1.89 yuan [1][2] Financial Summary - In the first half of 2024, CCCC achieved revenue of 357.45 billion yuan, a year-on-year decrease of 2.5%, with specific growth rates in various segments: infrastructure construction at -2.7%, infrastructure design at -10.3%, dredging at 3.3%, and other businesses at 12.6%. Overseas business revenue grew by 23.5% [1][5] - The net profit attributable to shareholders was 11.4 billion yuan, a year-on-year decrease of 0.6%, with operating cash flow at -74.16 billion yuan. The gross profit margin increased by 0.84 percentage points to 11.65% [1][5] - The new contract value for the first half of 2024 was 960.87 billion yuan, an increase of 8.4% year-on-year, achieving 48% of the annual target. The growth was primarily driven by overseas projects and urban construction [1][5] - The company signed new infrastructure investment projects worth 60.82 billion yuan, a decrease of 49% year-on-year, indicating a slowdown in infrastructure project construction [1][5] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected at 4.8, 4.4, and 4.0 for the years 2024, 2025, and 2026, respectively [1][5] - The gross profit margin is expected to improve gradually from 12.7% in 2024 to 12.9% in 2026, with net profit margins stabilizing around 3.1% [1][5]

Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 9.36 CNY [3]. Core Insights - The company reported a revenue of 357.448 billion CNY for H1 2024, a year-on-year decrease of 2.52%, while the net profit attributable to shareholders was 11.398 billion CNY, down 0.59% year-on-year [1][2]. - The infrastructure business faced pressure with a revenue decline in Q2, while overseas revenue continued to grow significantly, increasing by 23.54% year-on-year [1][2]. - The overall gross margin improved to 11.65%, up 0.89 percentage points year-on-year, with all business segments showing margin increases [2]. - The company signed new contracts worth 960.867 billion CNY in H1 2024, an increase of 8.37% year-on-year, with notable growth in urban construction and overseas projects [2]. Summary by Sections Financial Performance - H1 2024 revenue was 357.448 billion CNY, with a Q2 revenue decline of 5.02% year-on-year [1]. - The gross margin for H1 2024 was 11.65%, with Q2 gross margin at 11.42%, reflecting a significant year-on-year increase [2]. - Operating cash flow showed a net outflow of 74.161 billion CNY, worsening from a net outflow of 49.582 billion CNY in H1 2023 [2]. Business Segments - Infrastructure construction revenue decreased by 2.74% year-on-year, while dredging business revenue grew by 3.27% [1]. - The overseas business accounted for 19.48% of total revenue, marking a 4.07 percentage point increase year-on-year [1]. Future Outlook - Revenue projections for 2024-2026 are 819.371 billion CNY, 876.727 billion CNY, and 938.097 billion CNY, with expected year-on-year growth rates of 8.0%, 7.0%, and 7.0% respectively [6]. - The net profit forecasts for the same period are 25.39 billion CNY, 27.49 billion CNY, and 29.63 billion CNY, with growth rates of 6.6%, 8.3%, and 7.8% respectively [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's profitability has improved, and it has declared its first interim dividend [6] - The company reported a revenue of 357.4 billion yuan for H1 2024, a year-on-year decrease of 3% [10] - The net profit attributable to shareholders was 11.4 billion yuan, down 1% year-on-year [10] - The company has a robust order backlog of 353.62 billion yuan, which is ten times its revenue for the same period [10] - The company is a leading player in China's infrastructure sector and is expected to benefit from the "Belt and Road" initiative [10] Financial Performance - For H1 2024, the company's gross margin improved to 11.7%, up 0.8 percentage points year-on-year [10] - The gross margins for construction, design, and dredging businesses were 10.6%, 18.7%, and 11.4%, respectively, showing improvements [10] - The company plans to distribute a cash dividend of 0.14 yuan per share, accounting for 20% of its total profit for the period [10] - Revenue projections for 2024-2026 are 830 billion, 914 billion, and 1,009.7 billion yuan, respectively, with expected growth rates of 9%, 10%, and 10% [10] Business Segments - The company’s dredging business showed steady growth, while construction and design segments faced pressure due to a slowdown in domestic infrastructure investment [10] - The overseas revenue grew by 24% year-on-year, reaching 69.6 billion yuan in H1 2024 [10] - The company has 32 operational projects in its concession business, generating 4.1 billion yuan in revenue but incurring a net loss of 1.1 billion yuan [10] Valuation Metrics - The company is valued at a P/E ratio of 9 times for 2024 [10] - The projected EPS for 2024-2026 is 1.60, 1.76, and 1.95 yuan, respectively, with a CAGR of 10% over three years [10] - The company’s asset-liability ratio stands at 74.8%, with a slight decrease of 0.1 percentage points year-on-year [10]

Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Views - The company reported a revenue of 357.448 billion yuan for the first half of 2024, a year-on-year decrease of 2.52%, and a net profit attributable to shareholders of 11.399 billion yuan, down 0.59% year-on-year [1]. - The company's profitability has improved, with a gross margin of 11.65%, up 0.89 percentage points year-on-year, and a net profit margin of 4.06%, up 0.1 percentage points year-on-year [1]. - New contracts signed in emerging businesses grew rapidly, with a total of 960.867 billion yuan in new contracts, an increase of 8.37% year-on-year [1]. Financial Performance Summary - For the first half of 2024, the company achieved revenues from various segments: infrastructure construction (318.089 billion yuan, -2.74% YoY), infrastructure design (17.339 billion yuan, -10.29% YoY), dredging (26.886 billion yuan, +3.27% YoY), and other businesses (11.161 billion yuan, +12.59% YoY) [1]. - The company expects net profits for 2024-2026 to be 24.560 billion yuan, 26.316 billion yuan, and 28.565 billion yuan, representing year-on-year growth rates of 3.14%, 7.15%, and 8.55% respectively [2]. - The projected P/E ratios for the same period are 5.57, 5.20, and 4.79 times [2]. Contract and Business Growth Summary - The company signed new contracts worth 960.867 billion yuan in the first half of 2024, with significant contributions from infrastructure construction (863.378 billion yuan, +9.39% YoY) and design (32.656 billion yuan, +21.91% YoY) [1]. - International contracts amounted to 196.065 billion yuan (approximately 27.821 billion USD), marking a 38.88% increase year-on-year, accounting for 20% of total new contracts [1]. - The company has signed contracts worth 20.729 billion USD in countries involved in the "Belt and Road" initiative since its inception, totaling 255.487 billion USD [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in new contracts signed overseas, with a notable improvement in profit margins [1] - Domestic infrastructure construction growth has slowed, leading to a slight decline in revenue, but gross margins across various business segments have improved [2] - The company is well-positioned to benefit from the "Belt and Road" initiative, focusing on enhancing operational quality and meeting state-owned enterprise performance requirements [2] Financial Performance Summary - For the first half of 2024, the company achieved total revenue of 357.5 billion yuan, a year-on-year decrease of 2.3%, with a net profit attributable to shareholders of 11.4 billion yuan, remaining stable year-on-year [2] - Revenue from domestic infrastructure construction decreased by 7.0%, while overseas revenue increased by 23.5% [2] - The company’s gross margin improved to 11.7%, up 0.9 percentage points year-on-year, due to lower raw material costs and effective cost control [2] - New contracts signed in the first half of 2024 amounted to 960.9 billion yuan, representing an increase of 8.4% year-on-year, with significant growth in urban planning and design contracts [2] Earnings Forecast and Valuation - The company is projected to achieve net profits of 25.8 billion yuan, 27.5 billion yuan, and 29.3 billion yuan for the years 2024, 2025, and 2026, respectively [2] - The price-to-earnings (P/E) ratios based on the closing price on September 2 are estimated to be 4.9, 4.6, and 4.3 for the years 2024 to 2026 [2]