Investment Rating - The investment rating for the company is "Buy" (maintained) for both A and H shares [2][3] Core Views - The company reported a revenue of 357.4 billion RMB and a net profit attributable to shareholders of 11.4 billion RMB for the first half of 2024, reflecting a year-on-year decline of 2.5% and 0.6% respectively [2] - The gross margin improved year-on-year to 11.65%, an increase of 0.84 percentage points, driven by better project management and structural adjustments [3] - The company has a target price of 11.13 RMB for A shares and 6.97 HKD for H shares, adjusted from previous values due to slower-than-expected revenue growth [2] Revenue and Profitability - For the first half of 2024, the company achieved a revenue of 3,574 billion RMB, with a net profit of 114 billion RMB, showing a decline compared to the previous year [2] - The gross margin for the second quarter of 2024 was reported at 11.42%, with a slight increase from the previous quarter [3] - The company maintains net profit forecasts of 25.9 billion RMB, 28 billion RMB, and 30 billion RMB for 2024, 2025, and 2026 respectively [2] Business Segments - Infrastructure construction revenue was 3,181 billion RMB, down 2.74% year-on-year, while the gross margin improved to 10.63% [3] - The company signed new contracts worth 9,609 billion RMB in the first half of 2024, representing an increase of 8.4% year-on-year, with overseas contracts growing by 39% [5] Financial Metrics - The company’s operating cash flow was negative at -742 billion RMB for the first half of 2024, indicating a cash outflow increase of 248 billion RMB year-on-year [4] - The net profit margin for the first half of 2024 was 3.19%, a slight increase from the previous year [4] - The company’s earnings per share (EPS) for 2024 is projected at 1.59 RMB, with a price-to-earnings (PE) ratio of 5.28 [6]

Investment Rating - The report maintains a "Buy" rating for China Communications Construction Company (601800.SH) [2] Core Views - The company's revenue for H1 2024 was CNY 357.4 billion, a year-on-year decrease of 2.5%, with a net profit attributable to shareholders of CNY 11.4 billion, down 0.6% year-on-year. The decline in Q2 performance is attributed to a slowdown in revenue recognition due to tight infrastructure funding and an increase in fixed cost ratios [1] - The company announced a mid-term dividend plan with a payout ratio of 20%, marking the first mid-term dividend since its listing, which enhances shareholder returns [1] - The company expects net profits for 2024-2026 to be CNY 24.0 billion, CNY 24.9 billion, and CNY 25.7 billion respectively, with corresponding EPS of CNY 1.48, CNY 1.53, and CNY 1.58 [1] Summary by Sections Financial Performance - In H1 2024, the company achieved a gross margin of 11.65%, an increase of 0.9 percentage points year-on-year. The operating cash flow showed a net outflow of CNY 74.2 billion, which is an increase in outflow by CNY 24.8 billion year-on-year [1] - The company signed new contracts worth CNY 960.9 billion in H1 2024, an increase of 8.4% year-on-year, with a backlog of CNY 35,362 billion, which is 4.7 times the revenue of 2023 [1] Business Segments - Revenue from infrastructure construction, design, dredging, and other businesses for H1 2024 was CNY 318.1 billion, CNY 17.3 billion, CNY 26.9 billion, and CNY 11.2 billion respectively, with year-on-year changes of -3%, -10%, +3%, and +13% [1] - The overseas business maintained rapid growth, with revenue from overseas operations reaching CNY 69.6 billion, a year-on-year increase of 24% [1] Dividend and Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.14 per share (before tax), totaling CNY 2.28 billion, with a projected dividend yield of 3.5% for 2024 [1]

证券代码：601800 证券简称：中国交建 公告编号：临 2024-048 中国交通建设股份有限公司 第五届董事会第三十八次会议决议公告 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。 释义： | 1 | 中交集团 | 指 | 中国交通建设集团有限公司，控股股东 | | --- | --- | --- | --- | | 2 | 中国港湾 | 指 | 中国港湾工程有限责任公司，公司附属公司 | | 3 | 中交路建 | 指 | 中交路桥建设有限公司，公司附属公司 | | 4 | 一公局集团 | 指 | 中交一公局集团有限公司，公司附属公司 | | 5 | 一航局 | 指 | 中交第一航务工程局有限公司，公司附属公司 | | 6 | 宝武资源 | 指 | 宝武资源有限公司，中国宝武钢铁集团有限公司全资子公司 | | 7 | 宝联体 | 指 | 宝武资源投资组建的联合体，负责投资几内亚西芒杜 1&2 号 | | | | | 铁矿项目。 | | 8 | 辽宁交投 | 指 | 辽宁省交通建设投资 ...

中国交通建设股份有限公司 2024 年中期分红方案公告 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。 重要内容提示： 证券代码：601800 证券简称：中国交建 公告编号：临 2024-049 公司拟向全体股东每股派发现金红利 0.14005（含税）。截至 2024 年 8 月 30 日，公司总股本 16,278,611,425 股，以此计算合计拟派发现金红利总计约 22.80 亿元。 如在本公告披露之日起至实施权益分派的股权登记日期间，因可转债转股/ 回购股份/股权激励授予股份回购注销/重大资产重组股份回购注销等致使公司总 股本发生变动的，拟维持分配总额不变，相应调整每股分配比例。 本次利润分配方案尚需提交股东大会审议。 每股分配比例：A 股每股现金红利 0.14005 元（含税）。 本次中期分红股本以实施权益分派股权登记日登记的总股本为基数，具 体日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持分配总 额不变，相应调整每股分配比例。 一、 ...

Financial Performance - Operating revenue reached 357.4 billion RMB, with a net profit attributable to shareholders of 113.99 billion RMB, reflecting a 0.6% increase year-on-year[6]. - The company's operating revenue for the first half of the year was ¥357.45 billion, a decrease of 2.52% compared to ¥366.68 billion in the same period last year[23]. - The net profit attributable to shareholders was ¥11.40 billion, down 0.59% from ¥11.47 billion year-on-year[23]. - The net cash flow from operating activities was negative at ¥74.16 billion, compared to a negative ¥49.58 billion in the previous year, indicating a significant decline[23]. - The total assets increased by 10.71% to ¥1,864.85 billion from ¥1,684.38 billion at the end of the previous year[23]. - The company's net profit attributable to shareholders was CNY 113.99 billion, a decrease of 0.59% compared to the previous year[95]. - The gross profit was RMB 41.66 billion, an increase of 5.07%, with a gross margin of 11.65%, up 0.84 percentage points year-on-year[78]. - The total profit amounted to CNY 181.23 billion, reflecting a growth of 2.11% year-on-year[93]. Contracts and Revenue Growth - The company signed new contracts worth 960.9 billion RMB, representing a year-on-year growth of 2.2%[6]. - New contracts in emerging business areas amounted to 295.2 billion RMB, showing a year-on-year growth of 51%[11]. - The new contract amount signed in the first half of 2024 was CNY 960.867 billion, representing a year-on-year growth of 8.37%[32]. - The overseas new contract amount reached 196.07 billion CNY (approximately 27.82 billion USD), with a year-on-year increase of 38.88%, accounting for 20% of the total new contracts[51]. - The infrastructure construction business signed new contracts worth 863.38 billion CNY, a year-on-year increase of 9.39%[54]. - The company aims for a new contract target growth rate of no less than 13.5% and a revenue growth target of no less than 8.2% for 2024[12]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of 1.4005 RMB per 10 shares, totaling approximately 2.28 billion RMB[11]. - The company emphasizes enhancing shareholder returns and has cumulatively distributed approximately 50.7 billion RMB in dividends since its listing[8]. - The net profit available for distribution to ordinary shareholders for the first half of 2024 was RMB 11.399 billion, with a proposed 20% dividend distribution[129]. Strategic Focus and Innovation - The company is focusing on strategic emerging industries, including offshore wind power and Beidou technology applications, to drive future growth[10]. - The company aims to enhance its core competitiveness by focusing on technological innovation and management innovation to capture more market share[33]. - The company is committed to optimizing its asset management and reducing leverage, with a focus on accelerating asset disposal and ensuring budget targets are met by year-end[33]. - The company is dedicated to implementing the spirit of the 20th National Congress of the Communist Party of China and achieving the goals set for the "High-Quality Development Enhancement Year"[35]. - The company is actively involved in the digital transformation of transportation infrastructure, being included in the first batch of demonstration areas for digital upgrades in multiple provinces[43]. International Operations and Expansion - The company signed new contracts worth $20.729 billion in countries participating in the "Belt and Road" initiative, with $4.803 billion from the Middle East[13]. - The company is actively pursuing an "overseas priority" strategy, aiming to enhance its international presence and contribution by 2025[40]. - The company is committed to the "Belt and Road" initiative, successfully entering markets in Africa and Southeast Asia, and has completed several significant railway projects abroad[59]. Environmental, Social, and Governance (ESG) Initiatives - The company has established a board-level ESG committee to integrate ESG considerations into its strategic and operational frameworks[12]. - The company was recognized as a "China ESG Demonstration Enterprise" and received an "AAA" rating from the China Securities Index[13]. - The company has initiated a series of environmental protection activities, including "Energy Conservation and Environmental Protection Month" and "National Energy Conservation Publicity Week," promoting its commitment to ecological sustainability[137]. - The company has committed to promoting advanced ecological and environmental technologies to support sustainable development initiatives[138]. Legal and Compliance Issues - The company is involved in multiple lawsuits with total amounts involved exceeding RMB 1.1 billion, with specific claims including overdue payments and project financing interests[148]. - The company continues to monitor and manage its legal risks associated with ongoing and potential litigation[148]. - The company has established strict internal control mechanisms to protect the interests of minority shareholders in related transactions[150]. Research and Development - R&D expenditure for the reporting period was CNY 9.905 billion, accounting for 2.77% of operating revenue, an increase of 0.19 percentage points from the previous year[45]. - The company has achieved a total of 43 National Science and Technology Progress Awards and 5 National Technology Invention Awards, along with 130 Luban Awards and 400 National Quality Engineering Awards[45]. - The company has developed the "Zhongchuang" series of advanced tunneling machines, achieving significant breakthroughs in equipment manufacturing[44]. Financial Management and Investments - The company is actively expanding its diversified fund business, collaborating with banks and insurance institutions to establish funds aimed at traditional infrastructure projects and emerging industries[50]. - The company has established a comprehensive internal control system to manage and control operational risks, ensuring effective governance under the board of directors[165]. - The company has engaged in derivative investments, specifically currency options, with an initial investment amount of CNY 311,132,851 and a fair value change loss of CNY -31,875,309 during the reporting period[115].

证券代码：601800 证券简称：中国交建 公告编号：临 2024-050 （四）监事会及监事保证报告所载资料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。 1 表决结果：同意【3】票，反对【0】票，弃权【0】票。 二、审议通过《关于审议公司 2024 年中期分红方案的议案》 中国交通建设股份有限公司 第五届监事会第二十七次会议决议公告 中国交通建设股份有限公司（简称公司或本公司）监事会及全体监事保证 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 8 月 20 日，公司以书面形式发出本次监事会会议通知。2024 年 8 月 30 日，本次监事会以现场的方式召开。监事会会议应当出席的监事人数 3 名， 实际出席会议的监事人数 3 名，会议召开程序及出席监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 H 股半年度业绩公告及 A 股半年度 报告的议案》 （一）公司 2024 年半年度业绩公告（H 股）和 2024 年半年度报告（A 股 ...

一、财务公司的基本情况 2024 年半年度中国交通建设股份有限公司 关于中交财务有限公司的风险持续评估报告 中交财务有限公司（以下简称"财务公司"）是经中国 银行业监督管理委员会批准，于 2013 年 7 月成立的非银行 金融机构。公司金融许可证机构编码 L0071H211000001，营 业执照统一社会信用代码 91110000071677369E。 财务公司由中国交通建设集团有限公司及中国交通建 设股份有限公司共同出资设立，成立之初注册资本金 35 亿 元人民币。2021 年 10 月，注册资本金增加至 70 亿元人民币， 其中中国交通建设集团有限公司持股 5%，中国交通建设股份 有限公司持股 95%。截至 2024 年 6 月末，财务公司员工人数 70 人。 财务公司目前营业执照写明的经营业务范围包括：（一） 对成员单位办理财务和融资顾问、信用鉴证及相关的咨询、 代理业务；（二）协助成员单位实现交易款项的收付；（三） 经批准的保险代理业务；（四）对成员单位提供担保；（五） 办理成员单位之间的委托贷款；（六）对成员单位办理票据 承兑与贴现；（七）办理成员单位之间的内部转账结算及相 应的结算、清算方案设计； ...

Financial Performance - For the six months ending June 30, 2024, the group's revenue was CNY 356.01 billion, a decrease of CNY 9.33 billion or 2.6% compared to CNY 365.35 billion in the same period of 2023[2]. - The gross profit for the same period was CNY 41.60 billion, an increase of CNY 1.69 billion or 4.2% from CNY 39.91 billion in 2023[2]. - Operating profit for the six months was CNY 20.53 billion, up CNY 0.78 billion or 4.0% from CNY 19.75 billion in 2023[2]. - The profit attributable to the owners of the parent company was CNY 12.02 billion, a decrease of CNY 0.39 billion or 3.1% from CNY 12.41 billion in the same period of 2023[2]. - Revenue from overseas markets was 69.46 billion yuan, accounting for 19.5% of total revenue, representing a growth of 4.1% year-on-year[75]. - The cost of sales decreased by 3.4% to 314.41 billion yuan compared to 325.44 billion yuan in the same period of 2023[77]. - Management expenses increased by 3.0% to 18.91 billion yuan, primarily due to increased R&D expenses[78]. - The operating profit margin improved from 5.4% in 2023 to 5.8% in 2024[79]. - The total revenue for the company for the six months ended June 30, 2024, was RMB 356.010 billion, a decrease from RMB 365.345 billion in the same period of 2023[86]. - The overall gross profit margin for the company increased from 10.9% in 2023 to 11.7% in 2024[86]. Contractual and Project Developments - The new contracts signed during the six months amounted to CNY 960.87 billion, an increase of 8.4% compared to CNY 886.69 billion in 2023[2]. - As of June 30, 2024, the group held an uncompleted contract amount of CNY 3,536.24 billion[2]. - The company signed new contracts worth $20.729 billion in countries participating in the "Belt and Road" initiative during the reporting period[18]. - The Middle East region accounted for new contracts totaling $4.803 billion[18]. - The cumulative new contract value since the "Belt and Road" initiative was proposed reached $255.487 billion[18]. - The company signed new contracts for urban construction projects in China totaling CNY 472.429 billion, an increase of 21.8% year-on-year, representing 55% of the infrastructure construction business[44]. - The company signed new overseas engineering contracts worth 191.39 billion yuan (approximately 27.15 billion USD), representing a year-on-year growth of 44.2% and accounting for 22% of its infrastructure construction business[46]. Technological Innovation and Development - The company aims to enhance core competitiveness through technological innovation and management innovation, focusing on expanding market share and optimizing service levels[6]. - The company is accelerating the development of key core technologies and aims to achieve significant original innovative results in the field of transportation infrastructure and marine engineering technology[8]. - The company is focused on technological innovation and the cultivation of leading technology enterprises to transform technological advantages into competitive advantages[9]. - The company launched the world's first fully autonomous ecological dredging intelligent platform ship, "Taihu Star," enhancing its technological innovation capabilities[22]. - The company has developed several groundbreaking tunneling machines, including the world's first ultra-large diameter hard rock vertical excavation machine, showcasing its advancements in equipment manufacturing[24]. Financial Management and Investment - The company is committed to improving asset management and reducing leverage, with a focus on optimizing existing assets and enhancing financial capabilities[7]. - The company is implementing a specialized work plan for optimizing and enhancing asset financing, focusing on the disposal of financial assets within a reasonable price range to supplement working capital[32]. - The company is actively expanding its diversified fund business, collaborating with banks and insurance institutions to establish funds aimed at supporting infrastructure development and the transformation of emerging industries[32]. - The company is committed to enhancing its market value management system in line with national policies and guidelines to improve the quality of listed companies[32]. - The company is enhancing its investment management and risk control to promote high-quality investment development[67]. Market Expansion and Internationalization - The company is committed to deepening overseas expansion and solidifying its high-quality development advantages, actively participating in the Belt and Road Initiative[10]. - The company is enhancing its internationalization strategy by integrating key national management mechanisms and completing the establishment of overseas organizations[10]. - The company aims to enhance its market influence in railway construction, having successfully entered markets in Africa, Asia, South America, and Oceania[16]. - The company is focusing on major projects in key regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao[40]. Risk Management and Compliance - The company emphasizes risk prevention and compliance as a priority for business operations, aiming to reduce interest-bearing debt and enhance financial risk warning systems[11]. - The group faces significant market risks due to macroeconomic fluctuations, particularly in infrastructure design and construction, which are sensitive to fixed asset investment and urbanization trends[115]. - The group operates in over 130 countries, facing various international risks including political, economic, and regulatory challenges, which may impact compliance and project execution[116]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of CNY 1.4005 per 10 shares (including tax) for the 2024 interim dividend[4]. - The company is actively implementing a mid-term dividend plan for 2024 to enhance dividend predictability and investor satisfaction[31]. - The proposed dividend for the year ending December 31, 2023, is RMB 0.29256 per share, totaling RMB 4.762 billion, approved by shareholders on June 17, 2024[170]. Research and Development - R&D expenditure for the reporting period was 9.905 billion yuan, accounting for 2.8% of operating revenue, an increase of 0.2 percentage points year-on-year[27]. - The company has established 27 post-doctoral research stations and is focused on cultivating a high-level innovative talent team[26]. - The company has been recognized as the only construction central enterprise with two National Engineering Research Centers, leading infrastructure construction to new heights[26]. Asset Management and Financial Position - The total assets as of June 30, 2024, reached RMB 40.781 billion, an increase from RMB 37.6605 billion as of December 31, 2023[181]. - The company's net assets increased to RMB 469,699 million, compared to RMB 459,170 million at the end of 2023, marking a growth of 2.3%[136]. - The total liabilities amounted to RMB 1,395,151 million, with current liabilities at RMB 879,009 million, reflecting an increase of 15.3% from RMB 762,254 million[134].

证券代码：601800 证券简称：中国交建 公告编号：临2024-047 中国交通建设股份有限公司 2024年半年度业绩说明会预告公告 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。 重要内容提示： 会议召开时间：2024年9月3日（星期二）上午10:00-11:30 会议召开方式：现场转播+网络直播+网络互动 （一） 时间 2024年9月3日（星期二） 1. 上午10:00-11:30 通过上证路演中心视频转播现场会议； 2. 上午10:00-11:30 通过"路演中"平台网络直播会议； 1 本次说明会以现场转播+网络直播+网络互动结合召开，公司将针对2024年 半年度经营成果、业务展望等情况与投资者进行互动交流，就投资者普遍关注的 问题进行回答。 二、说明会召开的时间、地点 投资者可以在2024年8月31日至9月2日16:00前登录上证路演中心网页点 击"提问预征集"栏目或通过互联网发送公司邮箱（ir@ccccltd.cn）进行提问， 公司将在说明会上就投资者普遍关注的问题进行 ...

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 证券代码：601800 证券简称：中国交建 公告编号：临 2024-046 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。 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 8 月 20 日 2024 年 8 月 19 日，公司附属公司 CCCI Treasure Limited 简称发行人）发 行由公司提供担保的 28 亿离岸人民币绿色债券 简称本次绿色债券）的发行工 作已经完成，并于 2024 年 8 月 20 日于香港联合交易所有限公司上市。 本次绿色债券的发行及担保事项 ...