公 司 研 究 中国交建（601800.SH）：资产优化 2024年5月6日 强烈推荐/维持 继续进行中 东 中国交建 公司报告 兴 证 券 公司2023年和2024年一季度实现营业收入分别为7586.76亿元和1769.04 公司简介： 股 亿元，同比增长 5.10%和 0.18%；归属于母公司股东的净利润分别为 238.12 公司为中国领先的交通基建企业，围绕“大 份 亿元和61.41亿元，同比增长23.61%和10.00%；扣除非经常损益后的归属母 交通”、“大城市”， 核心业务领域分别为基 有 公司股东净利润分别为 216.55 亿元和 61.02 亿元，同比增长 58.18%和 建建设、基建设计和疏浚业务，业务范围主 限 12.14%。 公 要包括国内及全球港口、航道、吹填造地、 司 点评： 流域、道路与桥梁、铁路、城市轨道交通、 证 高质量发展战略推进公司营业收入和利润增长。2023年和2024年一季度公司 市政基础设施、建筑及环保等相关的投资、 券 利润收入增速明显高于营业收入增速，包括2024年一季度营业收入增速放缓， 设计、建设、运营与管理。 研 我们预计和公司更加注重资产质量的优化有关。在 ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Communications Construction Company (CCCC) [3][4]. Core Views - CCCC's new contract signing showed robust growth, with a total of 507.3 billion yuan in new contracts in Q1 2024, representing a year-on-year increase of 10.8% [2]. - The company's net profit attributable to shareholders increased significantly due to the reversal of impairment losses, with a net profit of 6.14 billion yuan in Q1 2024, up 10.0% year-on-year [1][2]. - CCCC's gross margin improved to 11.9% in Q1 2024, reflecting effective cost control measures [2]. Summary by Sections Financial Performance - In Q1 2024, CCCC achieved total revenue of 176.9 billion yuan, with a year-on-year growth of 0.18% [1]. - The company reported a net profit of 6.14 billion yuan, up 10.0% year-on-year, and a net profit excluding non-recurring items of 6.10 billion yuan, up 12.1% year-on-year [1]. Contract Signing and Business Segments - New contracts signed in Q1 2024 amounted to 507.3 billion yuan, with domestic and international contracts at 416.1 billion yuan and 91.2 billion yuan, respectively [2]. - The infrastructure segment saw a significant increase in new contracts, particularly in urban construction, which grew by 60.2% year-on-year [2]. Cost Control and Profitability - CCCC reversed credit impairment losses of approximately 360 million yuan in Q1 2024, contributing to the increase in net profit [2]. - The company improved its gross margin to 11.9% and net margin to 4.3%, with sales, management, and financial expense ratios showing slight increases [2]. Profit Forecast and Valuation - The report forecasts net profits for CCCC at 25.78 billion yuan, 27.84 billion yuan, and 29.85 billion yuan for 2024, 2025, and 2026, respectively [3]. - The estimated P/E ratio for CCCC is projected to remain at 6 for 2024 and 2025, indicating a stable valuation outlook [3].

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Investment Rating - The report maintains a "Buy" rating for China Communications Construction Company (CCCC) [3][4]. Core Views - CCCC is recognized as a world-class leader in transportation construction, with 2023 performance significantly exceeding expectations and 2024 operational targets being raised. The company has shown stable long-term growth in net profit despite some volatility in recent years [3][9]. - The company aims for a new contract target growth of no less than 13.5% and revenue growth of no less than 8.2% for 2024, indicating strong operational confidence [3][22]. Summary by Sections Company Overview - CCCC is the largest port, highway, and bridge design and construction company globally, as well as the largest international engineering contractor in China. The company is controlled by the State-owned Assets Supervision and Administration Commission (SASAC) [9][12]. Performance and Growth - CCCC's revenue compound annual growth rate (CAGR) from 2018 to 2023 is 9.1%, with net profit CAGR at 3.9%. In 2023, the company achieved a revenue of 758.68 billion yuan, a year-on-year increase of 5.1%, and a net profit of 23.81 billion yuan, up 23.61% year-on-year [13][22]. - The company’s new contract structure shows a dominant focus on infrastructure construction, with 88.9% of new contracts in this sector, and a significant recovery in overseas orders, which grew by 47.5% in 2023 [13][24]. Market Stability and Growth Drivers - The report highlights stable demand in transportation and port dredging, with ongoing investment opportunities in highway construction despite a slowdown in overall growth rates. The company is well-positioned to benefit from urban renewal and overseas projects [25][30]. - CCCC's market share in road and bridge construction has improved, with a notable increase in new contracts despite industry-wide slowdowns [25][29]. Profitability and Financial Health - The report indicates a high certainty of enhanced profitability, with expectations for improved return on equity (ROE) and operating cash ratios due to increased contributions from overseas and urban projects [3][4]. - The company’s dividend payout ratio has improved, reaching 20% in 2023, which is expected to continue growing due to strong free cash flow [4][22]. Future Outlook - CCCC's strategic focus on major transportation and urban projects, along with its leadership in overseas construction, positions it well for future growth. The company is expected to maintain a robust performance trajectory supported by government infrastructure spending and urbanization trends [3][4][36].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 176.90 billion, representing a year-on-year increase of 0.18%[3]. - Net profit attributable to shareholders was CNY 6.14 billion, reflecting a growth of 10.00% compared to the same period last year[3]. - Basic earnings per share were CNY 0.36, which is a 12.50% increase compared to the same period last year[3]. - The gross profit margin improved to 5.73% in Q1 2024 from 5.06% in Q1 2023, indicating better cost management[16]. - Total comprehensive income attributable to the parent company for Q1 2024 was CNY 7.60 billion, up from CNY 5.13 billion in Q1 2023, an increase of 48.29%[17]. - Net profit for Q1 2024 was CNY 7.53 billion, up from CNY 6.94 billion in Q1 2023, reflecting an increase of 8.47%[16]. Cash Flow and Liquidity - The net cash flow from operating activities was a negative CNY 39.63 billion, indicating a significant outflow due to business scale growth[3][6]. - The company reported a net cash outflow from operating activities of CNY 39.63 billion in Q1 2024, compared to a net outflow of CNY 25.63 billion in Q1 2023[18]. - Cash and cash equivalents at the end of Q1 2024 totaled CNY 137.98 billion, an increase from CNY 129.49 billion at the end of Q1 2023[18]. - The ending balance of cash and cash equivalents was 25,163,256,929 RMB, down from 29,616,782,202 RMB at the end of Q1 2023[22]. - Cash inflow from financing activities reached 40,830,154,259 RMB, up from 16,698,185,002 RMB in Q1 2023[22]. - The net cash flow from financing activities was 21,761,709,031 RMB, compared to 6,695,789,024 RMB in the previous year[22]. Assets and Liabilities - The total assets at the end of the reporting period reached CNY 1,818.36 billion, an increase of 7.96% from the previous year[4]. - Current liabilities increased to CNY 823,976,086,849 from CNY 762,180,852,818, representing a rise of about 8.5%[15]. - The company's total liabilities reached CNY 1,348,343,641,160, up from CNY 1,225,138,285,495, indicating an increase of about 10.1%[15]. - Total equity attributable to shareholders increased to CNY 309,527,548,253 from CNY 301,734,470,210, reflecting a growth of approximately 2.6%[15]. - The total amount of receivables increased to CNY 117,986,929,144 from CNY 116,424,517,658, reflecting a growth of approximately 1.3%[14]. Contracts and Business Growth - The new contracts signed amounted to CNY 507.30 billion, showing a year-on-year growth of 10.81%[5]. - In Q1 2024, the company signed new contracts worth CNY 507.298 billion, a year-on-year increase of 10.81%, achieving 25.49% of the annual target[10]. - The infrastructure construction business saw a total of 1,482 contracts signed, amounting to CNY 464.426 billion, up 15.75% from the previous year[11]. - The overseas new contract amount was CNY 91.235 billion (approximately USD 12.943 billion), representing a year-on-year growth of 9.37% and accounting for 18% of total new contracts[10]. - The company’s total new contract amount for dredging business was CNY 29.219 billion, down 17.82% from the previous year[11]. Shareholder Information - The top shareholder, China Communications Construction Group, holds 57.58% of the shares, followed by HKSCC Nominees Limited with 26.89%[7]. - The company reported a total of 149,547 A-share shareholders and 11,971 H-share shareholders as of March 31, 2024[10]. Research and Development - Research and development expenses decreased to CNY 4.69 billion in Q1 2024 from CNY 5.04 billion in Q1 2023, a reduction of 6.92%[16]. - Research and development expenses for Q1 2024 were ¥12,331,878, significantly higher than ¥264,615 in Q1 2023, indicating a focus on innovation[21]. Financial Ratios and Metrics - The weighted average return on equity was 2.16%, a slight increase of 0.04% year-on-year[3]. - The company experienced a 31.37% increase in taxes and surcharges, primarily due to increased land value tax from certain subsidiaries[6]. - Sales expenses rose by 43.27%, attributed to increased market development costs[6].

Company Milestones and Recognition - The company achieved a significant milestone by being the first large state-owned infrastructure enterprise in China to list on the Hong Kong Stock Exchange, with its H-shares debut on December 15, 2006[3]. - The company has been recognized as the largest international contractor in China and ranks 63rd in the Fortune Global 500 list[3]. - The company has received a total of 40 National Science and Technology Progress Awards and 5 National Technological Invention Awards, showcasing its commitment to innovation[6]. - The company is recognized as the world's largest design and construction firm for ports, highways, and bridges, and the largest dredging company, with operations in 139 countries and regions[21]. Financial Performance - The company's revenue for the year ended December 31, 2023, was RMB 755.646 billion, representing a 5.1% increase compared to RMB 719.084 billion in 2022[8]. - Gross profit increased by 12.9% to RMB 94.528 billion from RMB 83.692 billion year-over-year[8]. - Net profit attributable to shareholders rose by 22.3% to RMB 24.734 billion, up from RMB 20.226 billion in the previous year[8]. - The total assets of the company reached RMB 1,684.262 billion, an 11.0% increase from RMB 1,516.713 billion in 2022[9]. - The total liabilities increased by 12.5% to RMB 1,225.138 billion from RMB 1,089.221 billion[9]. Contracting and Project Management - New contracts signed in 2023 amounted to RMB 1,753.215 billion, reflecting a 13.7% growth compared to RMB 1,542.256 billion in 2022[10]. - The amount of uncompleted contracts as of December 31, 2023, was RMB 3,450.659 billion, a 1.8% increase from RMB 3,388.325 billion in 2022[11]. - The company has developed a comprehensive project management system that covers all stages of contract procedures, ensuring efficient project execution and delivery[20]. - The company has established a strong competitive advantage in the domestic market, with limited substantial competition from peers[21]. Innovation and Technology - The company has established 12 national-level innovation platforms and 87 provincial-level innovation platforms, enhancing its research and development capabilities[5]. - The company aims to enhance its core technology capabilities, focusing on smart ports, smart roads, smart water management, and smart cities, with a goal of achieving significant breakthroughs in high-end equipment and advantageous technologies[16]. - The company has developed key technologies for large-diameter tunnel boring machines, achieving domestic production and industrialization[29]. - The company is focusing on the integration of traditional industries with digital intelligence, prioritizing urban smart parking operations and smart logistics[27]. Strategic Focus and Future Plans - The company aims to achieve significant improvements in development quality and efficiency, technology innovation, and risk management in 2024[15]. - The focus for 2024 includes enhancing project management and increasing the proportion of short-term and light-asset projects[15]. - The company plans to optimize its capital structure by expanding financing channels and increasing direct financing ratios[15]. - The company is committed to high-quality development, guided by Xi Jinping's thoughts on socialism with Chinese characteristics for a new era[17]. International Operations and Market Expansion - The company has a strong presence in over 139 countries and regions, reflecting its extensive international business operations[3]. - The company has successfully entered multiple international railway construction markets, including Africa, Asia, South America, and Oceania, with significant projects currently operational or under construction[22]. - The company is actively expanding its international presence, with significant projects in Bogotá, Saudi Arabia, and Nigeria now underway[39]. - The company is committed to the "Overseas Priority" strategy, enhancing internationalization by focusing on key countries and regions, and improving capabilities in overseas project development[87]. Environmental Commitment and Sustainability - The company is focusing on green and low-carbon transformation, with ongoing developments in energy conservation, new energy, and new information technology sectors[4]. - The company is committed to building a green low-carbon support system and has selected 10 typical demonstration projects and 10 key technological achievements for promotion[27]. - The company is committed to green development and has initiated several key projects aimed at ecological restoration and environmental protection[54]. Shareholder and Dividend Information - The board proposed a final dividend of approximately RMB 4.762 billion, representing about 20% of the net profit attributable to ordinary shareholders for 2023, equating to RMB 0.29253 per share[146]. - The company has a dividend policy that ensures at least 10% of the annual profit available for distribution to ordinary shareholders is distributed in cash[145]. - The total issued share capital of the company is 16,280,111,425 shares, which will be used to calculate the dividend distribution[146]. Challenges and Risk Management - The company faces challenges due to reduced local government funding and ongoing adjustments in the real estate market, impacting infrastructure investment sustainability[70]. - The group emphasized the importance of macroeconomic trends and their impact on infrastructure development, particularly in light of current economic pressures[132]. - The company is actively monitoring interest rate conditions and may enter into interest rate swap agreements to mitigate floating rate borrowing risks[136].

Investment Rating - The report maintains a "Buy" rating for China Communications Construction Company (601800.SH) [2][7] Core Views - In Q1 2024, the company achieved operating revenue of 176.9 billion yuan, a year-on-year increase of 0.2%, and a net profit attributable to shareholders of 6.14 billion yuan, up 10% year-on-year. The growth was slightly above expectations due to lower impairment provisions and effective cost control measures leading to a 0.3 percentage point increase in gross margin [1][2] - The company signed new contracts worth 507.3 billion yuan in Q1 2024, representing a 10.8% year-on-year increase, completing 25.5% of the annual target. The municipal business showed strong performance, with significant growth in new contracts [1] Summary by Sections Financial Performance - Q1 2024 operating revenue was 176.9 billion yuan, with a net profit of 6.14 billion yuan, and a non-recurring net profit increase of 12% year-on-year. The gross margin improved to 11.9%, up 0.3 percentage points year-on-year. The net profit margin increased to 3.47%, up 0.31 percentage points year-on-year [1][2] - The company expects net profits for 2024, 2025, and 2026 to be 25.625 billion yuan, 27.257 billion yuan, and 28.941 billion yuan, respectively, with growth rates of 7.6%, 6.4%, and 6.2% [2][4][5] Contracting and Business Growth - New contracts signed in Q1 2024 totaled 507.3 billion yuan, with domestic and international contracts at 416.1 billion yuan and 91.2 billion yuan, respectively. The infrastructure business saw a 16% increase in new contracts, while municipal orders showed remarkable growth [1][2] - The company’s investment projects continue to shrink, with a 47% year-on-year decrease in contract amounts for infrastructure projects [1]

Financial Performance - The company's operating revenue for Q1 2024 reached RMB 176.90 billion, representing a year-on-year increase of 0.18%[4] - Net profit attributable to shareholders was RMB 6.14 billion, reflecting a growth of 10.00% compared to the same period last year[4] - The basic earnings per share (EPS) was RMB 0.36, which is a 12.50% increase year-on-year[4] - Operating profit for the quarter was RMB 9.33 billion, showing a year-on-year growth of 10.10%[8] - Total operating revenue for Q1 2024 was RMB 176.90 billion, a slight increase from RMB 176.59 billion in Q1 2023, representing a growth of 0.18%[21] - Net profit for Q1 2024 reached RMB 7.53 billion, up from RMB 6.94 billion in Q1 2023, reflecting an increase of 8.43%[22] - Basic and diluted earnings per share for Q1 2024 were both RMB 0.36, compared to RMB 0.32 in Q1 2023, indicating a growth of 12.50%[23] - Total comprehensive income attributable to the parent company for Q1 2024 was RMB 7.60 billion, significantly higher than RMB 5.13 billion in Q1 2023, showing an increase of 48.29%[23] Contracts and New Business - New contracts signed amounted to RMB 507.30 billion, marking a 10.81% increase year-on-year[8] - The new contract amount signed by the company from January to March 2024 is RMB 507.298 billion, representing a year-on-year growth of 10.81% and achieving 25.49% of the annual target[14] - The new contracts from overseas regions amount to RMB 91.235 billion (approximately USD 12.943 billion), which is a year-on-year increase of 9.37%, accounting for 18% of the total new contracts signed[14] - The infrastructure investment project contract amount recognized based on the company's equity is RMB 26.734 billion, with an expected construction contract amount of RMB 21.503 billion[14] Assets and Liabilities - Total assets at the end of the reporting period were RMB 1,818.36 billion, up 7.96% from the end of the previous year[5] - The total liabilities increased to RMB 1,348.34 billion, compared to RMB 1,225.14 billion at the end of 2023[20] - The company's total equity as of March 31, 2024, was CNY 142.89 billion, an increase from CNY 142.32 billion at the end of 2023, reflecting a growth of 0.4%[28] - The company's retained earnings reached RMB 187.42 billion, up from RMB 181.29 billion at the end of 2023[20] Cash Flow and Financing - The net cash flow from operating activities was a negative RMB 39.63 billion, indicating a significant outflow due to business scale growth[10] - Total cash flow from operating activities in Q1 2024 was RMB -39.63 billion, worsening from RMB -25.63 billion in Q1 2023[24] - In Q1 2024, the net cash flow from financing activities was CNY 89.55 billion, an increase of 20.2% compared to CNY 74.47 billion in Q1 2023[25] - The cash inflow from financing activities in Q1 2024 was CNY 148.92 billion, up from CNY 116.62 billion in Q1 2023, representing a growth of 27.7%[25] - The company raised RMB 40,745,387,073 through borrowings in Q1 2024, significantly higher than RMB 16,698,185,002 in Q1 2023[32] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 161,518, with the largest shareholder, China Communications Construction Group, holding 9,374,616,604 shares, accounting for 57.58%[11] - The top ten shareholders include HKSCC Nominees Limited with 4,378,023,252 shares, representing 26.89% of the total shares[12] - The total number of A-share ordinary shareholders is 149,547, while H-share shareholders total 11,971[12] - The company has not reported any changes in the top ten shareholders due to securities lending or borrowing reasons[13] Costs and Expenses - The company experienced a 31.37% increase in tax and surcharges, primarily due to land value-added tax payments by certain subsidiaries[9] - Financial expenses rose by 37.43%, attributed to the operational phase of certain investment projects[9] - Total operating costs for Q1 2024 were RMB 167.70 billion, slightly up from RMB 167.35 billion in Q1 2023, reflecting a growth of 0.21%[21] - Research and development expenses for Q1 2024 were RMB 4.69 billion, down from RMB 5.04 billion in Q1 2023, indicating a decrease of 6.93%[21] - The company incurred financial expenses of RMB 273,170,833 in Q1 2024, up from RMB 131,833,389 in Q1 2023, with interest expenses increasing to RMB 559,324,115[29] Revenue Segmentation - The infrastructure construction business generated RMB 4,644.26 million, a 15.75% increase from RMB 4,012.20 million year-on-year[15] - The urban construction segment saw significant growth, with revenue of RMB 2,706.00 million, up 60.18% from RMB 1,689.39 million in the previous year[15] - The overseas engineering segment reported revenue of RMB 872.83 million, a year-on-year increase of 15.38%[15]

Contract Performance - The new contract amount signed by the company in Q1 2024 was RMB 507.298 billion, representing a year-on-year growth of 10.81% and achieving 25.49% of the annual target[2]. - The overseas new contract amount was RMB 91.235 billion (approximately USD 12.943 billion), a year-on-year increase of 9.37%, accounting for 18% of the total new contracts[2]. - The infrastructure construction business contributed RMB 464.426 billion to the new contracts, reflecting a year-on-year increase of 15.75%[4]. - The total new contracts signed in Q1 2024 were RMB 50.7298 billion, compared to RMB 45.7813 billion in the same period last year[4]. - The company aims to achieve a total new contract target of RMB 1,753.215 billion for the year 2023, with a growth rate of 13.50% expected[2]. Major Contracts - The company signed major contracts in Q1 2024, including a RMB 3.011 billion contract for the Jiangsu Suqian Weishui High-speed Railway project and a RMB 3.067 billion contract for the Chongqing Economic Development Zone project[6]. Infrastructure Investment - The total amount of contracts confirmed based on the company's share in infrastructure investment projects was RMB 26.734 billion, with an expected construction contract amount of RMB 21.503 billion[3]. - The total new contracts signed in Q1 2024 included 1,482 contracts in the infrastructure construction sector, maintaining the same number as the previous year[4]. Railway Construction Segment - The company reported a significant decrease in the railway construction segment, with a contract amount of RMB 4.935 billion, down 61.97% year-on-year[4]. Project Execution Status - The company has no major signed but unexecuted projects at this time[7].

证券代码：601800 证券简称：中国交建 公告编号：临2024-026 中国交通建设股份有限公司 2024年第一季度主要经营数据公告 中国交通建设股份有限公司（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。 现将公司2024年第一季度主要经营情况公布如下，供各位投资者参阅。 一、 主要经营情况 报告期，中国交建新签合同额为 5,072.98 亿元，同比增长 10.81%，完成年 度目标的 25.49%（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 13.50%，即 19,898.99 亿元测算）。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 4,644.26 亿元、101.31 亿元、292.19 亿元 和 35.22 亿元。 各业务来自于境外地区的新签合同额为 912.35 亿元（约折合 129.43 亿美元）， 同比增长 9.37%，约占公司新签合同额的 18%。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 872.83 亿元、2. ...