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]

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 ...