证券代码：601800 证券简称：中国交建 公告编号：临2024-032 中国交通建设股份有限公司 关于参加中国交通建设集团有限公司 上市公司集体业绩说明会的公告 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。 重要内容提示： 问题征集：投资者可于2024年5月12日前将关注问题发送至公司邮箱（ ir@ccccltd.cn）向公司提问，公司将在说明会上就投资者普遍关注的问题进 行 回答。 本次会议系公司控股股东中国交通建设集团有限公司（简称中交集团） 举办的集体业绩说明会，旨在加强与投资者沟通，推进上市公司高质量发展，向市 场充分展现中交集团所属上市公司的业务发展价值，让投资者"走得近、听得懂、 看得清、有信心"。 为方便广大投资者更全面、更深入地了解中交集团上市公司， 同时以更为丰 富、便捷的形式与投资者进行交流和互动， 根据中交集团统一安排，公司将与中 1 会议内容：中国交通建设集团有限公司上市公司集体业绩说明会 会议召开时间：2024年5月14日（星期二）上午10:00-12 ...

前面我们分别对中国建筑的年报和一级报的深度点评然后对铁建进行了年报和一级报深度点评以及对隧道股份的深度报告给各位领导进行了一个深度的讲解那今天我们主要给各位投资者汇报我们中国交建的深度报告国企改革东风正起大城市及海外增量可期那么相信关注我们新政建筑研究的投资者也能知道我们从 去年年底开始重点推荐的这个建筑央企当中中国交建就是我们重点推荐的标的之一那么从二三年的年报和二零零一季报来看中国交建是所有央企当中业绩增速最超预期的这样的一个最超预期的上市公司同时我们可以看到中国交建在二三年的分红率也提升到了20%以上同时 在未来三年的股东的规划当中也保证未来三年的分红率不低于20%那么从这些角度我们可以看到中国交建在2023年开始整个经营情况发生了非常大的一个变化 同时整体的自由性金流也在不断的改善这才是公司对未来三年分红率提升的一个主要的底气所在那么中国交建23年业绩超预期的原因在什么地方那么24年整体的经营目标提升的主要的增量来源在哪里我们今天就给各位投资者通过深度报告来给各位投资者讲解一下中国交建这家公司也重申一下我们对于中国交建强烈看好的这样的一个观点 现在有请我们团队的林丹利来给各位投资者汇报一下中国交建的深 ...

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].

大家好欢迎参加新政建筑新基建中国交建深度汇报世界级交通建设龙头24年经营目标再次提升目前所有参会者全处于静音状态下面开始播报免责声明声明播报完毕后主持人科技接口本次电话会议仅服务于新业证券客户会议音频及文字记录的内容版权为新业证券所有内容必须经新业证券审核后方可留存 未经允许和授权转载转发此次会议内容均属侵权新业证券将保留追究其法律责任的权利电话会议所有参会人员不得泄露内幕信息以及未公开重要信息涉及外部嘉宾发言的新业证券不保证其发言内容的准确性与完整性 深夜证券不承担外部嘉宾发言内容所引起的任何损失及责任不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提醒投资者注意投资风险审慎参考会议内容 各位投资人大家下午好欢迎各位投资人在今天下午的四点假期的下午四点再次介入我们的新基建的电话会议那么这个是我们假期期间的第四期的电话会议了前面我们分别对中国建筑的年报和一级报的深度点评然后对铁建进行了年报和一级报深度点评以及对隧道股份的深度报告给各位领导进行了一个深度的讲解 那今天呢我们主要给各位投资者汇报我们中国交建的深度报告国企改革东风正起大城市及海外增量可期那么相信关注我们新政建筑研究的投资者也能知道我们从 去 ...

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]