目 录 议案一、关于公司 2024 年半年度利润分配预案的议案 .. - 1 - 中国能源建设股份有限公司 2024 年第三次临时股东大会会议资料 2024 年 11 月 26 日 北京 为积极响应上海证券交易所《关于开展沪市公司"提质增效 重回报"专项行动的倡议》、落实国务院国资委关于提高央企控 股上市公司质量工作的有关要求，进一步增强股东投资回报，与 投资者共享发展成果，根据《上海证券交易所股票上市规则》《香 港联合交易所有限公司证券上市规则》及《中国能源建设股份有 限公司章程》有关规定和要求，公司拟订 2024 年半年度利润分 配预案，拟以未来实施分配方案时股权登记日的总股本为基数， 向全体股东每 10 股派送现金红利人民币 0.125 元（含税），共 计分配现金红利人民币 521,139,545.45 元（含税），占当期合 并报表归属于上市公司普通股股东净利润的 19.93%。若在实施 权益分派股权登记日前，公司总股本发生变动，拟保持分配总额 不变，相应调整每股分配金额，具体调整情况届时另行公告。 本议案已经公司第三届董事会第三十八次会议、第三届监事 会第二十八次会议审议通过，现提请股东大会审议。 中 ...

Investment Rating - The investment rating for China Energy Engineering Corporation (601868) is "Accumulate" with a target price of 2.96 CNY, maintaining the previous target price [3][4]. Core Views - The report indicates that the net profit for the first three quarters of 2024 increased by 17.28%, aligning with expectations, and the company is expected to benefit from the growth in new orders and the implementation of renewable energy projects [4]. - The controlling shareholder plans to increase their stake by 300 to 500 million CNY, reflecting confidence in the company's investment value [4]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 295.139 billion CNY, a growth of 3.44% year-on-year, with net profit attributable to shareholders reaching 3.604 billion CNY, an increase of 17.28% [4]. - The operating cash flow improved, with a net cash flow of -12.5 billion CNY compared to -14.7 billion CNY in the same period of 2023 [4]. - The expense ratio for the first three quarters was 8.31%, and the net profit margin was 1.22% [4]. Order Growth and Business Segments - New signed orders increased by 5.03% year-on-year, with traditional energy orders growing by 46.38% [4]. - The total new signed contracts for the first three quarters amounted to 941.5 billion CNY, with domestic orders at 718.2 billion CNY and international orders at 233.3 billion CNY [4][14]. - The engineering construction segment saw a slight increase of 0.69%, while industrial manufacturing surged by 128.79% [14]. Future Earnings Forecast - The report maintains earnings per share (EPS) forecasts for 2024-2026 at 0.21, 0.24, and 0.28 CNY, representing growth rates of 12%, 14%, and 13% respectively [4]. - The projected revenue for 2024 is 453.229 billion CNY, with a net profit forecast of 8.96 billion CNY, reflecting a growth of 12.2% [5][12].

近日，中国能源建设股份有限公司所属子公司中国电力 工程顾问集团西南电力设计院有限公司，中标淮南洛河电厂 四期 2×1000MW 煤电项目 EPC 总承包项目，中标金额约为 66.63 亿元人民币。项目总工期约为 26 个月。 A 股代码：601868 A 股简称：中国能建 公告编号：临 2024-058 H 股代码:03996 H 股简称:中国能源建设 中国能源建设股份有限公司 重大工程中标公告 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。 中国能源建设股份有限公司董事会 2024 年 11 月 6 日 目前中国电力工程顾问集团西南电力设计院有限公司 尚未与项目业主方正式签署合同，上述项目仍存在不确定 性，敬请投资者注意投资风险。 特此公告。 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company reported a revenue of 295.1 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 3.4%. The net profit attributable to shareholders was 3.6 billion yuan, up 17.3% year-over-year [2][6]. - In Q3 2024, the company achieved a revenue of 100.9 billion yuan, an increase of 8.2% year-over-year, with a net profit of 800 million yuan, reflecting a significant year-over-year growth of 98% [2][6]. - The growth in net profit is partly attributed to a low base effect, and Q3 included non-operating income from the disposal of non-current assets [6]. - The company's new energy and integrated smart energy business saw a revenue increase of 10.1% year-over-year, indicating a strong performance in this segment [6]. - The report highlights the company's confidence in its growth prospects, as evidenced by the controlling shareholder's plan to increase their stake by 300 to 500 million yuan [6]. Financial Data Summary - For the first three quarters of 2024, the company's gross profit margin was 11.5%, a year-over-year increase of 0.6 percentage points, while Q3's gross profit margin was 10.3%, a decrease of 0.7 percentage points year-over-year [6]. - The company's asset-liability ratio at the end of Q3 2024 was 77.6%, an increase of 0.9 percentage points year-over-year [6]. - The report projects net profits for 2024, 2025, and 2026 to be 8.1 billion, 9.0 billion, and 10.1 billion yuan respectively, with year-over-year growth rates of 2%, 11%, and 11% [6][7].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [4]. Core Views - The company reported a revenue of 295.14 billion yuan for the first three quarters of 2024, a year-on-year increase of 3.44%, with a net profit attributable to shareholders of 3.6 billion yuan, up 17.28% year-on-year [1]. - New orders have shown stable growth, particularly in the Belt and Road regions, with new contracts totaling 988.86 billion yuan, a 5.03% increase year-on-year [1]. - The company is expected to benefit from high demand in energy construction and urban development, supported by national policies promoting green energy and infrastructure [1]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 100.88 billion yuan, reflecting an 8.24% year-on-year growth, and a net profit of 820 million yuan, which is a significant increase of 97.81% year-on-year [1]. - The gross profit margin for the first three quarters was 11.54%, up 0.59 percentage points year-on-year, while the margin for Q3 was 10.28%, down 0.7 percentage points year-on-year [1]. Order and Contract Growth - The company secured new orders worth 250.26 billion yuan in Q3 2024, a decrease of 15.3% year-on-year [1]. - The new contracts in traditional energy, renewable energy, and integrated smart energy construction amounted to 2,486.58 billion yuan, 3,919.49 billion yuan, respectively, showing a year-on-year increase of 46.38% and a decrease of 2.83% [1]. Cash Flow and Investment - The cash collection ratio improved to 92.99%, an increase of 6.24 percentage points year-on-year, leading to a reduction in net cash outflow to 12.518 billion yuan [1]. - Investment income rose to 455 million yuan, an increase of 571 million yuan year-on-year, which helped offset the impact of increased expenses and impairment losses [1]. Future Outlook - The company is expected to maintain a high level of activity in energy construction, with traditional thermal power demand remaining strong [1]. - The forecast for net profit attributable to shareholders for 2024-2026 is 8.479 billion yuan, 9.062 billion yuan, and 10.168 billion yuan, respectively, indicating a growth rate of 6.17%, 6.89%, and 12.20% [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][12]. Core Views - The company has maintained stable revenue and profit, with balanced domestic and overseas expansion. The new energy business continues to develop, and the industrial manufacturing order volume has increased significantly. The company has sufficient potential in investment and operation business [4][5]. - The forecast for the company's net profit attributable to shareholders for 2024-2026 is 90.5 billion, 106.0 billion, and 123.3 billion yuan, respectively, with corresponding EPS of 0.22, 0.25, and 0.30 yuan. The current stock price corresponds to PE ratios of 10.7, 9.2, and 7.9 times [4][7]. Revenue and Profit Summary - For the first three quarters of 2024, the company achieved operating revenue of 295.14 billion yuan, a year-on-year increase of 3.44%. The net profit attributable to shareholders was 3.604 billion yuan, a year-on-year increase of 17.28%. The gross margin for the first three quarters was 11.54%, up by 0.59 percentage points year-on-year [5][6]. - In Q3 2024 alone, the company achieved operating revenue of 100.88 billion yuan, a year-on-year increase of 8.24%, and a net profit of 822 million yuan, a year-on-year increase of 97.81% [5]. New Orders and Business Expansion - The company signed new orders totaling 988.86 billion yuan in the first three quarters of 2024, a year-on-year increase of 5.03%. The breakdown of new orders includes 883.81 billion yuan from engineering construction, 15.73 billion yuan from surveying and consulting, 70.55 billion yuan from industrial manufacturing, and 18.77 billion yuan from other businesses [6]. - The domestic business signed orders worth 753.95 billion yuan, a year-on-year increase of 4.98%, while the overseas business signed orders worth 234.91 billion yuan, a year-on-year increase of 5.19% [6].

Investment Rating - The report maintains a "Buy" rating for the company [1][6][14] Core Views - The company's Q3 net profit attributable to shareholders surged by 98%, driven by strong growth in traditional energy engineering [1] - The company achieved a revenue of 295.14 billion yuan in the first three quarters of 2024, a year-on-year increase of 3.44%, with a net profit of 3.604 billion yuan, up 17.28% year-on-year [1] - The report forecasts net profits for 2024, 2025, and 2026 to be 8.7 billion yuan, 9.5 billion yuan, and 10.5 billion yuan respectively [1] Financial Performance Summary - For the first three quarters of 2024, the gross profit margin was 11.54%, an increase of 0.59 percentage points year-on-year, while the net profit margin was 2.07%, up 0.06 percentage points year-on-year [2] - The company signed new contracts worth 988.86 billion yuan in the first three quarters, a year-on-year increase of 5.03%, with significant growth in renewable energy and comprehensive smart energy contracts [3] - The company's cash flow from operations was -12.518 billion yuan, a decrease in outflow by 2.229 billion yuan year-on-year, indicating improved cash flow management [2][9] Order Growth and Market Outlook - The traditional energy engineering orders continued to grow significantly, with a year-on-year increase of 46.38% in contracts related to thermal, hydropower, and nuclear power projects [3] - The report highlights the ongoing high demand for energy infrastructure projects, particularly in countries involved in the Belt and Road Initiative, with a 32.17% increase in new contracts in these regions [3][4] Shareholder Confidence - The controlling shareholder, China Energy Engineering Group, announced plans to increase its stake in the company by 300 million to 500 million yuan, reflecting confidence in the company's long-term growth potential [4]

中国能源建设股份有限公司（以下简称公司）于 2024 年 10 月 15 日在上海证券交易所网站（www.sse.com.cn）披露了《关 于控股股东增持公司股份计划的公告》（公告编号：临 2024-054）， 公司控股股东中国能源建设集团有限公司（以下简称中国能建集 团）基于对公司未来发展前景的信心及对公司投资价值的认可， 为增强投资者对公司的投资信心、提升公司价值、维护广大投资 者利益，拟于该公告披露之日起 6 个月内，通过上海证券交易所 系统以集中竞价交易方式增持公司 A 股股份，增持总金额不低于 人民币 3 亿元，不超过人民币 5 亿元（以下简称本次增持计划）。 近日，公司接到中国能建集团的通知，为积极响应并充分运 用好有关监管部门"支持股票增持"的政策工具，中国能建集团 与中国工商银行股份有限公司（简称"中国工商银行"）签署了 《增持借款合同》，中国工商银行拟为中国能建集团提供增持上 市公司股票的融资支持，借款额度不超过人民币 3 亿元，专项用 1 于中国能建集团本次增持计划。因此，本次增持计划的资金来源 为中国能建集团的自有资金及金融机构的借款。 A 股代码：601868 A 股简称：中国能建 公 ...

Financial Performance - Operating revenue for the third quarter reached RMB 100,876,962, an increase of 8.24% compared to the same period last year[5] - Net profit attributable to shareholders was RMB 822,396, representing a significant increase of 97.81% year-on-year[5] - Basic earnings per share for the quarter was RMB 0.02, reflecting a 100% increase compared to the previous year[5] - Total revenue for the first three quarters of 2024 reached RMB 295,138,721, an increase of 3.0% compared to RMB 285,312,963 in the same period of 2023[29] - Operating profit for the first three quarters of 2024 was RMB 8,350,743, up 5.1% from RMB 7,948,181 in the first three quarters of 2023[30] - Net profit attributable to shareholders for the first three quarters of 2024 was RMB 3,604,277, representing a 17.3% increase from RMB 3,073,299 in the same period of 2023[31] Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 858,126,846, up 9.57% from the end of the previous year[6] - The company's total assets reached RMB 858,126,846 as of September 30, 2024, compared to RMB 783,156,193 at the end of 2023, indicating a growth of 9.6%[28] - Total liabilities increased to RMB 665,521,804 as of September 30, 2024, compared to RMB 594,903,314 at the end of 2023, reflecting a growth of 11.8%[27] - The company's current assets totaled RMB 475,825,658,000 as of September 30, 2024, compared to RMB 426,069,970,000 at the end of 2023, indicating an increase of about 11.7%[24] - The company's accounts receivable rose significantly to RMB 96,462,254,000, up from RMB 78,218,261,000, representing an increase of around 23.3%[24] Cash Flow - The net cash flow from operating activities was reported as not applicable, with a cumulative figure of RMB -12,518,358 for the year-to-date[5] - In the first three quarters of 2024, cash inflow from operating activities reached RMB 277,850,057 thousand, an increase from RMB 251,855,890 thousand in the same period of 2023, representing a growth of approximately 10.3%[32] - The net cash outflow from operating activities for the first three quarters of 2024 was RMB -12,518,358 thousand, an improvement compared to RMB -14,747,034 thousand in 2023[33] - Cash inflow from investment activities totaled RMB 17,526,815 thousand in 2024, up from RMB 15,254,205 thousand in 2023, marking an increase of about 14.9%[33] - Cash flow from financing activities generated a net inflow of RMB 5,129,190,000 in the first three quarters of 2024, compared to a net outflow of RMB 2,441,909,000 in the same period of 2023[42] Shareholder Information - The total equity attributable to shareholders increased by 2.62% to RMB 113,363,950 compared to the previous year[6] - The company has a total of 356,285 ordinary shareholders at the end of the reporting period[10] - As of September 30, 2024, China Energy Construction Group holds a total of 18,710,456,522 shares in the company, including 18,131,572,522 A-shares and 578,884,000 H-shares[12] - The controlling shareholder, China Energy Construction Group, has increased its stake by acquiring 23,888,500 shares for a total of RMB 50,000,109[20] Research and Development - Research and development expenses increased by 19.3% year-on-year, with 1,325 patents granted during the same period[16] - The company has successfully developed Asia's largest and internationally leading direct air capture device for carbon dioxide[16] - The new energy storage projects in Hubei and Gansu have been selected as national pilot demonstration projects for new energy storage[16] - Research and development expenses for the first three quarters of 2024 were RMB 8,255,419, up 19.3% from RMB 6,919,773 in the same period of 2023[29] Strategic Initiatives - The company is advancing its green low-carbon transformation, focusing on collaborative efforts across government, international, industry, technology, and project sectors[17] - The digital transformation is accelerating, with the launch of the Gansu Qinyang "East Data West Computing" integrated smart zero-carbon big data industrial park project[18] - The company signed significant contracts in the "Belt and Road" countries, with new contract signings increasing by 32.17% year-on-year[15] - The company is committed to innovation-driven transformation, establishing itself as a source of original technology and modern industrial chains[16] - The company is actively pursuing a strategy of integrated development across various sectors, focusing on energy and urban infrastructure projects[19] - The company has successfully signed several integration demonstration projects, including smart ecological cities in Shandong and Zhejiang[19]

Financial Performance - The company's operating revenue for Q3 2024 reached CNY 100,876,962, an increase of 8.24% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was CNY 822,396, representing a significant increase of 97.81% year-on-year[2]. - Basic earnings per share for Q3 2024 was CNY 0.02, a 100% increase compared to the same period last year[4]. - The company's net profit attributable to shareholders for the first three quarters was RMB 3.604 billion, reflecting a strong performance amidst ongoing market challenges[10]. - Total operating revenue for the first three quarters of 2024 reached RMB 295,138,721 thousand, an increase of 3.0% compared to RMB 285,312,963 thousand in the same period of 2023[23]. - Net profit attributable to shareholders of the parent company was RMB 3,604,277 thousand, representing a 17.3% increase from RMB 3,073,299 thousand in the previous year[24]. Assets and Liabilities - Total assets at the end of Q3 2024 amounted to CNY 858,126,846, reflecting a growth of 9.57% from the end of the previous year[4]. - The company's total liabilities increased to 22,465,222 in Q3 2024 from 12,475,192 in Q3 2023, reflecting a rise of approximately 80.0%[30]. - Total assets reached RMB 858,126,846, up from RMB 783,156,193, indicating a growth of about 9.6%[21]. - Total liabilities increased to RMB 665,521,804 from RMB 594,903,314, reflecting an increase of approximately 11.8%[22]. Cash Flow - The net cash flow from operating activities for the year-to-date was CNY -12,518,358, indicating a negative cash flow situation[2]. - The net cash flow from operating activities for Q3 2024 was -12,518,358, compared to -14,747,034 in Q3 2023, showing an improvement[28]. - Cash inflow from operating activities totaled RMB 277,850,057 thousand, compared to RMB 251,855,890 thousand in the first three quarters of 2023, marking a 10.3% increase[26]. - The net cash flow from operating activities for the first three quarters of 2024 was -CNY 426,609,000, compared to -CNY 341,544,000 in the previous year[33]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 356,285[7]. - The largest shareholder, China Energy Construction Group Co., Ltd., holds 44.88% of the shares[7]. - The controlling shareholder, China Energy Construction Group, increased its stake by acquiring 23,888,500 A-shares for a total amount of RMB 50,000,109 in December 2023[16]. Research and Development - R&D expenses increased by 19.3% year-on-year, with 1,325 patents granted, highlighting the company's commitment to innovation[12]. - Research and development expenses rose to RMB 8,255,419 thousand, a significant increase of 19.3% compared to RMB 6,919,773 thousand in the same period last year[23]. Contracts and Projects - In the first three quarters of 2024, the company achieved new contract value, operating revenue, and net profit attributable to shareholders of RMB 988.859 billion, RMB 295.139 billion, and RMB 3.604 billion, representing year-on-year growth of 5.03%, 3.44%, and 17.28% respectively[10]. - The domestic new contract value reached RMB 753.954 billion, a year-on-year increase of 4.98%, while overseas new contract value was RMB 234.905 billion, up 5.19%, with "Belt and Road" countries contributing a 32.17% increase[11]. - The company secured new energy and comprehensive smart energy business contracts with a year-on-year growth of 19.4% in contract value and 10.1% in operating revenue[13]. Investment and Financing - A new share buyback plan is set to commence on October 15, 2024, with a total investment of no less than RMB 300 million and up to RMB 500 million over six months[16]. - The company plans to raise up to RMB 9 billion through a private placement to fund multiple renewable energy projects, including a 300 MW compressed air energy storage project in Hubei[17]. - The company raised CNY 12,400,000,000 from financing activities, with cash outflows totaling CNY 7,270,810,000, leading to a net cash flow of CNY 5,129,190,000[34]. Inventory and Current Assets - The company reported a significant increase in inventory, which rose to RMB 86,522,654 from RMB 67,957,770, representing a growth of approximately 27.4%[19]. - As of September 30, 2024, total current assets increased to RMB 475,825,658, up from RMB 426,069,970 as of December 31, 2023, reflecting a growth of approximately 11.6%[19].