CH ENERGY ENG(03996)

Search documents
中国能建:业绩稳健提升,工业制造新签合同增速快

中国银河· 2024-09-09 03:05
公司点评报告 ·建筑行业 责稳健提升, 工业制造新签合同增速快 ● 事件:公司发布 2024年半年度报告。2024年上半年,公司实现营收 1942.62 亿元,同比增长 1.11%;实现归母净利润 27.82亿元,同比增长 4.67%。 ● 勘测设计及咨询业务收入增速快,工程建设稳健提升。2024H1,公司实现 营收 1942.62 亿元,同比增长 1.11%;其中,工程建设收入 1649.83亿元, 同比增长 2.9%;工业制造收入 146.43 亿元,同比下降 5.33%;投资运营收 入 131.4 亿元,同比下降 11.19%;勘测设计及咨询业务收入 78.12 亿元,同 比增长 22.65%。境内业务收入1661.42亿元,同比下降0.29%;境外业务收 入 281.2 亿元,同比增长 10.33%。公司实现归母净利润 27.82 亿元,同比增 长 4.67%;实现扣非净利润 23.28亿元,同比下降 0.89%。公司实现经营活 动现金净流量-145.15亿元,同比多流出 8.83亿元。 ● 毛利率和期间费用率有所提高。2024H1 公司毛利率为 12.19%,同比提高 1.26pct;净利率为 2. ...
中国能建:毛利率小幅改善,“三新”转型有成效

Guolian Securities· 2024-09-03 10:00
Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company's 2024 H1 revenue reached RMB 1,943 billion, a year-on-year increase of 1.1%, with net profit attributable to the parent company of RMB 2.8 billion, up 4.7% year-on-year [2] - The company's "14th Five-Year Plan" aims to double its indicators by 2025, creating a new high-quality development version of the company [2] - The transformation centered on new energy, new infrastructure, and new industries shows promising prospects [2] Financial Performance - In 2024 H1, the company's gross margin improved slightly to 12.2%, up 1.3 percentage points year-on-year [5] - The gross margin for new energy and integrated smart energy increased, with engineering and investment operation margins rising by 1.2 and 2.6 percentage points, respectively [5] - The company announced its first mid-year dividend, with a payout ratio of 19.93%, higher than the 2023 payout ratio of 14.24% [5] Revenue Breakdown - In 2024 H1, the company's revenue from survey and design consulting, engineering construction, industrial manufacturing, and investment operations were RMB 7.8 billion, RMB 1,650 billion, RMB 14.6 billion, and RMB 13.1 billion, respectively [5] - New energy and integrated smart energy revenue reached RMB 59.1 billion, accounting for 30.4% of total revenue [5] Future Outlook - The company is expected to achieve net profits attributable to the parent company of RMB 8.9 billion, RMB 9.8 billion, and RMB 11.1 billion in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 11%, 11%, and 12% [5] - The company's transformation strategy, focusing on new energy, new infrastructure, and new industries, is expected to drive future growth [5] Valuation Metrics - The company's P/E ratio is projected to be 10.4, 9.4, and 8.3 for 2024, 2025, and 2026, respectively [4] - The EV/EBITDA ratio is expected to decrease from 5.2 in 2024 to 3.8 in 2026 [4]
中国能建:公司信息更新报告:营收利润稳健增长,新能源领域探索增量

KAIYUAN SECURITIES· 2024-09-02 07:01
Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the company has achieved steady growth in revenue and profit, with a significant increase in new orders. The exploration of the renewable energy sector presents substantial potential for investment and operation [7] - The company is expected to maintain its profit forecasts, with projected net profits for 2024-2026 being 90.5 billion, 106.0 billion, and 123.3 billion respectively, corresponding to EPS of 0.22, 0.25, and 0.30. The current stock price reflects a PE ratio of 9.8, 8.4, and 7.2 for the respective years [7] Financial Performance Summary - For the first half of 2024, the company reported operating revenue of 1962.41 billion, a year-on-year increase of 1.11%, and a net profit attributable to shareholders of 27.81 billion, up 4.67% year-on-year. The basic earnings per share were 0.063, reflecting a 5.0% increase [7] - The sales gross margin was 12.19%, with a net profit margin of 2.34%, showing a gross margin increase of 1.26 percentage points and a slight decrease in net margin [7] - Revenue from various business segments includes: surveying and design consulting at 78.12 billion (up 22.65%), engineering construction at 1649.83 billion (up 2.90%), industrial manufacturing at 146.43 billion (down 5.33%), and investment operations at 131.40 billion (down 11.19%) [7] Order Growth and Business Development - The company signed new contracts worth 7386.01 billion in the first half of 2024, a year-on-year increase of 14.35%. Domestic contracts accounted for 5632.20 billion (up 15.81%), while overseas contracts reached 1753.81 billion (up 9.90%). Notably, contracts in "Belt and Road" countries grew by 44.25% [8] - The engineering construction and surveying design consulting segments saw new order amounts of 6564.3 billion and 114.5 billion, reflecting growth of 6.8% and a decline of 4.1% respectively [8] Renewable Energy Capacity - As of June 2024, the company had a cumulative installed capacity of 1163.7 million kilowatts in renewable energy, including wind power at 286.9 million kilowatts, solar power at 788.7 million kilowatts, biomass power at 22.4 million kilowatts, and new energy storage at 65.9 million kilowatts [9] - The company leverages its full industry chain advantages in power construction, with traditional energy business holding an installed capacity of 208.7 million kilowatts, comprising 130.4 million kilowatts of thermal power and 78.3 million kilowatts of hydropower [9]
中国能建:Q2业绩短期承压,看好电网水电核电景气度上行下发展动能释放

Tianfeng Securities· 2024-09-01 10:32
Investment Rating - The investment rating for the company is "Buy" with a target price set at 2.13 CNY, maintaining the rating for the next six months [2][3]. Core Views - The company's Q2 performance is under short-term pressure, but there is optimism regarding the uptrend in the electric grid, hydropower, and nuclear power sectors, which supports the "Buy" rating [3][6]. - The company achieved a revenue of 194.26 billion CNY in H1 2024, a year-on-year increase of 1.1%, with a net profit attributable to the parent company of 2.78 billion CNY, up 4.7% year-on-year [3]. - The company is accelerating its investment in renewable energy, with a significant increase in installed capacity, particularly in new energy, which is expected to drive future growth [4][6]. Financial Data Summary - Revenue projections for the company are as follows: 406.03 billion CNY in 2023, 438.53 billion CNY in 2024E, 474.55 billion CNY in 2025E, and 520.05 billion CNY in 2026E, with growth rates of 10.82%, 8.00%, 8.22%, and 9.59% respectively [2][9]. - The net profit attributable to the parent company is projected to be 7.99 billion CNY in 2023, 8.69 billion CNY in 2024E, 9.49 billion CNY in 2025E, and 10.48 billion CNY in 2026E, with growth rates of 2.26%, 8.86%, 9.11%, and 10.52% respectively [2][9]. - The company's EBITDA for 2023 is estimated at 41.26 billion CNY, with projections of 33.70 billion CNY in 2024E, 37.66 billion CNY in 2025E, and 41.81 billion CNY in 2026E [2][9]. Business Segment Performance - In H1 2024, the revenue from various business segments was as follows: surveying and consulting at 7.81 billion CNY (up 22.7%), engineering construction at 164.98 billion CNY (up 2.9%), industrial manufacturing at 1.46 billion CNY (down 5.3%), and investment operations at 13.14 billion CNY (down 11.2%) [4]. - The investment operations in renewable energy and integrated smart energy saw a revenue increase of 48.4% to 2.39 billion CNY, while real estate investment operations declined by 45.4% to 3.82 billion CNY [4]. Profitability and Margins - The overall gross margin improved to 12.19%, an increase of 1.26 percentage points year-on-year, with specific margins for different segments: surveying and consulting at 36.56%, engineering construction at 7.34%, industrial manufacturing at 17.23%, and investment operations at 43.44% [5]. - The net profit margin for H1 2024 was reported at 2.34%, a slight decrease of 0.02 percentage points year-on-year [5]. Market Outlook - The company is well-positioned to benefit from the high demand in the electric grid, hydropower, and nuclear power sectors, with significant contracts signed in traditional energy projects [6]. - The new contracts signed in H1 2024 amounted to 738.6 billion CNY, a year-on-year increase of 14.4%, indicating strong growth potential in the coming years [6].
中国能源建设(03996) - 2024 - 中期业绩

2024-08-30 14:30
Financial Performance - The company reported a revenue of 10 billion RMB for the first half of 2024, representing a year-on-year increase of 15%[14]. - The company's operating revenue for the first half of 2024 reached CNY 194,261,759 thousand, representing a year-on-year increase of 1.11% compared to CNY 192,120,219 thousand in the same period last year[23]. - Net profit attributable to shareholders of the listed company was CNY 2,781,881 thousand, up 4.67% from CNY 2,657,791 thousand in the previous year[23]. - The company reported a decrease of 0.89% in net profit after deducting non-recurring gains and losses, totaling CNY 2,327,618 thousand compared to CNY 2,348,498 thousand in the previous year[23]. - The company aims to achieve a carbon neutrality target by 2030, aligning with national energy policies[14]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of RMB 0.125 per share, totaling RMB 521 million, based on a total share capital of 41,691,163,636 shares, pending shareholder approval[7]. - The printed version of the half-year report will only be sent to shareholders who request it, and it is available on the Hong Kong Stock Exchange's website and the company's website[2]. - The company has not faced any situations where more than half of the directors cannot ensure the authenticity of the half-year report[9]. Risk Management and Compliance - The company emphasizes the importance of risk awareness regarding future plans and development strategies, advising investors to understand the differences between plans, forecasts, and commitments[8]. - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties[9]. - The report indicates that the company has not violated any decision-making procedures regarding external guarantees[9]. - The company has detailed the risks it faces in the "Management Discussion and Analysis" section of the report[9]. Strategic Initiatives and Market Expansion - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2025[14]. - New product development includes the launch of a solar energy solution projected to generate an additional 2 billion RMB in revenue[14]. - The company is investing 1 billion RMB in R&D for green technologies over the next three years[14]. - The company is actively pursuing new industries such as energy storage and hydrogen energy, aiming to transform and create new economic growth points[43]. Environmental and Sustainability Efforts - The company is committed to energy conservation and emission reduction in its industrial manufacturing operations[42]. - The company has implemented automatic monitoring systems for key pollutants at its major facilities, ensuring compliance with environmental regulations[109]. - The company has established a zero-carbon smart service area project, generating nearly 20 million kilowatt-hours of electricity and reducing CO2 emissions by approximately 16,000 tons[119]. - The company has successfully connected the first million-kilowatt-level photovoltaic base project in Guizhou, generating approximately 1.3 billion kilowatt-hours of clean electricity annually, reducing CO2 emissions by 1.01 million tons[119]. Governance and Management Changes - The company appointed Ni Zhen as the new General Manager on July 26, 2024, with a term lasting until the end of the current board's tenure[89]. - The company has restructured its board committees, appointing new members to enhance governance and strategic oversight[90]. - The company emphasizes performance-based salary systems to incentivize core positions and frontline employees[92]. Debt and Financing Activities - The company plans to raise up to RMB 14.85 billion through a private placement of A-shares to support its "30·60" strategic goals, focusing on new energy and infrastructure projects[85]. - The company issued bonds totaling RMB 10.00 billion for production expenditures, including debt repayment and working capital[188]. - The total amount raised from the bond issuance is 1 billion RMB, specifically for rural revitalization projects[199]. - The company has not encountered any overdue bonds during the reporting period[185]. Operational Performance - The company achieved a 10.49% year-on-year increase in overall labor productivity, with a reduction in non-working staff ratio by 1 percentage point[56]. - The company has implemented a new digital transformation strategy to improve service delivery and customer engagement[14]. - The company operates over 70 water plants across more than ten provinces, with a water treatment design capacity of 4.5 million tons per day and an actual treatment volume of 1.6 million tons per day[45]. Related Party Transactions - The company has established six ongoing related party transaction framework agreements with its controlling shareholder, China Energy Construction Group[134]. - The company has pledged to minimize related party transactions with Nanling Minbao and ensure fair pricing in unavoidable transactions[131]. - The company has disclosed all related party transactions in accordance with the Hong Kong Listing Rules and Shanghai Stock Exchange Listing Rules[134].
中国能建(601868) - 2024 Q2 - 季度财报

2024-08-30 13:44
Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.125 per 10 shares, totaling RMB 521 million, subject to shareholder approval[5] - The total share capital of the company is 41,691,163,636 shares, which will be the basis for the dividend distribution[5] Financial Performance - The company's operating revenue for the first half of 2024 was CNY 194,261,759, an increase of 1.11% compared to CNY 192,120,219 in the same period last year[26] - Net profit attributable to shareholders for the first half of 2024 was CNY 2,781,881, reflecting a growth of 4.67% from CNY 2,657,791 in the previous year[26] - Basic earnings per share for the first half of 2024 increased by 5.00% to CNY 0.063, compared to CNY 0.060 in the same period last year[26] - The company's total assets at the end of the reporting period were CNY 849,231,871, representing an increase of 8.44% from CNY 783,156,193 at the end of the previous year[26] - The company's net assets attributable to shareholders increased by 2.36% to CNY 113,070,316 from CNY 110,464,737 at the end of the previous year[26] - The weighted average return on equity decreased to 2.56% from 2.63%, a decline of 0.07 percentage points[26] Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements and future plans[6] - The report includes a detailed description of the risks faced by the company, which can be found in the "Management Discussion and Analysis" section[8] - The company is facing international operational risks due to global uncertainties, with a focus on enhancing risk management and compliance in overseas projects[80] - Investment risks are heightened by policy changes and local government debt, leading to a need for improved project evaluation and lifecycle management[83] Strategic Initiatives - The report indicates that the company is committed to high-quality development and energy revolution strategies[18] - The company has outlined its strategic vision to become a leading integrated energy solution provider and contractor[18] - The company is focused on strategic initiatives including innovation-driven development and green low-carbon transformation[25] - The company aims to strengthen its position in the clean energy sector, aligning with the national carbon peak and carbon neutrality goals[45] Market Expansion - The company continues to explore market expansion opportunities, particularly in the context of the Belt and Road Initiative[25] - In the first half of 2024, the company's new contract value for surveying, design, and consulting business was RMB 11.45 billion, a year-on-year decrease of 4.1%[41] - The engineering construction business signed new contracts worth RMB 656.43 billion in the first half of 2024, representing a year-on-year increase of 6.8%[42] - Domestic new contract value amounted to RMB 563.220 billion, up 15.81% year-on-year[52] - Overseas new contract value was RMB 175.381 billion, with a year-on-year increase of 9.90%[52] - New contracts in Belt and Road countries grew by 44.25% year-on-year[52] Environmental Compliance - The company has implemented strict environmental protection measures, ensuring that all major pollutants from key emission units meet regulatory standards[104] - No significant environmental incidents occurred in the first half of 2024, with all monitored pollutants meeting the required discharge limits[105] - The company achieved a 100% operational rate for pollution control facilities across all key pollutant discharge enterprises, ensuring compliance with environmental standards[106] - The company has invested in a 1 million kilowatt-level photovoltaic base project, which is expected to provide approximately 1.3 billion kilowatt-hours of clean electricity annually, reducing CO2 emissions by 1.01 million tons[116] Governance and Management - The company has appointed Ni Zhen as the general manager and vice chairman, effective from August 16, 2024[91] - The company continues to enhance its governance structure and align the interests of shareholders, management, and employees through its incentive plans[94] - The company has implemented a salary distribution system that emphasizes performance management and supports strategic development, particularly in technology innovation and high-end talent[93] - The company has adhered to all provisions of the Corporate Governance Code during the reporting period[152] Financial Strategies - The company plans to raise up to RMB 90 billion through a private placement of A shares to fund several key projects, including a 300 MW compressed air energy storage project[86] - The company has engaged multiple underwriters including CITIC Securities and Haitong Securities for its bond issuances[179] - The bond issuance strategy includes options for full repayment on the payment date if the issuer does not exercise the deferral of interest payment rights[180] - The company has a strategy to support rural revitalization through its bond offerings, reflecting a commitment to social responsibility[191] Employee Development - As of June 30, 2024, the total number of employees is 114,362, including 38,196 management personnel and 45,251 technical professionals[85] - In the first half of 2024, the company covered over 500,000 training sessions, enhancing employee capabilities and overall quality[85] - The company has successfully conducted 31 training sessions for party members, covering 43,000 members in the first half of 2024[85] Financial Health - The total amount of guarantees provided by the company, excluding those to subsidiaries, was RMB 6.40 billion at the end of the reporting period, accounting for 20.96% of the company's net assets[148] - The company has no inventory shares as of the end of the reporting period[149] - The company’s total assets amounted to RMB 849.232 billion, with total liabilities of RMB 657.234 billion, resulting in a debt-to-asset ratio of 77.39%, an increase of 1.43 percentage points from the beginning of the year[61] Community Engagement - In the first half of 2024, the company actively promoted targeted poverty alleviation and rural revitalization efforts, receiving the highest evaluation in central unit assessments for three consecutive years[118] - The company has initiated projects to support smart agriculture and road upgrades in Aidong County, demonstrating its commitment to regional development[118] - The company has established a Douyin live streaming platform to promote intangible cultural heritage in Zhenba County, aiding cultural revitalization[118]
中国能建:中国能源建设股份有限公司第三届监事会第二十八次会议决议公告

2024-08-30 13:41
一、审议通过《关于公司2024年半年度报告及其摘要的议案》 表决情况:5 票同意,0 票反对,0 票弃权。 A 股代码:601868 A 股简称:中国能建 公告编号:临 2024-046 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 第三届监事会第二十八次会议决议公告 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。 中国能源建设股份有限公司(以下简称公司)第三届监事会第 二十八次会议于 2024 年 8 月 23 日以书面形式发出会议通知,于 2024 年 8 月 30 日以通讯方式召开。会议应参与表决监事 5 名,实际参与 表决监事 5 名。本次会议的召开符合有关法律法规和《中国能源建 设股份有限公司章程》(以下简称《公司章程》)的有关规定。 经过有效表决,会议形成以下决议: 详细内容请见公司同日发布的《中国能源建设股份有限公司 2024 年半年度利润分配预案公告》。 本议案尚需提交公司股东大会审议批准。 三、审议通过《关于中国能源建设集团财务有限公司2024年上 半年风险持续评估报告的议案》 ...
中国能建:中国能源建设股份有限公司第三届董事会独立董事2024年第三次专门会议决议

2024-08-30 13:41
中国能源建设股份有限公司第三届董事会 独立董事 2024 年第三次专门会议决议 中国能源建设股份有限公司(以下简称公司)第三届董 事会独立董事 2024 年第三次专门会议于 2024 年 8 月 27 日 以现场结合视频方式召开,会议应参加表决独立董事 4 名, 实际参加表决独立董事 4 名。经全体独立董事共同推举,由 程念高先生召集本次会议。会议的召集和召开符合《上市公 司独立董事管理办法》《上海证券交易所股票上市规则》《上 海证券交易所上市公司自律监管指引第 1 号—规范运作》等 法律法规、自律监管规则和《公司章程》的有关规定。 经过有效表决,会议形成决议如下: 审议通过《关于中国能源建设集团财务有限公司 2024 年上半年风险持续评估报告的议案》 程念高、赵立新、魏伟峰、牛向春 2024 年 8 月 27 日 (三)中国能建财务公司成立至今严格按照《企业集团 — 1 — 财务公司管理办法》之规定经营,中国能建财务公司的风险 管理不存在重大缺陷,存贷款等金融业务不存在风险问题。 同意将该议案提交公司第三届董事会第三十八次会议 审议。 表决结果:4 票同意,0 票反对,0 票弃权。 中国能源建设股份有限公司 ...
中国能建:中国能源建设股份有限公司2024年半年度利润分配预案公告

2024-08-30 13:41
A 股代码:601868 A 股简称:中国能建 公告编号:临 2024-047 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 2024 年半年度利润分配预案公告 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。 重要内容提示: 每股分配比例:A 股每股派发现金红利人民币 0.0125 元(含 税)。 本次利润分配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 维持现金分红总额不变,相应调整每股分配金额,并将另行公告具 体调整情况。 (一)董事会会议的召开、审议和表决情况 公司于2024 年 8月 30日召开了第三届董事会第三十八次会议, 审议通过《关于公司 2024 年半年度利润分配预案的议案》,同意将 该项议案提交股东大会审议。 (二)独立董事专门委员会和审计委员会意见 一、利润分配预案内容 经天健会计师事务所(特殊普通合伙)审阅,截至 2024 年 6 月 30日,公司实现归属于母公司所有者的净利润 2, ...
中国能建:中国能源建设股份有限公司第三届董事会第三十七次会议决议公告

2024-08-16 11:31
中国能源建设股份有限公司 第三届董事会第三十七次会议决议公告 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(以下简称公司)第三届董事会 第三十七次会议于 2024 年 8 月 5 日以书面形式发出会议通知, 会议于 2024 年 8 月 16 日在公司 2702 会议室以现场结合视频方 式召开。本次会议由董事长宋海良主持,会议应参加表决董事 9 名,实际参加表决董事 9 名。会议召开符合有关法律法规和《公 司章程》的规定。 经过有效表决,会议形成以下决议: 一、审议通过《关于选举公司副董事长的议案》 同意选举倪真先生为公司副董事长,任期自董事会审议通过 之日起至公司第三届董事会任期届满止。倪真先生简历附后。 表决结果:9 票同意,0 票反对,0 票弃权。 A 股代码:601868 A 股简称:中国能建 公告编号:临 2024-043 H 股代码:03996 H 股简称:中国能源建设 主任:程念高 上述调整后的各专门委员会的任期自董事会审议通过之日 起与第三届董事会任期相同。 表决结果:9 票同意, ...