证券代码：600170 证券简称：上海建工 公告编号：2024-056 上海建工集团股份有限公司 2024 年第二次临时股东大会决议公告 二、 议案审议情况 (一) 非累积投票议案 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 2,007 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 4,235,377,165 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 47.6638 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，会议由董事长杭迎伟先生主持。会议采用 现场投票和网络投票相结合的表决方式进行表决。会议的召开和表决程序符合 《公司法》和《公司章程》的规定，会议合法有效。 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。 (一) 股东大会召开的时间：2024 年 11 月 19 日 (二) 股东大会召开的地点：上海 ...

Investment Rating - The investment rating for Shanghai Construction (600170) is "Accumulate" with a target price of 4.20 CNY, up from the previous forecast of 3.05 CNY [5][10]. Core Views - Shanghai Construction is a leader in the construction industry in Shanghai and is expected to benefit from the market value management policies introduced by the China Securities Regulatory Commission (CSRC) and the ongoing state-owned enterprise reform in Shanghai [3][10]. Financial Summary - The total revenue for 2024 is projected to be 330.33 billion CNY, reflecting an 8.4% increase from 2023 [11]. - The net profit attributable to shareholders for 2024 is expected to be 1.73 billion CNY, representing an 11% increase from 2023 [11]. - Earnings per share (EPS) for 2024 is forecasted at 0.19 CNY, with subsequent increases to 0.21 CNY in 2025 and 0.23 CNY in 2026 [10][11]. - The net profit margin for 2024 is projected to be 0.63%, a slight increase from 0.58% in 2023 [10]. Market Data - The current market price is 2.83 CNY, with a 52-week price range of 1.89 to 2.83 CNY [6]. - The total market capitalization is approximately 25.15 billion CNY [6]. Order and Revenue Trends - New signed contracts for the first three quarters of 2024 totaled 277.8 billion CNY, a decrease of 9.2% year-on-year [10]. - The construction segment saw a decline in new contracts by 5.4%, totaling 231.4 billion CNY [10][17]. Regulatory Environment - The CSRC has issued guidelines aimed at enhancing the quality of listed companies, which is expected to positively impact the valuation of companies like Shanghai Construction [10].

Summary of Conference Call Company and Industry Overview - The conference call focused on Shanghai Construction Group (上海建工) and the construction industry, particularly in the context of debt resolution policies impacting the sector [1][2]. Key Points and Arguments 1. **Debt Resolution Impact**: The debt resolution policies are expected to significantly influence the construction sector's balance sheets and profit margins, becoming a major investment theme for the remainder of the year and into the next [1][2]. 2. **Market Conditions**: The construction market has faced challenges, particularly in the third quarter, but there are signs of improvement due to government policies aimed at stabilizing the industry [2][3]. 3. **Contract Performance**: In the first three quarters, Shanghai Construction Group signed new contracts worth 277.8 billion yuan, with 205.3 billion yuan (74%) coming from the Shanghai region. The company is focusing on major projects in this core market [3][4]. 4. **Revenue and Profit**: The company reported revenues of 214 billion yuan and a profit of 1.35 billion yuan for the first three quarters, indicating stable performance despite industry challenges [4][5]. 5. **Debt Recovery Efforts**: The company is actively working on debt recovery, with accounts receivable showing a decrease. Approximately 50% of the receivables are from government-related projects, indicating a strong reliance on public sector contracts [6][7]. 6. **Project Pipeline**: The company has a robust project pipeline, with significant ongoing projects in Shanghai, including major infrastructure developments. The focus remains on converting orders into revenue [5][6]. 7. **Emerging Business Areas**: The company is expanding into new business areas, with 70.2 billion yuan in new contracts from emerging sectors, representing 25% of total new contracts in the third quarter [5][6]. 8. **Government Collaboration**: The company has been in communication with local governments to expedite the recovery of receivables, particularly in Jiangsu and Sichuan, where progress has been noted [8][9]. 9. **Future Outlook**: The company anticipates that the implementation of debt resolution policies will improve cash flow and operational performance in the coming quarters [10][11]. 10. **Market Trends**: The construction industry is experiencing a shift towards government-funded projects, with an increasing proportion of contracts coming from public infrastructure initiatives [28][29]. Additional Important Content - **Technological Innovation**: The company is investing in construction robotics and automation to enhance efficiency and reduce costs, which is seen as a critical area for future growth [19][20]. - **Market Strategy**: The company plans to focus on economic efficiency rather than just growth in scale, reflecting a strategic shift in response to changing market conditions [30][31]. - **Performance Metrics**: The company is under pressure to meet new performance metrics set by government authorities, which include a focus on market capitalization and operational efficiency [20][21]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, market conditions, and future outlook within the construction industry.

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [4][5][13]. Core Insights - The company experienced a temporary pressure on revenue and profit in Q3 2024, with total revenue for the first three quarters at 2140.13 billion, down 4.05% year-on-year. However, net profit attributable to shareholders increased by 4.30% to 13.51 billion [1]. - The gross margin improved significantly, with a Q3 gross margin of 9.41%, up 1.12 percentage points year-on-year, reflecting better cost management [3]. - New orders signed in the first three quarters of 2024 totaled 2778.03 billion, a decrease of 9.18% year-on-year, with a focus on core business areas and emerging sectors [2]. Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 680.36 billion, down 13.52% year-on-year, with net profit attributable to shareholders at 5.25 billion, a decrease of 2.75% [1]. - The comprehensive gross margin for the first three quarters was 8.19%, with a net profit margin of 0.69%, reflecting a slight year-on-year increase [3]. Order and Business Development - The company signed new contracts worth 2778 billion in the first three quarters, with significant contributions from the Shanghai market, accounting for 74% of total new contracts [2]. - Emerging business sectors, including urban renewal and ecological projects, contributed 702 billion to new contracts, representing 25% of the total [2]. Future Outlook - The report anticipates improved cash flow due to the implementation of debt reduction policies and stabilization in the real estate market, supporting long-term growth potential [4]. - The profit forecast for 2024-2026 has been slightly adjusted, with expected net profits of 17 billion, 18.8 billion, and 21 billion respectively [4].

| 证券代码：600170 | 证券简称：上海建工 | | | 公告编号：2024-054 | | --- | --- | --- | --- | --- | | 债券代码：240782 | 债券简称：24 | 沪建 | Y1 | | | 债券代码：240783 | 债券简称：24 | 沪建 | Y2 | | | 债券代码：241305 | 债券简称：24 | 沪建 | Y3 | | | 债券代码：241857 | 债券简称：24 | 沪建 | Y4 | | 公司对尹克定先生在任职期间做出的贡献和努力表示衷心的感谢！ 为保证公司财务工作的正常开展，公司董事会决定在聘任新的总会计师之 前，由公司副总会计师沈广军先生代为履行总会计师职责。 特此公告。 上海建工集团股份有限公司董事会 2024年11月9日 关于高级管理人员辞职的公告 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。 近日，上海建工集团股份有限公司（简称"上海建工"或"公司"）董事会 收到公司总会计师尹克定先生的书面辞职报告。尹克定先生因到龄退休，辞去公 司总会计师职务 ...

上海建工集团股份有限公司 2024 年面向专业投资者公开发行可续期公司债券（第三期） 发行结果公告 | 证券代码：600170 | 证券简称：上海建工 | | | 公告编号：2024-053 | | --- | --- | --- | --- | --- | | 债券代码：240782 | 债券简称：24 | 沪建 | Y1 | | | 债券代码：240783 | 债券简称：24 | 沪建 | Y2 | | | 债券代码：241305 | 债券简称：24 | 沪建 | Y3 | | | 债券代码：241857 | 债券简称：24 | 沪建 | Y4 | | 上海建工集团股份有限公司董事会 2024年11月9日 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。 本期债券的基础期限为5年，以每5个计息年度为一个周期，在每个周期末， 发行人有权选择将本期债券的期限延长1个周期（即延长5年），或选择在该周期 末到期全额兑付本期债券。 本期债券（债券简称：24沪建Y4，代码：241857.SH）发行规模20.00亿元， 票面利率为2.68 ...

上海建工集团股份有限公司 关于提供担保的进展公告 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： 一、担保情况概述 （一）2024 年 10 月，因申请各类贷款、银行承兑汇票、预付款保函、履约保 函和农民工工资保函等，上海建工集团股份有限公司（以下简称"公司"）为资产 负债率高于 70%的 17 家子公司提供 26.56 亿元担保，为资产负债率低于 70%的 1 家子公司提供 15 亿元担保。合计提供担保总额 41.56 亿元。详情如下： | 担保人 | 被担保人 | 担保金额 （万元） | 担保到期日 | 债权人 | | --- | --- | --- | --- | --- | | 上海建工集团股份有限公司 | 上海建工集团投资有限公司 | 150,000 | 2031.10.21 | 中信信托有限责任公司 | | 上海建工集团股份有限公司 | 上海建工一建集团有限公司 | 17 | 2025.4.30 | 建设银行上海第二支行 | | 上海建工集团股份有限公司 | 上海建工一建集团有限公司 | 145 | ...

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company has shown a steady increase in net profit and a slight improvement in gross margin for the first three quarters of 2024, with a revenue of 2,140.13 billion yuan, a decrease of 4.05% year-on-year, and a net profit of 13.51 billion yuan, an increase of 4.30% year-on-year [1]. - The company is focusing on its core business and strengthening its local advantages, with new contracts signed amounting to 2,778.03 billion yuan, a decrease of 9.18% year-on-year [1]. - The company is actively advancing engineering projects and developing emerging industries, with new contracts in emerging business areas totaling 702 billion yuan, accounting for 25% of total new contracts [2]. - The projected net profits for 2024-2026 are 17.13 billion yuan, 18.21 billion yuan, and 20.18 billion yuan, representing growth rates of 9.97%, 6.30%, and 10.81% respectively [2]. Financial Summary - For the first three quarters of 2024, the company achieved a gross margin of 8.19%, a year-on-year increase of 0.02 percentage points, with net profit margin at 0.69%, up by 0.09 percentage points [1]. - The forecasted revenue for 2024 is 3,155.66 billion yuan, with a growth rate of 3.59% [3]. - The projected P/E ratios for 2024, 2025, and 2026 are 14.11, 13.27, and 11.98 respectively [3].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected increase in earnings per share (EPS) over the next three years [3][8]. Core Views - The company has shown a significant improvement in cash flow due to a decrease in accounts receivable and reduced credit impairment provisions. The cash flow is expected to further improve with the implementation of debt reduction policies and stabilization in the real estate market [3][8]. - New contracts signed in Shanghai accounted for 74% of the total, with emerging businesses contributing 25%. The total new contracts signed in the first three quarters of 2024 amounted to 277.803 billion yuan, a year-on-year decrease of 9.18% [4][6]. - The company reported a stable gross profit margin of 8.19% and a net profit margin of 0.69% for the first three quarters of 2024, with a slight increase in net profit year-on-year [5][7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved an operating revenue of 2,140.13 billion yuan, a decrease of 4.05% year-on-year. The net profit attributable to the parent company was 13.51 billion yuan, an increase of 4.30% year-on-year [6][7]. - The company’s operating cash flow for the first three quarters was -214.94 billion yuan, with a significant outflow compared to the previous year. However, the collection of receivables has improved, leading to a decrease in accounts receivable by 1.484 billion yuan [8][9]. Earnings Forecast - The earnings forecast for the company has been adjusted, with expected net profits for 2024, 2025, and 2026 projected at 16.39 billion yuan, 17.18 billion yuan, and 18.01 billion yuan respectively. The corresponding EPS for these years is expected to be 0.18 yuan, 0.19 yuan, and 0.20 yuan [8][9]. Key Financial Metrics - The company’s gross profit margin is projected to remain stable at around 9.1% from 2024 to 2026, with a return on equity (ROE) gradually increasing to 4.0% by 2026 [9][10].

上 海 建 工 集 团 股 份 有 限 公 司 2024 年第二次临时股东大会 会 议 资 料 2024 年 11 月 19 日 | | | | 2024 | 年第二次临时股东大会须知 1 | | --- | --- | | 议 | 程 2 | | | 关于变更会计师事务所的议案 3 | | 2024 | 年第二次临时股东大会表决办法 8 | 上海建工集团股份有限公司 2024 年第二次临时股东大会须知 根据中国证券监督管理委员会《上市公司股东大会规则》和《公 司章程》的有关规定，为确保公司股东大会顺利召开，出席股东大会 的全体人员应遵守执行下列要求： 一、股东参加股东大会，应当认真履行其法定义务，不得侵犯其 他股东权益。 二、股东大会期间，全体出席人员应以维护股东的合法利益、确 保大会正常秩序和议事效率为原则，认真履行法定职责。 三、出席大会的股东依法享有发言权、咨询权、表决权等各项权 利，但需由公司统一安排发言和解答。 四、任何人不得扰乱大会的正常秩序和会议程序；会议期间请关 闭手机或将其调至震动状态。 1 上海建工集团股份有限公司 2024 年第二次临时股东大会 议 程 （9:30 股东签到入场，10: ...