| 证券代码：600170 | 证券简称：上海建工 | | | 公告编号：2024-035 | | --- | --- | --- | --- | --- | | 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 | | 上海建工集团股份有限公司 2023 年年度权益分派实施公告 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 股每股现金红利 0.06 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/6/20 | － | 2024/6/21 | 2024/6/21 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 5 月 13 日的 2023 年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交 ...

| 证券代码：600170 | 证券简称：上海建工 公告编号：2024-034 | | --- | --- | | 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 | 上海建工集团股份有限公司 关于提供担保的进展公告 2 | 担保人 | 被担保人 | 担保金额 | 担保到期日 | 债权人 | | --- | --- | --- | --- | --- | | | | （万元） | | | | 上海建工集团股份有限公司 | 上海市政建设有限公司 | 558 | 2026.1.31 | 建设银行上海第二支行 | | 上海建工集团股份有限公司 | 上海市政建设有限公司 | 80 | 2026.1.3 | 建设银行上海第二支行 | | 上海建工集团股份有限公司 | 上海市政建设有限公司 | 1,429 | 2027.3.6 | 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 | 40 | 2025.6.30 | 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 | 171 ...

Group 1: Company Performance Overview - In 2023, the company ranked 8th among the ENR Global Top 250 Contractors and 351st in the Fortune Global 500 [2] - The total operating revenue for 2023 reached CNY 304.6 billion, a year-on-year increase of 6.5% [2] - The total profit for 2023 was CNY 3 billion, reflecting a year-on-year growth of 30.0% [2] - In the first quarter of 2024, new contracts signed amounted to CNY 115.3 billion, with operating revenue of CNY 74.7 billion and net profit of CNY 290 million, all achieving over 10% year-on-year growth [2] Group 2: Market and Policy Impact - Recent adjustments in real estate policies are expected to improve inventory turnover for developers and stabilize the real estate market [3] - The company aims to achieve new signed order revenue of CNY 500 billion in 2024, with expected improvements in overall gross margin [3][4] Group 3: Financial Management and Cash Flow - In 2023, the company's operating cash flow net amount increased by 134.2% due to enhanced contract management and internal controls [6] - The company’s accounts payable are significant, primarily reflecting payments due for completed projects and unpaid raw material costs [4] Group 4: Competitive Advantages - The company possesses competitive technical and engineering experience comparable to state-owned enterprises in core areas [5] - Established strong relationships with clients over decades, contributing to a solid foundation for strategic partnerships [5] - The company has unique expertise in construction within the soft soil regions of the Yangtze River Delta, providing a competitive edge [5] Group 5: Future Outlook and Risks - The company anticipates a reduction in impairment losses in the coming years, particularly concerning accounts receivable and inventory [8] - The impact of government special bonds is expected to facilitate payment collections for projects concentrated in the Yangtze River Delta and South China regions [7]

| 证券代码：600170 | 证券简称：上海建工 公告编号：2024-032 | | --- | --- | | 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 | 上海建工集团股份有限公司 关于中期票据获准注册的公告 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。 经上海建工集团股份有限公司（简称"上海建工"或"公司"）第八届董事 会第三十三次会议、2022年年度股东大会审议通过，公司下属子公司上海建工房 产有限公司（简称"建工房产"）申请发行中期票据。 二、建工房产在注册有效期内可分期发行中期票据，接受注册后如需备案发 行，应事前先向交易商协会备案。建工房产应按照有权机构决议及相关管理要求， 进行发行管理。发行完成后，应通过交易商协会认可的途径披露发行结果。 上述中期票据募集资金拟用于项目建设等用途。后续，公司将根据中期票据 的发行情况及时披露进展公告。 特此公告。 近日，建工房产收到中国银行间市场交易商协会（简称"交易商协会"）出 具的《接受注册通 ...

（一）2024 年 4 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 15 家子公司提供 20.22 亿元担保，为资产负债率低于 70%的 1 家子公司提供 38 万元担保。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 | 上海市机械施工集团有限公司 | 60 | 2025.4.30 | 建行二支行 | | 上海建工集团股份有限公司 | 上海市安装工程集团有限公司 | 84 | 2024.8.20 | 建行二支行 | | 上海建工集团股份有限公司 | 上海园林（集团）有限公司 | 177 | 2024.7.1 | 建行二支行 | | 上海建工集团股份有限公司 | 上海园林（集团）有限公司 | 187 | 2025.3.29 | 建行二支行 | | 上海建工集团股份有限公司 | 上海市园林工程有限公司 | 45 | 2025.7.10 | 建行二支行 | | 上海建工集 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥74,737,002,255.38, representing a year-on-year increase of 12.89%[4] - The net profit attributable to shareholders for Q1 2024 was ¥290,347,123.09, reflecting a growth of 13.35% compared to the same period last year[4] - The basic earnings per share for Q1 2024 was ¥0.020, a decrease of 4.76% year-on-year[4] - Total operating revenue for Q1 2024 reached ¥74.74 billion, an increase of 12.7% compared to ¥66.21 billion in Q1 2023[17] - Net profit for Q1 2024 was ¥329.30 million, up from ¥259.26 million in Q1 2023, representing a growth of 27%[19] - Total comprehensive income for the first quarter of 2024 reached CNY 300,805,647.92, up from CNY 207,180,008.37 in the same period last year, representing an increase of approximately 45%[20] - The company reported a basic earnings per share of CNY 0.020, slightly down from CNY 0.021 in the previous year[20] - The company's cash flow from operating activities showed improvement, with a net increase in cash flow compared to the previous quarter[28] Assets and Liabilities - Total assets at the end of Q1 2024 amounted to ¥350,189,944,247.22, down 8.35% from the end of the previous year[5] - The company's total liabilities decreased to ¥294.80 billion in Q1 2024 from ¥330.87 billion in Q1 2023, a reduction of approximately 10.9%[16] - The total equity attributable to shareholders increased to ¥45.23 billion in Q1 2024, compared to ¥41.05 billion in Q1 2023, reflecting a growth of 10.6%[16] - The company's total current assets decreased to CNY 54,568,530,561.24 from CNY 62,187,691,069.28 year-over-year, reflecting a decline of approximately 12.6%[24] - The company's total liabilities decreased to CNY 90,399,522,130.55 from CNY 80,884,964,281.28, indicating a reduction in overall debt levels[24] Cash Flow - The net cash flow from operating activities was -¥25,315,710,230.23, showing a decrease of 10.32% year-on-year[4] - Net cash flow from operating activities was negative at CNY -25,315,710,230.23, compared to CNY -22,947,697,467.45 in Q1 2023, indicating a decline in cash generation[22] - The total cash outflow from operating activities was CNY 48.09 billion, up from CNY 35.47 billion in Q1 2023, indicating increased operational costs[30] - The company's cash and cash equivalents at the end of Q1 2024 stood at CNY 19.33 billion, down from CNY 25.03 billion at the beginning of the quarter[31] Strategic Focus - The company is focusing on five major strategic battles, including market expansion and technological innovation, to enhance operational efficiency[11] - The company is actively developing new technologies and platforms, including a digital BIM management system and environmental risk management systems[12] - The company aims to strengthen its position in the aviation market and explore low-altitude economic opportunities[12] - The company is focusing on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[28] - The company plans to continue its strategy of reducing liabilities while maintaining a strong asset base to support future growth[26] Research and Development - Research and development expenses rose to ¥1.37 billion in Q1 2024, compared to ¥1.25 billion in Q1 2023, marking an increase of 9.5%[17] - Research and development expenses increased to ¥64,267,481.25 in Q1 2024 from ¥33,847,842.23 in Q1 2023, marking a growth of 89.9%[26] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 161,023[7] - The largest shareholder, Shanghai Construction Group Co., Ltd., held 30.26% of the shares, totaling 2,688,670,545 shares[8]

关于召开 2023 年度暨 2024 年第一季度业绩说明会的公告 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。 | 证券代码：600170 | 证券简称：上海建工 | | 公告编号：2024-027 | | --- | --- | --- | --- | | 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 | | 上海建工集团股份有限公司 （一） 会议召开时间：2024 年 5 月 10 日 上午 10:00-11:30 1 重要提示： 会议召开时间：2024 年 5 月 10 日(星期五) 上午 10:00-11:30 会议网络平台：上海证券交易所上证路演中心（网址：http://roadsho w.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 4 月 30 日（星期二） 至 5 月 9 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@scg. com ...

Investment Rating - The report maintains a rating of "Buy" for Shanghai Construction (600170) [2][3] - The target price is set at 3.13 CNY, down from the previous forecast of 3.64 CNY [2][3] Core Insights - The company's net profit is expected to grow by 15% in 2023, with significant improvement in operating cash flow [2] - The construction materials segment is experiencing relatively fast growth, while real estate development is dragging down overall performance [2] - The company is accelerating the liquidation of its real estate development business, with emerging businesses expected to continue stable growth [2] Financial Summary - In 2023, the company's revenue is projected to reach 30.46 billion CNY, with a net profit of 1.56 billion CNY [2][3] - The gross profit margin for 2023 is estimated at 8.87%, a slight decrease of 0.17 percentage points [2] - The operating cash flow for 2023 is expected to significantly improve to 21 billion CNY, compared to 9 billion CNY in the previous year [2][3] Earnings Forecast - The report forecasts an EPS of 0.19 CNY for 2023, down from the previous estimate of 0.32 CNY [2] - The EPS is projected to increase to 0.23 CNY by 2026 [2] Market Position - Shanghai Construction is one of the largest construction companies in China, involved in various construction projects, design, consulting, and equipment production [3] - The company has a total market capitalization of 21.06 billion CNY [2][3] Comparative Analysis - The report compares Shanghai Construction's PE ratio with peers, indicating a PE of 13.52 for 2023, which is lower than the industry average of 16.10 [6][7] - The average PE for comparable companies is noted to be significantly higher, suggesting potential undervaluation of Shanghai Construction [6]

Investment Rating - The report maintains a "Buy" rating for Shanghai Construction (600170.SH) [3] Core Views - The company's performance showed steady recovery with significant improvement in Q4 non-recurring profit, driven by reduced impairment provisions and the absence of non-recurring gains from asset disposals seen in the previous year [1] - The company achieved a total revenue of 304.6 billion yuan in 2023, representing a year-on-year increase of 6.5%, and a net profit attributable to shareholders of 1.56 billion yuan, up 15% year-on-year [1][2] - The report highlights the growth in emerging business areas, with a notable increase in new contracts signed in Q1 2024, indicating a potential new growth driver for the company [1] Financial Performance Summary - **Revenue and Profit**: In 2023, the company reported a revenue of 304.6 billion yuan, with a net profit of 1.56 billion yuan, and a non-recurring net profit of 1.1 billion yuan, showing a growth of 26% year-on-year [1][2] - **Quarterly Breakdown**: Q4 showed a significant recovery in non-recurring profit, with a 43% year-on-year increase, while the overall quarterly revenue showed fluctuations throughout the year [1] - **Cost and Margin**: The overall gross margin for 2023 was 8.87%, a slight decrease from the previous year, while the net profit margin improved to 0.51% [1][2] - **Cash Flow**: The company reported a net cash inflow from operating activities of 21 billion yuan, a significant increase of 120% compared to the previous year, attributed to improved project settlements [1][10] Future Projections - The report projects net profits for 2024, 2025, and 2026 to be 1.94 billion yuan, 2.21 billion yuan, and 2.45 billion yuan respectively, with expected growth rates of 25%, 14%, and 11% [1][2] - Earnings per share (EPS) are forecasted to be 0.22 yuan, 0.25 yuan, and 0.28 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 11.0, 9.7, and 8.8 [2][9]

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 房屋建设 ＃investSuggestion＃ ＃ ＃d 上yCo 海mp 建any＃工 （ 600170 ） investSug 增持 ( 维ges持tion ）Ch 600 归17 母0 净利 润同比+ 1＃ 4.tit 9le＃ %， 现 金流显著改善 ange＃ ＃ createTime1＃ 2024年 04月 23日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 上ma 海ry＃ 建 工发布2023年年报：公司2023年实现营业收入3046.28亿元，同比 司 市场数据日期 2024-04-22 增长6.50%；实现归母净利润15.58亿元，同比增长14.91%。其中，2023Q4 点 收盘价（元） 2.42 单季度实现营业收入 815.86 亿元，同比减少 19.43%；实现归母净利润 2.62 评 总股本（百万股） 8885.94 亿元，同比减少77.81%。2023年公司拟每股派息0.06元，合计派息5.33亿 报 流通股本（百万股） 8885.94 元，分红比例34%，对应目前股价股息率2.5 ...