公司报告 | 季报点评 财政刺激预期下，关注四季度基本面向上弹性 事件： 公司 24Q1-3 实现营业收入 539.63 亿元，同比-9.96%，实现归母净利润 9.62 亿元，同比-9.55%，扣非归母净利润 8.6 亿元，同比-21.86%，其中 Q3 单 季度实现营收 205.02 亿元，同比-8.71%，实现归母净利润 3.49 亿元，同比 -14.42%，扣非归母净利润 2.91 亿元，同比-25.68%。 盈利能力有所下滑，现金流显著承压 24Q3 公司单季度毛利率为 11.37%，同比-0.32pct，前三季度累计毛利率为 12.2%，同比+0.62pct。24Q1-3 公司期间费用率为 8.46%，同比+1.05pct， 其中销售、管理、研发、财务费用率同比分别+0.06、+0.47、+0.3、+0.22pct。 24Q1-3 公司合计计提了 3.01 亿元的资产及信用减值损失，同比少损失 0.05 亿元，综合影响下 24Q1-3 净利率为 2.42%，同比基本持平。现金流方面， 24Q1-3 公司 CFO 净额为-52.55 亿元，同比转负，多流出 53.67 亿元，Q3 单季度现金净流出 ...

很高兴能够主持安徽建功三级报电话会议那么这次我们也很荣幸请到了公司董秘兼财务总监刘强总和证监部部长许立总然后再线与大家互动交流那么并对未来做些展望那么本次会议呢主要由公司对三级报的情况做总结汇报那么同时呢我们也会留足够的时间与投资互动问答那么先有请许总 各位投资者好我是刘强非常感谢第一时间招待电话会议 让我们更好地进行交流总体来看的话从数据来看的话就是三级作战应该说随着中央对抗政策的逻辑啊包括也是地方经济的发展的要求吧应该说我们的政治指标啊应该说特别是营收这一块有所受限 也是在向全员联络的任务在冲击具体的情况我们会再交流请我们证券部史部长把前三支的情况跟各位科室聊几个报告一下 各位投资者大家晚上好我们今天晚上发布了公司的三季度报告我想汇报的情况有如下几点首先总体的情况我们前三季度累计实现营业收入539.63同比下降了9.96实现的规模均利润是9.62亿元同比下降的是9.55 主要的原因还是我们受宏观环境经济的影响我们在手的合同额没有能够有效转化为新开工的项目另外一些在建的项目我们出于主动控风险的考虑对于一些项目进行了阶段性的停工这样导致我们上半年营收和规模经济利润有所下滑但总体还控制在10%以内 提出就是我们 ...

安徽建工(600502) / 基础建设 / 公司点评 / 2024.10.26 收入确认继续放缓，经营现金流同比承压 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-25 | | 收盘价 ( 元 ) | 4.90 | | 流通股本 ( 亿股 ) | 17.17 | | 每股净资产 ( 元 ) | 6.07 | | 总股本 ( 亿股 ) | 17.17 | | 最近 12 月市场表现 | | -22% -13% -5% 4% 13% 21% 安徽建工 沪深300 上证指数 基础建设 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 相关报告 1. 《工程毛利率提升，经营现金流同比 改善》 2024-03-30 2. 《收入稳健增长，毛利率同比改善》 2023-10-31 证券研究报告 ❖ 事件：公司公告 2024Q1-3 实现营收 539.63 亿元同降 9.96%；归母净利润 9.62 亿元同降 9.55%；实现扣非归母净利润 8.6 亿元 ...

Financial Performance - Revenue for the third quarter was RMB 20.50 billion, a decrease of 8.71% year-over-year[2] - Net profit attributable to shareholders was RMB 349.10 million, down 14.42% compared to the same period last year[2] - Basic earnings per share (EPS) for the quarter was RMB 0.20, a decrease of 16.67% year-over-year[3] - Weighted average return on equity (ROE) decreased by 0.7 percentage points to 2.45%[3] - Total operating revenue for the first three quarters of 2024 was RMB 53.96 billion, a decrease of 9.96% compared to RMB 59.93 billion in the same period of 2023[15] - Net profit attributable to the parent company's shareholders was RMB 962.04 million, a decrease of 9.55% compared to RMB 1.06 billion in the same period of 2023[17] - Comprehensive income for the first three quarters of 2024 reached 1,319,538,405.61 yuan, a decrease from 1,432,276,942.39 yuan in the same period last year[18] Assets and Liabilities - Total assets increased by 4.99% to RMB 179.63 billion compared to the end of the previous year[3] - Equity attributable to shareholders rose by 11.71% to RMB 13.93 billion[3] - Total assets increased to 179.628 billion yuan as of September 30, 2024, from 171.084 billion yuan at the end of 2023[12] - Total liabilities increased to RMB 154.32 billion, up 4.94% from RMB 147.05 billion at the end of 2023[13] - Long-term borrowings increased by 14.74% to RMB 40.83 billion compared to RMB 35.59 billion at the end of 2023[13] - Contract liabilities increased by 15.45% to RMB 13.77 billion from RMB 11.92 billion at the end of 2023[13] - Total equity attributable to the parent company's shareholders increased by 11.71% to RMB 13.93 billion from RMB 12.47 billion at the end of 2023[14] Cash Flow - Cash flow from operating activities was negative RMB 5.26 billion year-to-date, primarily due to increased outflows from construction and PPP projects[5] - Net cash flow from operating activities for the first three quarters of 2024 was -5,255,248,547.38 yuan, compared to 111,860,642.48 yuan in the same period last year[19] - Net cash flow from investing activities for the first three quarters of 2024 was -4,390,001,219.37 yuan, compared to -2,587,932,751.69 yuan in the same period last year[19] - Net cash flow from financing activities for the first three quarters of 2024 was 7,299,338,529.09 yuan, an increase from 2,468,864,465.25 yuan in the same period last year[20] - Cash received from sales of goods and services for the first three quarters of 2024 was 51,153,816,120.79 yuan, a decrease from 63,800,440,184.41 yuan in the same period last year[18] - Cash paid for goods and services for the first three quarters of 2024 was 48,492,602,016.42 yuan, a decrease from 57,541,391,446.72 yuan in the same period last year[19] - Cash paid to employees for the first three quarters of 2024 was 3,239,592,906.27 yuan, an increase from 2,842,325,519.60 yuan in the same period last year[19] - Cash received from tax refunds for the first three quarters of 2024 was 79,943,294.06 yuan, an increase from 32,797,625.33 yuan in the same period last year[19] - Cash received from investments for the first three quarters of 2024 was 13,242,478.49 yuan, a decrease from 22,686,145.40 yuan in the same period last year[19] - Cash received from financing activities for the first three quarters of 2024 was 23,745,825,252.49 yuan, an increase from 21,888,944,176.52 yuan in the same period last year[20] Business Operations - The company achieved a total new engineering contract value of 31.475 billion yuan in Q3 2024, a year-on-year increase of 17.85%, with a cumulative new contract value of 103.762 billion yuan for the first three quarters, up 2.21% year-on-year[10] - Infrastructure business accounted for 71.84% of the total new contracts in the first three quarters, with water conservancy engineering new contracts growing by 333.41% year-on-year[10] - Emerging business orders grew rapidly, with design and testing business new contracts reaching 1.381 billion yuan, up 37.89% year-on-year, and intelligent manufacturing business new contracts reaching 2.33 billion yuan, up 255.83% year-on-year[10] - Building industrialization business new contracts reached 890 million yuan, up 0.20% year-on-year, and building materials trading business new contracts reached 67.946 billion yuan, up 157.51% year-on-year[10] Shareholder Information - The company's largest shareholder, Anhui Construction Engineering Group Holding Co., Ltd., holds 32.14% of the shares[6] - The number of ordinary shareholders at the end of the reporting period was 69,545[6] Other Financial Metrics - Non-recurring gains and losses amounted to RMB 58.36 million for the quarter[4] - The company's monetary funds stood at 13.417 billion yuan as of September 30, 2024, compared to 16.025 billion yuan at the end of 2023[11] - Accounts receivable increased to 48.825 billion yuan as of September 30, 2024, from 48.094 billion yuan at the end of 2023[11] - Prepayments increased to 1.915 billion yuan as of September 30, 2024, from 1.236 billion yuan at the end of 2023[12] - Other receivables increased to 6.257 billion yuan as of September 30, 2024, from 4.585 billion yuan at the end of 2023[12] - Inventory decreased to 14.850 billion yuan as of September 30, 2024, from 15.810 billion yuan at the end of 2023[12] - R&D expenses increased by 3.18% to RMB 1.29 billion compared to RMB 1.25 billion in the same period of 2023[15] - Interest expenses increased by 2.74% to RMB 1.63 billion compared to RMB 1.58 billion in the same period of 2023[17] - Credit impairment losses increased by 23.26% to RMB 307.27 million compared to RMB 249.30 million in the same period of 2023[17] - Other comprehensive income improved to a gain of RMB 15.91 million, compared to a loss of RMB 14.31 million in the same period of 2023[17]

证券代码：600502 证券简称：安徽建工 安徽建工投资者关系活动记录表 | --- | --- | --- | --- | |-----------------------|------------------------------|-------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | ☑ | 特定对象调研 分析师会议 □电话会议 ☑ | | | 投资者关 ...

证券代码：600502 证券简称：安徽建工 安徽建工投资者关系活动记录表 | --- | --- | --- | --- | |------------|-------------------------------------------|--------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | ☑ | 特定对象调研 分析师会议 电话会议 ☑ ☑ | | | 投资者关系 | □ | 业绩说明会 □媒体采访 □现场参观 | | | 活动类别 | □ | 新闻发布会 □路演活动 □其他 | | | 时间 | 2024 年 8 月 1 ...

公司报告 | 半年报点评 新业务整合持续发力，关注中长期投资价值 上半年业绩小幅承压，关注中长期投资价值 公司发布 24 年半年报，24H1 实现营业收入 334.61 亿元，同比-10.7%，实 现归母净利润 6.13 亿元，同比-6.52%。业绩小幅承压，主要系项目建设用 地征迁、雨水天气较多、业主资金状况等因素影响施工项目预期进度，以 及房地产交付减少等所致。单季度来看，24Q2 单季度收入、归母净利润分 别为 199.24、3.03 亿元，同比分别-6.49%、-1.75%，二季度降幅已有收窄 趋势。当前公司估值处于历史相对低位，截至 8 月 29 日收盘，PE、PB 分 别位于近五年以来的 0.58%、0.16%历史分位，股息率（TTM）为 6.36%， 建议关注中长期投资价值。 传统主业经营稳健，新业务整合持续发力 1）建筑业务：24H1 公司房建、基建业务分别实现营收 112、137 亿元，同 比分别-5.83%、-14.52%，分别新签房建、基建订单 194、529 亿元，同比 分别-9.63%、-0.87%。其中水利工程新签订单 78.6 亿元，同比高增 550%。 2）地产开发：24H1 ...

2024 年半年度报告 公司代码：600502 公司简称：安徽建工 安徽建工集团股份有限公司 2024 年半年度报告 1 / 240 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人李有贵、主管会计工作负责人徐亮及会计机构负责人（会计主管人员）刘强声明： 保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中关于本公司未来计划、发展战略等前瞻性描述，不构成公司对投资者的实质承诺， 请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 报告期内，公司未发现存在对未来发展战略、持续经营 ...

单位：人民币万元 1 证券代码： 600502 证 券 简 称 ： 安 徽 建 工 编号： 2024-042 安徽建工集团股份有限公司 2024 年半年度业绩快报公告 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。 本公告所载2024年半年度主要财务数据为初步核算数据，未经会计师事务所审计， 具体数据以公司2024年半年度报告中披露的数据为准，提请投资者注意投资风险。 | --- | --- | --- | --- | |-----------------------------------------------|-----------------------|---------------|-------------------------| | 项目 | 本报告期 上年同期 | | 增减变动幅 度（％） | | 营业总收入 | 3,346,126.50 | 3,747,255.35 | -10.70 | | 营业利润 | 108,150.05 | 120,112.84 | -9.96 | | 利润总额 | 110,587 ...

证券代码：600502 证券简称：安徽建工 安徽建工集团股份有限公司 投资者关系活动记录表 ☑特定对象调研 ☑分析师会议 □电话会议 投资者关系 □业绩说明会 □媒体采访 □现场参观 活动类别 □新闻发布会 □路演活动 □其他 时间 2024年5月8日至2024年5月31日 地点 安徽省合肥市蜀山区黄山路459号安建国际大厦 中信证券：李家明、周光裕 中信建投：竺劲、曹恒宇 兴业证券：郁晾、李明 参与单位名称 长城证券：王龙 天风证券：任嘉禹、王悦宜 及人员 国泰基金：邓时锋 中信保诚基金：姚思洲 上市公司接待 董事会秘书、财务总监 徐亮 证券事务部部长 许丽 ...