Investment Rating - The report maintains a "Buy - A" rating for the company with a target price of 6.99 CNY, corresponding to a dynamic PE of 7 times for 2024 [17][6][15]. Core Views - The company's revenue performance is under short-term pressure but is expected to maintain steady growth for the year. In Q1 2024, the company achieved operating revenue of 13.538 billion CNY, a year-on-year decrease of 16.25%, and a net profit attributable to shareholders of 310 million CNY, down 10.75% year-on-year. The decline is attributed to increased rain and snow, insufficient resumption of work after the Spring Festival, and delays in project commencement [1][15]. - The company continues to optimize its order structure, with significant potential in emerging businesses. In Q1 2024, the company signed new engineering contracts totaling 38.979 billion CNY, a year-on-year increase of 1.37%. The infrastructure and construction sectors accounted for 66.97% and 33.03% of total orders, respectively [2][15]. - The company is focusing on high-quality orders in its construction business, with water conservancy engineering contracts showing remarkable performance, achieving a new contract amount of 6.037 billion CNY, a year-on-year increase of 888.05% [2][15]. Financial Performance Summary - The company forecasts operating revenues of 98.868 billion CNY, 106.392 billion CNY, and 113.031 billion CNY for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 8.36%, 7.61%, and 6.24% [6][7]. - Net profits are projected to be 1.713 billion CNY, 1.862 billion CNY, and 1.993 billion CNY for the same years, with growth rates of 10.30%, 8.67%, and 7.04% [6][7]. - The company's cash flow is expected to improve, with a focus on the development of prefabricated construction and significant progress in the integration of its testing business [6][15]. Key Financial Metrics - In Q1 2024, the company's overall gross margin and net margin were 12.98% and 2.93%, respectively, reflecting improvements of 2.14 and 0.23 percentage points year-on-year [16]. - The company reported a net cash flow from operating activities of -3.201 billion CNY, indicating an increase in net outflow compared to the same period in 2023 [16]. - As of March 31, 2024, the company's asset-liability ratio was 85.74%, a slight increase of 1.26 percentage points year-on-year [16].

广发证券（香港）经纪有限公司具备香港证监会批复的就证券提供意见（4 号牌照）的牌照，接受香港证监会监管，负责本报告于中国香 港地区的分销。 [Table_PageText] 安徽建工|季报点评 本报告所载资料的来源及观点的出处皆被广发证券认为可靠，但广发证券不对其准确性、完整性做出任何保证。报告内容仅供参考，报告 中的信息或所表达观点不构成所涉证券买卖的出价或询价。广发证券不对因使用本报告的内容而引致的损失承担任何责任，除非法律法规 有明确规定。客户不应以本报告取代其独立判断或仅根据本报告做出决策，如有需要，应先咨询专业意见。 广发证券可发出其它与本报告所载信息不一致及有不同结论的报告。本报告反映研究人员的不同观点、见解及分析方法，并不代表广发证 券的立场。广发证券的销售人员、交易员或其他专业人士可能以书面或口头形式，向其客户或自营交易部门提供与本报告观点相反的市场 评论或交易策略，广发证券的自营交易部门亦可能会有与本报告观点不一致，甚至相反的投资策略。报告所载资料、意见及推测仅反映研 究人员于发出本报告当日的判断，可随时更改且无需另行通告。广发证券或其证券研究报告业务的相关董事、高级职员、分析师和员工可 能 ...

证券代码： 600502 证 券 简 称 ： 安 徽 建 工 编 号 ： 2024-021 杨广亮先生在任职期间，恪尽职守、勤勉尽责，为公司规范运作、高质量发展 作出积极贡献。董事会对杨广亮先生任职期间作出的贡献表示衷心的感谢！ 特此公告。 安徽建工集团股份有限公司董事会 2024 年 4 月 26 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。 安徽建工集团股份有限公司（以下简称"公司"）董事会于近日收到董事杨广 亮先生的书面辞职报告，杨广亮先生因到龄退休，申请辞去公司董事、董事会审计 委员会委员。辞职后杨广亮先生将不再担任公司任何职务。 根据《公司法》等法律法规和《公司章程》规定，杨广亮先生辞去公司董事职 务，未导致公司董事会成员人数低于法定最低人数，其辞职自辞职报告送达公司董 事会时生效。 安徽建工集团股份有限公司 关于董事辞职的公告 ...

证券代码：600502 证券简称：安徽建工 公告编号：2024-023 安徽建工集团股份有限公司董事会 关于召开 2023 年年度股东大会的通知 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、 召开会议的基本情况 (一) 股东大会类型和届次 2023 年年度股东大会 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 5 月 17 日 10 点 00 分 召开地点：合肥市黄山路 459 号安建国际大厦公司会议室 (五) 网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 5 月 17 日 至 2024 年 5 月 17 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的 ...

证券代码：600502 证 券 简 称 ：安 徽 建 工 编 号 ：2024-022 （二）审议通过了《关于公司 2024 年度"提质增效重回报"行动方案的议案》， 具体内容详见上海证券交易所网站 http://www.sse.com.cn。 安徽建工集团股份有限公司 第八届董事会第四十一次会议决议公告 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。 一、董事会会议召开情况 安徽建工集团股份有限公司第八届董事会第四十一次会议于 2024 年 4 月 25 日上午 在合肥市安建国际大厦公司会议室以现场方式召开。会议应出席董事 6 人，实际出席董 事 6 人。公司全体监事和部分高管列席了会议。会议由公司董事长杨善斌先生主持。本 次会议的召开符合《公司法》和《公司章程》的规定。 二、董事会会议审议情况 经与会董事书面表决，会议形成如下决议： （一）审议通过了《2024 年第一季度报告》。 该报告已经公司董事会审计委员会事前审议通过。 表决结果：6 票同意，0 票反对，0 票弃权，本项议案获得表决通过。 表决结果：6 票同意，0 票反 ...

安徽建工集团股份有限公司 2024 年度 "提质增效重回报"行动方案 为深入贯彻党的二十大和中央金融工作会议精神，落实 国务院《关于进一步提高上市公司质量的意见》要求，积极 响应上海证券交易所《关于开展沪市上市公司"提质增效重 回报"专项行动的倡议》，践行以投资者为本的理念，推动 公司高质量发展和投资价值提升，保护投资者尤其是中小投 资者合法权益，结合实际，安徽建工集团股份有限公司制定 了 2024 年度"提质增效重回报"行动方案。具体如下： 一、围绕主责主业，推进转型发展和高质量发展 安徽建工是安徽省属国有控股上市公司，近年来，公司 加快培育和发展新质生产力，围绕主责主业形成了"建筑施 工板块，投资业务板块，规划设计、工程检测及建筑技术服 务板块，建材商贸板块，建筑工业化板块，房地产板块，建 筑装备制造板块，新能源板块，社会服务业板块"等涵盖建 筑业全产业链的业务格局。 2024 年，公司将坚持稳中求进、以进促稳、先立后破， 完整准确全面贯彻新发展理念，围绕增强核心功能，提升核 心竞争力，抓改革、拓市场、强管理、增效益、防风险、育 人才，着力实现质的有效提升和量的合理增长，奋力推进安 徽建工转型发展、高质量 ...

| | 2024 | | 年第一季度 | | 2024 | | 年累计 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 新签合同 | | | 同比增长 | 新签合同 | | | 同比增长 | | | 数量 | 金额 | 数量 | 金额 | 数量 | 金额 | 数量 | 金额 | | | (个) | （亿元） | (%) | (%) | (个) | （亿元） | (%) | (%) | | 基建工程 | 69 | 261.04 | -22.47 | -0.91 | 69 | 261.04 | -22.47 | -0.91 | | 其中：公路桥梁 | 12 | 56.88 | -47.83 | -46.28 | 12 | 56.88 | -47.83 | -46.28 | | 市政工程 | 40 | 143.14 | -18.37 | -3.05 | 40 | 143.14 | -18.37 | -3.05 | | 水利工程 | 15 | 60.37 | 50.00 | 888.05 | 15 | 60.37 | 50.00 | 88 ...

Financial Performance - The net profit for the first quarter of 2024 was CNY 397.04 million, a decrease from CNY 437.19 million in the same period of 2023, reflecting a decline of approximately 9.5%[10] - The total profit for the first quarter of 2024 was CNY 504.90 million, down from CNY 555.82 million year-over-year, indicating a decrease of about 9.2%[10] - The company reported a total comprehensive income of CNY 397.83 million for the first quarter of 2024, compared to CNY 424.57 million in the previous year[10] - Net profit attributable to shareholders was CNY 310.22 million, down 10.75% compared to the same period last year[14] - The net profit excluding non-recurring gains and losses was CNY 284.41 million, reflecting a decline of 23.52% year-over-year[14] - The company achieved a weighted average return on equity of 2.46%, a decrease of 0.15 percentage points[14] - The comprehensive income attributable to the parent company was CNY 311,001,472.21, down from CNY 334,978,948.11 in Q1 2023[56] - Basic earnings per share decreased to CNY 0.18 from CNY 0.20 year-over-year[56] Revenue and Costs - The company reported a revenue of CNY 13.54 billion, a decrease of 16.25% year-over-year[14] - The total operating revenue for Q1 2024 was ¥13,537,737,170.98, a decrease of 16.5% compared to ¥16,165,293,896.12 in Q1 2023[45] - The total operating costs for Q1 2024 were ¥13,146,562,724.47, down from ¥15,641,397,180.89 in Q1 2023, reflecting a reduction of 15.9%[45] Cash Flow - The net cash flow from operating activities was significantly impacted by higher payments during the Spring Festival and the lack of measurable returns from post-holiday construction efforts[1] - Cash flow from operating activities was negative at CNY -3.20 billion, indicating a significant cash outflow[14] - In Q1 2024, the total cash inflow from operating activities was CNY 21,461,170,062.94, a decrease of 14.4% from CNY 25,045,753,863.49 in Q1 2023[47] - The net cash outflow from operating activities was CNY -3,201,152,358.94, compared to CNY -1,564,695,564.96 in the same period last year[47] - The cash paid for operating activities was CNY 24,662,322,421.88, down from CNY 26,610,449,428.45 in the previous year[47] - The cash and cash equivalents decreased from CNY 16.03 billion at the end of 2022 to CNY 13.15 billion as of March 31, 2024[7] - The cash and cash equivalents at the end of the period were CNY 11.25 billion, down from CNY 12.71 billion at the end of the previous period[22] - The cash received from other operating activities was CNY 277,705,148.01, significantly lower than CNY 1,636,572,178.84 in Q1 2023[47] Assets and Liabilities - The company's total current assets decreased from CNY 115.35 billion at the end of 2022 to CNY 109.92 billion as of March 31, 2024[7] - The total assets at the end of the reporting period were CNY 167.74 billion, down 1.95% from the previous year[14] - The total assets amounted to CNY 167,741,477,987.66, a decrease from CNY 171,083,595,695.07 year-over-year[53] - The company's total liabilities increased, with short-term borrowings rising to CNY 14,043,200,930.14 from CNY 12,946,688,967.23[53] - The total non-current assets reached CNY 57,820,923,467.85, an increase from CNY 55,730,156,404.28 year-over-year[53] Shareholder Information - The total number of common shareholders at the end of the reporting period was 73,678[1] - The largest shareholder, Anhui Construction Group Holdings Co., Ltd., holds 551,638,784 shares, representing a significant portion of the company's equity[3] - The equity attributable to shareholders increased to ¥12,733,975,082.60, up 2.14% from ¥12,467,649,769.79 in the previous period[32] - The company did not report any significant changes in major shareholders or their holdings during the quarter[40] Strategic Focus - The company aims to deepen reforms and optimize mechanisms to mitigate operational risks and achieve annual targets[5] - The company plans to focus on market expansion, project management, and risk prevention in the second quarter of 2024[16] - The company has not disclosed any new product developments or market expansion strategies in the current report[1] - The company has not indicated any new product launches or major market expansions in the current quarter[45] - The company is focusing on maintaining government subsidies that are closely related to its normal business operations, which have a sustained impact on its profits[30] Engineering Contracts - The company signed new engineering contracts totaling CNY 38.98 billion, an increase of 1.37% year-over-year, with infrastructure business accounting for 66.97%[16] Expenses - Research and development expenses for Q1 2024 were ¥166,153,938.92, a decrease from ¥197,171,816.48 in Q1 2023, indicating a reduction of approximately 15.7%[45] - The company reported an increase in financial expenses, totaling ¥484,177,817.68 in Q1 2024, compared to ¥402,255,980.35 in Q1 2023, marking an increase of about 20.4%[45]

证券代码：600502 证券简称：安徽建工 编号：2024-025 安徽建工集团股份有限公司 关于公司及子公司涉及诉讼、仲裁的公告 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。 重要内容提示： 案件所处的诉讼阶段：2 起案件，均在审理中。 是否会对上市公司损益产生负面影响：暂无法确定对公司本期利润或期 后利润的影响金额。 1 上市公司所处的当事人地位：2 起均为原告 涉案的金额：合计 1.61 亿元 二、前期已披露案件最新进展情况 | 序号 | 原告 | 被告 | 起诉/申请 | | 涉案金额 受理法院/仲 | 进展情况 | | --- | --- | --- | --- | --- | --- | --- | | | （申请人） | （被申请人） | 日期 | 案由 | （万元） 裁委 | | | | | 淮南云创置业有 | | | | 一审判决被告淮南云创置 业有限公司支付工程款 | | | | 限公司、安徽万 | | | | | | | 安徽建工三建 | 创控股集团有限 | | 建设工程施 | | 6,803.33 万 ...

证券代码：600502 证券简称：安 徽 建 工 编 号 ：2024-020 特此公告。 安徽建工集团股份有限公司董事会 安徽建工集团股份有限公司（以下简称"公司"）于近日收到中国证券监督管 理委员会《关于同意安徽建工集团股份有限公司向专业投资者公开发行公司债券注 册的批复》（证监许可〔2024〕577 号）和《关于同意安徽建工集团股份有限公司 向专业投资者公开发行可续期公司债券注册的批复》（证监许可〔2024〕529 号）， 批复主要内容如下： 一、同意公司向专业投资者公开发行面值总额不超过 40 亿元公司债券和 20 亿 元可续期公司债券的注册申请。 二、本次发行公司债券、可续期公司债券应严格按照报送上海证券交易所的募 集说明书进行。 三、上述批复自同意注册之日起 24 个月内有效，公司在注册有效期内可以分 期发行公司债券、可续期公司债券。 四、自同意注册之日起至本次公司债券、可续期公司债券发行结束前，公司如 发生重大事项，应及时报告并按有关规定处理。 公司将按照有关法律法规和上述批复文件的要求，在公司股东大会的授权范围 内办理本次发行公司债券、可续期公司债券的相关事宜，并及时履行信息披露义务。 安徽建工 ...