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： 安徽建工集团股份有限公司 第八届董事会第四十二次会议决议公告 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 证券代码：600502 证 券 简 称 ：安 徽 建 工 编 号 ：2024-028 安徽建工集团股份有限公司第八届董事会第四十二次会议于 2024 年 5 月 17 日上午 在合肥市安建国际大厦公司会议室以现场结合通讯方式召开。会议应出席董事 6 人，实 际出席董事 6 人，其中董事王淑德先生以通讯方式参加。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。 （一）审议通过了《关于设立安徽建工集团投资发展有限公司的议案》。同意本公 司以所持有工程投资类项目公司股东权益作价出资60亿元（不足部分公司以现金补足）， 设立安徽建工集团投资发展有限公司(暂定名），作为公司投资业务实施平台，经授权 开展投资项目的投融资、建设、运营管理等。 具体内容详见《安徽建工关于设立安 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target market capitalization of approximately 11.2 billion yuan, representing a 29% upside potential [51][24] Core Views - The company, as a leading construction enterprise in Anhui Province, benefits from regional development红利 and is expected to see improved cash flow as PPP projects enter the operational phase [51][24] - The company's investment and operation segment is maturing, which is expected to extend the company's operational duration and improve cash flow [6][24] - Emerging businesses, such as prefabricated construction and testing services, are expected to become new growth drivers, contributing significantly to the company's profit [10][24] Financial Performance - The company's revenue for 2023 was 91.244 billion yuan, a year-on-year increase of 13.9%, with a net profit attributable to shareholders of 1.553 billion yuan, up 12.6% year-on-year [63][64] - The company's revenue CAGR for 2021-2023 was 17.0%, and its net profit CAGR was 23.9% [63] - The company's gross profit margin in 2023 was 12.44%, an increase of 0.77 percentage points year-on-year [73] Business Segments - The company's infrastructure construction and investment business generated revenue of 39.6 billion yuan in 2023, a year-on-year increase of 8.14% [64] - The company's building construction business achieved revenue of 32 billion yuan in 2023, a year-on-year increase of 27.24% [64] - Emerging businesses, including prefabricated construction and testing services, accounted for 13.6% of the company's revenue and 33.4% of its gross profit in 2023 [10] Regional Development and Opportunities - Anhui Province, as a key part of the Yangtze River Delta integration strategy, offers significant growth potential for the company [47][48] - The company's engineering revenue in Anhui Province in 2023 was approximately 60.8 billion yuan, accounting for 1.33% of the province's fixed asset investment completion [4] - The company's building construction revenue in Anhui Province accounted for 5.83% of the province's real estate development investment completion in 2023 [4] Investment and Operation Segment - The company has 56 PPP projects in hand, with 40 already in the operational phase, and a total investment of 65.9 billion yuan, of which 51.3 billion yuan has been completed [6] - The company has won 6特许经营 projects since 2022, including 4 highway projects, which are expected to extend the company's operational duration [6][9] Emerging Businesses - The company's prefabricated construction business signed new contracts worth 2.078 billion yuan in 2023, a year-on-year increase of 23.5% [12] - The company's testing business signed new contracts worth 830 million yuan in 2023, a year-on-year increase of 33.8% [12] Profit Forecast - The company's revenue is expected to grow at a CAGR of 9.4% from 2024 to 2026, with revenues of 100.6 billion yuan, 110.4 billion yuan, and 119.5 billion yuan respectively [18][20] - The company's net profit attributable to shareholders is expected to grow at a CAGR of 10.2% from 2024 to 2026, reaching 1.728 billion yuan, 1.905 billion yuan, and 2.081 billion yuan respectively [27]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][8]. Core Views - The company achieved a revenue of 13.538 billion yuan in the first quarter, a year-on-year decrease of 16.25%. The net profit attributable to shareholders was 310 million yuan, down 10.75% year-on-year, while the net profit after deducting non-recurring gains and losses was 284 million yuan, a decrease of 23.52% year-on-year [6][8]. - The decline in revenue is attributed to factors such as the timing of the Spring Festival and delayed construction starts. In Anhui Province, fixed asset investment growth in the first quarter was 6.3%, a decrease of 1.6 percentage points compared to 2023, with infrastructure investment growing by 10.3%, down 9.6 percentage points year-on-year [6][8]. - The company signed 551 new contracts in 2023, with a total contract value of 151.07 billion yuan, representing a year-on-year increase of 13.81%. In the first quarter, new engineering contracts totaled 38.979 billion yuan, up 1.37% year-on-year. The order structure continues to optimize, with infrastructure business accounting for 66.97% [7][8]. - The company is expected to benefit from policies related to water conservancy and state-owned enterprise reforms, with projected net profits for 2024-2026 being 1.747 billion, 2.065 billion, and 2.356 billion yuan, respectively, corresponding to PE ratios of 4.66, 3.94, and 3.45 [8]. Summary by Sections Financial Performance - In the first quarter, the comprehensive gross profit margin was 12.98%, an increase of 2.14 percentage points year-on-year. The expense ratio rose significantly, with the total expense ratio at 9.47%, up 2.34 percentage points year-on-year [14]. - The operating cash flow showed a net outflow of 3.201 billion yuan, which is an increase in outflow of 1.636 billion yuan year-on-year, with a collection ratio of 156.41%, up 11.60 percentage points year-on-year [15]. Order Growth and Structure - The company experienced a double-digit growth in orders in 2023, with a significant increase in water conservancy orders, which saw a year-on-year growth of 888.05%. The proportion of industrial park projects in housing orders was 48.77%, while projects like schools and hospitals accounted for 51.23% [7][8]. Future Outlook - The company is well-positioned to benefit from the implementation of government policies aimed at stabilizing growth and increasing investment in water conservancy. The anticipated net profit growth reflects a positive outlook for the company's performance in the coming years [8].

安徽建工集团股份有限公司 2023 年年度股东大会会议资料 2024 年 5 月 17 日 安徽建工集团股份有限公司 2023 年年度股东大会会议资料 目 录 | 2023 年年度股东大会会议议程 | | I | | --- | --- | --- | | 2023 年年度股东大会注意事项 | | II | | 议案一、《2023 | 年年度报告》全文及摘要 | 1 | | 议案二、2023 | 年度董事会工作报告 | 2 | | 议案三、2023 | 年度监事会工作报告 | 10 | | 议案四、2023 | 年度公司财务决算及2024 年度财务预算报告 | 14 | | 议案五、2023 | 年度利润分配及资本公积金转增股本方案 | 17 | | 议案六、2023 | 年度独立董事述职报告 | 19 | | 议案七、关于2024 | 年度投资计划额度的议案 | 44 | | 议案八、关于2024 | 年度综合授信额度的议案 | 45 | | 议案九、关于2024 | 年度为子公司提供担保额度的议案 | 46 | | 议案十、关于预计2024 | 年度日常关联交易的议案 | 55 | | 议案十一、关于修订 ...

证券代码： 600502 证 券 简 称 ： 安 徽 建 工 编号： 2024-026 安徽建工集团股份有限公司 关于项目中标的公告 项目概况：该项目位于合肥市经开区，项目建设内容包括研发及展示中心、停车楼、 测试车间、地下车库、固废站、门卫、室外道排等。 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，本公司及本公司所属子公司安徽建工三建集团有限公司、安徽省公路桥梁工 程有限公司收到项目中标通知书。具体情况公告如下： 一、合肥经开区临湖智能制造产业园及基础设施配套项目施工总承包 中标人：安徽建工集团股份有限公司（牵头人）与安徽建工三建集团有限公司联合 体 项目概况：该项目位于合肥市经开区，项目建设内容包括生产车间、站房、库房、 技术中心、食堂、职工停车楼、安保中心、在线监测室、主门卫、大门、桥梁、室外附 属工程。 中标价：29.09 亿元 工期：480 日历天 二、合肥经开区云海路产业园及基础设施配套项目施工总承包 中标人：安徽建工三建集团有限公司 中标价：10.95 亿元 工期：1100 日历天 三、G105 龙南里 ...

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 ...