Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Viewpoints - The company has completed its spin-off listing, becoming the largest design consulting company by market value in A-shares. It is expected to further integrate resources and acquire quality design targets domestically and internationally [3][4]. - The company is positioned as a leading enterprise in the comprehensive design sector, with a focus on emerging fields and overseas expansion, which opens up growth opportunities [3][4]. Summary by Relevant Sections Company Overview - The company completed its spin-off listing on December 1, 2023, and achieved a revenue of 13.511 billion yuan in 2023, a year-on-year increase of 2.16%, with a net profit of 1.766 billion yuan, up 4.18% year-on-year [3][4]. Major Transportation Sector - Infrastructure investment (excluding electricity) is expected to grow by 5.4% year-on-year in the first half of 2024, with transportation, warehousing, and postal investment increasing by 6.6% [3][4]. - The company, as a ministry-level design institute, can overcome regional limitations in the surveying and design industry, achieving a nationwide layout and becoming an industry leader [3][4]. Emerging Fields - The company is actively developing low-altitude economy and vehicle-road-cloud integration businesses. The low-altitude economy is highlighted as a new growth engine in the 2024 government work report [4]. - The vehicle-road-cloud integration sector has seen continuous policy and project catalysts, with significant contracts awarded for smart public transport infrastructure [4]. Urban Infrastructure - Municipal investment has shown steady growth, with the company’s three municipal institutes maintaining strong reputations. In 2022, fixed asset investment in urban municipal facilities reached 2.23 trillion yuan, with a slight decline of 4.54% year-on-year [4][5]. - The company’s subsidiaries, Southwest Institute and Northeast Institute, are among the top eight municipal institutes in the country, known for their strong industry reputation [4][5]. Overseas Expansion - The company has extensive overseas experience and is expected to accelerate its international business through acquisitions. In 2023, the parent company, China Communications Construction Company, achieved an overseas business share of 15.3% [4][5]. - The company has undertaken projects in multiple countries and is familiar with various international standards and regulations, enhancing its competitive edge in overseas markets [4][5].

[Table_Title] 中交设计（600720.SH） 设计咨询国家队，科技出海并购三轮驱动成长 [Table_Summary] 核心观点： ⚫ "两路"精神发源地，设计咨询国家队。公司实控人为国务院国资委， 23M11，完成重大资产重组，置入公规院、一公院、二公院、西南院、 东北院和能源院。公司盈利能力稳步提升，2020-2023 年，归母净利率 /毛利率分别由 10.5%/22.1%增至 13.1%/27.1%。 ⚫ 承接交通、住建两部院基因，聚焦"大交通、大城市"战略。大交通： 公司跨海通道、高寒高海拔公路等领域设计能力突出；积极布局检测/ 监测业务， 2023 年参与桥隧国检及多省省检项目。2023 年公规院/一 公院/二公院扣非净利分别为 5.5/4.5/5.4 亿元，合计占公司总扣非净利 87%；大城市：给排水工程、生态环境、城市能源等业务行业领先。 2023 年西南院/东北院/能源院扣非净利同比+30.5%/+1.8%/+56%。 ⚫ 科技、出海、并购三轮驱动，业务高成长可期。科技：①数字化：开发 OSIS、纬地 CAD 等设计软件和数字化平台，助力提质增效。②车路 云：公司参与雄安、天津等 ...

2024 年 8 月 8 日 公司研究 以"低空经济"及"车路云一体化"为引擎内拓增量，背靠大股东外展海外市场 ——中交设计（600720.SH）动态跟踪报告 买入（维持） 当前价：9.01 元 作者 分析师：孙伟风 执业证书编号：S0930516110003 021-52523822 sunwf@ebscn.com 分析师：吴钰洁 执业证书编号：S0930523100001 021-52523879 wuyujie@ebscn.com 股价相对走势 市场数据 | --- | --- | |---------------------|------------| | 总股本(亿股) | 20.62 | | 总市值(亿元)： | 185.76 | | 一年最低/最高(元)： | 7.59/12.01 | | 近 3 月换手率： | 32.66% | -29% -20% -10% 0% 10% 08/23 11/23 02/24 05/24 中交设计 沪深300 收益表现 | --- | --- | --- | --- | |-------|-------|--------|--------| | % | 1M | ...

| 1、出席会议的股东和代理人人数 | 265 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,450,470,297 | | 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份总数的 | | | 比例（%） | 70.3528 | （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。 本次股东大会以现场记名投票与网络投票相结合的方式审议有关提案。会议 由公司董事会召集，公司董事长崔玉萍女士主持。会议的召开符合《公司法》和 《公司章程》的有关规定。 本次会议是否有否决议案：无 一、 会议召开和出席情况 证券代码：600720 证券简称：中交设计 公告编号：2024-043 中交设计咨询集团股份有限公司 2024 年第二次临时股东大会决议公告 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。 重要内容提示： （一） 股东大会召开的时间：2024 年 7 月 22 日 （二） 股东大会召开的地点：北京市朝阳区安定路 5 号恒毅大厦 5 楼 （三） 出席会议的普通股股 ...

北京观韬中茂律师事务所 股东大会法律意见书 观韬中茂律师事务所 Guantao Law Firm No.5 Finance Street, Xicheng Tel：86 10 66578066 Fax：86 10 66578016 District, Beijing 100032, China E-mail：guantao@guantao.com http：// www.guantao.com 中国北京市西城区金融大街 5 号新盛大 厦 B 座 19 层 邮编：100032 19/F, Tower B, Xinsheng Plaza, 北京观韬中茂律师事务所 关于中交设计咨询集团股份有限公司 2024 年第二次临时股东大会的法律意见书 观意字〔2024〕第 002917 号 致：中交设计咨询集团股份有限公司 北京观韬中茂律师事务所（以下简称"本所"）受中交设计咨询集团股份有 限公司（以下简称"公司"）之委托，指派律师出席公司 2024 年第二次临时股 东大会（以下简称"本次股东大会"），并依据《中华人民共和国公司法》《中 华人民共和国证券法》等相关法律、行政法规、《上市公司股东大会规则》（以 下简称"《股东大 ...

Investment Rating - The report gives a "Buy" rating for the company, marking the first coverage of this stock [1]. Core Views - The company is the first central enterprise design asset to be listed through a restructuring and spin-off, achieving a transformation through the integration of design platforms [1]. - The company is a leading player in infrastructure design, with steady improvements in operational performance and development quality [1]. - The low-altitude economy opens up growth opportunities, with significant investments expected in general airport design, benefiting construction design enterprises [1]. - The company is positioned to capitalize on overseas business growth driven by the "Belt and Road" initiative, with a notable increase in international project involvement [1]. Summary by Sections Section 1: Restructuring and Spin-off - The company underwent a restructuring involving the spin-off of several design institutes, enhancing its market position and competitive edge [1][11]. - The restructuring included significant asset swaps and share purchases, with a total transaction value of approximately 235.03 billion yuan [11]. Section 2: Infrastructure Market Dynamics - The infrastructure sector is expected to continue growing, supported by government policies aimed at stabilizing growth and increasing investment [14]. - The report highlights the potential for significant market expansion in the construction design sector, driven by urbanization and infrastructure needs [19]. Section 3: Company Performance and Positioning - The company has a strong historical foundation and is backed by a powerful shareholder, which stabilizes its operational capabilities [21]. - The company’s revenue and net profit are projected to lead the industry, with a focus on maintaining high gross and net profit margins [2]. Section 4: Growth Opportunities - The low-altitude economy is projected to create substantial new investment opportunities, with estimated annual investments in general airport design ranging from 20.7 to 34.5 billion yuan [1]. - The company is actively pursuing international projects, with overseas revenue accounting for 3.24% of total revenue in 2023, indicating strong growth potential in foreign markets [1]. Section 5: Financial Projections - The company is expected to achieve net profits of 17.91 billion yuan, 20.84 billion yuan, and 24.77 billion yuan from 2024 to 2026, with corresponding PE ratios of 10.36, 8.90, and 7.49 [2].

中交设计咨询集团股份有限公司 （股票代码：600720） 2024 年第二次临时股东大会会议资料 二〇二四年七月 中交设计咨询集团股份有限公司 2024 年第二次临时股东大会资料 目 录 | 中交设计 | | 2024 年第二次临时股东大会会议议程 1 | | --- | --- | --- | | 中交设计 | | 2024 年第二次临时股东大会会议须知 2 | | 议案 | 1 | 关于审议《中交设计 2024 年度投资计划》的议案 4 | | 议案 | 2 | 关于公司参与资产证券化业务暨关联交易的议案 8 | | 议案 | 3 | 关于全资子公司参与安江高速持有型不动产资产支持专项计划暨关联交 | | 易的议案 | | 12 | 中交设计咨询集团股份有限公司 2024 年第二次临时股东大会资料 中交设计 2024 年第二次临时股东大会会议议程 重要提示： 现场会议召开时间：2024 年 7 月 22 日（星期一）下午 14:00 开 始。 网络投票时间：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 9:15-9:25,9:30-11:30，13:0 ...

Financial Performance Expectations - The company expects a net profit attributable to shareholders for the first half of 2024 to be between 620 million and 640 million yuan, representing an increase of 160.66% to 169.07% compared to the same period last year[1][2]. - The net profit after deducting non-recurring gains and losses is projected to be between 610 million and 630 million yuan, reflecting a year-on-year increase of 154.32% to 162.66%[3][4]. Factors Influencing Profit Increase - The significant profit increase is attributed to the major asset restructuring completed in November 2023, which involved divesting cement assets and acquiring 100% equity of six design institutes[4]. - The 2023 reported net profit from cement assets was 237.86 million yuan, while the expected net profit for 2024 reflects the performance of the newly acquired design institutes[4]. Shareholder Information - The company’s major shareholders, China Communications Construction Company and China Urban Construction Group, collectively hold 62.35% of the company’s shares post-restructuring[4]. Financial Reporting and Risks - The financial data provided in the earnings forecast is preliminary and has not yet been audited by registered accountants[5]. - The company has not identified any significant uncertainties that could affect the accuracy of the earnings forecast[5]. - Detailed financial metrics will be disclosed in the company's 2024 mid-year report, and investors are advised to pay attention to investment risks[5][6].

证券代码：600720 证券简称：中交设计 公告编号：2024-041 中交设计咨询集团股份有限公司 第十届董事会第七次会议决议公告 中交设计咨询集团股份有限公司（简称本公司或公司）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 2024 年 6 月 30 日，公司以书面形式发出本次董事会会议通知。2024 年 7 月 5 日，本次董事会以电子通信方式召开。本次会议应参加表决董事 9 名，实际参 加表决的董事 9 名。本次会议的召集人为董事长崔玉萍女士。本次会议召开程序 及出席董事人数符合法律法规以及《公司章程》的规定，表决结果合法有效。 二、董事会会议审议情况 （一）审议通过《关于公司参与资产证券化业务暨关联交易的议案》 表决结果：同意 5 票，反对 0 票，弃权 0 票。关联董事崔玉萍、范振宇、吴 明先、蓝玉涛已回避表决。 具体内容详见同日在上海证券交易所网站（www.sse.com.cn）上披露的《关 于公司参与资产证券化业务暨关联交易的公告》。 （二）审议通过《关于全资子公司参与安江高速持有型不动产 ...

中交设计咨询集团股份有限公司 第十届监事会第七次会议决议公告 中交设计咨询集团股份有限公司（简称本公司或公司）监事会及全体监事保 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：600720 证券简称：中交设计 公告编号：2024-037 与会监事一致认为：公司参与资产证券化业务符合公司正常经营所需，交易 价格系按市场方式确定，定价公允合理，不影响公司的独立性，不会侵害中小股 东的利益，符合中国证监会和上海证券交易所的有关规定。 一、监事会会议召开情况 本议案尚需提交股东大会审议。 2024 年 6 月 30 日，公司以书面形式发出本次监事会会议通知。公司第十届监 事会第七次会议于 2024 年 7 月 5 日以现场加电子通信方式，在北京市朝阳区安定 路 5 号恒毅大厦 5 层会议室召开。会议由监事会主席赵吉柱先生主持。会议应出 席监事 3 名（其中职工监事 1 名），实际出席监事 3 名。本次会议召开程序及出席 监事人数符合法律法规以及《公司章程》的规定，表决结果合法有效。 二、监事会会议审议情况 表决结果：同意3票，反对0票，弃权0票。 ...