评论： ❖ 风险提示：基础设施投资规模波动、应收账款回收风险、海外业务不及预期。 [ReportFinancialIndex] 主要财务指标 证 券 研 究 报 告 中交设计（600720）2024 年报点评 推荐（维持） 提质增效促盈利，海外业务高增长 目标价：11 元 事项： ❖ 2024 年公司实现营业收入 124.34 亿元，同比下降 7.98%；归属于上市公司股 东的净利润 17.51 亿元，同比下降 0.84%。 资料来源：公司公告，华创证券预测 注：股价为 2025 年 4 月 1 日收盘价 公司研究 水泥 2025 年 04 月 02 日 | | | | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 12,434 | 12,034 | 11,800 | 12,036 | | 同比增速(%) | -8.0% | -3.2% | -1.9% | 2.0% | | 归母净利润(百万) | 1,751 | 1,813 | 1,848 | 2,015 | | 同比增速(%) | -0.8% ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The company achieved an annual revenue of 12.434 billion yuan, a year-on-year decrease of 7.98%. The net profit attributable to shareholders was 1.751 billion yuan, a decrease of 0.84% year-on-year. The net profit after deducting non-recurring items was 1.635 billion yuan, down 8.32% year-on-year [2][8]. - The decline in revenue is primarily due to the divestment of the engineering general contracting business, which saw a revenue drop of 24.27%. The domestic main business revenue was 11.527 billion yuan, accounting for 94.03% of total revenue, down 10.45% year-on-year. However, overseas business revenue grew significantly, reaching 732 million yuan, a year-on-year increase of 67.37% [8][13]. - The overall gross profit margin improved to 29.40%, an increase of 2.23 percentage points year-on-year. The gross profit margin for the surveying and design business rose to 32.41%, while the engineering general contracting and project management margin increased to 15.73% [13]. - The company maintained a net profit margin of 14.08%, up 1.01 percentage points year-on-year, despite a slight decline in the net profit margin after deducting non-recurring items [13]. - The company signed new contracts worth 17.28 billion yuan in 2024, with overseas contracts amounting to 218 million USD, reflecting a year-on-year growth of 81.6% [13]. - The company’s cash flow from operating activities showed a net outflow of 306 million yuan, with a cash collection ratio of 79.08%, down 15.58 percentage points year-on-year. The asset-liability ratio decreased by 3.42 percentage points to 50.04% [13]. Summary by Sections Financial Performance - Total revenue for the year was 12.434 billion yuan, down 7.98% year-on-year. The net profit attributable to shareholders was 1.751 billion yuan, a decrease of 0.84% year-on-year. The net profit after deducting non-recurring items was 1.635 billion yuan, down 8.32% year-on-year [2][8]. - The gross profit margin improved to 29.40%, an increase of 2.23 percentage points year-on-year [13]. Business Segments - Domestic main business revenue was 11.527 billion yuan, down 10.45% year-on-year, while overseas business revenue reached 732 million yuan, a year-on-year increase of 67.37% [8][13]. - New contracts signed in 2024 totaled 17.28 billion yuan, with overseas contracts amounting to 218 million USD, reflecting a year-on-year growth of 81.6% [13]. Cost and Profitability - The company maintained a net profit margin of 14.08%, up 1.01 percentage points year-on-year [13]. - The overall gross profit margin for the engineering business improved significantly, with various segments showing increases in their respective margins [13].

| | | | 124.34 | 119.29 | 124.80 | 131.31 | | --- | --- | --- | --- | | -7.98 | -4.06 | 4.62 | 5.22 | | 17.51 | 18.43 | 19.56 | 21.04 | | -0.84 | 5.24 | 6.16 | 7.54 | | 29.40 | 28.95 | 29.43 | 30.87 | | 0.76 | 0.80 | 0.85 | 0.92 | | 11.27 | 10.71 | 10.09 | 9.38 | | 市场数据 | 2025-03-28 | | --- | --- | | 股票代码 | 600720.SH | | A 股收盘价(元) | 8.58 | | 上证指数 | 3,373.75 | | 总股本(万股) | 229,460 | | 实际流通 A 股(万股) | 77,616 | | 流通 A 股市值(亿元) | 66.59 | 资料来源：公司公告，中国银河证券研究院 | 利润表(亿元) | 2024A | 2025E | 2026E | 2027E | | --- | --- | ...

中交设计（600720）披露2024年年度报告。公司2024年全年实现营收124.34亿元，实现归母净利润17.51 亿元。报告期内，公司剥离施工业务重资产，通过业务结构优化和成本管控强化，毛利率提升至 29.40%，同比增加2.23个百分点。资产负债率降至50.04%，财务结构更加稳健。 持续分红回馈投资者 中交设计近年来持续现金分红，回馈投资者。公司披露的2024年利润分配预案显示，2024年公司拟向全 体股东每10股派发现金红利2.29元（含税）。截至2024年年度报告披露日，公司总股本22.95亿股，以此 计算拟合计派发现金红利为人民币5.25亿元（含税），占2024年合并报表归属于上市公司股东的净利润 比例为30.01%，股息率2.58%。 在地下空间和新能源领域，中交设计聚焦深部地质勘察、压气储能、城市生命线工程等未来产业，牵头 多项科研攻关并开展示范应用，提升城市发展承载力。公司还多院协同布局光伏、储能、地热等领域， 覆盖国内外市场并形成全链条能力，推动能源结构优化。报告期内，公司中标多个国内外新能源项目， 助力能源利用效率提升。 面向未来，中交设计将在巩固核心业务领先地位的基础上，持续驱动传统 ...

公告显示，中交设计2025年将继续坚持"市场为大，市场为先"的理念，把握战略机遇，持续巩固"大交 通"领军地位，持续拓展"大城市"业务战场，全力把握新业务发展机遇，加速海外业务扩大步伐，围绕 挖存量、拓增量、提价值，高质量全面完成对赌业绩。 （文章来源：证券日报） 2024年，中交设计全年新签合同额172.8亿元，其中海外业务高速增长，新签合同额达2.18亿美元，同比 增长81.6%，实现营业收入7.32亿元，同比增长67.37%，覆盖交通、新能源、市政等多领域，形成多元 化业务矩阵。在传统基建领域，成功承揽刚果（金）、塞尔维亚公路项目，巩固市场优势；同时新业务 拓展持续发力，创新推出"光储充一体化"模式，成功落地阿尔及利亚220MW光伏项目，并在轨道交通 领域取得突破，中标莫桑比克轨道交通项目及哥伦比亚波哥大地铁车辆段设计项目，同时以技术协同为 莱索托王国提供清洁水厂设计，实现业务附加值提升。 同时，中交设计聚焦战略性新兴产业，以新能源、低空经济、地下空间三大领域为核心加速转场布局， 形成多维度技术协同与全链条产业能力。 本报讯 （记者刘欢）3月27日晚间，中交设计咨询集团股份有限公司（以下简称"中交设计" ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.88 RMB [7][8]. Core Views - The company's revenue for 2024 is projected at 12.434 billion RMB, a decrease of 7.98% year-on-year, while the net profit attributable to the parent company is expected to be 1.751 billion RMB, down 0.84% year-on-year [1][4]. - The company is expected to benefit from increased central government investment in major projects and the development of new infrastructure such as low-altitude airspace, AI, smart transportation, and smart cities [1]. - The company is accelerating its globalization efforts, with overseas new orders signed in 2024 increasing by 81.6% year-on-year, which is anticipated to contribute positively to future growth [2]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 12.434 billion RMB and a net profit of 1.751 billion RMB, with a comprehensive gross margin of 29.4%, an increase of 2.23 percentage points year-on-year [2][4]. - The revenue breakdown shows that surveying and design, engineering contracting, project management, and engineering testing achieved revenues of 9.32 billion, 1.96 billion, 460 million, and 310 million RMB respectively, with varying year-on-year changes [2]. Cost Management - The company has improved its comprehensive gross margin through business structure optimization and strengthened cost control, with gross margins for different segments showing positive year-on-year changes [2]. Cash Flow and Receivables - The company experienced a significant increase in impairment losses, which rose to 474 million RMB, primarily due to a 29 billion RMB increase in accounts receivable [3]. - Operating cash flow for 2024 was negative at -306 million RMB, reflecting challenges in cash collection due to extended payment cycles from clients [3]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025-2027 is adjusted to 1.817 billion, 1.928 billion, and 2.031 billion RMB respectively, with a target price based on a 15x PE ratio for 2025 [4][6]. - The company is positioned as an industry leader with significant global presence and advantages in scale and high-end services, justifying the valuation premium [4].

Group 1 - The core viewpoint of the report is the evaluation of the performance of Zhongshun Zhonghuan Accounting Firm in conducting the audit for China Communications Design Consulting Group Co., Ltd. for the year 2024 [1][2] - The accounting firm communicated with the company's board of directors, supervisory board, and senior management before the audit, signed an audit service agreement, and developed an audit plan [1] - The audit process included preliminary review work from October to December 2024, with formal auditing starting on January 2, 2025, completing all audit procedures and obtaining sufficient appropriate audit evidence [1][2] Group 2 - During the audit period, the accounting firm and its staff did not receive any economic benefits beyond the agreed audit service, ensuring independence from the company [2] - There were no direct or indirect investment relationships between the accounting firm and the company, and the audit team maintained both formal and substantive independence throughout the audit [2] - The audit team possessed the necessary professional knowledge and relevant certifications to competently perform the audit work while maintaining due diligence and professional caution [2] Group 3 - The evaluation confirmed that the accounting firm adhered to professional ethics, diligently fulfilled its duties, and successfully completed the audit of the company's financial reports for 2024, issuing a standard unqualified audit report [2]

中交设计咨询集团股份有限公司 董事会审计委员会 2024 年度履职情况报告 中交设计咨询集团股份有限公司（以下简称公司）董事 会审计委员会是董事会下设的专门工作机构。根据中国证监 会、上海证券交易所相关规定，公司董事会审计委员会本着 勤勉尽责的原则，认真履行审计监督职责，充分发挥专业作 用。现将 2024 年度审计委员会履职情况汇总报告如下： 一、审计委员会基本情况 公司第十届董事会审计委员会人员为独立董事聂兴凯、 非独立董事吴明先、独立董事于绪刚。主任委员（召集人） 为具有会计专业资格的独立董事聂兴凯。 二、审计委员会 2024 年度召开会议情况 报告期内，公司审计委员会共召开 4 次会议，共审议通 过 12 项议案。具体情况如下： 三、审计委员会 2024 年度主要工作情况 （一）监督及评估外部审计机构工作情况 报告期内，审计委员会对中审众环会计师事务所（特殊 普通合伙）（以下简称中审众环会计师事务所）进行了相关 审核，对中审众环会计师事务所 2024 年度审计工作情况及 执业质量表示认可，认为其在审计过程中能够遵循客观性及 独立性原则，为公司提供了较好的服务。其工作细致、认真， 工作成果客观、公正，能够 ...

Core Viewpoint - The company has established a value management system aimed at enhancing investment value and investor returns while ensuring compliance with relevant laws and regulations [1][2]. Group 1: General Principles of Value Management - Value management is defined as strategic management actions taken to enhance the investment return capability and level of the company, focusing on high-quality development and operational efficiency [1][2]. - The basic principles of value management include compliance, systematic approach, scientific management, regularity, and integrity [2]. Group 2: Responsibilities and Structure - The board of directors leads the value management efforts, with the management team responsible for execution and the board secretary overseeing specific tasks [4][5]. - The board is tasked with overall planning, monitoring market reflections of company value, and adjusting management plans as necessary [5][6]. Group 3: Main Methods of Value Management - Key methods to enhance investment value include mergers and acquisitions, employee stock ownership plans, cash dividends, investor relations management, information disclosure, share buybacks, and improving corporate governance [6][7][8]. Group 4: Monitoring and Emergency Measures - The board office is responsible for monitoring market indicators and initiating warning mechanisms when necessary, ensuring timely communication with investors during significant stock price fluctuations [9][10]. Group 5: Prohibited Actions in Value Management - The company and its stakeholders must adhere to compliance and avoid actions such as misleading information disclosure, insider trading, and other illegal activities that disrupt market order [10][11].

中交设计咨询集团股份有限公司 独立董事 2024 年度述职报告（马继辉） 作为中交设计咨询集团股份有限公司（以下简称公司 或本公司)的独立董事，本人严格按照《公司法》《证券 法》《上市公司独立董事管理办法》《上海证券交易所股 票上市规则》等法律法规以及《公司章程》的相关规定， 严格保持独立董事的独立性和职业操守，勤勉尽责地履行 了独立董事的职责，依法合规地行使了独立董事的权利， 积极出席了2024年度公司召开的董事会及股东大会，认真 审议各项议案，参与独立董事专门会议对公司相关事项发 表意见，切实维护了公司和社会公众股东的利益。现将本 人在2024年度履行独立董事职责的情况报告如下： 一、独立董事基本情况 （一）个人基本信息 马继辉，男，1972年5月出生，中国国籍，中共党员， 无境外永久居留权，（交通运输）系统工程教授，博士 研究生学历。曾任新华书店总店信息技术工程师，北京 交通大学交通运输学院讲师、副教授。现任北京交通大 学交通运输学院教授、博导系统工程与控制研究所所长。 自2023年12月21日起，担任本公司独立董事，董事会提 名委员会召集人，战略及ESG委员会委员。 （二）是否存在影响独立性的情况说明 ...