Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 28.034 billion yuan for the first half of 2024, a year-on-year increase of 1.69%, and a net profit attributable to shareholders of 0.786 billion yuan, up 0.78% year-on-year [1]. - The construction and design revenues showed steady growth, while emerging businesses like digital information and financing leasing experienced rapid growth [1]. - New signed orders grew steadily, with a 9.08% year-on-year increase, particularly in energy engineering, which saw a 53.88% increase [1]. Financial Performance Summary - Revenue for 2024 is projected to be 80.557 billion yuan, with a growth rate of 8.58% [3]. - The net profit attributable to shareholders is expected to be 3.054 billion yuan in 2024, reflecting a growth of 3.93% [3]. - The gross profit margin is forecasted to be 9.78% in 2024, down from 10.28% in 2023 [3]. - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 7.10, 6.43, and 5.94 respectively [2][3].

公 司 研 究 经营业绩表现稳健，中期分红增强回报 隧道股份（600820.SH） 2024 年 08 月 28 日 ——公司信息更新报告 | --- | --- | --- | --- | |------------------------|-----------|----------------------------|--------------------------------------------| | 投资评级：买入（维持） | | 齐东（分析师） | 杜致远（联系人） | | | | qidong@kysec.cn | duzhiyuan@kysec.cn | | 日期 | 2024/8/28 | 证书编号：S0790522010002 | 证书编号：S0790124070064 | | 当前股价(元) | 6.16 | | | | 一年最高最低(元) | 7.24/5.26 | 隧道股份发布 2024 | 年中报，公司实现营业收入、归母净利润分别为 | | 总市值(亿元) | 193.68 | 7.86 亿元，分别同比增长 | 1.69%、0.78% | | 流通市值(亿元) | 193. ...

毛利率大幅提升，数字业务拓展初显成效 收入基本保持稳定，中期分红提升投资性价比 24H1 公司实现收入 280.34 亿，同比+1.69%，归母、扣非净利润为 7.86、 6.79 亿，同比+0.78%、-6.06%；Q2 单季实现收入 139.09 亿，同比-1.78%， 归母、扣非净利润为 3.41、2.52 亿，同比分别-2.04%、-24.79%。其中非经 常性损益为 1.07 亿，同比增加 0.56 亿元，主要为资产处置收益 0.83 亿以 及政府补助 0.34 亿。归母净利润同比下滑主要系投资收益大幅减少，公司 毛利率仍同比提升、费用率有所下降。公司上半年拟现金分红 3.14 亿，现 金分红比例为 40%，高分红彰显投资价值。我们预计公司 24-26 年实现归 母净利润为 32.4、35.9、39.9 亿，认可给予公司 24 年 9 倍 PE，对应目标 价为 9.27 元，维持"买入"评级。 新签订单稳步增长，订单结构逐渐优化 公司上半年新签订单 461.25 亿元，同比+9.08%，Q2 新签 234.7 亿元，同 比+11.0% 。其 中市 政/能 源新 签合 同额 分别为 122/73 亿元 ...

| 证券代码：600820 | 证券简称：隧道股份 | | | 公告编号：临 | 2024-039 | | --- | --- | --- | --- | --- | --- | | 债券代码：185752 | 债券简称：22 | 隧道 | 01 | | | | 债券代码：115633 | 债券简称：23 | 隧道 | K1 | | | | 债券代码：115902 | 债券简称：23 | 隧道 | K2 | | | 上海隧道工程股份有限公司 2024 年半年度利润分配预案公告 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个别及连带责任。 重要内容提示： ●每股分配比例 每股派发现金红利 0.10 元（含税） ●本次利润分配以实施权益分派股权登记日登记的总股本为基数，具 体日期将在权益分派实施公告中明确。截至 2024年 6 月 30 日公司总 股本为 3,144,096,094 股。 ●在实施权益分派的股权登记日前公司总股本发生变动的，拟维持分 配总额不变，相应调整每股分红比例，并将另行公告具体调整情况。 一、利润分配预案内容 上海隧 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 28,033,862,291.31, representing a year-on-year increase of 1.69% compared to CNY 27,569,114,999.55 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was CNY 785,650,446.55, a slight increase of 0.78% from CNY 779,584,353.57 in the previous year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 6.06% to CNY 678,748,636.44 from CNY 722,540,774.44 in the same period last year[18]. - The net cash flow from operating activities was negative at CNY -3,764,257,546.23, a significant decline compared to CNY -598,030,259.01 in the previous year[18]. - Basic earnings per share remained stable at CNY 0.25, showing no change compared to the same period last year[19]. - The weighted average return on equity decreased to 2.71%, down 0.12 percentage points from the previous year[19]. - The company reported a total comprehensive income of ¥826,853,111.33 for the first half of 2024, compared to ¥863,994,512.90 in the previous year, indicating a decrease of 4.3%[119]. Revenue Breakdown - Revenue from the construction industry reached CNY 24.43 billion, with a year-on-year increase of 2.63%[20]. - Revenue from the digital information segment increased by 26.77%, reaching CNY 204.73 million[20]. - The company experienced a significant revenue decline of 62.96% in Yunnan province, with revenue of CNY 61.51 million[21]. Assets and Liabilities - The total assets as of the end of the reporting period were CNY 160,461,842,704.84, down 0.90% from CNY 161,915,650,211.45 at the end of the previous year[18]. - The total liabilities amounted to ¥24,366,074,089.91, an increase from ¥23,726,582,852.43 in the previous year[116]. - The company's interest-bearing debt increased from 66.88 billion RMB at the beginning of the period to 79.27 billion RMB at the end, representing a year-on-year change of 18.52%[99]. Cash Flow - The company reported a net cash inflow from investment activities of approximately ¥481 million, a turnaround from a cash outflow of -¥1.28 billion in the same period last year, marking a 137.69% improvement[40]. - The total cash inflow from operating activities was CNY 28,326,469,284.08, compared to CNY 36,576,202,288.33 in the first half of 2023[123]. - Cash inflow from financing activities increased to ¥2,100,000,000.00, compared to ¥1,319,697,815.91 in the first half of 2023, marking a 58.9% increase[124]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 1.00 per 10 shares, totaling CNY 314,409,609.40, which accounts for 40.02% of the net profit attributable to shareholders for the period[4]. - The company reported a net profit distribution to shareholders of approximately CNY -723.14 million for the first half of 2024, indicating a significant loss compared to the previous period[132]. Research and Development - Research and development expenses increased by 12.87% to approximately ¥1.22 billion, reflecting a rise in R&D projects[40]. - The company holds 2 national-level R&D platforms and has obtained a total of 2,668 authorized patents, including 853 invention patents, with 178 new authorizations in 2024[36]. Environmental and Social Responsibility - The company has faced multiple environmental penalties, including fines totaling 1.1 million yuan for failing to manage construction waste and dust control[64]. - The company donated 10 million yuan to support rural revitalization efforts in Qingpu District during the reporting period[67]. - The company is actively involved in ecological restoration projects, covering an area of approximately 30,000 m²[66]. Market Strategy and Expansion - The company plans to continue expanding its market presence and developing new technologies to enhance operational efficiency[19]. - The company is actively pursuing a "going out" strategy to expand its market presence while enhancing its technological capabilities[54]. - The company has engaged in capital operations, participating in the private placements of listed companies, enhancing collaboration in emerging sectors such as smart cities and low-altitude economy[38]. Risk Management - There are no significant risks faced by the company during the reporting period[6]. - The report includes a forward-looking statement risk warning, indicating that future plans and strategies do not constitute a substantive commitment to investors[5]. - Legal risks have increased with business expansion, necessitating a robust legal framework for contract management and dispute resolution[57]. Corporate Governance - The company has not reported any significant litigation or arbitration matters during the reporting period[70]. - The company has not disclosed any significant related party transactions during the reporting period[72]. - The report does not indicate any changes in the controlling shareholders or actual controllers during the reporting period[84].

| 证券代码：600820 | 证券简称：隧道股份 | | | 公告编号：临 | 2024-038 | | --- | --- | --- | --- | --- | --- | | 债券代码：185752 | 债券简称：22 | 隧道 | 01 | | | | 债券代码：115633 | 债券简称：23 | 隧道 | K1 | | | | 债券代码：115902 | 债券简称：23 | 隧道 | K2 | | | 上海隧道工程股份有限公司 一、监事会召集、召开情况 上海隧道工程股份有限公司第十届监事会第十四次会议，于2024 年 8 月 19 日以电子邮件方式发出会议通知，并进行了电话确认，于 2024 年 8 月 26 日上午在上海市宛平南路 1099 号 202 会议室召开， 应到监事 3 名，实到 3 名，会议由监事会主席田赛男女士主持。本次 会议的召集、召开符合法律、法规和《公司章程》的规定。 二、监事会会议审议情况 （一）公司《2024 年半年度报告》全文及摘要（该项议案同意票 3 票，反对票 0 票，弃权票 0 票；是否通过：通过）； 根据《证券法》第 82 条的规定和中国证监会《公开发行证券的 ...

| 证券代码：600820 | 证券简称：隧道股份 | | | 公告编号：临 | 2024-037 | | --- | --- | --- | --- | --- | --- | | 债券代码：185752 | 债券简称：22 | 隧道 | 01 | | | | 债券代码：115633 | 债券简称：23 | 隧道 | K1 | | | | 债券代码：115902 | 债券简称：23 | 隧道 | K2 | | | ●本次董事会会议审议议案全部获得通过。 一、董事会会议召集、召开情况 上海隧道工程股份有限公司第十届董事会第三十次会议，于2024 年 8 月 19 日以电子邮件方式发出会议通知，并进行了电话确认，于 2024 年 8 月 26 日上午在上海市宛平南路 1099 号会议室召开，应到 董事 8 名，实到 7 名，董事长张焰先生因工作原因无法出席，委托董 事、总裁葛以衡先生代为行使表决权；3 名监事和 7 名高级管理人员 列席了会议。会议由公司董事、总裁葛以衡先生主持。本次会议的召 集、召开符合法律、法规和《公司章程》的规定。 二、董事会会议审议情况 （一）公司《2024 年半年度报告》全文及摘要（该 ...

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： | 证券代码：600820 | 证券简称：隧道股份 | | | 公告编号：2024-036 | | --- | --- | --- | --- | --- | | 债券代码：185752 | 债券简称：22 | 隧道 | 01 | | | 债券代码：115633 | 债券简称：23 | 隧道 | K1 | | | 债券代码：115902 | 债券简称：23 | 隧道 | K2 | | 上海隧道工程股份有限公司 2023 年年度权益分派实施公告 每股分配比例 A 股每股现金红利 0.23 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/8/15 | － | 2024/8/16 | 2024/8/16 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 6 月 27 日的 20 ...

[Table_PageText] 隧道股份|公司深度研究 [Table_Title] 隧道股份（600820.SH） 上海城市基建龙头国企，发力数字化、城市运营驱动价值重估 [Table_Summary] 核心观点： ⚫ 上海基建施工龙头企业，一体化优势显著。公司控股股东为上海城建 （集团）有限公司，实控人为上海市国资委。公司作为国内基建施工 全产业链龙头，在投资、设计、施工、运营等多领域展现出显著优势。 根据公司财报， 18-23 年收入 CAGR+15%，归母净利 CAGR+8.4%， 现金流和整体毛利率领先行业平均水平，净现比常年保持 1 以上，分 红率常年保持 30%以上（23 年为 24.6%），分红优势明显。 ⚫ 传统主业稳定发力，轻重资产并行打造第二增长曲线。根据公司财报， 2023 年，公司新签订单 953.8 亿元，同比+14.11%，在长三角一体化 及上海城市更新加速背景下主业增长依旧稳健。运营业务方面：19-23 年公司运营业务营收 CAGR +62.0%。重资产运营：公司目前主要以 PPP、BOT 等方式参与国内城市基础设施建设投资和运营，投资类项 目逐渐进入运营期；轻资产运营：子公司 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, maintaining the previous rating with a target price of 9.00 CNY, while the current price is 6.40 CNY [1]. Core Views - The company is actively engaged in the construction of vehicle-road-cloud integration projects, with a 11% increase in new orders in Q2 2024, totaling 23.5 billion CNY [1][2]. - The Shanghai government has issued permits for driverless intelligent connected vehicles, which will initiate real-world testing for citizens [2]. - The company aims to leverage global opportunities in the intelligent connected vehicle sector, focusing on infrastructure development and integration [2]. Summary by Sections Company Events - The company has signed new orders worth 235 billion CNY in Q2 2024, reflecting an 11% increase [1]. - The total new orders for the first half of 2024 reached 461 billion CNY, a 9% increase year-on-year [2]. Financial Performance - The company reported a net profit of 28.6 billion CNY in 2023, with an expected increase to 29.4 billion CNY in 2024 [8]. - The earnings per share (EPS) is projected to be 1.02 CNY for 2024, with a growth rate of 9% [2][8]. Business Segments - The construction segment accounted for 85% of the total business, with a 13% increase in revenue [2]. - The digital group focuses on digital consulting, software and hardware development, and data services, contributing to the company's overall growth [5][6]. Market Position - The company has a current dividend yield of 5.78% and a price-to-book (PB) ratio of 0.69, indicating a favorable valuation compared to historical averages [2]. - The company is positioned as a leader in intelligent transportation system design and has been involved in several pioneering projects in the sector [6].