| 证券代码：600820 | 股票简称：隧道股份 | 编号：临2024-058 | | --- | --- | --- | | 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 关于收购上海瑞锦诚物业服务有限公司100%股权 暨关联交易的公告 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个别及连带责任。 重要内容提示： ●上海隧道工程股份有限公司（简称"隧道股份"、"公司"） 全资子公司上海建元资产管理有限公司（简称"建元资管"）拟以现金 方式收购公司控股股东上海城建（集团）有限公司（简称"城建集团"） 的全资子公司上海城建置业发展有限公司（简称"城建置业"）持有的 上海瑞锦诚物业服务有限公司（简称"瑞锦诚服务"）100%股权（简称" 标的资产"），收购价为8,100.00万元（最终以经上海市国资委备案后 的价格为准，收购资产范围为评估报告所涉及的全部资产）。 ●本次交易 ...

| 证券代码：600820 | 证券简称：隧道股份 | | | 公告编号：2024-054 | | --- | --- | --- | --- | --- | | 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 关于召开 2024 年第三季度业绩说明会的公告 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： 投资者可于 2024 年 11 月 21 日（星期四）至 11 月 27 日（星期 三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 600820@stec.net 进行提问。公司将在说明会上对投资 者普遍关注的问题进行回答。 本次投资者说明会以网络互动召开，公司将针对 2024 年第三季 度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通， 在信息披露允许的范围内就投资 ...

上海隧道工程股份有限公司 2024年第一次临时股东大会法律意见书 JIN MAO P.R.C.LAWYERS 金 茂 律 师 事 务 所 40th Floor, Bund Center, 222 East Yan Road, Shanghai 200002, China 中国 上海 200002 延安东路 222 号 外滩中心 40 楼 Tel/电话:(8621) 6249 6040 Fax/传真:(8621) 6249 5611 E-mail/电子信箱：info@jinmao.com.cn 上海市金茂律师事务所 关于上海隧道工程股份有限公司 2024 年第一次临时股东大会的法律意见书 致：上海隧道工程股份有限公司 上海市金茂律师事务所（以下简称"本所"）接受上海隧道工程股份有限公 司（以下简称"公司"）的委托，委派吴伯庆律师、杨红良律师出席公司于 2024 年 11 月 15 日召开的上海隧道工程股份有限公司 2024 年第一次临时股东大会（以 下简称"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》《上市公司股东大会规则》等中国现行法律、法规和规范性文件（以下简称 "法律、法规和规范 ...

| 证券代码：600820 | 证券简称：隧道股份 | | | 公告编号：2024-053 | | --- | --- | --- | --- | --- | | 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 年第一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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 666 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,332,485,755 | | 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（%） | 42.3806 | (一) 股东大 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [2][7]. Core Views - The company is expected to benefit from the economic development level in the Shanghai region and local government finances, leading to long-term stable growth in performance. The current dividend yield is 4.65%, indicating investment value [3]. Financial Summary - Revenue for 2024 is projected at 74.94 billion yuan, a slight increase of 1% from 2023. Net profit attributable to the parent company is expected to reach 3.06 billion yuan, reflecting a growth of 4.2% [4][13]. - Earnings per share (EPS) for 2024 is forecasted at 0.97 yuan, with subsequent years showing gradual increases to 1.01 yuan in 2025 and 1.04 yuan in 2026 [4][13]. - The company’s return on equity (ROE) is projected to decline from 10.2% in 2023 to 9.3% in 2024 [4][13]. Operational Performance - In the first three quarters of 2024, the company reported a revenue of 42.88 billion yuan, down 8.57% year-on-year, while net profit increased by 0.35% to 1.499 billion yuan [2][7]. - The new signed orders in the first three quarters of 2024 totaled 65.7 billion yuan, a year-on-year increase of 9.5%, with construction orders specifically rising by 13% [2][15]. Cash Flow and Dividends - The operating cash flow for the first three quarters of 2024 significantly improved to 2.392 billion yuan, compared to 368 million yuan in the same period of 2023 [2][4]. - The company announced a mid-term dividend plan, distributing 0.1 yuan per share, totaling approximately 314 million yuan [2][3]. Valuation Metrics - The target price is set at 8.71 yuan, corresponding to a price-to-earnings (PE) ratio of 9 times for 2024 [2][7]. - The current price is 7.09 yuan, indicating potential upside based on the target price [7][18].

2023年4月12日，公司收到上海证券交易所出具的《关于对元晟租赁 2023年资产支持专项计划资产支持证券挂牌转让无异议的函》（上证函 | 证券代码：600820 | 证券简称：隧道股份 | 公告编号：2024-052 | | --- | --- | --- | | 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 关于元晟租赁2024年第二期资产支持专项计划成立的公告 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个别及连带责任。 上海隧道工程股份有限公司（以下简称"公司"）于2023年3月24日召开 第十届董事会第十三次会议，审议通过了《公司关于上海元晟融资租赁有 限公司申请发行储架ABS的议案》，同意公司下属全资孙公司上海元晟融 资租赁有限公司（以下简称"元晟租赁"）申请储架发行不超过50亿元资产 证券化产品（ABS），并于获取交易所无异议函后2年内发行完毕，本次发 行 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's Q3 2024 revenue was under pressure, but a significant increase in investment income supported profits [5] - The company's new orders in Shanghai and municipal engineering showed strong growth [7] - The company's Q3 cash flow performance was excellent, with a positive turnaround in operating cash flow for the first three quarters [9] Financial Performance - Q3 2024 revenue was RMB 14.854 billion, a decrease of 23.18% YoY [6] - Q3 2024 net profit attributable to shareholders was RMB 714 million, a slight decrease of 0.12% YoY [6] - The company's comprehensive gross margin for the first three quarters of 2024 was 11.65%, a decrease of 0.22 percentage points YoY [3] - The company's net profit margin for the first three quarters of 2024 was 3.77%, an increase of 0.36 percentage points YoY [3] New Orders - The company's new orders for the first three quarters of 2024 were RMB 65.705 billion, an increase of 9.46% YoY [7] - New orders for municipal engineering and road engineering were RMB 21.206 billion and RMB 6.539 billion, with YoY growth rates of 43.16% and 52.16% respectively [7] Cash Flow - The company's operating cash flow for the first three quarters of 2024 was RMB 2.392 billion, an increase of RMB 2.025 billion YoY [9] - Q3 2024 operating cash flow was RMB 6.156 billion, an increase of RMB 5.191 billion YoY [9] Profit Forecast - The company's net profit attributable to shareholders is forecasted to be RMB 3.051 billion, RMB 3.208 billion, and RMB 3.395 billion for 2024, 2025, and 2026 respectively [9] - EPS is forecasted to be RMB 0.97, RMB 1.02, and RMB 1.08 for 2024, 2025, and 2026 respectively [9] Valuation - The PE ratio based on the closing price on November 1, 2024, is 7.2x, 6.8x, and 6.4x for 2024, 2025, and 2026 respectively [9]

上海隧道工程股份有限公司 2024 年第一次临时股东大会 会议文件 2024 年 11 月 15 日 上海隧道工程股份有限公司 2024 年第一次临时股东大会会议文件 上海隧道工程股份有限公司 2024 年第一次临时股东大会议程 会议召开时间：2024 年 11 月 15 日（星期五）下午 14:30 会议方式：本次会议采用现场投票、网络投票相结合的表决方式。社会公众股股东可以 在交易时间内通过上海证券交易所的交易系统或互联网投票平台行使表决权。 会议召开地点：上海市大连路 118 号隧道股份大连路基地 6 楼英豪厅。 网络投票时间：2024 年 11 月 15 日（星期五），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 （网址：vote.sseinfo.com）的投票时间为股东大会召开当日的 9:15-15:00。 一、宣读大会须知 二、会议事项； 上海隧道工程股份有限公司 2024 年第一次临时股东大会须知 为确保公司股东大会的顺利召开，根据《中华人民共和国公司法》、《中华人民共和国证 券法》、《公 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock with expected returns exceeding 20% over the next six months [4][6]. Core Views - The company experienced a slight decline in revenue and profit in the short term, but its long-term growth potential remains promising [1][4]. - The company has shown significant improvement in cash flow, with a notable increase in operating cash flow in Q3 [3][4]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 42.888 billion, a year-on-year decrease of 8.57%, while net profit attributable to the parent company was 1.499 billion, a slight increase of 0.35% [1]. - The gross margin for the first three quarters was 11.65%, down by 0.22 percentage points year-on-year, with Q3 gross margin at 5.43%, down by 6.59 percentage points [3]. - The company signed new contracts worth 65.705 billion in the first three quarters, reflecting a year-on-year increase of 9.46%, with Q3 contracts at 19.579 billion, up by 10.35% [2]. Earnings Forecast - The earnings forecast for the company has been slightly adjusted, with expected net profits of 3 billion, 3.3 billion, and 3.7 billion for 2024, 2025, and 2026 respectively [4][5]. - The projected P/E ratios for the next three years are 7.1, 6.45, and 5.8, indicating a low valuation relative to earnings [4][5]. Cash Flow Analysis - The company reported a significant improvement in cash flow, with Q3 operating cash inflow of 6.16 billion, an increase of 5.27 billion year-on-year [3][9]. - The cash flow from operations for the first three quarters was 2.392 billion, reflecting a year-on-year outflow increase of 2.025 billion [3][9]. Order Growth and Business Development - The company has seen steady growth in new orders, particularly in municipal and road engineering sectors, with significant increases in contract values [2]. - The digital business segment is progressing well, with new contracts amounting to 450 million, indicating a positive trend in this area [2]. Valuation Metrics - The company’s total market capitalization is approximately 21.537 billion, with a current price of 6.85 per share [6]. - The book value per share is reported at 9.41, with a debt-to-asset ratio of 76.96% [6].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 6.85 CNY and projected PE ratios of 7, 7, and 6 for the years 2024, 2025, and 2026 respectively [6][4]. Core Insights - The company's Q3 performance was significantly influenced by investment income, achieving a single-quarter investment income of 1.486 billion CNY, which contributed to maintaining a relatively high net profit margin of 5.19% despite a revenue decline [2][4]. - The company is expected to benefit from the deepening reform of state-owned enterprises in Shanghai and the development of the data factor industry, with a focus on accumulating data resources and engaging in innovative projects [4][2]. - The company has shown improvement in operating cash flow, with a net inflow of 2.392 billion CNY for the first three quarters of 2024, compared to 368 million CNY in the same period last year [4][3]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 42.888 billion CNY, a year-on-year decrease of 8.57%, while the net profit attributable to shareholders was 1.499 billion CNY, a slight increase of 0.35% [1][4]. - The Q3 revenue was 14.854 billion CNY, reflecting a year-on-year decline of 23.18%, with a net profit of 714 million CNY, down 0.12% year-on-year [1][2]. - The company’s gross margin for Q3 was 5.43%, down 6.59 percentage points year-on-year, while the net margin improved by 2.00 percentage points year-on-year [2][4]. Future Projections - The company is projected to achieve net profits of 3.014 billion CNY, 3.203 billion CNY, and 3.384 billion CNY for the years 2024, 2025, and 2026 respectively, indicating a stable growth outlook [4][7]. - The report highlights a stable dividend yield of over 30%, making the company an attractive high-dividend investment option [4][6].