Core Insights - The company reported a revenue of 68.8 billion for 2024, a year-on-year decrease of 7.28%, and a net profit attributable to shareholders of 2.84 billion, down 3.54%, slightly below expectations [1] - The company focuses on high-quality development and digital transformation, reducing emphasis on scale growth due to the long-term slowdown in the traditional infrastructure industry [4] Financial Performance - In Q4, the company achieved a revenue of 25.9 billion, a decline of 5.06%, with a net profit of 1.342 billion, down 7.54% [1] - The core construction business generated a revenue of 57.2 billion in 2024, accounting for 83% of total revenue, with a gross margin of 6.96%, an increase of 0.03 percentage points [2] - The overall expense ratio for 2024 increased by 0.06 percentage points to 8.94%, with specific rates for sales, management, R&D, and financial expenses showing varied changes [3] Business Segmentation - Revenue from digital information services grew significantly, with a year-on-year increase of 27% to 4.0 billion, and a gross margin of 17%, up 1.7 percentage points [2] - The company signed new orders with an 8% year-on-year increase, indicating a focus on quality regions, with 65% of revenue coming from Shanghai and 90% from the Yangtze River Delta, Guangdong, Hong Kong, Macau, and Singapore [1] Future Outlook - The company aims for a revenue and profit growth of 5-10% in 2025, supported by favorable cash flow and a high dividend payout ratio, with a projected dividend yield of 5.25% based on the closing price of 6.09 yuan on April 25 [1] - Profit forecasts for 2025-2027 are adjusted to 2.98 billion, 3.12 billion, and 3.26 billion, reflecting a downward revision due to the anticipated slowdown in revenue growth [4] - The target price is set at 9.24 yuan, based on a segmented valuation approach, maintaining a "buy" rating [4]

Core Insights - The company reported a revenue of 68.816 billion yuan for 2024, a decrease of 7.28% year-on-year, and a net profit attributable to shareholders of 2.841 billion yuan, down 3.54% year-on-year [1] - The company plans to distribute a cash dividend of 0.692 billion yuan, resulting in a dividend payout ratio of approximately 35.41%, with a corresponding dividend yield of 5.25% based on the closing price on April 25 [1] Financial Performance - Quarterly revenue for 2024 was as follows: Q1: 14.125 billion yuan (up 23.45% YoY), Q2: 13.909 billion yuan (up 16.48% YoY), Q3: 14.854 billion yuan (down 36.85% YoY), Q4: 25.927 billion yuan (down 4.98% YoY) [2] - Quarterly net profit attributable to shareholders was: Q1: 0.444 billion yuan (down 1.01% YoY), Q2: 0.341 billion yuan (up 5.02% YoY), Q3: 0.714 billion yuan (down 0.91% YoY), Q4: 1.342 billion yuan (down 7.13% YoY) [2] - Revenue by business segment included: construction industry 57.239 billion yuan (down 6.72% YoY), design services 2.388 billion yuan (down 6.90% YoY), infrastructure operation 5.029 billion yuan (down 15.79% YoY), and others [2] New Orders and Growth - The company achieved new orders of 103.016 billion yuan in 2024, an increase of 8.01% year-on-year, with construction, design, operation, and digital business contributing 90.935 billion yuan, 6.161 billion yuan, 4.891 billion yuan, and 1.030 billion yuan respectively [2] - The company is focusing on mergers and acquisitions in strategic emerging industries such as smart operations, low-altitude economy, deep-sea economy, and artificial intelligence [3] Strategic Initiatives - The company approved a valuation enhancement plan for 2025-2027, focusing on modern urban construction services, emergency maintenance systems, digital transformation, and green material applications [3] - A budget of up to 0.5 billion yuan is planned for stock repurchase to enhance shareholder returns [3] Future Projections - Expected net profits for 2025-2027 are projected at 2.867 billion yuan, 2.963 billion yuan, and 3.154 billion yuan respectively, with corresponding price-to-earnings ratios of 6.68, 6.46, and 6.07 [3]

Core Insights - The company reported a revenue of 68.82 billion yuan for 2024, a year-on-year decrease of 7.28%, with a net profit attributable to shareholders of 2.84 billion yuan, down 3.54% year-on-year [1] - New signed orders increased by 8.01% year-on-year, totaling 103.02 billion yuan, with significant growth in energy engineering, municipal engineering, and real estate engineering sectors [1] - The digital information business saw a revenue increase of 24.09%, indicating a strong push towards emerging business areas [1] Financial Performance - The gross profit margins for various segments improved, with overall gross margin rising by 1.87 percentage points to 12.15% [2] - Investment income decreased by approximately 1.54 billion yuan to 1.44 billion yuan, impacting net profit growth [2] - Operating cash flow improved significantly, with a net inflow of 4.587 billion yuan, a year-on-year increase of 44.2% [2] Dividend and Future Outlook - The company plans to distribute a total dividend of 1.01 billion yuan for 2024, resulting in a dividend yield of 5.25% [3] - The company is focusing on expanding into emerging fields such as low-altitude economy, resilient cities, artificial intelligence, and robotics [3] - Profit forecasts for 2025-2027 are adjusted, with expected net profits of 2.90 billion yuan, 3.03 billion yuan, and 3.17 billion yuan respectively [4]

Group 1 - The banking sector has shown positive performance, with the China Securities State-Owned Enterprises Dividend Index (000824) rising by 0.10% and several constituent stocks experiencing significant gains, such as Chongqing Bank (601963) up by 7.21% and Jiangsu Jinzu (600901) up by 5.57% [1] - The National State-Owned Enterprises Dividend ETF (159515) has seen a growth in scale of 979.54 million yuan this month, ranking it in the top half among comparable funds [1] - The Central Political Bureau of the Communist Party of China held a meeting on April 25, focusing on economic themes and indicating a continuation of policy support [1] Group 2 - Huachuang Securities noted that large banks are advancing their capital increase plans, and the mid-term dividend strategy is still in progress, indicating sustained long-term investment value in the banking sector [2] - The low interest rate environment continues to highlight the stability of bank earnings and dividends, with high dividend yield banks showing absolute returns [2] - The positive economic trend remains unchanged, with monetary and fiscal policies being firmly implemented since October 2024, which is expected to stabilize bank asset quality and support credit growth [2] Group 3 - As of March 31, 2025, the top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index accounted for 15.22% of the index, with companies like COSCO Shipping Holdings (601919) and Jizhong Energy (000937) among the top [3] - The performance of individual stocks within the index varies, with some stocks like Nanjing Steel (600282) showing a gain of 2.07%, while others like Hengyuan Coal Power (600971) saw a decline of 2.64% [5]

Investment Rating - The report maintains a "Buy" rating for the company [7][8] Core Views - The company achieved a revenue of 68.8 billion RMB in 2024, a year-on-year decrease of 7.28%, and a net profit attributable to shareholders of 2.84 billion RMB, down 3.54% year-on-year, slightly below expectations due to a slowdown in traditional infrastructure investment [1] - The company focuses on high-quality development and digital transformation, with a target revenue and profit growth of 5-10% in 2025, supported by strong cash flow and a high dividend payout ratio [1][4] - The digital information business showed significant growth, with an overall gross margin increase to 12.2% year-on-year [2] Summary by Sections Financial Performance - In 2024, the core construction business generated revenue of 57.2 billion RMB, accounting for 83% of total revenue, with a gross margin of 6.96%, up 0.03 percentage points year-on-year [2] - The company reported a net cash inflow from operating activities of 4.59 billion RMB, an increase of 1.41 billion RMB year-on-year, with a cash collection and payment ratio of 97.4% and 88.0% respectively [3] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 2.98 billion RMB, 3.12 billion RMB, and 3.26 billion RMB respectively, reflecting a downward adjustment in revenue growth expectations [4] - The target price is set at 9.24 RMB, based on a valuation method that considers comparable averages, with a price-to-earnings ratio of 7.0x for construction and 27x for information operations [4][8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.86 CNY, reflecting a 9x PE for 2025 [6][17]. Core Views - The company demonstrated stable performance in Q4 2024, with a revenue of 259.3 billion CNY, a year-on-year decrease of 5.1%. The net profit attributable to the parent company was 13.4 billion CNY, down 7.5% year-on-year, while the non-recurring net profit increased by 1.3% year-on-year [1][2]. - The company plans to distribute a cash dividend of 6.9 billion CNY for the year-end, totaling 10.06 billion CNY for the year, with a dividend payout ratio of 35.68% and a corresponding dividend yield of 5.25% [1][2]. Revenue and Profitability - In 2024, the company achieved an operating income of 688.2 billion CNY, a decrease of 7.28% year-on-year, with a net profit of 28.4 billion CNY, down 3.5% year-on-year [1][5]. - The company’s gross margin improved to 12.2%, up 1.87 percentage points year-on-year, with a Q4 gross margin of 12.99%, an increase of 5.44 percentage points year-on-year [2][4]. Business Segments - The company’s revenue from various segments in 2024 included construction at 572 billion CNY, design services at 24 billion CNY, infrastructure operations at 50 billion CNY, and digital information business at 4 billion CNY, with respective year-on-year changes of -6.7%, -6.9%, -15.8%, and +26.7% [2][3]. - The company’s new orders reached 1,030 billion CNY in 2024, a year-on-year increase of 8.01%, with significant growth in municipal and energy sectors exceeding 30% [3]. Financial Management - The company maintained a good control over operating expenses, with a total expense ratio of 8.94%, a slight increase of 0.06 percentage points year-on-year. The net profit margin for 2024 was 4.3%, up 0.02 percentage points year-on-year [4][5]. - The company reported a net cash inflow from operating activities of 45.9 billion CNY, an increase of 14 billion CNY year-on-year [4].

Core Viewpoint - Tunnel Corporation (隧道股份) maintains stable operations with a high dividend investment value, projecting a target price of 8.86 yuan and a "buy" rating for the stock [1] Financial Performance - In 2024, the company achieved operating revenue of 68.82 billion yuan, a year-on-year decrease of 7.28%, with net profit attributable to shareholders at 2.84 billion yuan, down 3.5% [1] - The fourth quarter saw revenue of 25.93 billion yuan, a decline of 5.1%, while net profit attributable to shareholders was 1.34 billion yuan, down 7.5% [1] - The company plans to distribute cash dividends of 690 million yuan, resulting in a total cash dividend of 1.006 billion yuan for the year, with a dividend payout ratio of 35.68% and a corresponding dividend yield of 5.25% [1] Business Segments - Revenue from various business segments in 2024 includes construction at 57.2 billion yuan, design services at 2.4 billion yuan, infrastructure operations at 5 billion yuan, and digital information business at 400 million yuan, with respective year-on-year changes of -6.7%, -6.9%, -15.8%, and +26.7% [2] - The overall gross margin improved to 12.2%, up 1.87 percentage points year-on-year, with a fourth-quarter gross margin of 12.99%, an increase of 5.44 percentage points [2] Order Growth - The company signed new orders worth 103 billion yuan in 2024, an increase of 8.01% year-on-year, which is 1.5 times the revenue for the period [3] - In the first quarter of 2025, new orders reached 23.08 billion yuan, a year-on-year increase of 1.87%, with significant growth in municipal and energy-related orders exceeding 30% [3] Cost Management and Profitability - The company maintained a period expense ratio of 8.94%, with a slight increase of 0.06 percentage points year-on-year [4] - Investment income contributed 1.44 billion yuan, a decrease of 1.54 billion yuan year-on-year, while the net profit margin for 2024 was 4.3%, up 0.02 percentage points [4] - Operating cash inflow was 4.59 billion yuan, an increase of 1.4 billion yuan year-on-year, with a cash payment ratio improvement of 3.26 percentage points [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.86 CNY, reflecting a 9x PE for 2025 [6][17]. Core Insights - The company achieved a revenue of 68.82 billion CNY in 2024, a decrease of 7.28% year-on-year, with a net profit attributable to the parent company of 2.84 billion CNY, down 3.5% year-on-year [1][5]. - The company plans to distribute a cash dividend of 690 million CNY, resulting in a total cash dividend of 1.006 billion CNY for the year, with a dividend payout ratio of 35.68% and a corresponding dividend yield of 5.25% [1][5]. - The company’s gross margin improved to 12.2%, up 1.87 percentage points year-on-year, with a quarterly gross margin of 12.99%, an increase of 5.44 percentage points year-on-year [2][4]. Revenue and Profitability - In 2024, the company’s revenue from various segments included construction (57.2 billion CNY), design services (2.4 billion CNY), infrastructure operations (5 billion CNY), and digital information services (400 million CNY), with respective year-on-year changes of -6.7%, -6.9%, -15.8%, and +26.7% [2]. - The company’s net profit margin for 2024 was 4.3%, a slight increase of 0.02 percentage points year-on-year, while the net profit margin for Q4 was 5.16%, down 0.61 percentage points year-on-year [4]. Order Growth and Market Position - The company signed new orders worth 103 billion CNY in 2024, representing an 8.01% increase year-on-year, which is 1.5 times its revenue for the same period [3]. - The new orders in municipal and energy sectors grew by over 30%, with significant growth in Shanghai and overseas markets [3]. Financial Metrics and Valuation - The company’s projected net profit for 2025-2027 is estimated at 3.1 billion CNY, 3.37 billion CNY, and 3.71 billion CNY, respectively, with corresponding PE ratios of 6.2, 5.7, and 5.2 [1][5]. - The company’s total assets are projected to reach 176.24 billion CNY by 2025, with a debt-to-asset ratio of 78.01% [11][12].

Core Viewpoint - Tunnel Corporation announced a cash distribution plan for the fiscal year 2024, proposing a dividend of 2.2 yuan per 10 shares (including tax), amounting to a total cash payout of 6.92 billion yuan, which represents 24.35% of the net profit and a dividend yield of 3.38% based on the average trading price for the year [1][2]. Financial Performance - The company reported a total revenue of 688.16 billion yuan for the fiscal year 2024, reflecting a year-on-year decline of 7.28% - The net profit for the same period was 28.41 billion yuan, down 3.54% year-on-year - Basic earnings per share were recorded at 0.9 yuan, with a weighted average return on equity of 9.4% [2]. Dividend History - The company has a history of 28 cumulative cash distributions since its listing - The latest proposed dividend of 2.2 yuan per 10 shares is compared to previous distributions, such as 2.3 yuan in 2023 and 2.7 yuan in 2022, indicating a slight decrease in the dividend amount [1][2]. Market Activity - The stock experienced a net outflow of 874,200 yuan in principal funds on the day of the announcement, with a total net outflow of 4.73 million yuan over the past five days [3]. - The latest margin financing balance for the stock was 485 million yuan, showing a decrease of 5.66 million yuan, or 1.15%, over the past five days [4]. Industry Comparison - In the construction and decoration industry, Tunnel Corporation's cash distribution ranks among the lower end compared to peers, with China State Construction leading with a cash payout of 112.18 billion yuan, followed by China Railway and China Railway Construction with payouts of 44.04 billion yuan and 40.74 billion yuan, respectively [5].

股票代码 [600820] 2024 环境、社会与治理报告 ENVIRONMENTAL，SOCIAL AND GOVERNANCE REPORT 承载城市梦想 建筑美好生活 t_i_s_ I ■ 微信公众号 官方网站 地址：中国·上海市徐汇区宛平南路1099号 邮政编码: 200232 电话: +86-21-58301000 传真: +86-21-58307000 争载城市梦想 建筑复始专店 x 7 fri A B x Nummer 目录 CONTENTS 15 专题一 达天下 有力践行国家战略 积极投身"粤港澳大湾区"建设 坚定践行"一带一路"国家战略 持续助力"长三角一体化"互联互通 创新服务上海"国际航运中心"建设 ------------- 专题二 19 一 行致远 夯实ESG治理体系 ESG治理理念 ESG治理目标 ESG治理架构与制度 持续强化ESG治理能力建设 实质性议题分析 ESG外部认可 守基业以常青 | 党建引领促发展 | 31 | | --- | --- | | 33 三会治理创价值 | | | 38 风险防控治久安 | | | 数据治理提效能 | 43 | 107 未来展望 109 制 ...