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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance meets expectations, with a steady growth in new signed orders [1] - The company reported a year-on-year decline in operating revenue but a slight increase in net profit attributable to shareholders [1][2] - The overall business operations remain stable, with a robust expansion in new signed orders [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 428.88 billion yuan, a year-on-year decrease of 8.57%, and a net profit attributable to shareholders of 14.99 billion yuan, a year-on-year increase of 0.35% [1] - The gross profit margin for the first three quarters was 11.65%, a decrease of 0.22 percentage points year-on-year, while the net profit margin was 3.77%, an increase of 0.36 percentage points year-on-year [1] - The company’s cash flow from operating activities showed a significant increase, reaching 23.92 billion yuan, a year-on-year growth of 550.84% [1] Order and Business Development - The company secured new signed orders totaling 657.05 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 9.46% [2] - The construction business saw a contract volume of 569.68 billion yuan, a year-on-year increase of 13.26% [2] - The company’s investment business is thriving, with total investments in various projects amounting to 137.13 billion yuan [2] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 30.7 billion yuan, 32.2 billion yuan, and 33.3 billion yuan, respectively, with corresponding EPS of 0.98 yuan, 1.02 yuan, and 1.06 yuan [1] - The price-to-earnings (P/E) ratios are projected to be 7.0, 6.7, and 6.5 for the years 2024, 2025, and 2026, respectively [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance meets expectations, with a steady growth in new orders [1] - The company reported a year-on-year decline in revenue but a slight increase in net profit [1][2] - The company is expanding its investment business, with significant new orders signed [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 428.88 billion yuan, a year-on-year decrease of 8.57%, and a net profit of 14.99 billion yuan, a year-on-year increase of 0.35% [1] - The gross profit margin for the first three quarters was 11.65%, a decrease of 0.22 percentage points year-on-year, while the net profit margin was 3.77%, an increase of 0.36 percentage points year-on-year [1] - In Q3 2024, the company reported revenue of 148.54 billion yuan, a year-on-year decline of 23.18%, and a net profit of 7.14 billion yuan, a year-on-year decrease of 0.12% [1] Order and Investment Growth Summary - The company signed new orders totaling 657.05 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 9.46% [2] - The construction business saw a contract volume of 569.68 billion yuan, a year-on-year increase of 13.26% [2] - The company is actively involved in investment projects, with a total investment amount of 137.13 billion yuan in various development projects [2] Earnings Forecast Summary - The company is expected to achieve net profits of 30.7 billion yuan, 32.2 billion yuan, and 33.3 billion yuan for the years 2024 to 2026, with corresponding EPS of 0.98 yuan, 1.02 yuan, and 1.06 yuan [1][4] - The projected P/E ratios for the same period are 7.0, 6.7, and 6.5 times, respectively [1][4]

Investment Rating - The report maintains a "Recommended" rating for the company [3][6]. Core Insights - The company reported a revenue of 42.888 billion yuan for the first three quarters of 2024, a year-on-year decrease of 8.57%, while the net profit attributable to shareholders was 1.499 billion yuan, a slight increase of 0.35% [2]. - Operating cash flow has improved significantly, with a net cash inflow from operating activities of 2.392 billion yuan, an increase of 2.024 billion yuan year-on-year, primarily due to a reduction in cash paid for goods and services [2]. - The company has shown a notable performance in municipal and road engineering contracts, with a total contract amount of 65.705 billion yuan for the first nine months of 2024, representing a year-on-year growth of 9.46% [3]. Financial Performance Summary - For the first three quarters of 2024, the gross profit margin was 11.65%, a decrease of 0.22 percentage points year-on-year, while the net profit margin increased by 0.36 percentage points to 3.77% [2]. - The company’s asset-liability ratio decreased to 76.96%, down by 0.72 percentage points year-on-year [2]. - The forecast for net profit attributable to shareholders for 2024-2026 is 2.998 billion, 3.192 billion, and 3.457 billion yuan, respectively, with corresponding P/E ratios of 7.17, 6.74, and 6.22 times [3][5].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's revenue faced short-term pressure, but investment income significantly supported Q3 performance, with a total revenue of 42.9 billion, down 9% year-on-year, and a net profit attributable to shareholders of 1.5 billion, up 0.4% year-on-year [1] - Q3 saw a substantial increase in investment income, leading to a notable improvement in operating cash flow, with a net inflow of 6.2 billion in Q3, an increase of 5.2 billion year-on-year [1] - New contract amounts maintained rapid growth, with a total of 65.7 billion in new contracts signed in the first three quarters, up 9.5% year-on-year, and 19.6 billion in Q3, up 10.4% year-on-year [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 11.6%, a decrease of 0.2 percentage points year-on-year, with Q3 gross margin declining significantly by 8 percentage points [1] - The company’s operating cash flow for Q1-3 was 2.4 billion, an increase of 2 billion year-on-year, indicating a strong cash flow position [1] - The forecast for net profit attributable to shareholders for 2024-2026 is 3.03 billion, 3.11 billion, and 3.16 billion respectively, with corresponding EPS of 0.96, 0.99, and 1.00 [2][3]

Financial Performance - The company's operating revenue for Q3 2024 was ¥14,854,430,784.37, a decrease of 23.18% compared to the same period last year[2] - The net profit attributable to shareholders for Q3 2024 was ¥713,813,233.46, a slight decrease of 0.12% year-on-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥619,272,245.71, down 11.08% from the previous year[2] - Total operating revenue for the first three quarters of 2024 was CNY 42.89 billion, a decrease of 8.6% compared to CNY 46.91 billion in the same period of 2023[17] - Net profit for the first three quarters of 2024 reached CNY 1.62 billion, slightly up from CNY 1.60 billion in the same period of 2023, representing a growth of 2.4%[18] - The company's investment income for the first three quarters of 2024 was CNY 1.59 billion, an increase of 37.4% compared to CNY 1.16 billion in 2023[17] Assets and Liabilities - The total assets at the end of the reporting period were ¥164,331,495,256.44, an increase of 1.49% compared to the end of the previous year[3] - The company's total liabilities stood at RMB 96.25 billion, a slight increase from RMB 96.20 billion at the end of 2023[14] - The total liabilities of the company as of the reporting date were CNY 126.47 billion, a slight increase from CNY 126.26 billion in the previous period[15] - The total equity attributable to shareholders of the parent company increased to CNY 31.59 billion, up from CNY 28.94 billion, marking a growth of 9.1%[15] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥2,392,088,351.61, reflecting a significant increase of 550.84%[8] - In the first three quarters of 2024, the cash inflow from operating activities was CNY 46,273,473,393.76, a decrease of 4.19% compared to CNY 48,292,933,897.41 in the same period of 2023[20] - The net cash flow from operating activities increased significantly to CNY 2,392,088,351.61, compared to CNY 367,538,149.88 in the first three quarters of 2023, marking a substantial improvement[20] - Total cash inflow from financing activities reached CNY 18,776,250,794.75, an increase from CNY 12,524,172,789.73 in 2023, reflecting enhanced financing efforts[21] - The net cash flow from financing activities showed a significant decline to -CNY 4,700,442,996.55, compared to a positive CNY 85,293,498.55 in the previous year, indicating increased cash outflows for debt repayment and dividends[21] Shareholder Information - The company has a total of 105,616 common shareholders at the end of the reporting period[9] - The company reported a basic earnings per share of ¥0.23 for Q3 2024, unchanged from the previous quarter[2] - The company reported a basic earnings per share of CNY 0.48 for both 2024 and 2023, indicating stability in earnings performance[18] Other Financial Metrics - The weighted average return on equity was 2.40%, a decrease of 0.17 percentage points compared to the previous year[2] - Non-recurring gains and losses for the current period totaled ¥94,540,987.75, down from ¥201,442,797.86 in the previous year[5] - Deferred income decreased significantly to CNY 517.22 million from CNY 1.32 billion, a reduction of 60.8%[15] - The company's financial expenses for the first three quarters of 2024 were CNY 1.19 billion, an increase of 3.9% compared to CNY 1.14 billion in 2023[17] Inventory and Receivables - The company's accounts receivable decreased to RMB 20.79 billion, down 4.8% from RMB 21.83 billion at the end of 2023[13] - The inventory increased to RMB 1.49 billion, up 27% from RMB 1.17 billion at the end of 2023[13] - The company's contract assets rose to RMB 40.17 billion, an increase of 3.8% from RMB 38.70 billion at the end of 2023[13] Fixed and Non-Current Assets - The company's fixed assets decreased to RMB 3.21 billion, down 22.9% from RMB 4.17 billion at the end of 2023[14] - The company's total non-current assets increased to RMB 77.50 billion, up 3.3% from RMB 74.77 billion at the end of 2023[14] - The company reported a significant increase in other non-current assets, totaling RMB 23.25 billion, compared to RMB 22.66 billion at the end of 2023[14]

| 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2024-050 | | --- | --- | --- | --- | --- | --- | | 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 第十届监事会第十五次会议决议公告 本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个别及连带责任。 重要内容提示： 海证券交易所的各项规定，所包含的信息能从各个方面真实地反映出 公司 2024 年第三季度的经营管理和财务状况等事项； 3、在公司监事会提出本意见前，未发现参与第三季度报告编制 和审议的人员有违反保密规定的行为。 上海隧道工程股份有限公司第十届监事会第十五次会议，于2024 年 10 月 23 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 10 月 30 日以通讯表决方式召 ...

| 证券代码：600820 | 证券简称：隧道股份 | | | 公告编号：2024-051 | | --- | --- | --- | --- | --- | | 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 年第一次临时股东大会的通知 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、 召开会议的基本情况 (一)股东大会类型和届次 2024 年第一次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2024 年 11 月 15 日 14 点 30 分 股东大会召开日期：2024年11月15日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 ...

| 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2024-049 | | --- | --- | --- | --- | --- | --- | | 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 第十届董事会第三十四次会议决议公告 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个别及连带责任。 重要内容提示： ●本次董事会会议全体董事出席。 ●本次董事会会议无董事对会议审议议案投反对或弃权票情形。 ●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（简称"公司"）第十届董事会第三 十四次会议，于 2024 年 10 月 23 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 10 月 30 日以通讯表决方式召开，应 到董事 8 名，实 ...