%% research.95579.com %% 丨证券研究报告丨 联合研究丨公司点评丨隧道股份（ ） 600820.SH [Table_Title] 高分红回报投资者，股权 数据要素仍待重估 + 报告要点 [公Ta司ble2_0S2u3m年m实ar现y]营业收入741.93亿元，同比增长2.62%；归属净利润29.39亿元，同比增长 2.92%；扣非后归属净利润27.13亿元，同比增长10.35%。 ...

此次电话会议仅服务于国泰捐赠券正式签约客户会议音频及文字记录的内容仅供国泰捐赠券客户内部学习使用不得外发并且必须经国泰捐赠券研究所审核后方可留存国泰捐赠券未授权任何媒体转发此次电话会议相关内容未经允许和授权 转载转发均属侵权国泰均安证券将保留追究其法律责任的权利国泰均安证券不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提请广大投资者谨慎做出投资决策大家好 欢迎参加隧道股份2024Q1业绩交流会目前所有参会者均处于静音状态下面有请主持人讲话各位投资者各位朋友上午好我是国军建筑韩基诚今天我们再次请到我们的老朋友隧道股份的张总给我们隧道股份基建做一个深入交流会议大概分为三个环节首先是我做个观点的介绍再后面是隧道股份的张总做个介绍再后面就是问答环节 披露完一级报整个建筑行业是差强人意的我们国泰集团建筑团队今年做了一个大的数据库叫建筑产业的全景数据库这个目的就为了从微观的角度上去前瞻性的跟踪和预判建筑的实务能量从而去判断建筑公司的真实的业绩因为从国家统计局披露出来的基建投资增速去预判建筑行业的业绩中间是有比较大的一个相对比例所以说我们大概构建了这样一个数据库 感兴趣的投资者也可以约我们去这个讲这个数据库介绍一 ...

建筑装饰/基础建设 公 司 研 隧道股份（600820.SH） 一季度业绩符合预期，新签订单规模稳健增长 究 2024年04月30日 ——公司信息更新报告 投资评级：买入（维持） 齐东（分析师） 郝英（联系人） qidong@kysec.cn haoying@kysec.cn 日期 2024/4/30 证 书编号：S0790522010002 证书编号：S0790123060017 当前股价(元) 6.72  一季度业绩符合预期，新签订单规模稳健增长，维持“买入”评级 公 一年最高最低(元) 7.06/5.26 隧道股份发布 2024年一季度报告，公司核心业绩稳健增长，新签合同额保持增 司 长态势。在手订单充裕，有望带动未来业绩持续向好。故维持原盈利预测，预计 信 总市值(亿元) 211.28 息 流通市值(亿元) 211.28 2024-2026年归母净利润分别为30.7、32.2、33.3亿元，EPS分别为0.98、1.02、 更 总股本(亿股) 31.44 1.06元，当前股价对应PE估值分别为6.9、6.6、6.3倍，公司近10年来，每年 新 报 流通股本(亿股) 31.44 现金分红比例均超过30 ...

公司报告 | 季报点评 隧道股份（600820） 证券研究报告 2024年04月 30日 投资评级 毛利率有所改善，看好数据要素助力公司价值重估 行业 建筑装饰/基础建设 6个月评级 买入（维持评级） 当前价格 6.79元 营收利润稳步增长，公司发展稳健 24Q1公司实现营收141.3亿，同比+5.3%，归母净利润为4.4亿，同比+3.1%， 目标价格 9.27元 扣非净利润为4.3亿，同比+10.2%，其中非经常性损益为0.18亿元，同比 减少0.44亿元，扣非净利润增速快于收入主要系毛利率有所改善。我们预 基本数据 计公司24-26 年归母净利润为32.4、35.9、39.9 亿，对应 PE为 6.6、6.0、 A股总股本(百万股) 3,144.10 5.4倍，认可给予公司24 年9倍PE，对应目标价为9.27元，维持“买入” 流通A股股本(百万股) 3,144.10 评级。 A股总市值(百万元) 21,348.41 流通A股市值(百万元) 21,348.41 积累深厚优质交通数据资产，数据要素助力价值重估 近日发改委、国家数据局印发《数字经济2024年工作要点》，提出9方面 每股净资产(元) 9.34 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 14,125,167,419.49, representing a year-on-year increase of 5.34% compared to CNY 11,441,934,895.31 in the same period last year[4] - The net profit attributable to shareholders was CNY 444,187,481.85, a decrease of 3.06% from CNY 448,718,076.89 in the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 10.19% to CNY 426,289,302.23 from CNY 386,873,436.03 in the same period last year[4] - Net profit for Q1 2024 was ¥459,824,053.03, compared to ¥446,663,935.86 in Q1 2023, indicating a growth of 2.9%[19] - The total comprehensive income for Q1 2024 was ¥432,527,647.59, slightly down from ¥452,734,294.64 in Q1 2023[19] Cash Flow - The net cash flow from operating activities was negative at CNY -3,908,349,919.29, worsening by 6.51% compared to CNY -3,244,267,833.50 in the previous year[4] - Cash inflow from operating activities for Q1 2024 is CNY 23,012,891,915.79, an increase of 3.6% compared to CNY 22,209,976,815.88 in Q1 2023[21] - Cash outflow from operating activities for Q1 2024 is CNY 26,921,241,835.08, up from CNY 25,879,350,167.45 in Q1 2023, resulting in a net cash flow from operating activities of -CNY 3,908,349,919.29[21] - Cash inflow from investing activities for Q1 2024 is CNY 414,227,866.35, compared to CNY 11,338,499.92 in Q1 2023[22] - Cash outflow from investing activities for Q1 2024 is CNY 432,214,286.40, down from CNY 840,479,865.51 in Q1 2023[22] - Cash inflow from financing activities for Q1 2024 is CNY 6,807,164,697.89, an increase from CNY 4,407,269,876.72 in Q1 2023[22] - Net cash flow from financing activities for Q1 2024 is CNY 2,496,860,520.02, compared to CNY 1,228,815,303.65 in Q1 2023[22] - The ending balance of cash and cash equivalents for Q1 2024 is CNY 19,616,343,157.30, up from CNY 16,991,185,860.17 in Q1 2023[22] Assets and Liabilities - The total assets at the end of the reporting period were CNY 160,715,071,709.55, a decrease of 0.74% from CNY 161,915,650,211.45 at the end of the previous year[5] - The total current assets as of March 31, 2024, amounted to ¥84,117,467,707.71, a decrease from ¥87,148,419,495.84 as of December 31, 2023, reflecting a decline of approximately 3.8%[13] - The total non-current assets increased to ¥76,597,604,001.84 from ¥74,767,230,715.61, indicating a growth of about 2.5%[14] - The total liabilities decreased to ¥124,607,965,454.04 in Q1 2024 from ¥126,261,944,782.17 in Q1 2023, a reduction of approximately 1.3%[16] - The company's short-term borrowings were reported at ¥6,099,941,725.73, a slight decrease from ¥6,101,943,304.35[14] - The company's long-term borrowings rose to ¥22,392,494,749.77 in Q1 2024, compared to ¥21,442,090,232.35 in Q1 2023, an increase of 4.4%[16] Shareholder Information - The equity attributable to shareholders increased by 1.45% to CNY 29,357,536,916.90 from CNY 28,937,325,356.51 at the end of the previous year[5] - The total number of ordinary shareholders at the end of the reporting period was 108,304[8] - The total equity attributable to shareholders of the parent company rose to ¥29,357,536,916.90 in Q1 2024, compared to ¥28,937,325,356.51 in Q1 2023, marking an increase of 1.5%[16] - The company has not reported any significant changes in its major shareholders or their shareholding percentages during the reporting period[11] Expenses and Costs - Operating costs for Q1 2024 were ¥13,850,370,474.09, up from ¥13,254,613,365.71 in Q1 2023, reflecting a year-over-year increase of 4.5%[17] - Research and development expenses increased to ¥542,756,035.64 in Q1 2024, up from ¥360,634,618.46 in Q1 2023, representing a significant rise of 50.5%[17] - The company reported a decrease in tax expenses to ¥207,401,018.35 in Q1 2024 from ¥192,720,301.33 in Q1 2023, reflecting a year-over-year increase of 7.5%[19] Other Information - Non-recurring gains included CNY 16,934,042.39 from government subsidies and CNY 7,091,937.55 from other non-operating income[6] - The company did not apply new accounting standards or interpretations starting from 2024[24] - The company reported no net profit from the merged entity prior to the merger in the current and previous periods[20] - The diluted earnings per share remained stable at CNY 0.14, unchanged from the previous year[5] - Basic and diluted earnings per share for Q1 2024 are both CNY 0.14, unchanged from the previous period[20]

| 证券代码：600820 | 证券简称：隧道股份 | 公告编号：临 | 2024-027 | | --- | --- | --- | --- | | 债券代码：185752 | 债券简称：22 隧道 01 | | | 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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于2024年05月08日(星期三)至05月14日(星期二)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。 上海隧道工程股份有限公司（以下简称"公司"）已于 2024 年 4 月 20 日发布公司 2023 年度报告，为便于广大投资者更全面深入地了 解公司 2023 年度经营成果、财务状况，公司计划于 2024 年 05 月 15 日上午 10:00-11:30 举行 2023 年度暨 2024 年第一季度业 ...

本项目投资建设主要内容包括奉化区南山信创源厂房改造项目、 小微园项目、智享公寓项目、配套中心项目、正廷路和溆浦南路道路 工程、弥勒大道拓宽工程、奉化西环线（宝化路至东环线段）公路工 程等7个子项目。 项目总投资719,300万元。合作期20年，其中建设期为5年，运营 期为15年。 特此公告。 证券代码：600820 股票简称：隧道股份 编号：临 2024-023 债券代码：185752 债券简称：22 隧道 01 上海隧道工程股份有限公司 中标公告 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。 近日，上海隧道工程股份有限公司全资子公司——上海基础设施 建设发展（集团）有限公司和浙江城开建设发展（集团）有限公司组 成联合体，参与了"奉化区南山信创源及周边基础设施建设项目合作 商"的公开投标。根据招标人——宁波市奉化区交通投资发展集团有 限公司签发的中标通知书，确定该联合体中标本项目。 上海隧道工程股份有限公司 董事会 2024 年 4 月 25 日 ...

股 票 研 究 [Table_industryInfo] 建筑工程业/工业 [ Table_Main[隧ITnaf 道bol]e 股_Ti份tle]( 600820) [评Tab级le_：Inv est] 增持 上次评级： 增持 基础设施运营增长较快，数据要素价值得到市场认可 目标价格： 9.00 上次预测： 7.51 公 ——隧道股份2023 年年报点评 当前价格： 6.89 司 韩其成(分析师) 郭浩然(分析师) 陈剑鑫(研究助理) 2024.04.23 更 021-38676162 010-83939793 021-38038262 [交Ta易bl数e_M据a rket] 新 hanqicheng8@gtjas.com guohaoran025968@gtjas.com chenjianxin027974@gtjas.com 证书编号 S0880516030004 S0880524020002 S0880123030056 52周内股价区间（元） 5.33-6.90 报 总市值（百万元） 21,663 告 本报告导读： 总股本/流通A股（百万股） 3,144/3,144 流通 B股/H股（百万股） 0/ ...

那么以及我们的数字化的业务和我们隧道股份呢因循着我们以往形成的一些经验和我们的数据要素的积累所不断的从作为中国第一家的作为中国软土动构机呃研发设计制造组装维保等等形成的这些数据呢我们形成的当前的数字动构机这些业务 那么从整个区市场的分布来看呢还是大致的分为我们一个上海加上几个区市场上海的市场呢在20 二三年度呢依然保持着是一个比较好的势头那么另外呢我们几个区域市场呢像这个长三角的区域市场那么第二个呢就是我们的中原以郑州为核心的区域市场第三个呢就是包括香港澳门在内的大湾区的区域市场然后呢最后一个呢就是我们以新加坡为核心的东南亚的区域市场那这些呢是我们在整体的营收当中所体现的主要就是这几块 那么从整个的这个行业的特点来看呢整体来说实际上是作为我们中国建筑业来说无论是央企国企或者是一些民企整体在传统的施工业务方面的这个毛利率都有所下滑 那么当然也有几个因素一个呢是工程项目出的比较少可能是本身在招标的时候的这个利润的给的这个利润率呢就不是特别高当然我们今天说这话都是大家私下聊啊不要往外面去传就作为个人理解就可以了那么另外一个呢就是在2022年到2023年实际上有一些这个材料的涨价呀人工成本的涨价呀包括用工荒啊等等问题 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected EPS of 1.05, 1.16, and 1.28 for 2024-2026, corresponding to PE ratios of 6.6, 6.0, and 5.4 respectively [4][11]. Core Views - The company reported a revenue of 74.193 billion yuan in 2023, a year-on-year increase of 2.62%, and a net profit attributable to shareholders of 2.939 billion yuan, up 2.92% year-on-year. The non-recurring net profit increased by 10.35% year-on-year to 2.713 billion yuan [4][5]. - The company plans to distribute a cash dividend of 849 million yuan, with a dividend payout ratio of 30.22%, and a TTM dividend yield of 5.36% as of April 19 [4][11]. - The construction business, design services, infrastructure operations, and digital information segments generated revenues of 61.36 billion yuan, 2.565 billion yuan, 5.972 billion yuan, and 317 million yuan respectively, with year-on-year changes of +3.11%, -3.85%, +20.85%, and +2.07% [4][6]. - The overall gross margin for 2023 was 10.28%, a decrease of 2.69 percentage points year-on-year, primarily due to rising subcontracting costs affecting the design and infrastructure operations segments [8][9]. - The company achieved a net profit margin of 4.28%, with a slight decline of 0.31 percentage points year-on-year, attributed to increased investment income from joint ventures and a decrease in non-current asset disposal income [9][10]. - The company’s operating cash flow per share was 1.01 yuan, a decrease of 0.18 yuan year-on-year, mainly due to increased expenditures on goods and services [10][11]. - The company is positioned as a high-dividend yield value stock, with over 70% of its revenue coming from the Yangtze River Delta region, which is expected to see solid investment growth [11]. Financial Summary - In 2023, the company signed new orders totaling 95.38 billion yuan, a year-on-year increase of 14.11%, with significant contributions from construction and operational segments [5][6]. - The projected revenues for 2024-2026 are 82.284 billion yuan, 90.928 billion yuan, and 100.118 billion yuan, with corresponding year-on-year growth rates of 10.9%, 10.5%, and 10.1% respectively [3][12]. - The gross margin is expected to improve gradually, reaching 10.5%, 10.6%, and 10.7% for 2024-2026 [3][12]. - The return on equity (ROE) is projected to increase from 10.2% in 2023 to 10.9% in 2026 [3][12].