【投资要点】 公司发布2024 年年报。公司2024 年实现收入688.2亿元，同比-7.28%，归母净利润28.4 亿元，同 比-3.54%（均为调整后口径）；对应Q4 收入259.27 亿元，同比-4.98%；归母净利润13.42 亿元，同 比-7.13%。 【投资建议】 我们调整盈利预测，预计2025-2027 年，公司归母净利润为29.0/30.3/31.7亿元，对应2025 年4 月25 日收 盘价为6.60/6.32/6.04 倍PE。维持公司"增持"评级。 【风险提示】 建设需求不及预期。 毛利率不及预期。 新签订单同比增长，省外拓展成效良好。2024 年公司合计新签1,030.2亿元，同比+8.01%。分行业来 看，能源工程类、市政工程类、房产工程类新签订单同比分别增长31.77%/31.33%/22.17%，是增长较快 的细分领域。分区域看，2024 年公司上海外区域拓展成效良好，上海外新签订单同比增长19.88%至 406.9 亿元。 数字信息业务高增24%，持续推进新兴业务。2024 年公司施工业务收入572.4 亿元，同比-6.72%；而数 字信息业务实现收入4.0 亿元，同比+24. ...

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 ...

上海隧道工程股份有限公司 2024 年度审计委员会对会计师事务所履行监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准 则》《国有企业、上市公司选聘会计师事务所管理办法》《上海证券交易所上市公 司自律监管指引第 1 号――规范运作》和《公司章程》等规定和要求,董事会审 计委员会本着勤勉尽责的原则,恪尽职守，认真履职。现将董事会审计委员会对 会计师事务所 2024 年度履行监督职责的情况汇报如下: 一、2024年年审会计师事务所基本情况 (一) 会计师事务所基本情况 立信会计师事务所（特殊普通合伙）(以下简称"立信"）由我国会计泰斗 潘序伦博士于 1927年在上海创建,1986年复办,2010年成为全国首家完成改制 的特殊普通合伙制会计师事务所,注册地址为上海市,首席合伙人为朱建弟先生。 立信是国际会计网络 BD0 的成员所,长期从事证券服务业务,新证券法实施前具 有证券、期货业务许可证,具有 H 股审计资格,并已向美国公众公司会计监督委 员会(PCAOB)注册登记。 截至 2024 年末，立信拥有合伙人 296 名、注册会计师 2,498 名、从业人员 总数 10,021 ...

| 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-013 | | --- | --- | --- | --- | --- | --- | | 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 关于变更会计师事务所的公告 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。 （一）机构信息 1、基本信息 事务所名称：中汇会计师事务所（特殊普通合伙） 成立日期：2013 年 12 月 19 日 组织形式：特殊普通合伙 注册地址：杭州市上城区新业路 8 号华联时代大厦 A 幢 601 室 重要内容提示： 变更会计师事务所的简要原因：鉴于立信会计师事务所（特殊普通合伙） （以下简称"立信"）连续为上海隧道工程股份有限公司（以下简称"隧 道股份"、"公司"）提供审计服务的期限已经超过法定年限 ...

| 证券代码：600820 | 股票简称：隧道股份 | 编号：临2025-017 | | --- | --- | --- | | 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 关于董事辞职的公告 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（简称"公司"）董事会于近日收到 公司董事屠旋旋先生的辞职报告，屠旋旋先生因工作变动原因，申请 辞去公司董事、董事会战略与 ESG 委员会委员的职务，并履职至补 选董事的议案经公司股东会审议通过之日。 根据《公司法》和《公司章程》的相关规定，屠旋旋先生的辞职 不会导致本公司的董事人数低于法定人数，不会影响公司董事会的正 常运作。 公司衷心感谢屠旋旋先生在任职期间为公司发展所做出的贡献！ 特此公告。 上海隧道工程股份有限公司 董事会 2025 年 4 月 26 日 ...