| 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 ...

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 ...

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 ...

公司报告 | 季报点评 毛利率下滑利润短暂承压，现金流明显改善 收入、利润短暂小幅承压，看好公司中长期成长能力 24Q1-3 公司实现收入 428.88 亿，同比-8.57%，归母、扣非净利润为 14.99、 12.98 亿，同比+0.35%、-8.53%；非经常性损益为 2.01 亿，同比增加 1.26 亿元，主要为资产处置收益 0.83 亿以及政府补助 0.52 亿，金融资产和负 债的公允价值变动及处置损益 1.3 亿。Q3 单季实现收入 148.54 亿，同比 -23.18%，归母、扣非净利润为 7.14、6.19 亿，同比分别-0.12%、-11.08%， 扣非利润略有承压主要系公司毛利率同比下滑，费用率有所提升。 新签订单稳步增长，数字业务订单稳步推进 公司前三季度新签订单 657.05 亿元，同比+9.46%，Q3 新签 195.79 亿元， 同比+10.35%。前三季度的轨道交通、市政工程、能源工程、道路工程、房 建新签合同额分别为106.59、212.06、79.03、65.39、64.19 亿元，同比-21.00%、 +43.16%、+4.41%、+52.16%、-17.01%，市政与道路工 ...

隧道股份（600820.SH）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] Q3 业绩受益投资收益，关注上海国资改革+数据要素 2024 年 10 月 31 日 ➢ 公司发布 2024 年三季报：24Q1-Q3 实现营收 428.88 亿元，同比-8.57%， 归母净利 14.99 亿元，同比+0.35%，扣非归母净利 12.98 亿元，同比-8.53%。 其中，24Q3 实现营收 148.54 亿元，同比-23.18%，归母净利 7.14 亿元，同比 -0.12%，扣非归母净利 6.19 亿元，同比-11.08%。 ➢ Q3 业绩主要由投资收益贡献： 24Q3 公司单季度毛利率 5.43%，同比-6.59pct、环比-11.94pct，净利率 5.19%， 同比+2.00pct、环比+2.40pct。净利率维持较高水平，主因系 24Q3 单季度投 资收益达 14.86 亿元，24Q1-Q2 投资收益分别为 3.57、-2.53 亿元。 ➢ 单 3 季度管理/研发/财务费用绝对金额均有所压降： 24Q3 单季度期间费用率合计 10.18%，同比+2.08pct，主因系收入规模减少 ...

数据来源：聚源、开源证券研究所 源证券 建筑装饰/基础建设 业绩表现符合预期，新签订单稳健增长 中新 隧道股份（600820.SH） 2024 年 10月 31 日 公司信息更新报告 | --- | --- | --- | --- | --- | |------------------------|------------|---------------------------------|----------------------------------------------------------------------------|------------------------------------| | | | | | | | 投资评级：买入（维持） | | 齐东（分析师） qidong(@kysec.cn | 胡耀文（分析师） huyaowen(@kysec.cn | 杜致远 (联系人) duzhiyuan@kysec.cn | | 日 期 | 2024/10/30 | 证书编号：S0790522010002 | 证书编号： S0790524070001 | 证书编号：S0790124070 ...

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]