Financial Performance - The company's operating revenue for the first half of 2024 was CNY 28,033,862,291.31, representing a year-on-year increase of 1.69% compared to CNY 27,569,114,999.55 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was CNY 785,650,446.55, a slight increase of 0.78% from CNY 779,584,353.57 in the previous year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 6.06% to CNY 678,748,636.44 from CNY 722,540,774.44 in the same period last year[18]. - The net cash flow from operating activities was negative at CNY -3,764,257,546.23, a significant decline compared to CNY -598,030,259.01 in the previous year[18]. - Basic earnings per share remained stable at CNY 0.25, showing no change compared to the same period last year[19]. - The weighted average return on equity decreased to 2.71%, down 0.12 percentage points from the previous year[19]. - The company reported a total comprehensive income of ¥826,853,111.33 for the first half of 2024, compared to ¥863,994,512.90 in the previous year, indicating a decrease of 4.3%[119]. Revenue Breakdown - Revenue from the construction industry reached CNY 24.43 billion, with a year-on-year increase of 2.63%[20]. - Revenue from the digital information segment increased by 26.77%, reaching CNY 204.73 million[20]. - The company experienced a significant revenue decline of 62.96% in Yunnan province, with revenue of CNY 61.51 million[21]. Assets and Liabilities - The total assets as of the end of the reporting period were CNY 160,461,842,704.84, down 0.90% from CNY 161,915,650,211.45 at the end of the previous year[18]. - The total liabilities amounted to ¥24,366,074,089.91, an increase from ¥23,726,582,852.43 in the previous year[116]. - The company's interest-bearing debt increased from 66.88 billion RMB at the beginning of the period to 79.27 billion RMB at the end, representing a year-on-year change of 18.52%[99]. Cash Flow - The company reported a net cash inflow from investment activities of approximately ¥481 million, a turnaround from a cash outflow of -¥1.28 billion in the same period last year, marking a 137.69% improvement[40]. - The total cash inflow from operating activities was CNY 28,326,469,284.08, compared to CNY 36,576,202,288.33 in the first half of 2023[123]. - Cash inflow from financing activities increased to ¥2,100,000,000.00, compared to ¥1,319,697,815.91 in the first half of 2023, marking a 58.9% increase[124]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 1.00 per 10 shares, totaling CNY 314,409,609.40, which accounts for 40.02% of the net profit attributable to shareholders for the period[4]. - The company reported a net profit distribution to shareholders of approximately CNY -723.14 million for the first half of 2024, indicating a significant loss compared to the previous period[132]. Research and Development - Research and development expenses increased by 12.87% to approximately ¥1.22 billion, reflecting a rise in R&D projects[40]. - The company holds 2 national-level R&D platforms and has obtained a total of 2,668 authorized patents, including 853 invention patents, with 178 new authorizations in 2024[36]. Environmental and Social Responsibility - The company has faced multiple environmental penalties, including fines totaling 1.1 million yuan for failing to manage construction waste and dust control[64]. - The company donated 10 million yuan to support rural revitalization efforts in Qingpu District during the reporting period[67]. - The company is actively involved in ecological restoration projects, covering an area of approximately 30,000 m²[66]. Market Strategy and Expansion - The company plans to continue expanding its market presence and developing new technologies to enhance operational efficiency[19]. - The company is actively pursuing a "going out" strategy to expand its market presence while enhancing its technological capabilities[54]. - The company has engaged in capital operations, participating in the private placements of listed companies, enhancing collaboration in emerging sectors such as smart cities and low-altitude economy[38]. Risk Management - There are no significant risks faced by the company during the reporting period[6]. - The report includes a forward-looking statement risk warning, indicating that future plans and strategies do not constitute a substantive commitment to investors[5]. - Legal risks have increased with business expansion, necessitating a robust legal framework for contract management and dispute resolution[57]. Corporate Governance - The company has not reported any significant litigation or arbitration matters during the reporting period[70]. - The company has not disclosed any significant related party transactions during the reporting period[72]. - The report does not indicate any changes in the controlling shareholders or actual controllers during the reporting period[84].

| 证券代码：600820 | 证券简称：隧道股份 | | | 公告编号：临 | 2024-037 | | --- | --- | --- | --- | --- | --- | | 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 | | | ●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第十届董事会第三十次会议，于2024 年 8 月 19 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 8 月 26 日上午在上海市宛平南路 1099 号会议室召开，应到 董事 8 名，实到 7 名，董事长张焰先生因工作原因无法出席，委托董 事、总裁葛以衡先生代为行使表决权；3 名监事和 7 名高级管理人员 列席了会议。会议由公司董事、总裁葛以衡先生主持。本次会议的召 集、召开符合法律、法规和《公司章程》的规定。 二、董事会会议审议情况 （一）公司《2024 年半年度报告》全文及摘要（该 ...

| 证券代码：600820 | 证券简称：隧道股份 | | | 公告编号：临 | 2024-038 | | --- | --- | --- | --- | --- | --- | | 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 一、监事会召集、召开情况 上海隧道工程股份有限公司第十届监事会第十四次会议，于2024 年 8 月 19 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 8 月 26 日上午在上海市宛平南路 1099 号 202 会议室召开， 应到监事 3 名，实到 3 名，会议由监事会主席田赛男女士主持。本次 会议的召集、召开符合法律、法规和《公司章程》的规定。 二、监事会会议审议情况 （一）公司《2024 年半年度报告》全文及摘要（该项议案同意票 3 票，反对票 0 票，弃权票 0 票；是否通过：通过）； 根据《证券法》第 82 条的规定和中国证监会《公开发行证券的 ...

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： | 证券代码：600820 | 证券简称：隧道股份 | | | 公告编号：2024-036 | | --- | --- | --- | --- | --- | | 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 2023 年年度权益分派实施公告 每股分配比例 A 股每股现金红利 0.23 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/8/15 | － | 2024/8/16 | 2024/8/16 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 6 月 27 日的 20 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 8.13 CNY per share, compared to the current price of 6.87 CNY [4]. Core Viewpoints - The company is a leading state-owned enterprise in Shanghai's infrastructure construction, showcasing significant integrated advantages across investment, design, construction, and operation. From 2018 to 2023, the company's revenue grew at a CAGR of 15%, while net profit attributable to shareholders grew at a CAGR of 8.4%. The company maintains a cash flow and overall gross margin above the industry average, with a net cash ratio consistently above 1 and a dividend payout ratio of over 30% [2][3]. - The traditional main business remains stable, with a dual approach of heavy and light asset operations to create a second growth curve. In 2023, the company signed new orders worth 95.38 billion CNY, a year-on-year increase of 14.11%. The operational business has seen a CAGR of 62% from 2019 to 2023. Heavy asset operations involve participation in domestic urban infrastructure construction through PPP and BOT models, while light asset operations are driven by a subsidiary that integrates resources and core technologies in underground engineering [2][3]. - The company focuses on new productivity driven by data elements, with a target for the data industry to grow at an average annual rate of over 20% by 2026. The company has established a smart management system and has won multiple digital construction and renovation projects. In 2023, the revenue from digital business reached 317 million CNY, with new contracts signed in the first half of 2024 amounting to 231 million CNY [2][3]. Summary by Sections Section 1: Focus on the Full Industry Chain of Infrastructure Construction - The company has developed into a leading integrated urban construction operator over nearly 60 years, providing comprehensive services from planning to operation. It became the first listed company in the national infrastructure sector in 1994 and has undergone significant restructuring and acquisitions to enhance its capabilities [39][41]. Section 2: Stable Performance of Traditional Construction Business - The construction business remains dominant, contributing 82.70% of total revenue in 2023, with a year-on-year growth of 18.22%. The operational business also showed strong growth, with a revenue increase of 20.85% [43][46]. The company signed a total of 95.38 billion CNY in new orders in 2023, reflecting a robust order book and a focus on major infrastructure projects [57][58]. Section 3: Focus on New Productivity and Data Elements - The data element market is expected to grow significantly, supported by government policies. The company has developed a smart management system and is actively involved in digital transformation projects, with a notable increase in revenue from digital services [2][3][39]. Section 4: Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 3.194 billion CNY, 3.517 billion CNY, and 3.879 billion CNY for the years 2024, 2025, and 2026, respectively. The report suggests a valuation based on a PE ratio of 8 times for 2024, leading to a target price of 8.13 CNY per share [2][3].

Investment Rating - The report assigns an "Accumulate" rating to the company, maintaining the previous rating with a target price of 9.00 CNY, while the current price is 6.40 CNY [1]. Core Views - The company is actively engaged in the construction of vehicle-road-cloud integration projects, with a 11% increase in new orders in Q2 2024, totaling 23.5 billion CNY [1][2]. - The Shanghai government has issued permits for driverless intelligent connected vehicles, which will initiate real-world testing for citizens [2]. - The company aims to leverage global opportunities in the intelligent connected vehicle sector, focusing on infrastructure development and integration [2]. Summary by Sections Company Events - The company has signed new orders worth 235 billion CNY in Q2 2024, reflecting an 11% increase [1]. - The total new orders for the first half of 2024 reached 461 billion CNY, a 9% increase year-on-year [2]. Financial Performance - The company reported a net profit of 28.6 billion CNY in 2023, with an expected increase to 29.4 billion CNY in 2024 [8]. - The earnings per share (EPS) is projected to be 1.02 CNY for 2024, with a growth rate of 9% [2][8]. Business Segments - The construction segment accounted for 85% of the total business, with a 13% increase in revenue [2]. - The digital group focuses on digital consulting, software and hardware development, and data services, contributing to the company's overall growth [5][6]. Market Position - The company has a current dividend yield of 5.78% and a price-to-book (PB) ratio of 0.69, indicating a favorable valuation compared to historical averages [2]. - The company is positioned as a leader in intelligent transportation system design and has been involved in several pioneering projects in the sector [6].

建筑装饰/基础建设 公 司 研 究 二季度新签订单环比增长,拟认购中交设计定增 隧道股份(600820.SH) 2024 年 07 月 16 日 ——公司信息更新报告 投资评级:买入(维持) | --- | --- | |--------------------|-----------| | 日期 | 2024/7/15 | | 当前股价(元) | 6.50 | | 一年最高最低(元) | 7.15/5.26 | | 总市值(亿元) | 204.37 | | 流通市值(亿元) | 204.37 | | 总股本(亿股) | 31.44 | | 流通股本(亿股) | 31.44 | | 近 3 个月换手率(%) | 52.52 | 股价走势图 隧道股份 沪深300 -20% -10% 0% 10% 20% 30% 2023-07 2023-11 2024-03 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 数据来源:聚源 相关研究报告 《一季度业绩符合预期,新签订单规 模稳健增长—公司信息更新报告》 -2024.4.30 《经营业绩稳定增长,期待新兴业务 逐 步 发 力 — 公 司 信 息 更 新 报 ...

| 证券代码：600820 | 股票简称：隧道股份 | | | | | | --- | --- | --- | --- | --- | --- | | 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 | | | | | | | | 编号：临 | | | | | | | | 2024－035 | | 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 年半年度主要经营情况公告 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、新增项目情况汇总 2024 年上半年，上海隧道工程股份有限公司及下属子公司项目 中标情况如下： （一）施工、设计、运营及数字业务 （二）投资业务 | 项目名称 | 金额（亿元） | | | --- | --- | --- | | 奉化区南山信创源及周边基础设施建设项目合作商 | | 71.93 | | 融资租赁、保理业务 | | 31.10 | ...

| 证券代码：600820 | 股票简称：隧道股份 | | 编号：临 | 2024-034 | | --- | --- | --- | --- | --- | | 债券代码：185752 | 债券简称：22 01 | 隧道 | | | 上海隧道工程股份有限公司 第十届董事会第二十九次会议决议公告 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。 一、董事会会议召集、召开情况 ●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。 地下工程私人有限公司以现金方式增资，增资金额 350 万新加坡 币。增资完成后，优泰地下工程私人有限公司注册资本变更为 650 万新加坡币，股权结构不变。 （三）《公司关于对上海汇臻建设工程有限公司减资的议案》（该项 议案同意票 8 票，反对票 0 票，弃权票 0 票；是否通过：通过）； 同意上海城建国际工程有限公司对其全资子公司上海汇臻建设 工程有限公司减资 1500 万元。减资完成后，上海汇臻建设工程有限 ...

证券代码：600820 证券简称：隧道股份 上海隧道工程股份有限公司 投资者关系活动记录表 编号：2024-005 √ 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 投资者关系 □ 新闻发布会 □ 路演活动 活动类别 □ 现场参观 □ 其他 东方证券：蒲俊懿、宋鑫宇；国泰基金：韩知昂、任一林；趣时资产： 参与单位名称 陈凯艺；spathiphy capital：桑梓；华泰证券：方晏荷、黄颖；财通 和人员姓名 证券：乔钢、陈悦明；招商证券：曹钧鹏、李盛天 时间 2024年7月4日 地点 上海市徐汇区宛平南路1099号 董事会秘书：张连凯 隧道股份城建设计集团：王秋兰 公司接待 隧道股份城市运营：于维欣 人员姓名 隧道股份数字产业集团：贺霞、常光照 隧道股份董秘室：郑美凤 投资者关系活动 近日，部分机构前来公司进行调研，公司董事会秘书张连凯先生等 主要内容介绍 接待了来访，相关沟通内容如下（相似提问及密切相关提问适当归类合 并）。 ...