| 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 ...

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 ...

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].