中国国际金融股份有限公司 关于中国中材国际工程股份有限公司发行股份及支付现金购买资 产暨关联交易之限售股解禁并上市流通的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"独立财务顾问"）作为 中国中材国际工程股份有限公司（以下简称"中材国际"或"上市公司"）发行股份 及支付现金购买资产暨关联交易（以下简称"本次交易"）的独立财务顾问，根据 《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问业务管理办法》 《上海证券交易所股票上市规则》等相关法律法规和规范性文件的要求，对中材国际 本次交易相关限售股解禁并上市流通事项进行了核查，具体核查情况如下： 一、本次限售股上市类型 本次限售股上市类型为上市公司发行股份购买资产相关非公开发行股份，具体情 况如下： （一）股票发行核准情况 2021年9月，经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准中 国中材国际工程股份有限公司向中国建材股份有限公司等发行股份购买资产的批复》 （证监许可[2021]3032号）核准，中材国际向中国建材股份有限公司（以下简称"中国 建材"）发行385,994,184股股份、向中国建材国际工程集团有限公司（以下简 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.64 CNY per share, based on a 12X PE ratio for 2024 [2][4][5] Core Views - The company signed new orders totaling 52.8 billion CNY in the first three quarters of 2024, a 1% increase year-on-year, with a significant 35% increase in the third quarter alone [1] - The company's overseas business continues to grow, with overseas orders reaching 30.2 billion CNY, up 6% year-on-year, while domestic orders decreased by 5% to 22.6 billion CNY due to a downturn in the domestic cement industry [1] - The company has a solid financial foundation, with a backlog of contracts amounting to 62.1 billion CNY, a 4.8% increase year-on-year, and plans to maintain a cash dividend payout ratio of no less than 40% over the next three years [1] Summary by Sections Order Growth - New orders in Q3 2024 were 15.7 billion CNY, a 35% increase year-on-year, while total new orders for the first nine months were 52.8 billion CNY, a 1% increase [1] - The engineering services and high-end equipment manufacturing orders saw slight declines, while operational maintenance orders grew by 36% to 13.1 billion CNY [1] Financial Performance - The company forecasts net profits attributable to shareholders of 3.23 billion CNY, 3.56 billion CNY, and 3.83 billion CNY for 2024, 2025, and 2026 respectively [2][5] - Revenue is projected to grow from 45.8 billion CNY in 2023 to 50.6 billion CNY in 2024, reflecting a 10.6% year-on-year increase [3][5] Market Position - The company is recognized as a global leader in cement technology and engineering services, benefiting from both acquisitions and organic growth [1] - The report highlights the company's strategic focus on expanding its equipment manufacturing and operational maintenance services [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.64 CNY per share, based on a 12X PE for 2024 [2][4][5] Core Views - The company has signed new orders totaling 52.8 billion CNY in the first three quarters of 2024, representing a 1% year-on-year increase, with a significant 35% increase in the third quarter alone [1] - The company's overseas business continues to grow, with foreign orders reaching 30.2 billion CNY, up 6% year-on-year, while domestic orders decreased by 5% to 22.6 billion CNY due to a downturn in the domestic cement industry [1] - The company has a solid financial foundation, with a backlog of contracts amounting to 62.1 billion CNY, a 4.8% increase year-on-year, and plans to maintain a cash dividend payout ratio of no less than 40% over the next three years [1] Summary by Sections Order Growth - In the first nine months of 2024, the company’s engineering service orders were 33.6 billion CNY, down 6%, while high-end equipment manufacturing orders were 5 billion CNY, down 7%. However, operational service orders surged by 36% to 13.1 billion CNY [1] - The mining operation service orders increased by 45% to 8.2 billion CNY, indicating a strong growth area for the company [1] Financial Performance - The company forecasts net profits attributable to shareholders of 3.23 billion CNY, 3.56 billion CNY, and 3.83 billion CNY for 2024, 2025, and 2026 respectively, reflecting a positive growth trend [2][5] - Revenue is projected to grow from 45.8 billion CNY in 2023 to 50.6 billion CNY in 2024, with a year-on-year growth rate of 10.6% [3][5] Valuation and Comparables - The report uses relative valuation methods, comparing the company with peers in the engineering construction sector, and notes that the average adjusted PE for comparable companies is 12X [5] - The company is positioned as a leading global provider of cement engineering services, benefiting from synergies with high-quality asset injections and the prospects of carbon neutrality and smart manufacturing [5]

证券代码：600970 证券简称：中材国际 公告编号：临 2024-049 债券代码：241560 债券简称：24 国工 K1 中国中材国际工程股份有限公司（以下简称"公司"）将于 2024 年 10 月 26 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 10 月 28 日下午 15:00-16:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 关于召开 2024 年第三季度业绩说明会的公告 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法律责任。 重要内容提示： 本次业绩说明会以网络互动形式召开，公司将针对 2024 年第三季度经营成 果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围 内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 10 月 28 日（星期一）下午 15:00-16:00 （ 二 ） 会 议 召 开 地 点 ： ...

非常荣幸今天大家去接入我们中台国际军方的一个交流首先我们可以看到这个随着市场上一些关于化债啊包括高股息啊一些回购方向的一些情况其实整个建筑板块我们觉得就特别是建筑家以及包括国际公司都是非常契合当前的这个这个市场政策引导的一个方向那么我们今天也请到了中台国际的董毅范总来为我们做一个简单的一个做一个沟通范总因为我看到其实前段时间咱们是有这个披露了三记报的这个 因为这个大家可能都对中菜国际情况比较了解了所以我们就直接的进入这个数据的一个环节啊这个因为近期我们也披露了这个我们第三季度的生产经营的公告那么大家可能对我们的这个数据也都看到了那这里面呢我在就这个具体的一个内容呢再给大家做一个解读吧 首先呢我们1到9月份我们的新签订单呢是527.88亿从底呢增长了1%那么这个结果呢其实是要好于我们的这个今年上半年的一个表现的今年上半年我们的这个新签订单从底是下滑了9%当然因为是去年的上半年的基数就比较高那今年三季度呢相当于已经追平了这个其实是要好于我们自己的一个预算的一个目标的然后另外呢就是从三个业务板块来看啊工程装备和运营业务板块来看 那么工程和装备的这个降幅也有收窄你看那个上半年的时候工程是下滑了18%装备下滑了15%这 ...

证券研究报告 非金融公司|公司点评|中材国际（600970） 新签增长有韧性，累计增速回正 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月09日 证券研究报告 |报告要点 公司披露 24Q3 经营数据公告，24Q1-3 公司新签合同额 528 亿，yoy+1%，单 24Q3 新签 157 亿， yoy+35%。截止 24Q3 末，公司未完合同额 621 亿，yoy-1%，较 24Q2 末增长 5%，为 2023 年全 年收入的 1.4 倍。公司整体新签增长韧性较好，24Q3 增长动能强劲，公司在手订单充裕。预 计公司 2024-2026 年收入分别为 505/564/638 亿，分别 yoy+10%/12%/13%，归母净利预测为 33/37/43 亿，yoy 分别+13%/14%/14%，维持"买入"评级。 |分析师及联系人 SAC：S0590523080005 武慧东 吴红艳 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年10月09日 中材国际(600970) 新签增长有韧性，累计增速回正 | --- | --- | |- ...

中材国际（600970.SH）24Q3 经营数据点评 [盈利预测与财务指标 Table_Forcast] 24Q3 新签合同同比+35%，在手订单饱满 2024 年 10 月 09 日 ➢ 公司披露 24Q3 主要经营数据：2024 年 1-9 月，公司新签合同 528 亿元， 同比+1%，其中 24Q3 新签合同 157 亿元，同比+35%。在手订单充裕，截至 24Q3 末，公司未完合同额 621 亿元，较上期增长 4.75%。 ➢ 单 3 季度境内表现突出、境外稳健布局 分地区看，2024 年 1-9 月，境内/境外新签合同分别为 225.8/302.0 亿元，同比 分别-5%/+6%。其中，24Q3 境内/境外新签合同分别为 89.6/67.4 亿元，同比 分别+87%/-2%。 单 3 季度境内高增长的主要贡献来自 EPC 工程，实现 49.4 亿订单、同增 309%， 以及运维服务实现 30.4 亿订单，同增 41%。根据工程业务特性，订单在季度间 有波动性，因此累计增速更有意义，今年 1-9 月工程境内订单仍然呈现下滑，同 减 20%。而境内运维服务 1-9 月整体同样呈现 42%的增速，我们看好 ...

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Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.9 CNY, reflecting a 12x PE for 2024 [5]. Core Insights - The company has signed new orders worth 528 billion CNY in the first three quarters of 2024, showing a year-on-year increase of 1%. The third quarter alone saw a significant increase of 35% in new orders, primarily driven by growth in domestic engineering service orders [1][3]. - The company is recognized as a leading contractor in the cement engineering sector, holding the largest market share globally. The establishment of an equipment group strengthens its position in high-end equipment manufacturing, and its operational model shows high growth potential [1][4]. - The projected net profits for the company from 2024 to 2026 are estimated at 32.2 billion CNY, 35.8 billion CNY, and 40.0 billion CNY, respectively, with corresponding PE ratios of 9.3, 8.3, and 7.5 [1]. Summary by Sections New Orders and Growth - In Q3 2024, the company achieved a 35% increase in new orders, with domestic engineering service orders growing by 87% year-on-year. The breakdown of new orders includes 95 billion CNY from engineering services, 16 billion CNY from high-end equipment manufacturing, and 42 billion CNY from operational services [3]. - The company’s overseas orders also showed steady growth, with a total of 302 billion CNY in new orders, reflecting a 6% year-on-year increase [2]. Financial Performance - The company’s revenue is projected to grow from 38.8 billion CNY in 2022 to 62.3 billion CNY by 2026, with a compound annual growth rate (CAGR) of approximately 10.31% [8]. - The net profit attributable to the parent company is expected to rise from 2.2 billion CNY in 2022 to 4.0 billion CNY in 2026, indicating a strong growth trajectory [8]. Market Position and Strategy - The company holds a 20% global market share in cement equipment, compared to a 65% share in cement EPC (Engineering, Procurement, and Construction) services, indicating significant room for growth in its equipment business [4]. - The establishment of a comprehensive service center in Saudi Arabia aims to enhance the company’s service offerings in the Middle East, further solidifying its international presence [4].

| 证券代码：600970 | 证券简称：中材国际 | 公告编号：临 | 2024-048 | | --- | --- | --- | --- | | 债券代码：241560 | 债券简称：24 国工 K1 | | | 中国中材国际工程股份有限公司 2024 年第三季度主要经营数据公告 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。 中国中材国际工程股份有限公司（以下简称"公司"） 2024 年第三季度主要 经营情况公布如下： 一、新签合同情况 单位：万元 币种：人民币 | 项目类型 | 年 2024 1-9 | 月 | 年 2024 | 月 7-9 | | --- | --- | --- | --- | --- | | | 新签合同金额 | 同比增减 | 新签合同金额 | 同比增减 | | 1. 分产品 | | | | | | 工程技术服务 | 3,362,537.23 | -6% | 947,909.23 | 54% | | 高端装备制造 | 498,456.61 | -7% | 164,008.29 | 16% | | ...