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"、"中材国际"）于2025 年3月31日下午，以视频直播结合网络互动的形式在上海证券交易所上证路演中 心（http://roadshow.sseinfo.com）和全景路演（https://rs.p5w.net）召开 了公司2024年度业绩说明会。现将相关情况公告如下： | 证券代码：600970 | 证券简称：中材国际 | 公告编号：临2025-024 | | --- | --- | --- | | 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 关于2024年度业绩说明会召开情况的公告 2025年3月31日下午15:00-16:30，公司在上海证券交易所上证路演中心和全 景路演召开2024年度业绩说明会，公司党委书记、董事长印志松先生，独立董事 焦点先生，常务副总裁刘仁越先生，副总裁隋同波先生，副总裁、董事会秘书、 总法律顾问、首席合规官曾暄女士，副总裁、财务总监尹凌女士，出席本次业绩 说 ...

证券研究报告 建筑装饰 报告日期：2025 年 03 月 28 日 核心主业稳健，海外表现亮眼 ——中材国际（600970.SH）2024 年年报点评报告 投资评级：买入（维持） 最近一年走势 | 当前价格（元） | 9.76 | | --- | --- | | 52 周价格区间（元） | 8.60-13.54 | | 总市值（百万元） | 25,786.13 | | 流通市值（百万元） | 21,805.29 | | 总股本（万股） | 264,202.18 | | 流通股（万股） | 223,414.85 | | 近一月换手（%） | 30.55 | 分析师：景丹阳 执业证书编号：S0230523080001 邮箱：jingdy@hlzq.com 数据来源：Wind，华龙证券研究所 《三季度业绩显示韧性，运维服务订单 持续增长—中材国际（600970.SH）2024 年三季报点评报告》2024.10.29 《发力海外再上台阶，现金流显著改善 —中材国际（600970.SH）2024 年半年 报点评报告》2024.08.27 华龙证券研究所 事件： 2025 年 3 月 26 日，公司发布 2024 年年报 ...

截至2025年3月28日收盘，中材国际（600970）报收于9.76元，较上周的9.94元下跌1.81%。本周，中材 国际3月26日盘中最高价报10.08元。3月28日盘中最低价报9.67元。中材国际当前最新总市值257.86亿 元，在专业工程板块市值排名4/40，在两市A股市值排名596/5139。 本周关注点 股本股东变化 近日中材国际披露，截至2025年2月28日公司股东户数为5.53万户，较12月31日增加5372.0户，增幅为 10.77%。户均持股数量由上期的5.3万股减少至4.78万股，户均持股市值为45.57万元。 业绩披露要点 中材国际2024年年报显示，公司主营收入461.27亿元，同比上升0.72%；归母净利润29.83亿元，同比上 升2.31%；扣非净利润27.21亿元，同比上升1.64%；其中2024年第四季度，公司单季度主营收入143.96 亿元，同比上升0.75%；单季度归母净利润9.23亿元，同比上升1.02%；单季度扣非净利润6.7亿元，同 比下降0.08%；负债率61.28%，投资收益5486.34万元，财务费用2.74亿元，毛利率19.63%。 中国中材国际工程股份有限公 ...

Investment Rating - The report maintains a "Buy" rating with a target price of 14.27 yuan, unchanged from previous assessments [11][12]. Core Insights - The company achieved a revenue of 46.13 billion yuan in 2024, representing a year-on-year growth of 0.7%, and a net profit attributable to shareholders of 2.98 billion yuan, up 2.3% year-on-year [1][3]. - Operating cash flow showed a net inflow of 2.29 billion yuan, marking the second-highest level in six years, with a net cash ratio of 0.8 [1][3][20]. - The international business and operation maintenance (OM) services contributed significantly to revenue growth, with overseas revenue increasing by 10.9% and OM business contracts growing by 27% [1][4]. Summary by Sections Financial Performance - Revenue for 2024 was 46.13 billion yuan, with a 0.7% increase year-on-year. The net profit was 2.98 billion yuan, reflecting a 2.3% growth, driven by a 0.2 percentage point increase in gross margin to 19.3% and a reduction in impairment losses [3][12]. - The company’s expense ratio increased by 0.2 percentage points to 10.8% due to higher management costs [3]. Internationalization and Contract Growth - The company’s international revenue grew by 10.9%, with overseas revenue and gross margin accounting for 48.4% and 56.7% respectively [4]. - New contract signings totaled 63.44 billion yuan, a 3% increase year-on-year, with significant growth in OM services and overseas equipment contracts [4][23]. Market Outlook - The inclusion of the cement industry in the national carbon emissions trading market is expected to drive domestic business recovery, promoting green and intelligent upgrades in production lines [11][12]. - The report forecasts EPS for 2025-2027 to be 1.19, 1.27, and 1.37 yuan respectively, indicating a stable growth trajectory [11][12].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 15.00, down from a previous forecast of 17.16 [2][4]. Core Views - The company achieved a new contract amount of 634.4 billion in 2024, representing a 3% increase, with both overseas new contracts and revenue showing growth [3][5]. - The net profit attributable to the parent company for 2024 grew by 2.3%, which was below expectations, while the gross profit margin slightly increased to 19.63% [5][6]. - The company plans to maintain a dividend payout ratio of 39.9% for 2024, up from 36.2% in 2023, indicating a significant increase in cash dividends [5][6]. Financial Summary - In 2024, the company's revenue was 461 billion, a 0.7% increase, while the net profit attributable to the parent company was 29.8 billion, reflecting a 2.3% growth [5][6]. - The earnings per share (EPS) for 2025 and 2026 have been revised down to 1.21 and 1.29 respectively, with a projected EPS of 1.34 for 2027 [4][6]. - The company reported a weighted return on equity (ROE) of 14.96% and a debt-to-asset ratio of 61.28% for 2024 [5][6]. Contract and Revenue Insights - The breakdown of new contracts in 2024 shows that engineering technology services accounted for 371.8 billion (59%), high-end equipment manufacturing for 71.6 billion (11%), and production operation services for 173.1 billion (27%) [5][17]. - The overseas new contract amount reached 362 billion, marking a 9% increase, while domestic contracts decreased by 4% to 272.4 billion [5][17]. Dividend and R&D Investments - The company plans to distribute a dividend of 0.45 per share in 2024, up from 0.4 in 2023, with a total cash dividend amounting to 11.9 billion [5][6]. - In 2024, the company invested 17.7 billion in research and development, applying for 392 invention patents and obtaining 192 patents [5][6].

| 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 3 月 | 26 日│中国内地 | 建筑施工 | 运维持续高增，装备两外拓展见效 证券研究报告 中材国际 (600970 CH) 公司 24 年工程/装备/运维收入 271/62/129 亿，同比+1.7%/-18.4%/+21.9%； 毛利率 16.0%/22.8%/21.5%，同比+0.2/-1.2/-0.3pct。运维业务中矿山运维 收入 79 亿，同比+21.9%，运维数 318 个，同比+37 个，境外 9 个，同比 +4 个；水泥及其他运维收入 50.2 亿，同比+21.9%，服务生产线 68 条，同 比+12 条。装备境外、外行业收入占比同比+11/5pct 至 36%/37%，十大核 心主机装备自给率约 67%，同比+7pct，在"两外一服"战略下有望继续提升。 公司发布年报：24 年营收/归母净利/扣非归母净利 461/29.8/27.2 亿，同比 +0.7%/2.3%/1.6%，归母净利低于我们的预期（30.9 亿），主要系国内水泥 行业需求承压导致境内装备业务拖累收入增长。24Q4 实现营收 1 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 46.127 billion yuan in 2024, a year-on-year increase of 0.72%, and a net profit attributable to shareholders of 2.983 billion yuan, up 2.31% year-on-year [7][8] - The company's overseas expansion has effectively hedged against domestic market fluctuations, with the scale of operation and maintenance services continuing to rise [7][9] - The company is expected to achieve net profits of 3.077 billion yuan, 3.179 billion yuan, and 3.491 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 8.65, 8.37, and 7.62 [10] Financial Performance Summary - **Revenue Forecast**: - 2023A: 45.799 billion yuan - 2024A: 46.127 billion yuan - 2025E: 47.816 billion yuan - 2026E: 49.862 billion yuan - 2027E: 52.251 billion yuan - Revenue growth rates are projected at 6.94%, 0.72%, 3.66%, 4.28%, and 4.79% respectively [5][12] - **Net Profit Forecast**: - 2023A: 2.916 billion yuan - 2024A: 2.983 billion yuan - 2025E: 3.077 billion yuan - 2026E: 3.179 billion yuan - 2027E: 3.491 billion yuan - Net profit growth rates are projected at 14.74%, 2.31%, 3.13%, 3.34%, and 9.81% respectively [5][12] - **Earnings Per Share (EPS)**: - 2023A: 1.12 yuan - 2024A: 1.14 yuan - 2025E: 1.16 yuan - 2026E: 1.20 yuan - 2027E: 1.32 yuan [5][12] - **Return on Equity (ROE)**: - 2023A: 15.27% - 2024A: 14.13% - 2025E: 13.66% - 2026E: 13.14% - 2027E: 13.47% [5][12] - **Price-to-Earnings (PE) Ratio**: - 2023A: 8.34 - 2024A: 8.32 - 2025E: 8.65 - 2026E: 8.37 - 2027E: 7.62 [5][12] Business Segment Performance - The engineering services segment generated revenue of 27.125 billion yuan, a year-on-year increase of 1.73%, with a gross margin of 15.97% [7][9] - The equipment business reported revenue of 6.214 billion yuan, a year-on-year decrease of 18.42%, with a gross margin of 22.82% [7][9] - The production operation services segment achieved revenue of 12.92 billion yuan, a year-on-year increase of 21.88%, with a gross margin of 21.48% [7][9] - The overseas revenue reached 16.039 billion yuan, a year-on-year increase of 12.16%, effectively offsetting domestic market fluctuations [7][9]

Group 1: REITs and Data Centers - The first data center REIT, Southern Runze Technology Data Center REIT, has been accepted for review on the Shenzhen Stock Exchange, attracting significant investor attention due to its business model and asset characteristics [4]. Group 2: Defense and AI - Kosi Technology (688788.SH) is positioned as a leader in AI and unmanned equipment for military applications, with a strong focus on AI command and control systems, having accumulated over 20 years of core data and experience [5][6]. - The company has invested over 1 billion yuan in R&D, with a team of over 400 people dedicated to AI and military applications, indicating significant growth potential in both military and civilian sectors [6]. Group 3: Healthcare - Meinian Health (002044.SZ) is leveraging AI to enhance efficiency and reduce costs in the health checkup industry, with over 600 branches and a leading position in the number of annual health checkups [7][8]. - The company is expected to achieve revenues of 10.826 billion yuan, 12.099 billion yuan, and 13.098 billion yuan from 2024 to 2026, with corresponding net profits of 326 million yuan, 617 million yuan, and 813 million yuan [8]. Group 4: Banking - Chongqing Rural Commercial Bank (601077.SH) is expected to benefit from the Chengdu-Chongqing economic circle, with projected net profit growth rates of 5.72%, 5.99%, and 6.53% from 2025 to 2027 [9]. - China Merchants Bank (600036.SH) has shown resilience with a return to profit growth in 2024, maintaining a leading position in the industry [10]. Group 5: Carbon Market and Construction - The national carbon market is expanding, with significant implications for the steel, cement, and aluminum industries, as companies adapt to new carbon pricing mechanisms [11]. - Key players in these sectors, such as Baosteel and China Aluminum, are expected to benefit from the transition to greener production methods [11]. Group 6: Coal Industry - China Shenhua Energy (H) has seen an increase in long-term investment interest, with a recent stake acquisition by Swiss Life Insurance, reflecting a reevaluation of the coal sector's value [14][15]. - The company has a low debt ratio of 23.4% and plans to distribute 44.9 billion yuan in cash dividends in 2024, indicating strong cash flow and dividend capacity [15][16]. Group 7: Chemicals and Materials - Sanwei Chemical (002469.SZ) reported a significant acceleration in Q4 performance, with a high dividend payout ratio of 99%, making it an attractive investment [21]. - China Jushi (600176.SH) achieved a revenue of 15.856 billion yuan in 2024, with a strong performance in Q4, indicating resilience in the fiberglass market [22][23]. Group 8: Consumer Goods - Nongfu Spring (09633.HK) reported stable growth with a revenue of 42.896 billion yuan in 2024, driven by strong brand value and product innovation [30]. - The company is expected to see net profits grow by 15.6%, 15.0%, and 16.0% from 2025 to 2027, maintaining its market leadership [30]. Group 9: Textile and Apparel - Shenzhou International (02313.HK) reported a revenue of 28.66 billion yuan in 2024, with a net profit increase of 37%, indicating strong demand and operational efficiency [31].

Group 1: Agriculture and Livestock Industry - The probability of capacity reduction in the pig farming industry is high, with recovery difficulties greater than in previous cycles, indicating that the pig cycle is likely to return to normal gradually [2] - The overall output of large-scale pig enterprises is expected to increase year-on-year in 2025, while the industry may re-enter a loss state due to strong supply and weak demand for pig prices [2] - The pig farming sector is currently undervalued, with significant upside potential in stock valuations as many stocks are at historical low valuation ranges [2] Group 2: Light Textile Industry - The company, Shifeng Culture, is expected to turn a profit in 2024, with its toy business accounting for over 90% of revenue from 2018 to 2023 [3] - The integration of AI and IP in product development is leading the industry trend, with successful launches of AI toys that meet various functional needs [3] - The company plans to expand its market presence through diversified strategies and aims to enter overseas markets, projecting significant growth in net profit from 0.1 billion to 1.0 billion from 2024 to 2026 [3] Group 3: Healthcare Industry - The company, Weijian Medical, is actively responding to a crisis by enhancing its internal controls and implementing a traceability project for its sanitary products [5] - The brand, Nais Princess, has gained market recognition and improved rankings on e-commerce platforms due to its product quality and clean production environment [5] - The company aims to enhance product quality and innovation in its core product lines, focusing on consumer trust and product storytelling [5][27] Group 4: Human Resources Industry - Beijing Renli is embracing AI technology to drive digital transformation in the human resources sector, establishing a joint venture to focus on AI applications [9][30] - The company is developing a dual technology path to enhance operational efficiency and risk management through AI integration [30] - Profit forecasts for 2024-2026 have been adjusted downward, with expected net profits of 8.3 billion, 9.5 billion, and 10.4 billion respectively [9][32] Group 5: Energy Industry - Kunlun Energy reported a revenue of 1870.46 billion RMB in 2024, reflecting a year-on-year increase of 5.5% [33] - The company achieved a natural gas sales volume of 541.70 billion cubic meters, up 9.9% year-on-year, outperforming industry growth [33] - The LNG plant's operational efficiency has improved, with 13 plants achieving profitability, indicating a positive trend in the energy sector [35]

国内水泥资本开支承压拖累需求，下调公司未来收入增速，预计25-27 年归母净利润31.3/32.0/32.5 亿（前值32.5/33.8/-，下调3.6%/5.5%/-），可比公司25 年Wind 一致预期平均9xPE，公司业务转型有序 推进，运维服务快速增长，未来商业模式、经营可持续性有望优于可比，给予公司25 年11xPE，目标价 13.04 元（前值13.52 元，25 年11xPE），维持"买入"评级。 风险提示：装备制造市占率提升不及预期，水泥生产线及矿山运维增量不及预期，水泥行业投资显 著下滑。 境内绿色安全要求驱动矿山运维高增，装备出海对冲境内需求压力公司24 年境内/外分别实现收入 236/223 亿，同比-7.2%/+10.9%；毛利率16.0%/23.0%，同比-1.82/+1.82pct，综合毛利率同比+0.2pct 至 19.6%。24年新签订单634 亿，同比+3%，工程/装备/运维新签同比-5%/-3%/+27%，运维服务中矿山/水 泥及其他同比+36%/15%。境内新签同比-4%，工程/装备/运维同比-20%/-31%/+32%；境外新签同比 +9%，占比57%，工程/装备/运维 ...