证券研究报告·公司点评报告·专业工程 中材国际（600970） 2024 年年报点评：经营逆势保持平稳，结构 转型亮点显现 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 45799 | 46127 | 48647 | 52123 | 55610 | | 同比（%） | 6.94 | 0.72 | 5.46 | 7.15 | 6.69 | | 归母净利润（百万元） | 2916 | 2983 | 3194 | 3517 | 3818 | | 同比（%） | 14.74 | 2.31 | 7.06 | 10.13 | 8.54 | | EPS-最新摊薄（元/股） | 1.10 | 1.13 | 1.21 | 1.33 | 1.44 | | P/E（现价&最新摊薄） | 9.12 | 8.92 | 8.33 | 7.56 | 6.97 | [Table_Tag] [Table_Summary] 投资要点 2025 年 ...

Group 1 - Company closed at 9.95 yuan, down 1.19%, with a rolling PE ratio of 8.81 times and a total market value of 26.288 billion yuan [1] - The average PE ratio for the engineering construction industry is 16.45 times, with a median of 18.90 times, placing the company at 33rd position in the industry ranking [1] - As of February 28, 2025, the number of shareholders increased to 55,251, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Group 2 - For the latest fiscal year, the company reported operating revenue of 46.127 billion yuan, a year-on-year increase of 0.72%, and a net profit of 2.983 billion yuan, up 2.31%, with a gross profit margin of 19.63% [2] - The company's PE (TTM) is 8.81, with a static PE of 8.81 and a price-to-book ratio of 1.24 [2] - The company has five national-level "specialized and innovative" small giant enterprises and twelve provincial-level "specialized and innovative" enterprises [1]

中材国际（600970） 2024 年年报点评：经营逆势保持平稳，结构 转型亮点显现 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 45799 | 46127 | 48647 | 52123 | 55610 | | 同比（%） | 6.94 | 0.72 | 5.46 | 7.15 | 6.69 | | 归母净利润（百万元） | 2916 | 2983 | 3194 | 3517 | 3818 | | 同比（%） | 14.74 | 2.31 | 7.06 | 10.13 | 8.54 | | EPS-最新摊薄（元/股） | 1.10 | 1.13 | 1.21 | 1.33 | 1.44 | | P/E（现价&最新摊薄） | 9.12 | 8.92 | 8.33 | 7.56 | 6.97 | [Table_Tag] [Table_Summary] 投资要点 2025 年 03 月 26 日 证券分析师 黄诗 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.15 CNY, based on a 12x PE for 2025 [6][18]. Core Views - The company is expected to achieve a revenue of 46.13 billion CNY in 2024, reflecting a year-on-year growth of 0.72%. The net profit attributable to the parent company is projected to be 2.98 billion CNY, up 2.31% year-on-year [1][5]. - The company plans to distribute a cash dividend of 1.189 billion CNY, resulting in a cash dividend ratio of 39.85% and a dividend yield of 4.47% [1]. - The company is focusing on overseas growth, with a significant increase in international orders and a strategy to enhance its operational services and equipment manufacturing [2][3]. Financial Performance Summary - In 2024, the company achieved revenues of 271 billion CNY from engineering services, 62 billion CNY from high-end equipment manufacturing, and 129 billion CNY from operational services, with respective year-on-year growth rates of 1.73%, -18.42%, and 21.88% [2]. - The gross profit margin for the company in 2024 is reported at 19.6%, a slight increase of 0.2 percentage points year-on-year, while the net profit margin stands at 6.99%, up 0.03 percentage points [4]. - The company’s operating cash flow for the year was 2.29 billion CNY, a decrease of 12.5 billion CNY year-on-year [4]. Business Segmentation - The mining operation services segment generated 7.9 billion CNY in revenue, marking a year-on-year increase of 21.89%, while the cement and other operational services segment achieved 5.02 billion CNY, also up 21.88% [2]. - The company has executed 318 mining operation service projects, with a domestic market share of 21% in cement supply mining [2][3]. Market Position and Outlook - The company’s overseas revenue from equipment manufacturing has increased to 36%, and revenue from non-industry sectors has risen to 37% [2]. - The report indicates a positive outlook for the company’s operational and equipment business as it expands internationally, particularly in regions like Saudi Arabia and Indonesia [2][3].

中材国际(600970)：经营整体稳健 海外增长保持较 强韧性 风险提示：水泥行业景气下行超预期、海外业务拓展不及预期、运维和装备业务发展不及预期、汇率波 动风险。 2024 年境内、境外分别实现收入236、223 亿，同比分别-7.24%、+10.85%，境内、外毛利率分别为 15.97%、23.07%，同比-1.82pct、+1.87pct。新签订单方面，2024 年公司新签合同额634.44 亿，同比增 长3%，订单收入保障倍数为1.38 倍，境外、境内分别新签362、272 亿，同比+9%、-4%，我们认为随 着境外项目占比提升，毛利率有望改善。参股公司中材水泥境外布局加快落地，突尼斯项目完成签约， 24 年公司境外员工人数同比增长19%。 业绩稳健，高分红凸显中长期投资价值 毛、净利率小幅回升，费用率未能有效摊薄 公司2024 年实现营业收入461.3 亿，同比+0.72%，归母、扣非净利润为29.8、27.2 亿，同比+2.31%、 +1.64%，非经常性损益为2.62 亿，同比增加0.23 亿，其中包含应收账款减值准备转回1.09 亿；Q4 单季 实现收入144亿，同比+0.75%，归母、扣非净 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.15 CNY, based on a 12x PE for 2025 [6][18]. Core Views - The company is expected to achieve a revenue of 46.13 billion CNY in 2024, reflecting a year-on-year growth of 0.72%. The net profit attributable to the parent company is projected to be 2.98 billion CNY, up 2.31% year-on-year [1][5]. - The company plans to distribute a cash dividend of 1.189 billion CNY in 2024, with a cash dividend ratio of 39.85% and a dividend yield of 4.47% [1]. - The report highlights the resilience of overseas growth and the overall stability of operations, despite challenges in the domestic cement industry [1][2]. Financial Performance Summary - In 2024, the company achieved revenues of 46.13 billion CNY, with a net profit of 2.98 billion CNY, and a non-recurring profit of 262 million CNY [1][5]. - The company’s revenue from engineering technology services, high-end equipment manufacturing, and production operation services was 27.1 billion CNY, 6.2 billion CNY, and 12.9 billion CNY respectively, with varying growth rates [2]. - The gross profit margin for 2024 is reported at 19.6%, a slight increase of 0.2 percentage points year-on-year, while the net profit margin is 6.99%, up 0.03 percentage points [4][5]. Business Segmentation - The company’s mining operation services generated 7.9 billion CNY in revenue, marking a year-on-year increase of 21.89%, with a gross margin of 17.56% [2]. - The company has executed 318 mining operation service projects, with a domestic market share of 21% in cement supply mining [2][3]. - The overseas revenue from equipment manufacturing has increased to 36%, indicating a successful implementation of the "Two Outs and One Service" strategy [2]. Order and Revenue Growth - In 2024, the company achieved domestic and overseas revenues of 23.6 billion CNY and 22.3 billion CNY respectively, with year-on-year changes of -7.24% and +10.85% [3]. - The new contract signing amount for 2024 was 63.44 billion CNY, a 3% increase year-on-year, with a backlog revenue coverage ratio of 1.38 times [3].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's profitability continues to improve, with a transformation in operation and maintenance services accelerating [1] - The overseas business shows steady growth in revenue and profitability, with an overall gross margin increase [2] - The operation and maintenance business is experiencing significant growth, contributing positively to the company's overall business model [3] - The expected dividend yield for 2025 is attractive at 5.3%, with a substantial increase in the dividend payout ratio [4] Financial Performance Summary - In 2024, the company achieved a revenue of 461 billion, a year-on-year increase of 0.7%, and a net profit attributable to shareholders of 29.8 billion, up 2.3% [1] - The gross margin for the year was 19.63%, an increase of 0.2 percentage points, primarily due to improved profitability in overseas operations [2] - The operation and maintenance segment signed new contracts worth 173 billion, a 27% increase, with significant contributions from mining and cement operations [3] - The company forecasts net profits of 32 billion, 35 billion, and 38 billion for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.22, 1.33, and 1.42 [4][5]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's profitability continues to improve, with a transformation towards operational services accelerating. In 2024, the company achieved a revenue of 46.1 billion, a year-on-year increase of 0.7%, and a net profit attributable to shareholders of 2.98 billion, up 2.3% year-on-year [1][4] - The operational services segment is experiencing rapid growth, with new contracts signed amounting to 17.3 billion, a 27% increase year-on-year. This segment's profit contribution is expected to enhance the overall business model [3][4] Summary by Sections Financial Performance - In 2024, the company reported revenues of 46.1 billion, with a breakdown of 27.1 billion from engineering, 6.2 billion from equipment, and 12.9 billion from operational services. The operational services segment grew by 22% year-on-year [1] - The overall gross margin for the year was 19.63%, an increase of 0.2 percentage points year-on-year, primarily due to improved profitability in overseas operations [2] - The net profit margin for the year was 6.5%, reflecting a slight increase of 0.1 percentage points year-on-year [2] Operational Highlights - The operational services segment has shown significant growth, with a gross profit of 2.8 billion, accounting for 31.1% of the main business gross profit, a substantial increase of 5 percentage points year-on-year [3] - The company is executing 318 mining operational service projects, with a completed supply volume of 680 million tons, marking a 4% increase [3] Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 4.50 per 10 shares, totaling 1.19 billion, with a payout ratio of 39.85%, an increase of 3.6 percentage points from the previous year [4] - Expected dividend yields for 2025 and 2026 are projected at 5.3% and 6.3%, respectively, indicating strong attractiveness for investors [4] Future Projections - The company forecasts net profits of 3.2 billion, 3.5 billion, and 3.8 billion for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 8%, 9%, and 7% [4][5] - The earnings per share (EPS) are projected to be 1.22, 1.33, and 1.42 for the same years, with corresponding price-to-earnings (P/E) ratios of 8.3, 7.6, and 7.1 [4][5]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 公告 中材國際截至2024年12月31日止年度之 主要會計數據和財務指標 中國建材股份有限公司（「本公司」）董事會謹請其股東及公眾投資者留意以下中國中材國 際工程股份有限公司（「中材國際」）截至二零二四年十二月三十一日止年度之主要會計數 據和財務指標。 中材國際為本公司之附屬公司，其A股於上海證券交易所上市及買賣（股份代號： 600970）。 1. 中材國際截至二零二四年十二月三十一日止年度之年度報告全文亦將刊載於上海證券交易 所網站(http://www.sse.com.cn)。 - 2 - 本公告乃自願而並非按香港聯合交易所有限公司證券上市規則特定規定而作出。 承董事會命 中國建材股份有限公司 裴鴻雁 董事會秘書 - 1 - 中材國際之主要會計數據和財務指標 | | | | 單位：萬元 | 幣種：人民幣 | | --- | --- | --- | --- | --- | | | | | 2024年比 ...

中材国际: 中国中材国际工程股份有限公司董事会 审计与风险管理委员会对会计师事务所履行监督职 责情况的报告 董事会审计与风险管理委员会对会计师事务所 履行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司治理准则》 《国有企业、上市公司选聘会计师事务所管理办法》 、 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》和中 国中材国际工程股份有限公司（以下简称"公司"）的《公司章程》 《董事会审计与风险管理委员会实施细则》《审计与风险管理委员会 年报工作规程》等规定和要求，董事会审计与风险管理委员会本着勤 勉尽责的原则，恪尽职守，认真履职。现将董事会审计与风险管理委 员会对会计师事务所 2024 年度履行监督职责的情况汇报如下： 一、2024 年年审会计师事务所基本情况 （一）会计师事务所基本情况 大华会计师事务所（特殊普通合伙）（以下简称"大华所"）成 立于 1985 年，2012 年 2 月由大华会计师事务所有限公司转制为特殊 普通合伙。 注册地址在北京市海淀区西四环中路 16 号院 7 号楼 1101， 首席合伙人为梁春。截至 2024 年 12 月 31 日合 ...