中材国际(600970) 报告日期：2024 年 08 月 26 日 营收盈利实现双增，运维业务增长亮眼 ——2024 年中期业绩点评报告 事件 2024 年 8 月 23 日公司公布 2024 年中期业绩公告。 投资要点 ❑ 营收盈利双增，境内外合同额增长分化 2024H1 公司实现营收 209 亿元，同比+1.7%；归母净利润 14 亿元，同比 +2.3%；毛利率 19.4%，同比+1.0 pct；净利率 7.1%，同比持平；分地区看， 公司境内、境外分别实现收入 114、94 亿元，同比-7.2%、+15.2%，占总收入 占比分别为 55%、45%；毛利率分别为 16.3%、22.6%，同比分别为-1.5pct、 +3.7pct。2024H1 公司新签合同额 371 亿元，同比-9%，其中境内、境外合同额 分别为 136、235 亿元，同比分别为-28%、+9%。 ❑ 运维业务增长强劲，营收贡献持续提升 分业务来看，工程技术服务、高端装备制造、生产运营服务分别实现营收 121、 29.2、56.7 亿元，同比分别为+4.8%、-23.1%、+22.2%，占比分别为 57.9%、 14.0%、 27.2% ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.9 CNY, based on a 12x PE for the year 2024 [1][6]. Core Insights - The company achieved a revenue of 20.89 billion CNY in the first half of 2024, representing a year-on-year increase of 1.68%. The net profit attributable to the parent company was 1.399 billion CNY, up 2.28% year-on-year [1]. - The operational performance of the maintenance business was highlighted, with significant growth in revenue from mining and cement operations [2]. - The company is actively expanding its overseas operations, with a notable increase in the proportion of foreign revenue [3]. Revenue and Profitability - In the first half of 2024, the company reported a revenue of 20.89 billion CNY, with a net profit of 1.399 billion CNY, and a non-recurring net profit of 1.402 billion CNY, reflecting increases of 2.28% and 5.97% year-on-year, respectively [1]. - The second quarter alone saw a revenue of 10.607 billion CNY, with a net profit of 763 million CNY, indicating a year-on-year growth of 1.61% [1]. - The overall gross margin improved year-on-year, although the increase in expense ratios slightly affected profit growth [1]. Business Segments Performance - The engineering technology services, high-end equipment manufacturing, and production operation services generated revenues of 12.099 billion CNY, 2.916 billion CNY, and 5.673 billion CNY, respectively, with year-on-year growth rates of 4.82%, -23.07%, and 22.22% [2]. - The maintenance business, particularly in mining and cement operations, showed strong revenue growth of 27.88% and 13.54%, respectively [2]. Order Book and Future Outlook - The company signed new orders worth 37.09 billion CNY in the first half of 2024, with a year-on-year decrease of 9%. However, overseas new orders increased by 9% to 23.462 billion CNY [3]. - The backlog of effective contracts stood at 59.244 billion CNY, reflecting a 6.89% increase from the previous period [3]. Financial Metrics - The comprehensive gross margin for the first half of 2024 was reported at 19.4%, an increase of 1.04 percentage points year-on-year [4]. - The net profit margin for the first half was 7.11%, with a slight decrease of 0.05 percentage points year-on-year [4]. - The company’s cash flow from operations turned positive at 885 million CNY, showing a significant improvement compared to the previous year [4].

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 2,089,480.72 million, representing a 1.68% increase compared to CNY 2,054,931.48 million in the same period last year[18]. - The net profit attributable to shareholders of the listed company was CNY 139,923.08 million, up 2.28% from CNY 136,810.16 million year-on-year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 140,151.32 million, reflecting a 5.97% increase from CNY 132,259.05 million in the previous year[18]. - The net cash flow generated from operating activities was CNY 88,546.02 million, a significant recovery from a negative cash flow of CNY -93,989.07 million in the same period last year[18]. - Basic earnings per share for the first half of the year increased by 1.92% to CNY 0.53 compared to the same period last year[19]. - The weighted average return on equity decreased by 0.72 percentage points to 7.18% year-on-year[19]. - The gross profit margin for the overall business increased by 0.89 percentage points to 19.14% compared to the previous year[50]. - The company achieved operating revenue of 20.895 billion CNY, a year-on-year increase of 1.68%, with a comprehensive gross margin of 19.39%, up by 1.04 percentage points[38]. - The net profit attributable to shareholders was 1.399 billion CNY, reflecting a year-on-year growth of 2.28%[38]. - The company reported a net cash inflow from operating activities of 0.885 billion CNY, an improvement of 1.825 billion CNY year-on-year[38]. Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 5,621,499.91 million, which is a 3.30% increase compared to CNY 5,441,954.41 million at the end of the previous year[18]. - The net assets attributable to shareholders at the end of the reporting period were CNY 1,957,740.81 million, an increase of 2.52% from CNY 1,909,536.18 million at the end of the previous year[18]. - The company's total liabilities amounted to ¥35,148,378,773.41, up from ¥33,808,421,045.09, indicating an increase of about 3.95%[164]. - The total liabilities to assets ratio increased by 0.39 percentage points to 62.52% compared to the end of the previous year[160]. - The company's interest-bearing debt at the end of the reporting period was 29.00 billion RMB, showing a year-on-year decrease of 0.08%[155]. Cash Flow - The company's cash interest coverage ratio improved to 9.32, indicating better cash flow management[160]. - The net cash flow from operating activities improved significantly to RMB 88,546.02 million, compared to a negative cash flow of RMB -93,989.07 million in the previous year[51]. - The company reported a net cash flow from operating activities of CNY 885,460,174.66, a significant improvement from a negative cash flow of CNY -939,890,725.79 in the first half of 2023[174]. - The company reported a total cash inflow from financing activities of 1,000,000,000.00 RMB, down from 1,556,293,632.22 RMB in the previous year, reflecting a decrease in financing receipts[178]. Research and Development - The company invested 724 million yuan in R&D during the first half of the year, applying for 177 invention patents, including 11 international patents[43]. - Research and development expenses decreased by 6.99% to RMB 72,387.05 million compared to the previous year[51]. - Research and development expenses for the first half of 2024 were CNY 72,348,954.13, down from CNY 76,462,240.23 in the same period of 2023, indicating a focus on cost management[171]. Market and Industry Outlook - The global cement demand is expected to remain stable in 2024, with a projected growth of 2.9% outside of China[22]. - The domestic cement industry faced a decline in demand and low price fluctuations in the first half of the year, prompting a shift in strategies towards optimizing existing projects[22]. - The company is focusing on upgrading equipment to meet energy-saving and carbon reduction goals, with a target of 30% of production lines using alternative fuels by 2025[24]. - The company is actively expanding its mining operation services, particularly in response to the increasing demand for green mining standards by 2028[25]. Environmental and Social Responsibility - The company has implemented measures to reduce carbon emissions, including the operation of 229 new energy mining vehicles across 25 projects[83]. - The company has achieved a total of 7.55 million tons of hazardous waste disposal and saved 14,200 tons of standard coal, contributing to a carbon reduction of 42,600 tons[82]. - The company donated CNY 5 million to the "Shan Jian Public Welfare" fund to support rural revitalization efforts[84]. - The company has established 155 green mines and deployed 229 new energy mining vehicles across 25 projects[42]. Corporate Governance and Compliance - The board of directors has confirmed the authenticity, accuracy, and completeness of the semi-annual report[2]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[4]. - There are no violations of decision-making procedures regarding external guarantees[4]. - The company faced administrative penalties totaling CNY 1.0638 million due to environmental issues during the reporting period[79]. Shareholder Information - The total number of shares after the recent changes is 2,642,021,768[128]. - The top ten shareholders held a total of 1,082,389,012 shares, representing 40.97% of the total shares[136]. - The company has distributed over 6.3 billion yuan in cash dividends to shareholders since its listing[47]. - The company has a lock-up period of 36 months for newly issued shares after the completion of the transaction, with an extension of 6 months if stock prices fall below the issuance price[96]. Risk Management - The company has outlined potential risks including macroeconomic, industry, overseas operation, and exchange rate risks in the management discussion and analysis section[5]. - The company is exposed to foreign operational risks due to international political changes and local economic conditions, necessitating a robust risk monitoring mechanism[70]. - Currency exchange risks are significant as contracts are primarily settled in USD and EUR, leading the company to enhance currency management and hedging strategies[70].

二、说明会召开的时间、地点 | 证券代码：600970 | 证券简称：中材国际 | 公告编号：临 | 2024-045 | | --- | --- | --- | --- | | 债券代码：188717 | 债券简称：21 国工 01 | | | 中国中材国际工程股份有限公司 关于召开 2024 年半年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： 中国中材国际工程股份有限公司（以下简称"公司"）将于 2024 年 8 月 24 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 9 月 2 日下午 15:00-16:30 举 行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以视频直播结合网络互动的形式召开，公司将针对 2024 年 半年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。 （一）会议 ...

| 证券代码：600970 | 证券简称：中材国际 公告编号：临 2024-044 | | --- | --- | | 债券代码：188717 | 债券简称：21 国工 01 | 中国中材国际工程股份有限公司 第八届监事会第六次会议决议公告 本公司监事会及全体监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"）第八届监事会第六 次会议于 2024 年 8 月 12 日以书面形式发出会议通知，2024 年 8 月 22 日以现场 结合通讯方式召开，出席会议的监事应到 3 人，实到 3 人，符合《公司法》和《公 司章程》的有关规定。会议由于月华女士主持，与会监事经过认真审议，形成如 下决议： 我们保证公司 2024 年半年度报告所披露的信息真实、准确、完整，承诺其 中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 1 性和完整性承担法律责任。 公 司 2024 年 半 年 度 报 告 及 摘 要 详 见 上 海 证 券 交 易 所 网 站 （http:/www.sse.com.cn） ...

中国中材国际工程股份有限公司 第八届董事会第八次会议决议公告 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法律责任。 中国中材国际工程股份有限公司（以下简称"公司"）第八届董事会第八次 会议于 2024 年 8 月 12 日以书面形式发出会议通知，2024 年 8 月 22 日以 现场结合通讯方式召开。本次会议应到董事 9 人，实到董事 9 人，公司全体监 事和部分高管列席会议，符合《公司法》和《公司章程》的有关规定。会议由董 事长印志松先生主持，与会董事经过认真审议，经记名投票表决，形成如下决议： 一、审议通过了《公司2024年半年度报告及摘要》 | 证券代码：600970 | 证券简称：中材国际 | 公告编号：临 | 2024-039 | | --- | --- | --- | --- | | 债券代码：188717 | 债券简称：21 国工 01 | | | 该议案已经审计与风险管理委员会审议通过。公司2024年半年度报告及摘要 详见上海证券交易所网站（http://www.sse.com.cn）。 表决结果：9票同意，0票反对 ...

助反担保遵循公平、公正、公允的原则，不存在损害公司及其他股东， 特别是中小股东和非关联股东利益的情况。同意本议案提交公司董事 会审议。 表决结果：3 票同意，0 票反对，0 票弃权。 中国中材国际工程股份有限公司第八届董事会 独立董事专门会议 2024 年第三次会议决议 中国中材国际工程股份有限公司（以下简称"公司"）第八届董 事会独立董事专门会议 2024 年第三次会议于 2024 年 8 月 12 日以通 讯方式召开。应参会独立董事 3 人，实际参会独立董事 3 人，符合《公 司章程》《独立董事工作制度》和《独立董事专门会议工作细则》的 规定。全体独立董事共同推举独立董事周小明先生主持，与会董事经 过认真审议，经记名投票表决，形成如下决议： 一、审议通过了《关于中材海外为参股公司巴西叶片提供履约保 函担保及财务资助反担保暨关联交易的议案》，同意将该议案提请公 司董事会审议。 为满足巴西叶片生产经营需要，公司全资子公司中材海外拟按照 持股比例（30%）为巴西叶片提供总额不超过 300 万美元的银行履约 保函担保和总额不超过 390 万美元的股东财务资助反担保。中材海外 提供连带责任担保，巴西叶片为此次担保提 ...

| 证券代码：600970 | 证券简称：中材国际 | 公告编号：临 | 2024-040 | | --- | --- | --- | --- | | 债券代码:188717 | 债券简称:21 国工 01 | | | 中国中材国际工程股份有限公司 关于委托理财额度的公告 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： 上述委托理财额度已到期，公司将在未来一年在任一时点合计不超过 15 亿 元人民币委托理财交易额度内开展委托理财，额度自公司董事会决议通过之日起 一年内有效。具体情况如下： 一、委托理财概况 （一）委托理财的目的 中国中材国际工程股份有限公司（以下简称"公司"）于2023年3月20日召 开的第七届董事会第二十六会议审议通过了《关于委托理财额度的议案》，批准 公司使用任一时点合计不超过 25 亿元人民币的自有闲置资金进行委托理财，期 限自公司董事会决议通过之日起一年之内有效，并授权公司总裁根据有关法律、 法规及规范性文件的规定，在前述额度内决定具体实施每一笔委托理财有关事 1 投资种类：安全性高、流 ...

中国中材国际工程股份有限公司 董事、监事和高级管理人员 （2024 年修订） 第一章 总 则 第一条 为加强对中国中材国际工程股份有限公司（以下简称 "公司"）董事、监事和高级管理人员所持公司股份及其变动的管理， 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）和中国证券监督管理委员会 （以下简称"中国证监会"）发布的《上市公司董事、监事和高级管 理人员所持本公司股份及其变动管理规则》、上海证券交易所（以下 简称"上交所"）发布的《上海证券交易所股票上市规则》《上海证券 交易所上市公司自律监管指引第 8 号——股份变动管理》《上海证券 交易所上市公司自律监管指引第 15 号——股东及董事、监事、高级 管理人员减持股份》等法律法规、规范性文件以及《中国中材国际工 程股份有限公司章程》（以下简称"《公司章程》"）的规定，结合公司 实际情况，制定本制度。 第二条 本制度适用于公司董事、监事和高级管理人员所持公司 股份及其变动的管理。其所持公司股份是指登记在其名下和利用他人 账户持有的所有公司股份；从事融资融券交易的，其所持公司股份还 包括记载在其信用账户内 ...

| 债券代码：188717 | 债券简称：21 国工 01 | | | | --- | --- | --- | --- | | 证券代码：600970 | 证券简称：中材国际 | 公告编号：临 | 2024-042 | 中国中材国际工程股份有限公司 关于注册发行超短期融资券和中期票据的公告 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。 中国中材国际工程股份有限公司（以下简称"公司"）于2024年8月22日召 开第八届董事会第八次会议、第八届监事会第六次会议，审议通过了《关于申请 注册发行超短期融资券和中期票据的议案》。为进一步拓宽公司融资渠道，优化 公司债务结构，降低融资成本，保障公司未来经营发展需要，公司拟向中国银行 间市场交易商协会申请注册发行不超过40亿元（含）人民币超短期融资券和20 亿元（含）人民币中期票据额度，具体情况如下： | 项目 | 超短期融资券 | 中期票据 | | --- | --- | --- | | 注册发行规 | 不超过40亿元（含）人民币， | 不超过20亿元（含）人民币， | | 模及安排 | ...