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 ...

中材国际: 华泰联合证券有限责任公司关于中国中 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2024年度业绩承诺实现情况核查 意见 华泰联合证券有限责任公司 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 独立财务顾问 二〇二五年三月 释义 本核查意见中，除非文意另有所指，下列词语具有如下含义： 《华泰联合证券有限责任公司关于中国中材国际工程股份有限公司 本核查意见 指 发行股份及支付现金购买资产暨关联交易之 2024 年度业绩承诺实现 情况意见》 本次交易、本次重组、 发行股份及支付现金购 中材国际向中国建材总院发行股份及支付现金购买合肥院 100%的股 指 买资产、发行股份购买 权 资产 上市公司、公司、中材 中建材（合肥）钢构科技有限公司，曾用名安徽中亚钢结构工程有限 中亚钢构 指 指 中国中材国际工程股份有限公司 国际 交易对方、中国建材总 指 中国建筑材料科学研究总院有限公司 院、业绩承诺方 合肥院、标的公司 指 合肥水泥研究设计院有限公司、合肥水泥研究设计院 交易标的、标的资产 指 合肥院 100%股权 中国建材集团 指 中国建材集团有限公司 中国建 ...

Core Viewpoint - The independent financial advisor, Huatai United Securities, conducted a special review of the financial service agreement between China National Materials International Engineering Co., Ltd. and China National Building Material Group Financial Co., Ltd., confirming the completeness of the agreement and the effective execution of risk control measures [1][6]. Summary by Sections Financial Service Agreement Main Content and Terms - The agreement includes deposit services, settlement services, comprehensive credit services, and other financial services provided by the financial company to the company [2]. - The maximum daily deposit balance for the years 2023, 2024, and 2025 is set at RMB 4.5 billion, RMB 5.5 billion, and RMB 6.5 billion respectively [2]. - The comprehensive credit balance for the same years is capped at RMB 6.1 billion, RMB 6.8 billion, and RMB 7.5 billion respectively [2]. - Fees for other financial services are limited to RMB 300 million for each of the three years [2]. Execution Status of the Agreement - As of December 31, 2024, the company's deposit balance with the financial company was RMB 3.599 billion, and the comprehensive credit limit was RMB 6.445 billion [4]. - The short-term and long-term borrowings utilized were RMB 423 million and RMB 765 million respectively, with unused credit limits amounting to RMB 4.478 billion [4]. - The company's deposit and loan activities were conducted in accordance with the financial service agreement, supporting the company's operational needs without affecting normal production [4]. Risk Control Measures and Execution Status - The company established a risk disposal leadership group and a risk reporting system to manage financial risks associated with deposits and loans [5]. - A risk assessment report was prepared based on the financial company's audited financial statements, and a risk disposal plan was developed in case of significant risks [5]. - The company conducted evaluations of the financial company's qualifications and risk status, issuing a risk assessment report for the financial company for 2024 [6]. Independent Financial Advisor's Review Opinion - The independent financial advisor confirmed that the financial service agreement's terms are complete, the execution of the agreement is satisfactory, and the risk control measures are effectively implemented [6].

中材国际: 中国中材国际工程股份有限公司第八届 监事会第十次会议决议公告 证券代码：600970 证券简称：中材国际 公告编号：临 2025-021 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 第八届监事会第十次会议决议公告 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"）第八届监事会第十次 会议于 2025 年 3 月 14 日以书面形式发出会议通知，2025 年 3 月 24 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： 一、审议通过了《公司 2024 年度监事会工作报告》，同意将本议案提请 2024 年度股东大会审议。 表决结果：3 票同意，0 票反对，0 票弃权。 二、审议通过了《公司 2024 年度财务决算报告》，同意将本议案提请 2024 年度股东大会审议。 如在利润分配方案披露之日起至实施权益分派股权登 ...

中材国际: 中国中材国际工程股份有限公司2024年 度独立董事述职报告（鞠源） 中国中材国际工程股份有限公司 司"）的独立董事，本人根据《中华人民共和国公司法》《中华人民 共和国证券法》《上市公司独立董事管理办法》等法律法规及《公司 章程》《独立董事专门会议工作细则》的规定，以关注和维护全体股 东，特别是中小股东的合法权益为宗旨，勤勉、忠实、尽责地履行独 立董事的职责，及时了解公司的经营、管理信息，全面关注公司的发 展状况，积极参加调研和培训，在董事会定战略、作决策、防风险职 能发挥中贡献价值，突出参与决策、监督制衡、专业咨询的作用。切 实维护公司和股东的合法权益。现将 2024 年度履行职责的情况报告 如下： 一、独立董事的基本情况 报告期内，公司董事会董事 9 人，其中，独立董事 3 人，为董事 会人数三分之一，符合相关法律法规。2023 年 10 月 24 日，公司举 行了第八届董事会换届选举，经过选举本人担任第八届董事会独立董 事。董事会下设战略、投资与 ESG 委员会、审计与风险管理委员会、 薪酬与考核委员会、提名委员会。作为公司的独立董事，本人在从事 的专业领域积累了丰富的经验，拥有专业资质及能力 ...

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 二、审计与风险管理委员会对会计师事务所监督情况 根据公司《董事会审计与风险管理委员会实施细则》等有关规定， 审计与风险管理委员会对大华所履行监督职责的情况如下： （一）审计与风险管理委员会对大华所的专业资质、业务能力、 诚信状况、独立性、过往审计工作情况及其执业质量等进行了严格核 查和评价，认为其具备为公司提供审计工作的资质和专业能力，能够 满足公司审计工作的要求。 （二）2025 年 1 月 8 日，审计与风 ...