Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Insights - The company reported steady growth in performance, with a significant acceleration in new orders in the third quarter of 2024 [2][3]. - The revenue for the first three quarters reached 31.731 billion yuan, with a year-on-year increase of 0.7%, while the net profit attributable to shareholders was 2.060 billion yuan, up 2.9% year-on-year [2]. - The company’s gross margin improved, with a gross margin of 18.9% for the first three quarters, reflecting a 0.2 percentage point increase year-on-year [2]. - The operating cash flow faced some pressure, with a net cash outflow of 260 million yuan in the first three quarters, primarily due to the domestic cement market affecting collection progress [2]. - The company’s debt ratio decreased to 61.0%, down 1.8 percentage points year-on-year, indicating an ongoing optimization of the capital structure [2]. Financial Performance Summary - Total revenue (in million yuan) is projected to grow from 45,799 in 2023 to 56,955 in 2026, with year-on-year growth rates of 6.94%, 6.32%, 7.56%, and 8.75% respectively [1][9]. - Net profit attributable to shareholders is expected to increase from 2,916 million yuan in 2023 to 4,194 million yuan in 2026, with corresponding growth rates of 14.74%, 11.68%, 13.13%, and 13.84% [1][9]. - The latest diluted EPS is forecasted to rise from 1.10 yuan in 2023 to 1.59 yuan in 2026, with a decreasing P/E ratio from 9.33 to 6.49 over the same period [1][9]. Order and Contract Insights - The company experienced a significant increase in new contracts, with a total of 15.7 billion yuan in new contracts signed in the third quarter, representing a year-on-year increase of 35% [2]. - The total uncompleted contract amount reached 62.06 billion yuan by the end of the third quarter, indicating a solid backlog that supports future revenue growth [2].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 10.30 CNY [6]. Core Views - The company reported a revenue of 31.731 billion CNY for the first three quarters of 2024, a year-on-year increase of 0.70%, and a net profit attributable to shareholders of 2.060 billion CNY, up 2.90% year-on-year [2]. - The company is expected to benefit from the domestic cement decarbonization space, providing energy-saving and emission-reduction equipment and system services [4]. - The report forecasts net profits for 2024-2026 to be 3.440 billion, 3.900 billion, and 4.360 billion CNY, respectively, with corresponding PE ratios of 8, 7, and 6 times [4]. Financial Performance - For Q3 2024, the company achieved a revenue of 10.836 billion CNY, a decrease of 1.13% year-on-year, while the net profit was 661 million CNY, an increase of 4.24% year-on-year [2]. - The gross margin for Q3 2024 was 17.84%, up 1.27 percentage points year-on-year, while the net margin was 6.34%, showing a slight increase of 0.01 percentage points year-on-year [2]. - The company’s financial expenses for Q1-Q3 2024 increased by 87.6% year-on-year, but Q3 saw a decrease of 30.3% year-on-year [4]. Contract and Order Performance - New contracts signed in Q3 2024 showed strong domestic performance, with domestic contracts amounting to 89.6 billion CNY, a year-on-year increase of 87%, while overseas contracts were 67.4 billion CNY, a slight decrease of 2% [3]. - The company’s engineering technology services, high-end equipment manufacturing, and production operation services orders for the first nine months of 2024 were 33.63 billion, 4.98 billion, and 13.12 billion CNY, respectively [3]. Future Outlook - The report emphasizes the company's ongoing diversification and the potential for growth in the domestic cement decarbonization market [4]. - The company is expected to enhance its dividend payout ratio and increase collaboration within the group for overseas expansion [4].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's Q3 performance met expectations, with a slight acceleration in revenue growth and improved profitability metrics. The total revenue for Q1-Q3 2024 reached 31.7 billion, a year-on-year increase of 0.7%, while the net profit attributable to shareholders was 2.06 billion, up 2.9% year-on-year [1][2]. - The company has seen significant growth in overseas equipment and operation and maintenance orders, with new orders totaling 52.8 billion in Q1-Q3, a year-on-year increase of 1%. Q3 alone saw new orders of 15.7 billion, a remarkable 35% increase year-on-year [2]. - The report projects net profits for 2024-2026 to be 3.4 billion, 3.6 billion, and 4.0 billion respectively, with corresponding EPS of 1.27, 1.38, and 1.53. The current stock price corresponds to P/E ratios of 8.1, 7.5, and 6.7 for the respective years [2][3]. Financial Performance Summary - For Q1-Q3 2024, the company achieved a gross margin of 18.86%, an increase of 0.24 percentage points year-on-year. The net profit margin for Q1-Q3 was 6.5%, up 0.14 percentage points year-on-year [1]. - The company reported a total revenue of 45.8 billion for 2023, with a projected revenue of 48.2 billion for 2024, reflecting a growth rate of 5.2% [3][10]. - The net profit for 2023 was 2.9 billion, with an expected increase to 3.4 billion in 2024, indicating a growth rate of 15.5% [3][10]. Order and Contract Status - As of the end of Q3 2024, the company had an order backlog of 62.1 billion, which is 1.35 times its revenue for 2023, indicating a robust order reserve [2]. - The report highlights that the company’s engineering services segment saw a decline in new orders, primarily due to low domestic cement capital expenditure, while overseas equipment orders showed strong growth [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [4][6][14]. Core Views - The company has demonstrated stable revenue and profit growth, with a year-to-date revenue of 31.73 billion and a net profit of 2.06 billion, reflecting year-on-year increases of 0.70% and 2.90% respectively [1]. - The company has seen steady growth in new contracts, with a total of 52.79 billion in new contracts signed in the first three quarters, marking a 1% year-on-year increase, driven by a significant 87% increase in domestic new orders in Q3 [2]. - The gross margin has slightly improved, with a comprehensive gross margin of 18.86% for the first three quarters, while the net profit margin remains stable at 6.85% [3]. Financial Performance Summary - Revenue for 2022 was 38.82 billion, projected to grow to 62.32 billion by 2026, with a compound annual growth rate (CAGR) of approximately 10.31% [5][10]. - The net profit attributable to the parent company is expected to increase from 2.19 billion in 2022 to 4.00 billion in 2026, with a CAGR of 11.74% [5][10]. - The company’s earnings per share (EPS) is projected to rise from 0.83 in 2022 to 1.51 in 2026, indicating strong profitability growth [5][10]. Business Segments - The company operates in three main business segments: engineering technology services, high-end equipment manufacturing, and production operation services, with new contract values of 33.63 billion, 4.99 billion, and 13.12 billion respectively [2]. - The engineering technology services segment has seen a year-on-year decrease of 6%, while the production operation services segment has experienced a significant increase of 36% [2]. Market Position - The company holds the world's leading market share in cement engineering technology services and is well-positioned for growth in the high-end equipment manufacturing sector [4]. - The company’s digital transformation initiatives are expected to enhance operational efficiency and strengthen its core business competitiveness [4].

中材國際二零二四年九月三十日止九個月 之主要會計數據和財務指標 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。 （在中華人民共和國註冊成立的成員責任有限的股份有限公司） 公 告 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 九 月 三 十 日 止 九 個 月 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 – 中材國際之主要會計數據和財務指標 單 位：萬 元 幣 種：人 民 幣 本年初至 本報告期末 | | | 本報告期比 | 本年初至 | 比上年 | | ...

证券代码：600970 证券简称：中材国际 公告编号：临 2024-053 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 关于控股子公司中材智能科技（成都）有限公司 资产转让暨关联交易的公告 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： 1 中国中材国际工程股份有限公司（以下简称"公司"或"中材国际"） 所属控股子公司中材智能科技（成都）有限公司（以下简称"中材智科 （成都）"）通过协议转让方式将位于成都市新津区的闲置厂房、土地 使用权以及相关的机器设备、电子设备转让给中材科技（成都）有限公 司（以下简称"中材科技（成都）"），转让价格依据评估值确定为 8,972.32 万元（含税价）。 中国建材股份有限公司持有本公司 40.97%股权，为公司的控股股东，中 材智科（成都）为公司控股公司；中材科技（成都）是中国建材股份有 限公司所属上市公司中材科技股份有限公司的附属公司，是公司的关联 方；本次交易构成关联交易，但不构成重大资产重组。 本次关联交易已经公司第八届董事会第九次会 ...

Financial Performance - The company's operating revenue for Q3 2024 was CNY 1,083,632.09 million, a decrease of 1.13% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was CNY 66,059.39 million, an increase of 4.24% year-on-year[2]. - The basic earnings per share for Q3 2024 was CNY 0.25, unchanged from the previous quarter[2]. - The company reported a net profit of CNY 205,982.47 million for the year-to-date, an increase of 2.90% compared to the same period last year[2]. - Total operating revenue for the first three quarters of 2024 reached ¥31.73 billion, a slight increase from ¥31.51 billion in the same period of 2023, representing a growth of approximately 0.7%[16]. - Operating profit for the first three quarters of 2024 was ¥2.53 billion, compared to ¥2.44 billion in 2023, indicating an increase of about 3.9%[16]. - Net profit attributable to shareholders for the first three quarters of 2024 was ¥2.06 billion, up from ¥2.00 billion in 2023, reflecting a growth of approximately 2.9%[17]. - Total comprehensive income for the first three quarters of 2024 was ¥2.14 billion, slightly higher than ¥2.12 billion in 2023, marking an increase of about 1.4%[17]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 5,577,228.03 million, reflecting a 2.49% increase from the end of the previous year[4]. - As of September 30, 2024, the company's total assets reached approximately CNY 55.77 billion, an increase from CNY 54.42 billion at the end of 2023, representing a growth of about 2.5%[14]. - The company's total liabilities reached 14,842,544,481.91 RMB, compared to 14,308,934,806.46 RMB in the previous year[21]. - The total current liabilities decreased slightly to CNY 29.43 billion from CNY 29.90 billion, a reduction of about 1.6%[15]. - The equity attributable to owners of the company increased to 10,189,011,452.55 RMB from 9,856,780,920.54 RMB year-over-year[21]. Cash Flow - The net cash flow from operating activities for the year-to-date was CNY -26,032.44 million, indicating a cash outflow primarily due to market conditions affecting receivables[6]. - Cash flow from operating activities showed a net outflow of ¥260.32 million in 2024, compared to a smaller outflow of ¥14.25 million in 2023, indicating a significant decline in cash generation[18]. - The company's cash flow from operating activities showed a net outflow of approximately CNY 398.72 million, compared to a net inflow of CNY 65.61 million in the same period of 2023[24]. - The total cash inflow from financing activities was 3,640,798,488.90 RMB, down from 3,816,768,526.33 RMB year-over-year[19]. - The cash outflow for the repayment of debts was 4,076,552,437.03 RMB, significantly higher than 3,145,901,834.89 RMB in the previous year[19]. Investments and Expenses - Non-recurring gains and losses totaled CNY 1,140.47 million for the current period, with government subsidies contributing CNY 684.63 million[5]. - Research and development expenses decreased to ¥1.14 billion in 2024 from ¥1.28 billion in 2023, showing a reduction of about 10.3%[16]. - Research and development expenses for the first three quarters of 2024 were approximately CNY 106 million, a decrease of 18% from CNY 129 million in the same period of 2023[22]. - The company reported a significant increase in investment income, reaching ¥37.77 million in 2024, compared to a loss of ¥33.18 million in 2023[16]. - Long-term investments rose significantly to CNY 2.09 billion from CNY 1.22 billion, marking an increase of approximately 71.8%[14]. Future Outlook - The company's net profit margin is expected to improve in the upcoming quarters due to strategic cost management and operational efficiencies[12]. - The company plans to expand its market presence through new product launches and potential acquisitions in the next fiscal year[12]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[26].

| 证券代码：600970 | 证券简称：中材国际 | 公告编号：临 | 2024-052 | | --- | --- | --- | --- | | 债券代码：241560 | 债券简称：24 国工 K1 | | | 重要内容提示： 投资标的名称和投资金额：中国中材国际工程股份有限公司（以下简称 "公司"、"中材国际"）全资子公司邯郸中材建设有限责任公司（以下简称"邯 郸中材"）拟联合关联方南京玻璃纤维研究设计院有限公司（以下简称"南京玻 纤院"）、北新集团建材股份有限公司（以下简称"北新建材"）和第三方巴克 风实业香港国际有限公司（以下简称"巴克风实业"）共同投资设立合资公司中 材（邯郸）新材料有限公司（暂定名，以当地注册机构核准为准），建设年产 5 万吨岩纤板工业化生产线项目。合资公司注册资本为 8,000 万元，邯郸中材、南 京玻纤院、北新建材、巴克风实业分别认缴出资 4,080 万元、1,760 万元、800 万元、1,360 万元，对应持股比例为 51%、22%、10%、17%。 中国建材股份有限公司持有公司 40.97%股权，为公司的控股股东，邯郸 中材为公司全资子公司；南京玻纤院和北新建材是中 ...

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年第四次会议决议 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年第四次会议于 2024年10月15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《关于公司全资子公司邯郸中材建设有限责任公 司与关联方共同投资设立合资公司建设年产5万吨岩纤板工业化生 产线项目暨关联交易的议案》,同意将该议案提请公司董事会审议。 为积极响应国家大力发展循环经济政策,寻求固废资源化产业发 展新突破,公司全资子公司邯郸中材建设有限责任公司(以下简称"邯 郸中材")拟联合关联方南京玻璃纤维研究设计院有限公司(以下简 称"南京玻纤院")、北新集团建材股份有限公司(以下简称"北新建 材")和第三方巴克风实业香港国际有限公司(以下简称"巴克风实 业")共同投资设立合资公司中材(邯郸)新材料有限公司(暂定名, 以当地注册机构核准为 ...

| 证券代码：600970 | 证券简称：中材国际 | 公告编号：临 | 2024-057 | | --- | --- | --- | --- | | 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 第八届监事会第七次会议决议公告 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"）第八届监事会第七 次会议于 2024 年 10 月 15 日以书面形式发出会议通知，2024 年 10 月 25 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 年第三季度报告》 监事会根据《证券法》第八十二条、《上海证券交易所上市公司自律监管 指南第 1 号--公告格式》附件《第五十二号 上市公司季度报告》《上海证券交 易所上市公司自律监管指南第 2 号--业务办理》附件《第六号 定期报告》等相 关 ...