[Table_Page] 年报点评|专业工程 证券研究报告 [中Table_材Title] 国际（600970.SH） [公Tab司le_I评nves级t] 买入 当前价格 10.89元 23Q4 归母净利高增，全年经营现金流靓丽 合理价值 15.30元 前次评级 买入 [ 核Table 心_Sum 观mary 点] ： 报告日期 2024-03-27 ⚫ 中材国际发布2023年报。根据年报，2023年，公司营收458亿元， 相[Ta对ble市_Pi场cQu表ote现] 同比+6.9%；归母净利29.2亿元，同比+14.7%。23Q4营收143亿元， 同比+11.3%。归母净利9.14亿元，同比增长34.5%。符合预期。 29% ⚫ 工程、装备毛利率提升，运维业务快速推进。根据年报，23年公司综 19% 合毛利率19.43%/同比+2.09pct；分板块看，工程技术服务营收267亿 9% 元/同比+7.6%，毛利率15.73%/同比+3.5pct；高端装备制造营收72亿 -1% 03/23 05/23 07/23 09/23 11/23 01/24 元/同比+2%，毛利率 25.47%/同比+1.38pct； ...

Investment Rating - The report maintains a "Buy" rating for China National Materials International (600970.SH) with a current price of 11.19 CNY [1] Core Views - The company achieved steady revenue growth with a year-on-year increase in revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 6.9%, 14.7%, and 26.8% respectively in 2023 [1] - The company signed new contracts totaling 616.4 billion CNY in 2023, representing an 18% year-on-year increase, driven by a significant rise in overseas contracts [1] - The company plans to distribute a cash dividend of 0.4 CNY per share, yielding approximately 4.3% [1] Summary by Sections Financial Performance - In 2023, the company reported revenues of 458 billion CNY, net profit of 29 billion CNY, and net profit excluding non-recurring items of 27 billion CNY [1] - The fourth quarter of 2023 saw revenues of 143 billion CNY, net profit of 9 billion CNY, and net profit excluding non-recurring items of 7 billion CNY, with year-on-year growth of 11.3%, 34.5%, and 29.1% respectively [1] - The company’s gross profit margin and net profit margin reached 19.4% and 7.0% in 2023, reflecting increases of 2.5 percentage points and 0.9 percentage points respectively [3] Contract and Order Growth - The company’s new contracts in 2023 included 333.1 billion CNY from overseas and 283.4 billion CNY from domestic markets, with year-on-year growth of 55% and a decline of 8% respectively [1] - The total amount of uncompleted contracts at the end of 2023 was 593.3 billion CNY, marking a 12% year-on-year increase, ensuring continued revenue growth [1] Business Development - The company is enhancing its core business advantages and expanding its equipment and operational services, with 20 new project launches in 2023 [1] - The overseas revenue from equipment manufacturing has increased to 25% of total equipment revenue, while revenue from non-cement industries has risen to 32% [1] - The company’s engineering technology services and high-end equipment manufacturing achieved revenues of 266.6 billion CNY and 71.8 billion CNY respectively, with year-on-year growth of 7.6% and 2.0% [1] Profitability and Cash Flow - The company’s operating cash flow improved significantly, reaching 35.4 billion CNY in 2023, a 210% increase year-on-year [1] - The report forecasts net profit attributable to shareholders of 34.2 billion CNY, 37.8 billion CNY, and 40.6 billion CNY for 2024, 2025, and 2026 respectively [2][3]

Financial Performance - The company's operating revenue for 2023 reached ¥4,579,884.42 million, representing a year-on-year increase of 6.94% compared to ¥4,282,575.80 million in 2022[15]. - Net profit attributable to shareholders of the listed company was ¥291,581.16 million, up 14.74% from ¥254,121.99 million in the previous year[15]. - The net cash flow from operating activities significantly increased by 210.09%, amounting to ¥353,585.81 million compared to ¥114,028.26 million in 2022[15]. - Basic earnings per share rose to ¥1.12, reflecting a 14.29% increase from ¥0.98 in 2022[16]. - The company's total assets at the end of 2023 were ¥5,441,954.41 million, an increase of 8.69% from ¥5,006,769.16 million in 2022[15]. - The net assets attributable to shareholders of the listed company increased by 9.56% to ¥1,909,536.18 million from ¥1,742,840.29 million in 2022[15]. - The company achieved operating revenue of CNY 45.799 billion, a year-on-year growth of 6.94%, and a net profit attributable to shareholders of CNY 2.916 billion, up 14.74%[23]. - The gross profit margin for the main business was 19.29%, an increase of 2.11 percentage points compared to the previous year[56]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 4.00 RMB per 10 shares, totaling approximately 1,056,926,969.20 RMB (including tax) based on a total share capital of 2,642,317,423 shares[4]. - The company reported a cash dividend of 793 million yuan for 2023, actively returning value to investors[115]. - The cash dividend for the current year is CNY 4.00 per 10 shares, with a total cash dividend amount of CNY 105,692.70, representing 36.25% of the net profit attributable to ordinary shareholders[152]. - The company has established a three-year shareholder return plan (2024-2026) to enhance cash dividend ratios for investors[149]. Corporate Governance and Compliance - The company has received a standard unqualified audit report from Dahua Certified Public Accountants[3]. - The company has established a comprehensive internal control and compliance management system to effectively mitigate operational risks[116]. - The company has a governance structure that includes a board of directors with 9 members, including 3 independent directors, ensuring compliance with legal requirements[115]. - The company has been recognized for its high-quality information disclosure, receiving an A-level rating from the Shanghai Stock Exchange for five consecutive years[115]. - The company has committed to resolving competition issues with its controlling shareholders and has made relevant commitments[117]. Risk Management - The company has detailed macroeconomic risks, industry risks, overseas operation risks, and exchange rate risks in its management discussion and analysis section[5]. - The company implemented a risk prevention mechanism covering overseas risks and established a compliance risk management system, achieving 100% safety hazard rectification rate[30]. - The company has established a risk management strategy to mitigate market, liquidity, credit, operational, and legal risks associated with its foreign exchange hedging transactions[97]. - The company is actively managing foreign exchange risks and has implemented a unified management plan for 2023[138]. Market Expansion and Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[18]. - In 2023, the company signed new contracts totaling CNY 61.644 billion, an increase of 18% year-on-year, with overseas contracts reaching CNY 33.307 billion, up 55%[23]. - The company is actively involved in the development of new technologies and products to meet the evolving needs of the cement and mining industries[32]. - The company aims to deepen its overseas operations and enhance localized management to improve profitability and brand influence[111]. Research and Development - The company invested CNY 1.842 billion in R&D, a 13.22% increase, and filed 317 invention patents, including 12 international patents[27]. - The company is investing 500 million RMB in R&D for new technologies aimed at improving production efficiency by 30%[124]. - The company has a complete industrial chain resource covering technology research and development, digital design, intelligent manufacturing, smart construction, and after-sales service in the cement and mining industries[41]. Environmental and Social Responsibility - The company has implemented a carbon management tool for precise calculation and real-time monitoring of carbon emissions, promoting low-carbon development in the cement industry[43]. - The company achieved a reduction of 18,400 tons of CO2 emissions through the use of clean energy and electric vehicles[167]. - The company contributed a total of 5.02 million yuan to poverty alleviation and rural revitalization projects, all of which were funds[172]. - The company actively participated in disaster relief efforts in Turkey following the earthquake, coordinating donations of various supplies[171]. Acquisitions and Investments - The company completed the acquisition of 100% equity in Hefei Institute, enhancing the integration of equipment manufacturing and engineering services[24]. - The company completed an investment of RMB 64,753.13 million in the Hefei Institute Intelligent Manufacturing Industrial Park project, with a cumulative investment of RMB 121,093.90 million[93]. - The company completed the acquisition of 100% equity in Beijing Kaisheng and 98% equity in Nanjing Kaisheng, achieving the 2023 performance targets as per the performance compensation agreements[192]. Workforce and Talent Management - The company reported a total of 15,194 employees, with 942 in the parent company and 14,252 in major subsidiaries[144]. - The company has established a salary management mechanism that aligns employee wages with market conditions, ensuring that wages are linked to the company's economic performance[146]. - The company organized 2,722 training programs, achieving a total of 54,190 training participants and 267,000 training hours[147]. Future Outlook - Future outlook indicates a focus on expanding market presence, with plans to increase production capacity by 15% in the next fiscal year[122]. - The company provided a future outlook with a revenue guidance of 12 billion RMB for 2024, indicating a projected growth of 20%[125]. - The company aims to improve operational efficiency, targeting a reduction in costs by 5% through process optimization[122].

证券研究报告 | 年报点评报告 2024年03月26日 中材国际（600970.SH） 业绩增长符合预期，盈利能力及现金流大幅改善 Q4业绩增长显著提速，全年增速符合预期。2023年公司实现营业收入458亿 买入（维持） 元，同增6.9%（调整后，下同）；实现归母净利润29.2亿元，同增14.7%， 股票信息 符合预期。分业务看，工程/装备/运维分别实现营业收入267/72/106亿元，同 比增长7.6%/2.0%/13.8%，运维业务维持较快增长。分季度看，Q1/Q2/Q3/Q4 行业 专业工程 单季分别实现营业收入100/105/110/143亿元，同比+1%/-2%/+18%/+11%； 前次评级 买入 单季分别实现归母净利润 6.2/7.5/6.3/9.1 亿元，同增 6%/7%/10%/34%，Q4 3月26日收盘价(元) 10.89 业绩增长显著提速，主要因单季毛利率大幅提升2.2pct。 总市值(百万元) 28,774.84 总股本(百万股) 2,642.32 盈利水平大幅提升，现金流表现亮眼。公司全年主营业务毛利率 19.3%，同比 其中自由流通股(%) 65.95 大幅提升2.1pct，预计 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 10.89 CNY [4]. Core Views - The company's 2023 annual performance met expectations, with revenue of 45.799 billion CNY, a year-on-year increase of 6.94%, and a net profit attributable to shareholders of 2.916 billion CNY, up 14.74% year-on-year [1]. - The company is expected to see significant growth in overseas orders, which increased by 55% year-on-year, primarily driven by contributions from the Middle East and Africa [2]. - The company plans to increase its dividend payout ratio to no less than 40% from 2024 to 2026, with a 2023 dividend of 1.057 billion CNY, representing a payout ratio of 36.2% [3]. Financial Performance - In Q4 2023, the company achieved revenue of 14.289 billion CNY and a net profit of 0.914 billion CNY, with a gross margin of 21.22% [1]. - The gross margin for the entire year was 19.43%, an increase of 2.46 percentage points year-on-year, while the net profit margin was 6.96%, up 0.95 percentage points year-on-year [1]. - The company reported a cash collection ratio of 0.82 for 2023, compared to 0.84 in 2022 [3]. Business Segments - Revenue from engineering, equipment, and operation maintenance segments for 2023 was 26.67 billion CNY, 7.18 billion CNY, and 10.60 billion CNY, respectively, with year-on-year growth rates of 8%, 2%, and 14% [3]. - The overseas revenue contribution from the equipment segment increased to 25%, while the operation maintenance segment achieved a 25% increase in mining supply volume [3]. - The company secured new contracts worth 39.07 billion CNY in engineering, 7.41 billion CNY in equipment manufacturing, and 13.59 billion CNY in operation maintenance, reflecting year-on-year growth of 21%, 14%, and 14%, respectively [3].

[Table_Main] 证券研究报告 | 公司点评 中材国际(600970.SH) 2024年03月27日 买入（维持） 中材国际（600970.SH）：23 年盈利能力改善 所属行业：建筑装饰/专业工程 驱动业绩增长，新签高增支撑未来成长 当前价格(元)：10.89 证券分析师 投资要点 闫广 资格编号：S0120521060002 事件：2024 年 3 月 26 日，公司发布 2023 年年度报告，23 年公司实现营收约  邮箱：yanguang＠tebon.com.cn 457.99亿元，同比+6.94%，实现归母净利润约29.16亿元，同比+14.74%，实现 王逸枫 扣非归母净利润约26.77亿元，同比+26.84%。单季度来看，23Q4公司实现营收 资格编号：S0120524010004 约142.89亿元，同比+11.34%，环比+30.37%，实现归母净利润约9.14亿元，同 邮箱：wangyf6＠tebon.com.cn 比+34.48%，环比+44.22%，实现扣非归母净利润约6.71亿元，同比+28.88%， 研究助理 环比-1.86%。公司拟向全体股东每10股派发现金红利4.00 ...

[Table_Header] 公司点评●专业工程 2024年 03 月27 日 [Table_Title] [Table_StockCode] 中材国际(600970) 业绩稳健提升，水泥运维订单亮眼 [Table_InvestRank] 推荐 (维持) 核心观点： 分析师 [T able事_S件um：m公ar司y]发 布 2023年年报。 [龙Ta天b光le_ Authors] ：021-20252621  业绩如期稳健提升，水泥运维新签订单高增长。2023 年公司实现营业收入 457.99亿元，同比增加 6.94%；实现归母净利润 29.16亿元，同比增长 14.74%； ：longtianguang_yj@chinastock.com.cn 实现扣非后归母净利润 26.77 亿元，同比增长 26.84%。按业务类型，工程技术 分析师登记编码：S0130519060004 服务/高端装备/生产运营实现营业收入 266.65/71.76/106 亿元，同比增长 7.55%/2%/13.83%。2023年，公司新签合同额 616.44亿元，同比增长 18%，其 中，水泥运维新签合同 27.36 亿元， ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.72 CNY, based on a 15 times PE for 2024 [5][9]. Core Views - The company reported a revenue of 45.8 billion CNY for FY23, a year-on-year increase of 6.9%, and a net profit attributable to shareholders of 2.92 billion CNY, up 14.7% year-on-year [1]. - The company is experiencing a significant improvement in profitability, with a gross margin of 19.4% for FY23, an increase of 2.1 percentage points year-on-year [3]. - The operational cash flow has improved significantly, with a net inflow of 3.54 billion CNY for FY23, an increase of 2.4 billion CNY year-on-year [4]. Financial Performance Summary - For FY23, the company achieved revenues of 45.8 billion CNY, with a growth rate of 6.9% compared to the previous year [1]. - The gross margin for FY23 was reported at 19.4%, reflecting a year-on-year increase of 2.1 percentage points [3]. - The net profit attributable to shareholders for FY23 was 2.92 billion CNY, representing a 14.7% increase year-on-year [1]. - The company’s operating cash flow for FY23 was 3.54 billion CNY, showing a significant improvement from the previous year [4]. Business Segment Performance - The company’s revenue from operational services grew rapidly, with maintenance revenue increasing by 13.8% year-on-year, contributing to 23% of total revenue [2]. - The engineering services segment reported a revenue of 26.7 billion CNY, up 7.6% year-on-year, while high-end equipment revenue was 7.2 billion CNY, a 2.0% increase [2]. - The company executed 281 mining maintenance service projects, achieving a supply of 650 million tons, which is a 25% increase year-on-year [2]. Balance Sheet and Cash Flow - The company’s asset-liability ratio at the end of FY23 was 62.1%, a decrease of 0.2 percentage points year-on-year [4]. - The company reported a significant improvement in cash flow, with operating cash flow increasing by 2.4 billion CNY year-on-year to a net inflow of 3.54 billion CNY [4]. - The company’s total liabilities at the end of FY23 were 28.31 billion CNY, reflecting a solid balance sheet [11].

Investment Rating - The investment rating for the company is "Buy" [1][5][14] Core Views - The company has demonstrated stable growth with sufficient contracts on hand and a significant improvement in profitability. In 2023, the company achieved operating revenue of 45.799 billion yuan (+6.94%) and a net profit attributable to shareholders of 2.916 billion yuan (+14.74%). The total new contracts signed amounted to 61.644 billion yuan (+17.82%) [1][6][12] - The company is focusing on the synergistic development of its three main businesses: engineering services, high-end equipment manufacturing, and operational services. The engineering services segment generated revenue of 26.665 billion yuan (+7.55%), while the operational services segment saw revenue of 10.600 billion yuan (+13.83%) [1][12][13] - The company plans to increase its dividend payout ratio to no less than 40% over the next three years (2024-2026), which is higher than the levels in recent years [2][13] Summary by Sections Financial Performance - In 2023, the company reported operating revenue of 45.799 billion yuan, a year-on-year increase of 6.94%, and a net profit of 2.916 billion yuan, up 14.74%. The gross margin was 19.43%, an increase of 2.09 percentage points, and the net margin was 6.96%, up 0.95 percentage points [1][6][12] - The company has a backlog of contracts worth 59.325 billion yuan (+12.46%) as of the end of 2023, ensuring sustainable growth [1][6] Business Segments - Engineering services generated revenue of 26.665 billion yuan (+7.55%) with new contracts of 39.067 billion yuan (+20.75%). The high-end equipment manufacturing segment achieved revenue of 7.176 billion yuan (+1.98%) and new contracts of 7.412 billion yuan (+13.86%). The operational services segment reported revenue of 10.600 billion yuan (+13.83%) [1][12][13] - The company has seen significant growth in overseas markets, with new contracts increasing by 55% in 2023 [1][12][13] Future Outlook - The company has raised its profit forecast and maintains a "Buy" rating, expecting net profits of 3.333 billion yuan, 3.935 billion yuan, and 4.245 billion yuan for 2024, 2025, and 2026, respectively. The estimated earnings per share for the same years are 1.26 yuan, 1.49 yuan, and 1.61 yuan [2][14][18] - The reasonable valuation range for the company is set at 13.40 to 14.30 yuan, indicating a potential upside of 22.7% to 31.3% from the current stock price [2][14]

证券研究报告·公司点评报告·专业工程 中材国际（600970） 2023 年年报点评：主业稳健增长，转型升级 2024年 03月 27日 持续发力 证券分析师 黄诗涛 买入（维持） 执业证书：S0600521120004 huangshitao@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 房大磊 执业证书：S0600522100001 营业总收入（百万元） 42,826 45,799 51,823 57,849 64,529 fangdl@dwzq.com.cn 同比 17.22% 6.94% 13.15% 11.63% 11.55% 证券分析师 石峰源 归母净利润（百万元） 2,541 2,916 3,360 3,933 4,487 执业证书：S0600521120001 同比 40.22% 14.74% 15.22% 17.07% 14.09% shify@dwzq.com.cn EPS-最新摊薄（元/股） 0.96 1.10 1.27 1.49 1.70 P/E（现价&最新摊薄） 11.32 9.87 ...