Investment Rating - The investment rating for the company is "Buy" [6][10]. Core Views - The company has shown resilience in new contract growth, with a total of 52.8 billion yuan in new contracts signed from Q1 to Q3 2024, representing a year-over-year increase of 1%. In Q3 alone, new contracts amounted to 15.7 billion yuan, reflecting a significant year-over-year growth of 35% [10]. - As of the end of Q3 2024, the company's uncompleted contract amount reached 62.1 billion yuan, which is a year-over-year decrease of 1% but a 5% increase compared to the end of Q2 2024, equating to 1.4 times the expected revenue for the entire year of 2023 [10]. - The company is projected to achieve revenues of 50.5 billion yuan, 56.4 billion yuan, and 63.8 billion yuan for the years 2024, 2025, and 2026, respectively, with year-over-year growth rates of 10%, 12%, and 13% [10]. Summary by Sections Business Performance - The company reported strong growth in new contracts, particularly in Q3 2024, with domestic engineering contracts showing a year-over-year increase of 309% [10]. - The operational and maintenance segment continued to perform well, with a year-over-year growth of 36% in new contracts for Q1-Q3 2024 [10]. - The company’s business structure has been positively adjusted over recent years, leading to improved performance in the operational and maintenance sectors [10]. Financial Forecast - The forecast for the company's revenue and net profit for 2024-2026 indicates a steady growth trajectory, with net profit expected to reach 3.3 billion yuan, 3.7 billion yuan, and 4.3 billion yuan for the respective years, reflecting year-over-year growth rates of 13%, 14%, and 14% [10]. - The company’s financial metrics show a projected EBITDA of 6.165 billion yuan in 2024, with a corresponding year-over-year growth rate of 36.92% [11]. Market Position - The company is positioned as a leader in the global cement industry, with a balanced business model across operational, equipment, and engineering services [10]. - The ongoing digitalization and green initiatives are expected to enhance the company's competitiveness and optimize its business model [10].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 10.72 CNY [5]. Core Views - The company has signed new contracts worth 528 billion CNY from January to September 2024, showing a year-on-year increase of 1%, with Q3 2024 new contracts at 157 billion CNY, up 35% year-on-year [2][4]. - The company has a robust order backlog, with an uncompleted contract amount of 621 billion CNY as of the end of Q3 2024, representing a 4.75% increase from the previous period [2]. - Domestic performance in Q3 2024 was strong, with domestic new contracts reaching 89.6 billion CNY, a year-on-year increase of 87%, primarily driven by EPC engineering and operation maintenance services [3][4]. - The company continues to diversify its business, with significant growth in operation maintenance services, which saw a 36% increase in new contracts from January to September 2024 [4]. Summary by Sections Financial Forecast and Indicators - The company is projected to achieve net profits of 34.40 billion CNY, 39.24 billion CNY, and 43.57 billion CNY for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 8, 7, and 7 [5][8]. - Revenue is expected to grow from 45.8 billion CNY in 2023 to 67.6 billion CNY in 2026, with growth rates of 6.9%, 15.2%, 13.6%, and 12.8% for the respective years [8]. Business Performance - The company’s engineering technical services, high-end equipment manufacturing, and production operation services had new contracts of 336.3 billion CNY, 49.8 billion CNY, and 131.2 billion CNY respectively from January to September 2024, with respective year-on-year changes of -6%, -7%, and +36% [4]. - The company has deepened its localized operations overseas, with over 100 foreign institutions and nearly 2000 foreign employees as of mid-2024 [4]. Investment Recommendations - The report highlights the company's "one core, dual drive" growth strategy, ongoing diversification, and plans to increase dividend rates, alongside capital investment in related subsidiaries [4].

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Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.9 CNY, reflecting a 12x PE for 2024 [5]. Core Insights - The company has signed new orders worth 528 billion CNY in the first three quarters of 2024, showing a year-on-year increase of 1%. The third quarter alone saw a significant increase of 35% in new orders, primarily driven by growth in domestic engineering service orders [1][3]. - The company is recognized as a leading contractor in the cement engineering sector, holding the largest market share globally. The establishment of an equipment group strengthens its position in high-end equipment manufacturing, and its operational model shows high growth potential [1][4]. - The projected net profits for the company from 2024 to 2026 are estimated at 32.2 billion CNY, 35.8 billion CNY, and 40.0 billion CNY, respectively, with corresponding PE ratios of 9.3, 8.3, and 7.5 [1]. Summary by Sections New Orders and Growth - In Q3 2024, the company achieved a 35% increase in new orders, with domestic engineering service orders growing by 87% year-on-year. The breakdown of new orders includes 95 billion CNY from engineering services, 16 billion CNY from high-end equipment manufacturing, and 42 billion CNY from operational services [3]. - The company’s overseas orders also showed steady growth, with a total of 302 billion CNY in new orders, reflecting a 6% year-on-year increase [2]. Financial Performance - The company’s revenue is projected to grow from 38.8 billion CNY in 2022 to 62.3 billion CNY by 2026, with a compound annual growth rate (CAGR) of approximately 10.31% [8]. - The net profit attributable to the parent company is expected to rise from 2.2 billion CNY in 2022 to 4.0 billion CNY in 2026, indicating a strong growth trajectory [8]. Market Position and Strategy - The company holds a 20% global market share in cement equipment, compared to a 65% share in cement EPC (Engineering, Procurement, and Construction) services, indicating significant room for growth in its equipment business [4]. - The establishment of a comprehensive service center in Saudi Arabia aims to enhance the company’s service offerings in the Middle East, further solidifying its international presence [4].

| 证券代码：600970 | 证券简称：中材国际 | 公告编号：临 | 2024-048 | | --- | --- | --- | --- | | 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 2024 年第三季度主要经营数据公告 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"） 2024 年第三季度主要 经营情况公布如下： 一、新签合同情况 单位：万元 币种：人民币 | 项目类型 | 年 2024 1-9 | 月 | 年 2024 | 月 7-9 | | --- | --- | --- | --- | --- | | | 新签合同金额 | 同比增减 | 新签合同金额 | 同比增减 | | 1. 分产品 | | | | | | 工程技术服务 | 3,362,537.23 | -6% | 947,909.23 | 54% | | 高端装备制造 | 498,456.61 | -7% | 164,008.29 | 16% | | ...

证券代码：600970 证券简称：中材国际 中国中材国际工程股份有限公司投资者沟通情况 活动类别 特定对象调研 □现场参观 □媒体采访 □券商策略会 □业绩说明会 □新闻发布会 □路演活动 电话会议 活动时间 2024年9月18日-2024年9月20日 公司接待人员 副总裁、董事会秘书、总法律顾问范丽婷及相关人员 参与单位名称 及人员 易方达基金、招商信诺、摩根基金、国寿养老、光大永明 主要内容 一、介绍公司2024年二季度经营业绩及全年经营计划 1. 公司2024年1-6月新签合同额371亿，同比减少9%，其中：境外新签合 同额235亿，同比增长9%，境内新签合同额136亿，同比减少28%。截至6月 末，公司有效结转合同额592.44亿，较上期增长6.89%，为未来公司发展奠 定了坚实的基础。2024年上半年，实现营业收入208.95亿元，同比增长 1.68%；实现归母净利润13.99亿元，同比增长2.28%，实现扣非后归母净 利润14.02亿元，同比增长5.97%；综合毛利率19.39%，同比提升1.04个 百分点。2024年1-6月经营活动现金净流入8.85亿元，同比改善18.25亿元。 2. 公司以" ...

证券代码：600970 证券简称：中材国际 中国中材国际工程股份有限公司投资者沟通情况 | 活动类别 | 特定对象调研 | □现场参观 | □媒体采访 | 券商策略会 | | --- | --- | --- | --- | --- | | | 业绩说明会 | □新闻发布会 | □路演活动 | 电话会议 | | 活动时间 | 2024年8月23日-2024年9月13日 | | | | | 公司接待人员 | 董事长印志松，独立董事鞠源，副总裁、财务总监汪源，副总裁、董事会秘书、 | | | | | | 总法律顾问范丽婷，总裁助理刘军，总裁助理、投资发展部总经理唐亚力及相 | | | | | | 关人员 | | | | | | 中邮证券、中邮保险、中银证券、中意资产、中信证券、中信建投、中欧基金、中 | | | | | | 金公司、中汇人寿、中国银河、郑州智子投资、浙商证券、长信基金、长江证券、 | | | | | | 长江养老、长河投资、长城证券、粤佛私募、兴证全球、信达澳亚、西部证券、五 | | | | | | 矿证券、天弘基金、天风证券、深圳前海、深圳乐中、尚诚资产、昭云投资、申银 | | | | | ...

关于中国中材国际工程股份有限公司 2024 年第三次临时股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 二〇二四年九月 ิ JIA YUAN LAW OFFICES 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 关于中国中材国际工程股份有限公司 2024 年第三次临时股东大会的 法律意见书 嘉源(2024)-04-656 致:中国中材国际工程股份有限公司 受中国中材国际工程股份有限公司(以下简称"公司")委托,北京市嘉源律师 事务所(以下简称"本所")指派律师出席公司 2024年第三次临时股东大会(以下简 称"本次股东大会"),现依据《中华人民共和国公司法》《上市公司股东大会规 则》(以下简称"《股东大会规则》")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,就本次股东大会的召集、召开程序,出席会议 人员资格、会议表决程序、表决结果等事项出具律师见证意见如下: 一、 本次股东大会的召集、召开程序 1、本次股东大会的召集程序 本次股东大会由公司董事会召集。本 ...

证券代码：600970 证券简称：中材国际 公告编号：2024-047 中国中材国际工程股份有限公司 2024 年第三次临时股东大会决议公告 2、 议案名称：《关于申请注册发行超短期融资券和中期票据的议案》 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 159 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,594,259,782 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 60.3424 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，以现场投票与网络投票相结合的方式召开，董 事长印志松先生主持会议，以记名投票方式表决，会议的召集、召开符合《公司 (一) 股东大会召开的时间：2024 年 9 月 9 日 (二) 股东大会召开的地点：北京市朝阳区望京北路 16 号中 ...

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 2024 [6]. Core Viewpoints - The company is positioned as a leader in the cement engineering industry with a strong focus on overseas expansion and a diversified business model that includes engineering, equipment manufacturing, and operational services. The increase in dividend payout ratio enhances its long-term investment appeal [1][21]. - The operational service segment shows robust growth, with a 22% increase in revenue and a 41% rise in new orders in the first half of 2024, indicating a strong market demand for mining and cement operational services [2][27]. - The establishment of the Equipment Group through resource integration is expected to enhance market share in the equipment sector, which has significant growth potential [3]. Summary by Sections 1. Cement Engineering and Dividend Policy - The company is the world's leading contractor in cement engineering services, with a market share that has remained at the top for 16 consecutive years. It aims to achieve a balanced business structure by focusing on engineering, equipment, and operational services [12][13]. - The company plans to distribute cash dividends of at least 44%, 48.40%, and 53.24% of the distributable profits for the years 2024 to 2026, respectively, with projected dividend yields of 5.18%, 6.33%, and 7.78% [1][21]. 2. Operational Services Growth - The operational services segment, which includes mining and cement production line services, has shown significant growth, with revenues reaching 56.73 billion CNY in the first half of 2024, a 22.22% increase year-on-year [27]. - The mining operational services are particularly promising, with a 47% increase in new orders, indicating strong demand driven by stricter environmental policies [30]. 3. Equipment Group Development - The company has restructured to form the Equipment Group, which is expected to capture a larger share of the global cement equipment market, projected to reach 350-400 billion CNY by 2025 [3]. - The Equipment Group's revenue from overseas operations has increased significantly, indicating successful international expansion efforts [3]. 4. International Expansion Strategy - The company has made strategic investments in overseas markets, with a 15.2% increase in revenue from international operations in the first half of 2024. The Middle East and Africa are key focus areas for new orders [4]. - The company aims to leverage its international presence to tap into the projected 200-250 billion CNY annual market for overseas cement EPC projects by 2025 [4].