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股票投资评级 买入|维持 个股表现 中材国际 建筑装饰 -22% -18% -14% -10% -6% -2% 2% 6% 10% 14% 18% 2023-08 2023-11 2024-01 2024-03 2024-06 2024-08 资料来源：聚源，中邮证券研究所 公司基本情况 最新收盘价（元） 9.55 | --- | --- | |-------------------------|---------------| | 总股本/流通股本（亿股） | 26.42 / 17.58 | | 总市值/流通市值（亿元） | 252 / 168 | | 52 周内最高/最低价 | 13.38 / 8.90 | | 资产负债率(%) | 62.1% | | 市盈率 | 8.53 | 第一大股东 中国建材股份有限公司 研究所 分析师:赵洋 SAC 登记编号:S1340524050002 Email:zhaoyang@cnpsec.com 中材国际(600970) 2024 年 8 月 26 日 运维业务保持高增，现金流改善明显 事件 公司发布 24 年中报，实现收入 208.95 亿元，同比+1.7%，归母 净 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown steady growth in performance, with its operation and maintenance (O&M) business performing exceptionally well [5][6] - Despite challenges in the domestic cement industry, the company has a robust order backlog and is experiencing rapid growth in its O&M segment [6] Summary by Sections Revenue Performance - In the first half of 2024, the company achieved revenue of 20.9 billion yuan, a year-on-year increase of 1.68% [5] - The second quarter of 2024 saw revenue of 10.6 billion yuan, up 0.68% year-on-year [5] Contract and Order Backlog - The company signed new contracts worth 37.09 billion yuan in the first half of 2024, a decrease of 9% year-on-year, with domestic contracts down by 28% [6] - The O&M segment saw a significant increase in new contracts, with a 41% year-on-year growth [6] Business Segments Performance - Revenue from engineering services, high-end equipment manufacturing, and production operation services in H1 2024 was 12.1 billion, 2.92 billion, and 5.67 billion yuan respectively, with growth rates of 4.8%, -23.1%, and +22.2% [6] - The O&M business generated revenue of 3.595 billion yuan, a year-on-year increase of 27.9% [6] Profitability and Cash Flow - The company's gross margin improved to 19.4% in H1 2024, with a net profit margin of 7.1% [6] - Operating cash flow for H1 2024 was 889 million yuan, an increase of 1.83 billion yuan year-on-year [6] Future Outlook - The company has adjusted its net profit forecasts for 2024-2026 to 3.23 billion, 3.60 billion, and 4.02 billion yuan, reflecting a downward adjustment of 5.6%, 4.8%, and 0.9% respectively [6] - The report emphasizes the potential for further improvement in the business structure due to the strong order backlog and rapid growth in the O&M segment [6]

证券研究报告·公司点评报告·专业工程 中材国际（600970） 2024 年中报点评：经营质量继续提升，业务 结构转型提速 2024 年 08 月 27 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|-------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 42826 | 45799 | 48692 | 52374 | 56955 | | 同比（%） | 17.22 | 6.94 | 6.32 | 7.56 | 8.75 | | 归母净利润（百万元） | 2541 | 2916 | 3256 | 3684 | 4194 | | 同比（%） | 40.22 | 14.74 | 11.68 | 13.13 | 13.84 | | EPS-最新摊薄（元/股） | 0.96 | 1.10 | 1.23 | 1.39 | 1.59 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company achieved revenue and profit growth in the first half of 2024, with revenue reaching 20.9 billion yuan, a year-on-year increase of 1.7%, and a net profit of 1.4 billion yuan, up 2.3% year-on-year [2] - The operational maintenance business showed strong growth, contributing significantly to revenue, with a notable increase in new contracts signed [3] - The company is expected to benefit from the growth potential in cement engineering services along the Belt and Road Initiative, with a forecasted net profit of 3.3 billion yuan for 2024, corresponding to an EPS of 1.25 yuan per share [5] Summary by Sections Revenue and Profit Growth - In H1 2024, the company reported revenue of 20.9 billion yuan, a 1.7% increase year-on-year, and a net profit of 1.4 billion yuan, reflecting a 2.3% growth. The gross margin was 19.4%, up 1.0 percentage points, while the net margin remained stable at 7.1% [2] - Revenue from domestic and international markets was 11.4 billion yuan and 9.4 billion yuan, respectively, showing a decline of 7.2% domestically and an increase of 15.2% internationally [2] Operational Maintenance Business - The operational maintenance segment saw revenue contributions rise, with revenue from engineering technology services, high-end equipment manufacturing, and production operation services reaching 12.1 billion yuan, 2.92 billion yuan, and 5.67 billion yuan, respectively [3] - New contracts in the operational maintenance business increased significantly, particularly in mining and cement operations, indicating a robust growth trajectory [3] Financial Performance and Cash Flow - The company experienced an increase in foreign exchange losses due to overseas currency fluctuations, amounting to 220 million yuan, which was an increase of 160 million yuan year-on-year [4] - Operating cash flow improved significantly, with a net inflow of 890 million yuan, an increase of 1.83 billion yuan year-on-year, indicating a positive trend in cash management [4] Investment Outlook - The company is well-positioned for growth, supported by its strong parent company, China National Building Material Group, and the anticipated expansion of its equipment and operational maintenance businesses [5] - The forecast for the company's net profit in 2024 is 3.3 billion yuan, with an expected EPS of 1.25 yuan per share, maintaining a "Buy" rating [5]

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].

| 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 | ...

| 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 ...

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 ...