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 关于公司单二季度新签订单情况。首先，公司单二季度境外新签合同额同 比减少30%是在去年单二季度同比增长5倍的基数上的减少；其次，单二季 度境外订单减少主要是由境外工程订单减少所致，境外工程订单签订时间周 期波动性较大，单季度工程订单呈现波动属于正常现象；第三，单二季度装 备和运维的境外订单均有15%左右的增长，符合公司战略转型的预期。 关于公司上半年境外订单增速情况。上半年公司境外新签合同额235亿， 同比增长9%，是在去年上半年同比增长2倍的基础上实现的持续增长。其中， 境外工程同比增长4%，呈稳中向上态势；境外装备同比增长58%、境外运维 服务同比增长37%，两类业务上半年境外拓展成效显著，公司战略转型持续 落地。 | 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7月22日-2024年8月2日 | | | | 公司接待人员 | 董事长 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.9 CNY, indicating an expected return of over 20% within the next six months [6][15]. Core Insights - The company is pursuing international expansion by acquiring Tunisian companies CJO and GJO, which will enhance its cement business and align with its international development strategy [1]. - The board has proposed to increase the cash dividend payout ratio, aiming for a minimum of 40% of distributable profits, with annual increases of at least 10% over the next three years [2]. - The company has a strong order backlog, with a total uncompleted contract amount of 59.24 billion CNY, indicating potential for future growth despite a decline in new orders in Q2 [3][4]. Summary by Sections Acquisition and International Expansion - The company plans to acquire 100% of CJO and its subsidiary GJO for a base price of 130 million USD, with a maximum of 145 million USD, to enhance its international presence in the cement industry [1]. - CJO reported total assets of 102 million USD and revenues of 91 million USD in 2023, with a year-on-year revenue growth of 7% and a profit increase of 50% [1]. Dividend Policy - The board's proposal suggests that from 2024 to 2026, the cash dividend payout will increase annually, starting from 44% of distributable profits in 2024, reaching 53.24% by 2026 [2]. - Based on a projected net profit growth of 12.6% in 2024, the expected dividend yield could reach 5.72% [2]. Financial Performance and Projections - The company expects to achieve net profits of 3.28 billion CNY, 3.79 billion CNY, and 4.38 billion CNY for 2024, 2025, and 2026 respectively, with corresponding growth rates of 12.63%, 15.46%, and 15.57% [4][5]. - Revenue projections for 2024, 2025, and 2026 are 52.73 billion CNY, 60.01 billion CNY, and 67.79 billion CNY, reflecting growth rates of 15.14%, 13.80%, and 12.97% [5][11]. Market Position and Strategy - The company is focusing on its core business while expanding into overseas markets and enhancing operational efficiency [4]. - It aims to build a global unified operation and maintenance service platform, accelerating its digital transformation [4].

Investment Rating - The report maintains a "Buy" rating for the company [4][2]. Core Views - The acquisition of an overseas cement production line by the company's subsidiary is expected to enhance future growth prospects, with the target company generating a profit of $18 million and a return on equity (ROE) of 31% [1]. - The acquisition price is based on a valuation of $130 million, with a maximum of $145 million, corresponding to a price-to-earnings (PE) ratio of approximately 8x for 2023 [1]. - The target company achieved a revenue of $91 million in 2023, reflecting a year-on-year growth of 7%, and a net profit of $18 million, which is a 50% increase year-on-year [1]. - The company plans to increase its dividend payout ratio, with projected dividend yields of 5.3%, 6.7%, and 8.3% for the years 2024 to 2026, respectively [2]. - The company is expected to see significant profit contributions from its stake in the subsidiary, with projected net profits of 3.367 billion, 3.874 billion, and 4.356 billion yuan for 2024 to 2026, respectively [2]. Financial Summary - Revenue for 2023 was 45.799 billion yuan, with a projected increase to 51.422 billion yuan in 2024, representing a year-on-year growth rate of 12.3% [3]. - The net profit for 2023 was 2.916 billion yuan, with expectations of 3.367 billion yuan in 2024, indicating a growth rate of 15.5% [3]. - The earnings per share (EPS) for 2023 was 1.10 yuan, projected to rise to 1.27 yuan in 2024 [3]. - The company’s return on equity (ROE) is expected to remain stable, with projections of 15.8% in 2024 and 15.9% in 2025 [3]. - The price-to-earnings (P/E) ratio is projected to decrease from 8.7 in 2023 to 7.5 in 2024, indicating a potentially attractive valuation [3].

| 证券代码：600970 | 证券简称：中材国际 | 公告编号：2024-038 | | --- | --- | --- | | 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 关于重要参股公司对外投资（海外）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： 中国中材国际工程股份有限公司（简称"公司"或"中材国际"）之重 要参股公司中材水泥有限责任公司（简称"中材水泥"）拟通过其全资子公司中 材水泥（香港）投资有限公司（简称"香港 SPV 公司"）在阿联酋新设 SPV 公 司（以监管部门核定为准，简称"阿联酋 SPV 公司"，其中香港 SPV 公司持有 控股股权），以 1.30 亿美元作为基础对价，以实际交割日经审计的现金、债务和 营运资金相对于估值基准日 2023 年 12 月 31 日相应水平的交割账目差值调整确 定最终收购股权价格，且不超过 1.45 亿美元收购 Société Les Ciments de Jbel Oust （简称"CJO"）及其控 ...

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7月15日-2024年7月19日 | | | | | 公司接待人员 | 副总裁、董事会秘书、总法律顾问范丽婷及有关部门人员 | | | | | 参与单位名称 | 嘉实基金、国海证券、华夏基金、广发基金、长江证券、交银基金、国盛证券、柏 | | | | | 及人员 | 基投资、交银施罗德基金、华泰证券 | | | | | 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 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a reasonable value estimate of 17.8 CNY per share, compared to the current price of 10.25 CNY [4]. Core Views - New contract signing remains stable at a high level, with a total of 37.1 billion CNY in new contracts signed in the first half of 2024, reflecting a year-on-year decrease of 9% from 40.6 billion CNY in the first half of 2023, which had a significant increase of 68% [2]. - The company is strategically transitioning from engineering to high-margin equipment and operation services, with ample long-term development space. The operation service business is expanding into cement and overseas mining services, with a significant increase in new contracts for mining operation services [2]. - The management plans to further increase the dividend payout ratio, aiming for a growth rate of no less than 10% from 2024 to 2026, which would enhance the investment return safety net [2]. - Profit forecasts indicate that the company's net profit attributable to shareholders is expected to be 3.38 billion CNY, 3.89 billion CNY, and 4.46 billion CNY for 2024, 2025, and 2026, respectively [2]. Financial Summary - Revenue is projected to grow from 45.8 billion CNY in 2023 to 52.2 billion CNY in 2024, reflecting a growth rate of 13.9% [3]. - The net profit attributable to shareholders is expected to increase from 2.92 billion CNY in 2023 to 3.38 billion CNY in 2024, with a growth rate of 15.8% [3]. - The company's earnings per share (EPS) is forecasted to rise from 1.10 CNY in 2023 to 1.28 CNY in 2024 [3].

Summary of Conference Call Company/Industry Involved - The discussion revolves around the construction industry, specifically focusing on a company named 仲裁国际 (Zhongcai International) [1] Core Points and Arguments - The analyst, 耿鹏智, presents a deep analysis of Zhongcai International's investment value from a mid to long-term perspective [1] Other Important but Possibly Overlooked Content - The report emphasizes the current timing and market conditions affecting Zhongcai International's performance and investment potential [1]

中国中材国际工程股份有限公司 关于 2024 年度"提质增效重回报"行动方案的公告 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。 | 证券代码：600970 | 证券简称：中材国际 | 公告编号：2024-037 | | --- | --- | --- | | 债券代码：188717 | 债券简称：21 国工 01 | | 董事会建议：未来三年（2024 年-2026 年）在保证公司能够持续经营和长期发展 的前提下，如公司无重大投资计划或重大现金支出等事项发生，公司在足额提取 法定公积金、任意公积金以后，每年以现金方式分配的利润，在现有不低于当年 实现的可供分配利润的 40%的基础上，每年现金分红比例同比增长不低于 10%， 即 2024 年-2026 年度以现金方式分配的利润分别不低于当年实现的可供分配利 润的 44%、48.40%、53.24%。公司后续将按照法律法规及《公司章程》等关于现 金分红的要求履行董事会、股东大会等决策程序。 三、 规范高效运作，提升治理效能 公司持续完善法人治理结构，健全公司治理制度体系，强化 ...

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7月8日-2024年7月12日 | | | | | 公司接待人员 | 董事、总裁朱兵，副总裁、财务总监汪源，副总裁、董事会秘书、总法律顾问范 | | | | | | 丽婷及有关部门人员 | | | | | | 国盛证券、长江证券、国海证券、光大证券、天风证券、南方基金、国泰基金、招 | | | | | | 商基金、银华基金、新华养老、建信投资、机缘资管、银杏资本、富国基金、明河 | | | | | | 投研、广发证券、中加基金、华泰证券、进门财经、建信基金、睿远基金、盘京投 | | | | | | 资、景领投资、中欧瑞博、东恺投资、青骊投资、泓德基金、人保资产、准锦投资、 | | | | | | 名禹资产、混沌投资、九泰基金、光大保德信、泉果基金、中海基金、华夏久盈、 | | | | | | 中信自营、润晖投资、西 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company faces pressure on new contract signing growth due to a sluggish domestic cement industry, but the transformation prospects remain promising [2]. - The company has a strong order backlog, with an uncompleted contract amount of 59.2 billion, which is 1.3 times the revenue of 2023 [2]. - The operational and maintenance segments show high growth, while engineering and equipment segments continue to face challenges [3][4]. - The company is enhancing its competitiveness and optimizing its business model through digitalization and green initiatives [5]. Summary by Sections Contract Signing and Performance - In H1 2024, the company signed new contracts worth 37.1 billion, down 9% year-on-year, with Q2 alone seeing a 16% decline [2]. - The operational and maintenance segments achieved new contracts of 8.9 billion and 3.3 billion respectively, with year-on-year growth of 41% [3]. - The company’s overseas new contracts grew by 9% year-on-year, while domestic contracts fell by 28% [4]. Financial Forecasts - Revenue projections for 2024-2026 are 50.5 billion, 56.4 billion, and 63.8 billion respectively, with year-on-year growth rates of 10%, 12%, and 13% [5]. - The forecasted net profit for 2024-2026 is 3.3 billion, 3.8 billion, and 4.3 billion respectively, with growth rates of 13% each year [5]. - The expected earnings per share (EPS) for the same period are 1.25, 1.42, and 1.62 yuan per share [5]. Valuation Metrics - The current price is 10.25 yuan, with a projected dynamic dividend yield of approximately 4.9% based on a 40% payout ratio [5]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 12.3 in 2022 to 6.3 by 2026 [6]. - The price-to-book (P/B) ratio is expected to decline from 1.9 in 2022 to 1.0 in 2026 [6].