Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][3]. Core Views - The company is the only enterprise in the global cement technology equipment and engineering services market with a complete industrial chain, enhancing its global competitiveness. It is the largest cement technology equipment engineering system integration service provider globally, with a revenue of 45.8 billion and a net profit of 2.9 billion in 2023, representing year-on-year growth of 6.9% and 14.8% respectively [1][31]. - Future highlights include steady growth in new contracts, an increase in revenue and profit, and a rising proportion of income from equipment and operations, which have higher gross margins compared to the engineering segment [1][31]. - The company has accelerated overseas contract signing, with a year-on-year increase of 55% in 2023 and 70% in Q1 2024, significantly outpacing domestic contract growth [1][42]. Summary by Sections Company Overview - The company integrates high-end equipment manufacturing and mining operation services, having expanded its business scope through acquisitions. It aims to achieve a balanced development across engineering, equipment, and services by the end of the 14th Five-Year Plan [1][31][34]. Financial Performance - In 2023, the company achieved a revenue of 45.8 billion and a net profit of 2.9 billion, with a compound annual growth rate (CAGR) of 42% in net profit from 2013 to 2023. The new contract total reached 61.6 billion, marking an 18% increase year-on-year [40][42]. Market Demand - The demand for cement in overseas markets remains robust, with the company benefiting from the ongoing infrastructure development in Belt and Road Initiative countries. The domestic market is also expected to see significant demand for the renovation of existing production lines due to energy-saving and carbon reduction policies [36][50]. Business Segments - The engineering segment, which primarily focuses on EPC (Engineering, Procurement, and Construction) services, reported a revenue growth of 7.6% in 2023, with a gross margin improvement of 3.5 percentage points. The company has successfully secured contracts in various international markets [46][50]. - The high-end equipment manufacturing segment is expected to grow significantly, with a projected global market size of 35-40 billion by 2025, indicating substantial room for market share expansion [1][34]. Future Outlook - The company forecasts net profits of 3.35 billion, 3.81 billion, and 4.31 billion for 2024, 2025, and 2026 respectively, with corresponding earnings per share (EPS) of 1.27, 1.44, and 1.63 [2][7].

| 证券代码：600970 | 证券简称：中材国际 | 公告编号：临 | 2024-036 | | --- | --- | --- | --- | | 债券代码：188717 | 债券简称：21 国工 01 | | | | 其他 | 17,337.36 | 231% | 8,739.71 | 70% | | --- | --- | --- | --- | --- | | 境内 | 1,362,767.53 | -28% | 670,402.65 | 18% | | 其中：工程技术服务 | 442,072.24 | -58% | 237,346.46 | 52% | | 高端装备制造 | 210,309.95 | -33% | 92,736.65 | -43% | | 生产运营服务 | 657,510.29 | 42% | 319,055.54 | 49% | | 其他 | 52,875.05 | -26% | 21,264.00 | -42% | | 合计 | 3,708,971.84 | -9% | 1,587,413.87 | -16% | 中国中材国际工程股份有限公司 2024 年第二季度主要经营数据公 ...

Summary of Conference Call for Zhongtai International Company Overview - **Company**: Zhongtai International - **Industry**: Engineering and Equipment Manufacturing, specifically in the cement and construction sectors Key Points and Arguments 1. **Market Stability and Growth**: Despite fluctuations in stock prices, the company maintains a stable operational outlook, benefiting from manufacturing and engineering talent in China, as well as urbanization trends in emerging markets [1][2][3] 2. **International Market Performance**: The company reported significant growth in international contracts, compensating for domestic market pressures. The contract value has seen a substantial increase compared to previous years [3][4] 3. **Diversification into New Energy**: The company has begun to see returns from its investments in the new energy sector after a period of cultivation over the past two years [4][5] 4. **Operational Resilience**: Zhongtai International has demonstrated strong resilience, with revenue and profitability outperforming many peers in the insurance sector despite macroeconomic volatility [1][8] 5. **Equipment Manufacturing Expansion**: The company is expanding its equipment manufacturing capabilities globally, with plans to establish five service centers, two of which are set to commence operations this year [6][7] 6. **Technological Advancements**: The introduction of domestically produced equipment in international markets, particularly in the Middle East, is expected to enhance business growth and replace traditional foreign equipment [7][19] 7. **Order Backlog and Future Prospects**: The company has a robust order backlog of approximately 600 billion, with new contracts signed in the first half of the year nearing 400 billion. This positions the company well for future revenue generation [14][15] 8. **Focus on Maintenance and Equipment Services**: The maintenance and equipment manufacturing sectors are becoming increasingly important, with stable growth expected in these areas [16][34] 9. **Shift Towards International Markets**: The company is prioritizing international expansion, particularly in regions where new projects and technological upgrades are underway [11][12] 10. **Financial Performance**: The company has maintained a healthy gross margin, with a steady increase in profitability, reflecting its core competitive strengths [36][37] Additional Important Insights 1. **Impact of Domestic Market**: The domestic cement industry is experiencing downward pressure, but the company is focusing on technological upgrades and international opportunities to mitigate this impact [10][11] 2. **Strategic Partnerships**: The company is exploring strategic partnerships in various sectors, including mining and non-cement industries, to diversify its revenue streams [25][26] 3. **Environmental Initiatives**: The company is also venturing into environmental solutions, including waste management and renewable energy projects, which could provide significant growth opportunities [44][46] 4. **Investor Confidence**: Management reassured investors about the company's fundamentals and long-term growth trajectory, despite short-term stock price fluctuations [29][30] 5. **Future Dividend Policy**: The company plans to consider increasing its dividend payout ratio in the future, aiming to enhance shareholder returns [37][38] This summary encapsulates the key discussions and insights from the conference call, highlighting Zhongtai International's strategic direction, market performance, and future growth potential.

Summary of Conference Call Company or Industry Involved - The document does not specify a particular company or industry involved in the conference call [1] Core Points and Arguments - The conference call commenced with all participants muted, indicating a formal start to the proceedings [1] - The host announced that after the name declaration, they would proceed directly to the speaking segment [1] Other Important but Possibly Overlooked Content - No additional content or insights were provided in the document [1]

证券代码：600970 证券简称：中材国际 | 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6月17日-2024年6月21日 | | | | | 公司接待人员 | 副总裁、董事会秘书、总法律顾问范丽婷，董事会办公室相关工作人员 | | | | | 参与单位名称 | 国海证券、易方达、国泰君安、深圳创富、上海美市、IGWT Inv、米仓资本、上海 | | | | | | 通怡、杭州长谋、上海东方、霄沣投资、中意资产、富兰克林、北京中乾、永安国 | | | | | | 富、鸿运私募、华泰柏瑞、兴业基金、长江证券、上海聆泽、上海白溪、浙江银万、 | | | | | 及人员 | 华杉投资、国投泰康、磐厚动量、上海度势、云富投资、浦银安盛、上海嘉世、东 | | | | | | 吴证券、海通证券、中金公司、秋晟资产、南土资产、南京璟恒投资、格林基金、 | | | | | | 金恩投资、峰境基金、中民投、德邦基金、中信 ...

Summary of the Conference Call for Zhongcai International Company Overview - Zhongcai International is a leading player in the cement industry, focusing on energy conservation, carbon reduction, and digital intelligence as key areas of innovation [2][3] - The company has established itself as a global leader in the cement service market, with a full industry chain from mining operations to cement production and maintenance services [7][8] Key Points Discussed Industry Trends - The three major themes for the market this year are technological innovation, military equipment, and international expansion [2] - The cement industry is experiencing a shift towards energy-saving and carbon-reduction technologies, with Zhongcai International positioned as a leader in these areas [2] Financial Performance - The company reported a positive cash flow over the past five years, contributing significantly to profits in the construction sector [3] - In Q1, new contract amounts were primarily driven by overseas business, which saw a 70% year-on-year increase, while domestic contracts declined by 48% [14][15] - The overall revenue and profit figures for Q1 were under pressure due to external factors, including a significant currency devaluation in Egypt, which impacted net profit by 190 million [19][20] Competitive Advantages - Zhongcai International's core competitive advantages include its comprehensive service capabilities across the entire cement industry chain and its strong international presence, having completed over 400 billion in overseas contracts across 80 countries [8][9] - The company has adopted a localization strategy, establishing 36 local offices abroad and employing over 1,800 foreign staff [9] Future Outlook - The company anticipates a continued strong demand for new cement production lines overseas, particularly in regions like Africa, the Middle East, and Southeast Asia, with an expected annual demand of 20 to 25 billion [30][31] - The domestic market is expected to remain subdued, with a projected decline in orders, but the company believes that the second half of the year will show improvement compared to the first half [16][17] Strategic Initiatives - Zhongcai International is focusing on enhancing its operational efficiency and expanding its market share in the overseas cement sector, with a goal to achieve a balanced business structure by 2025 [14][53] - The company is also investing in digital intelligence and high-end equipment to drive future growth, with a target of achieving 60 billion in revenue and 6 billion in profit by 2025 [52][53] Dividend Policy - The company has committed to a minimum cash dividend of 30% since its listing, with plans to increase this to 40% of distributable profits [25][26] Additional Insights - The company is actively pursuing opportunities in the maintenance and equipment sectors, with a focus on expanding its service offerings and enhancing its competitive edge in the global market [36][39] - The impact of energy-saving and carbon reduction policies is expected to drive demand for technological upgrades in the cement industry, which could benefit Zhongcai International in the long run [70][71]

会议音频及文字记录的内容仅供国泰金安证券客户内部学习使用不得外发并且必须经国泰金安证券研究所审核后方可留存国泰金安证券未授权任何媒体转发此次电话会议相关内容未经允许和授权转载转发均属侵权 国泰捐安证券将保留追究其法律责任的权利国泰捐安证券不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提请广大投资者谨慎做出投资决策 大家好欢迎参加仲裁国际线上交流目前所有的参会者均处于静音状态在演讲结束后将给大家留有提问时间现在有请主持人开始发言谢谢各位投资者各位朋友上午好我是国军建筑韩基诚今天我们上午非常荣幸再次邀请到我们的老朋友我们的行业龙头仲裁国际的范总跟我们去仲裁国际做一个深入交流三个环节我再介绍一下然后呢范总再做个介绍再后面问答环节 呃今年市场最大的三个主题一个是科技创新一个是高估息一个是出海科技创新这一块的话呃映射到这个电力这个行业节能降碳呃数字智能化可能是很重要的一个方向而中泰国际在水泥行业的节能降碳和数字智能化是绝对的行业龙头呃第二个是出海因为中泰国际本身也是呃中国企业走出海外最早一批公司啊 也确立了全球的金融地位就是在全球的选择EPC也是全球最大的一个这个融资企业这是出海然后第三的话高谷锡中台国际过去 ...

今天我们非常荣幸地邀请到了公司的副总裁兼董事会秘书范总以及总办刘宇总来与大家一起交流。 国内水米行业紧续下行的形势之下那年初以来不管是在收入利润还是订单层面特别是一些作文都取得了一个非常来之不易的经营成绩那同时也为投资者贡献了非常不错的回报那我们这边的话今天邀请到那个范总我们这边先收集了在当前时点可能投资者比较关注的几个公信问题想先请那个范总和刘宇桐解答一下那之后的话会留有线上投资者的一个提问时间 我这边的话就先请教三个问题第一个问题的话就是还是关于我们公司后面新签订单的一个整体判断在去年的高基数下从公司目前获得的这样一些市场信息和反馈来看想请教一下范总我们后续境外新签订单的增长的持续性如何以及国内订单的下降的这样一个状态能否出现改善首先就是订单这一块的一个问题 谢谢范总对 订单来讲去年2023年我们新签订单是616.44亿同比增长了18%然后这个里面在去年其实我们境外的订单增速是非常快的新签订单如果按照国别来看的话那么境外的增长是在55%以上 而境内其实是去年境内应该是热微下滑是这样一个 去年应该是这样的一个情况然后如果说从今年的这个情况来看因为今年一季度的生产性应该是攻高了的然后境外整体上是增长了70%然 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - China National Materials International Engineering Co., Ltd. is the world's largest provider of cement technology equipment engineering system integration services, offering a comprehensive range of services including R&D design, equipment manufacturing, construction installation, mining services, and production operation [1][11] - The company has achieved significant results in business structure transformation and international development, with engineering, equipment, and operation services contributing 47%, 21%, and 26% to gross profit respectively in 2023 [1] - The company plans to distribute cash dividends of no less than 40% of the distributable profits annually from 2024 to 2026, barring any major investment plans or cash expenditures [1] Summary by Sections Company Overview - The company is recognized as a global leader in cement technology equipment engineering, having constructed 327 cement clinker production lines in 87 countries, maintaining a market share of 65% in the cement technology equipment and engineering sector for 16 consecutive years [11][38] Cement Engineering Market - The "Belt and Road" initiative is expected to drive new EPC demand, with significant opportunities in both domestic and international markets for technological upgrades and operational services [1] - The domestic cement industry faces urgent low-carbon transformation tasks, with approximately 300 million tons of capacity requiring technological upgrades by 2025 [21][22] - Internationally, the demand for new EPC projects is supported by high infrastructure demand in Southeast Asia and the Middle East, with a notable increase in cement production in these regions [25][28] Company Strategy and Growth - The company adopts a "one core, dual drive" strategy, focusing on optimizing its business structure and enhancing collaboration between engineering, equipment, and operational services [1][32] - The engineering business has successfully captured opportunities in overseas markets post-pandemic, leading to a significant increase in new signed EPC projects [1][12] - The equipment business is enhancing its global market share and self-sufficiency, with overseas revenue contributing 25% to the equipment business in 2023 [1][12] - The operational services segment is expanding its market share in mining operations, with new contracts signed showing substantial year-on-year growth [1][12] Financial Forecast and Valuation - The company forecasts a net profit of 33.6 billion, 39.3 billion, and 44.9 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 9.6, 8.2, and 7.2 [1][12]

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6月11日-2024年6月14日 | | | | | 公司接待人员 | 副总裁、董事会秘书、总法律顾问范丽婷，董事会办公室相关工作人员 | | | | | 参与单位名称 | 中欧基金、兴全基金、华西证券、西部证券、长江证券、民生加银、招商信诺、招 | | | | | 及人员 | 商自营、旌安投资、华夏久盈、人保资产 | | | | | 主要内容 | 一、介绍公司2024年一季度经营业绩及全年经营计划 | | | | | | 1. 2024年1-3月，新签合同额212.16亿元，同比减少2%；其中，境外合同 | | | | | | 额142.92亿元，同比增长70%；境内合同额69.24亿元，同比下降48%。截至3月 | | | | | | 末，有效结转合同额554.24亿 ...