关于中国中材国际工程股份有限公司 2024 年第四次临时股东大会的 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 二〇二四年十一月 浪 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 年第四次临时股东大会的 法律意见书 嘉源(2024)-04-818 致:中国中材国际工程股份有限公司 一、 本次股东大会的召集、召开程序 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年第四次临时股东大会(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; 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 ...

Investment Rating - The investment rating for the company is "Buy" [3]. Core Views - The company's third-quarter performance shows resilience, with stable revenue and profit growth despite a challenging domestic cement market. The company achieved a slight revenue increase of 0.7% year-on-year, totaling 31.731 billion yuan, and a net profit of 2.06 billion yuan, reflecting a 2.9% year-on-year growth [1][3]. - New orders in engineering services rebounded significantly, with a year-on-year increase of 309% in new signed orders for engineering technology services. The new orders for high-end equipment manufacturing and production operation services also maintained growth, with increases of 16% and 27% respectively [3]. Financial Performance Summary - For the first three quarters of 2024, the company reported: - Revenue: 31.731 billion yuan, up 0.7% year-on-year - Net profit attributable to shareholders: 2.06 billion yuan, up 2.9% year-on-year [1]. - The company’s earnings forecast for 2024-2026 has been adjusted to 3.171 billion yuan, 3.329 billion yuan, and 3.833 billion yuan respectively, with corresponding P/E ratios of 8.6x, 8.2x, and 7.1x [2][4]. - The company’s operating cash flow has increased, although cash outflows from operating activities have also risen due to the poor performance of cement enterprises [3]. Comparable Company Analysis - The company is compared with similar firms such as China Chemical, China Steel International, and China National Machinery, which have shown stable main business operations and growth potential in maintenance services [2][5]. - The average P/E ratio for comparable companies is higher than that of the company, indicating a potential undervaluation [5]. Financial Projections - Projected revenue growth rates for the next few years are as follows: - 2024E: 49.371 billion yuan (7.80% growth) - 2025E: 54.629 billion yuan (10.65% growth) - 2026E: 60.344 billion yuan (10.46% growth) [4][6]. - Projected net profit growth rates are: - 2024E: 3.171 billion yuan (8.74% growth) - 2025E: 3.329 billion yuan (4.98% growth) - 2026E: 3.833 billion yuan (15.15% growth) [4][6]. Key Financial Ratios - The company’s projected ROE for 2024 is 14.71%, with a gradual decline expected in subsequent years [7]. - The projected net profit margin for 2024 is 6.83%, indicating stable profitability [7].

| 证券代码：600970 | 证券简称：中材国际 | | 公告编号：临 | 2024-058 | | --- | --- | --- | --- | --- | | 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 第八届董事会第十次会议（临时）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。 二、审议通过了《关于聘任公司副总裁、董事会秘书的议案》。 该议案已经提名委员会审议通过。同意聘任曾暄女士为公司副总裁、董事会 秘书，任期至第八届董事会届满止。 内容详见《中国中材国际工程股份有限公司关于变更公司副总裁、董事会秘 书的公告》（临2024-059）。 表决结果：9票同意，0票反对，0票弃权。 特此公告。 中国中材国际工程股份有限公司 董事会 二〇二四年十一月七日 中国中材国际工程股份有限公司（以下简称"公司"）第八届董事会第十次 会议（临时）于2024年11月1日以书面形式发出会议通知，2024年11月6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 ...

证券代码：600970 证券简称：中材国际 公告编号：临 2024-059 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 公司 2024 年 11 月 6 日召开第八届董事会第十次会议（临时），会议审议通 过了《关于聘任公司副总裁、董事会秘书的议案》，经董事长提名、提名委员会 审核，聘任曾暄女士为公司副总裁、董事会秘书，任期自本次董事会审议通过至 本届董事会任期届满。 曾暄女士简历见附件。 特此公告。 中国中材国际工程股份有限公司 董事会 关于变更公司副总裁、董事会秘书的公告 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"）董事会于近日收到范 丽婷女士的辞职报告。范丽婷女士因工作调整原因，申请辞去公司副总裁、董事 会秘书和总法律顾问职务，范丽婷女士辞任后，不再担任公司任何职务。范丽婷 女士在任职期间恪尽职守、勤勉尽责，公司董事会对范丽婷女士任职期内的工作 给予高度评价，对其所做出的贡献表示衷心的感谢。 简历 曾暄：中国国籍，女，1982 年出生 ...

证券代码：600970 证券简称：中材国际 4. 请介绍公司分红计划。 公司2023年第四次临时股东大会审议通过了《中国中材国际工程股份有 限公司未来三年股东回报规划（2024年-2026年）》。公司未来三年（2024 年—2026年）具体股东回报规划包括：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，公司每年以现金方式分配的利润应不低于 当年实现的可供分配利润的40%。 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10月28日-2024年11月1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 南方基金、九泰基金、泓德基金、富国基金、汇添富、大成基金、光大保德信基 | | | | | 金、建信理财、北京汉和汉华、鸿运私募基金、上海明河投资、润晖投资、东吴 ...

翻版、复制、发布或引用本次会议全部或部分内容不得制作会议纪要对外发送擅自制作会议纪要引起不但传播的后果自负为保证会议流畅进行目前所有线上投资者均处于静音状态在主讲嘉宾发言结束后将留有提问时间 下面介绍出席本次会议的领导中财国际副总裁董事会秘书总法律顾问范丽婷下面有请领导介绍下公司2024年三季度的业绩情况好各位投资者大家好欢迎大家参加中财国际的这个三季报的说明会那么下面呢我先就我们生产经营的一个这个情况来给大家做一下这个介绍然后我介绍完之后呢大家有什么问题 然后可以开始提问可以看到我共享的屏幕吧好那我先简单的把我们三级报的这个经营业绩做一个介绍因为我相信今天参加会的大部分的投资人可能对仲裁国际情况很了解了所以那我们就直接开始讲数据今年三季度的这个合同数据呢总体上来讲我认为是一个算是有点略超预期的一个表现 因为在三季度的时候呢我们的新签合同额是相当于同比增长了在上半年的时候还是同比下滑的这样一个趋势但是到三季度就已经追上来了那总体上1到9月份新签合同额是527.88亿同比增长了1% 这个增长呢主要还是境外增长带来的境外合同额是302.04亿同比增长了6%然后境内的合同额呢是225.84亿同比下滑5%境内合同额的 ...

中国中材国际工程股份有限公司 2024 年第四次临时股东大会材料 二〇二四年十一月 北京 中国中材国际工程股份有限公司 2024 年第四次临时股东大会材料目录 | 一、中国中材国际工程股份有限公司 2024 年第四次临时股东大会会 | | --- | | 议议程 2 | | 二、中国中材国际工程股份有限公司 2024 年第四次临时股东大会须 | | 知 3 | | 三、中国中材国际工程股份有限公司 2024 年第四次临时股东大会议 | | 案 5 | | （一）《关于为关联参股公司中材水泥所属企业提供担保暨关联交易 | | 的议案》 | （二）《关于公司董事长印志松、董事王益民 2023 年度薪酬的议案》 （三）《关于调整公司第八届董事会董事的议案》 1 中国中材国际工程股份有限公司 2024 年第四次临时股东大会材料 2、《关于公司董事长印志松、董事王益民 2023 年度薪酬的议 案》； 3、《关于调整公司第八届董事会董事的议案》。 中国中材国际工程股份有限公司 2024 年第四次临时股东大会会议议程 现场会议时间：2024 年 11 月 11 日下午 14:30 通过上海证券交易所交易系统投票平台的投票时 ...

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 14.04 [2][6][14] Core Insights - The company achieved revenue of RMB 31.73 billion in the first three quarters of 2024, a year-on-year increase of 0.70%, and a net profit attributable to shareholders of RMB 2.06 billion, up 2.90% year-on-year [3][11] - The company experienced a decline in Q3 revenue and recurring net profit attributable to shareholders, with Q3 revenue down 1.13% year-on-year and recurring net profit down 5.05% year-on-year [3][11] - The gross profit margin for the first three quarters of 2024 increased by 0.24 percentage points to 18.86%, while the net profit margin slightly decreased by 0.03 percentage points to 6.85% [4][12] - The company signed new orders worth RMB 52.79 billion in the first three quarters, a 1% year-on-year increase, with Q3 alone seeing a 35% year-on-year increase in new orders [5][13] - The company has a backlog of RMB 62.06 billion as of Q3 2024, which is 1.35 times the revenue of 2023, indicating a strong order reserve [5][13] Financial Summary - The company’s projected earnings per share (EPS) for 2024 and 2025 are RMB 1.18 and RMB 1.28 respectively, with a target price based on a 11x PE ratio for 2025 [6][14] - The company’s revenue is expected to grow from RMB 45.8 billion in 2023 to RMB 52.2 billion in 2025, reflecting a compound annual growth rate (CAGR) of approximately 6.9% [6][8] - The net profit is projected to increase from RMB 2.92 billion in 2023 to RMB 3.74 billion in 2026, with a year-on-year growth rate of 10.9% in 2026 [6][10]

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report highlights that the company's overseas revenue is rapidly growing, and cash flow has significantly improved [2] - The company achieved a revenue of 31.731 billion yuan in the first three quarters of 2024, a year-on-year increase of 0.70%, and a net profit attributable to shareholders of 2.060 billion yuan, up 2.90% year-on-year [5] - The report emphasizes the strong performance of domestic orders and the high growth in new contracts for operation and maintenance services, indicating a diversification of the business [5] Summary by Sections Financial Performance - In Q3 2024, the company experienced a slight decline in revenue and net profit, with quarterly revenues showing a year-on-year change of +2.47%, +0.68%, and -1.13% for Q1, Q2, and Q3 respectively [5] - The gross profit margin increased by 0.24 percentage points to 18.86%, while the net profit margin slightly decreased by 0.03 percentage points to 6.85% [5] - The company reported a net cash outflow of 260 million yuan, which is an increase of 246 million yuan year-on-year, primarily due to the domestic cement market affecting collection progress [5] Order and Contract Analysis - The company signed new contracts worth 52.788 billion yuan in the first three quarters of 2024, a year-on-year increase of 1%, with Q3 alone contributing 15.699 billion yuan, up 35% year-on-year [5] - The report notes that the domestic orders saw a significant increase, particularly in engineering and operation and maintenance services, which grew by 309% and 41% respectively in Q3 [5] Earnings Forecast and Valuation - The company is expected to have an EPS of 1.18 yuan in 2024 and 1.28 yuan in 2025, with a reasonable valuation range of 12.77 to 14.04 yuan based on a PE ratio of 10-11 times for 2025 [5][6] - The report maintains an "Outperform the Market" rating, citing the company's leading position in cement engineering technology services globally and the ongoing transformation in high-end equipment manufacturing and production operations [5]

Investment Rating - The report maintains a rating of "Buy" for the company [5]. Core Views - The company is expected to see stable growth in operational orders driven by technological upgrades and new production lines, with potential investment returns from its stake in overseas cement production lines [2]. - The forecasted EPS for 2024-2026 is projected to be 1.27, 1.44, and 1.60 yuan, reflecting growth rates of 15%, 13%, and 11% respectively [3]. - The target price is set at 17.16 yuan, corresponding to a PE ratio of 13.5 times for 2024 [3]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 31.73 billion yuan, a year-on-year increase of 0.70%, and a net profit of 2.1 billion yuan, up 2.90% year-on-year [3]. - The operating cash flow for the first three quarters of 2024 was -260 million yuan, compared to -14 million yuan in the same period of 2023 [3]. - The company signed new contracts worth 52.8 billion yuan in the first three quarters of 2024, representing a growth of 1.1% year-on-year, with operational management orders increasing by 36% [3][14]. Order and Revenue Breakdown - The new signed contracts for engineering services amounted to 33.6 billion yuan, a decrease of 5.9% year-on-year, while operational management contracts increased significantly [14]. - Domestic new contracts decreased by 5% to 22.6 billion yuan, while overseas contracts increased by 6% to 30.2 billion yuan [14]. Dividend and Shareholder Returns - The company plans to increase its dividend payout ratio by no less than 10% annually over the next three years, with a current dividend yield of 3.94% [3]. - The company aims for a compound annual growth rate of net profit of no less than 15.5% from 2022 to 2024 [3].