证券研究报告 公 2024年05月05日 司 报 告 中材国际(600970) │ 行 业： 建筑装饰/专业工程 公 投资评级： 买入（维持） 司 当前价格： 12.69元 季 盈利能力继续提升，汇兑损失阶段影响 目标价格： 18.72元 报 点 事件： 评 基本数据 公司发布24年一季报， 24Q1收入102.9亿，yoy+3%；归母净利6.4亿， 总股本/流通股本(百万股) 2,642.32/1,757.66 yoy+3%；扣非归母净利6.5亿，yoy+12%。收入利润稳步增长，扣非归母净 流通A股市值(百万元) 22,304.76 利延续较快增长，非经常性损益主要为24Q1处置金融资产和金融负债产生 的损失同比增加较多。 每股净资产(元) 7.46 ➢ 毛利率延续改善，汇兑损失阶段影响偏多 资产负债率(%) 62.57 24Q1 公司毛利率 19.5%，yoy+2.5pct。费用率上行，24Q1 期间费用率 一年内最高/最低(元) 15.10/8.83 yoy+1.9pct 至 11.2%，其中销售/管理/研发/财务费用率 yoy-0.0/+0.4/- 0.1/+1.6pct至1.3%/4.5%/3.1 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company achieved positive revenue growth in Q1 2024 despite challenging conditions, with operating quality continuing to improve [1] - Revenue growth was supported by overseas project order conversion and expansion of maintenance services [3] - Gross margin improved to 19.5% in Q1 2024, up 2.5 percentage points year-over-year, driven by optimization of engineering margins and increased contribution from high-margin maintenance business [3] - Operating cash flow improved significantly, with net cash outflow from operating activities decreasing by RMB 803 million year-over-year [3] - New orders remained stable despite a high base, with overseas engineering and maintenance contracts performing particularly well [3] Financial Performance - Q1 2024 revenue reached RMB 10.288 billion, up 2.7% year-over-year [3] - Q1 2024 net profit attributable to parent company was RMB 636 million, up 3.1% year-over-year [3] - Gross margin improved to 19.5% in Q1 2024, up 2.5 percentage points year-over-year [3] - Net profit margin remained stable at 6.2% in Q1 2024 [3] - Asset-liability ratio stood at 62.6% as of Q1 2024, up 0.5 percentage points year-over-year [3] Order Book - Q1 2024 new contract value reached RMB 21.216 billion, down 2% year-over-year [3] - Overseas new contract value increased by 70% year-over-year, accounting for 67% of total new contracts [3] - Maintenance business performed well, with mining maintenance and cement maintenance new contract values increasing by 32% and 15% year-over-year, respectively [3] Financial Projections - 2024E revenue is projected at RMB 51.823 billion, up 13.15% year-over-year [2] - 2024E net profit attributable to parent company is projected at RMB 3.36 billion, up 15.22% year-over-year [2] - 2024E EPS is projected at RMB 1.27, with a P/E ratio of 9.85x [2] - 2025E revenue is projected at RMB 57.849 billion, up 11.63% year-over-year [2] - 2025E net profit attributable to parent company is projected at RMB 3.933 billion, up 17.07% year-over-year [2] Valuation Metrics - Current price: RMB 12.52 [5] - 52-week range: RMB 8.83 - RMB 15.10 [5] - P/B ratio: 1.68x [5] - Market capitalization: RMB 33.082 billion [5] - P/E ratio (2024E): 9.85x [2] Business Strategy - The company is the world's largest cement technology equipment and engineering system integration service provider [4] - It has strong international and localized operation management capabilities, positioning it well to capitalize on the "Belt and Road" initiative [4] - The company is implementing a "One Core, Dual Drivers, Three Businesses" strategy to optimize its structure and accelerate growth in equipment and maintenance businesses [4]

[Table_Page] 季报点评|专业工程 证券研究报告 [中Table_材Title] 国际（600970.SH） [公Tab司le_I评nves级t] 买入 当前价格 12.66元 业绩稳健毛利率提升，海外新签订单高增 合理价值 17.85元 前次评级 买入 [ 核Table 心_Sum 观mary 点] ： 报告日期 2024-04-28 ⚫ 中材国际发布 2024 年一季报。根据一季报，24Q1，公司实现营收 相[Ta对ble市_Pi场cQu表ote现] 102.88亿元，yoy+2.7%；实现归母净利6.36亿元，yoy+3.1%；扣非 净利6.54亿元，yoy+12.4%；毛利率19.48%，同比提升2.55pct。 11% ⚫ 经营现金流净流出减少，财务费用率提升。现金流方面，24Q1公司经 3% 营性现金流净流出11.88亿元（23Q1净流出19.91亿元）。费用方面， -6%04/23 06/23 08/23 10/23 12/23 02/24 04/24 24Q1，公司期间费用率（不含研发）为8.10%，同比+1.95pct，其中 -14% 销售费用率1.31%，同比-0.05pct；管 ...

[Table_Main] 证券研究报告 | 公司点评 中材国际(600970.SH) 2024年04月28日 买入（维持） 中材国际（600970.SH）：24Q1 业绩稳健增 所属行业：建筑装饰/专业工程 长，境外业务及运维新签合同增速亮眼 当前价格(元)：12.66 证券分析师 投资要点 闫广 资格编号：S0120521060002 事件：2024年4月26日，公司发布2024年第一季度报告，24Q1公司实现营收约 邮箱：yanguang＠tebon.com.cn 102.88亿元，同比+2.74%，实现归母净利润约6.36亿元，同比+3.08%，实现扣 王逸枫 非归母净利润约6.54亿元，同比+12.35%。 资格编号：S0120524010004 邮箱：wangyf6＠tebon.com.cn 毛利率同比提升，经营性现金流显著改善。24Q1公司结算收入稳健增长，同比+2.74% 研究助理 至102.88亿元，毛利率约19.48%，同比提升2.55pct，我们认为或主要系毛利率 较高的境外业务占比提升引导核心主业工程业务毛利率改善，叠加毛利率较高的 运维和装备业务收入贡献提升。24Q1公司费用率为11. ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 国际工程承包 ＃ investSuggestion＃ ＃ ＃d 中yCo 材mp 国any＃际 （ 600970 ） investSug 增持 ( 维ges持tion ）Ch ＃title＃ 扣非归母净利润同比增长 12.35%，毛利率获持续提升 ange＃ ＃ createTime1＃ 2024 年 04 月 28 日 投资要点 公 ＃市场ma数rk据et Data＃ ＃l sum中ma材ry＃国 际发布 2024 年一季报：公司2024年一季度实现营业收入102.88 司 亿元，同比增长2.74%；实现归母净利润6.36亿元，同比增长3.08%；实 市场数据日期 2024-04-26 现扣非后归母净利润6.54亿元，同比增长12.35%。 点 收盘价（元） 12.66 l 公司 2024 年一季度新签合同额 212.16 亿元，同比减少 2%，海外需求 评 总股本（百万股） 2642.32 持续保持高速增长。分业务看，运维服务贡献主要增长动能，业务结构 报 流通股本（百万股） 1757.66 调整目标仍稳步推进。 净资产（百万 ...

证券研究报告 | 季报点评 2024年04月27日 中材国际（600970.SH） Q1 业绩符合预期，毛利率及现金流明显改善 Q1收入业绩符合预期，汇兑损失短期扰动。公司公告2024年一季度实现营 买入（维持） 业收入102.88亿元，同比增长2.74%；实现归母净利润6.36亿元，同比增 股票信息 长3.08%，符合预期；扣非归母净利润6.54亿元，同比增长12.35%，扣非 归母净利润增速较快主要因当期金融资产及负债公允价值变动及处置损失较 行业 专业工程 多（24Q1 损失 0.36 亿元，23Q1 收益 0.49 亿元）。Q1 归母净利润增速较 前次评级 买入 低，预计主要因 3 月埃及镑大幅贬值产生汇兑损失导致财务费用增加较多 4月26日收盘价(元) 12.66 （24Q1财务费用为2.38亿元，23Q1为0.69亿元，增加1.69亿元，占23Q1 总市值(百万元) 33,451.74 利润总额的21%）。预计随着汇兑因素短期影响消除，后续公司业绩有望显 总股本(百万股) 2,642.32 著提速。 其中自由流通股(%) 66.52 毛利率明显提升，经营性现金流大幅改善。公司2024Q1综合毛利率 ...

公司报告 | 季报点评 中材国际（600970） 证券研究报告 2024年04月 27日 投资评级 海外订单高增长，毛利率同比明显改善 行业 建筑装饰/专业工程 6个月评级 买入（维持评级） 当前价格 12.66元 营收净利稳步提升，公司经营稳健 24Q1 公司实现营收 102.9 亿，同比+2.74%，归母净利润为 6.4 亿，同比 目标价格 14.9元 +3.08%，扣非净利润为 6.5 亿，同比+12.35%，其中非经常性损益为-0.17 亿元，同比减少0.53亿元。 基本数据 A股总股本(百万股) 2,642.32 生产运营服务订单增速较快，海外前景可期 流通A股股本(百万股) 1,757.66 公司24Q1新签订单212亿，同比-2%，工程技术服务、高端装备制造、生 A股总市值(百万元) 33,451.74 产运营服务分别新签订单146、17、45亿，同比-12%、+2%、+43%，运营 流通A股市值(百万元) 22,252.03 类订单实现较快增长，其中矿山运维和水泥运维新签订单分别同比增长 32%、15%，境外订单同比增长70%，占比为67%，海外高景气延续。截至 每股净资产(元) 7.46 2 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 1,028,784.19 million, representing a year-on-year increase of 2.74%[3] - The net profit attributable to shareholders of the listed company was CNY 63,639.36 million, reflecting a year-on-year increase of 3.08%[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 65,376.72 million, showing a significant increase of 12.35% compared to the same period last year[3] - The basic earnings per share for the period was CNY 0.25, reflecting an increase of 8.70% year-on-year[3] - The diluted earnings per share was CNY 0.24, which is an increase of 4.35% compared to the previous year[4] - The company reported a total profit of ¥808,556,290.96, compared to ¥790,064,630.61 in the same quarter last year, showing a growth of approximately 2.87%[16] - The company's net profit for Q1 2024 reached CNY 50,113,084.82, an increase of 22.5% compared to CNY 40,770,757.48 in Q1 2023[26] - The company’s total comprehensive income for the period was ¥616,814,430.62, down from ¥670,291,554.43, indicating a decrease of about 7.97%[17] - The company’s total comprehensive income for Q1 2024 was CNY 50,113,084.82, compared to CNY 40,196,697.42 in Q1 2023, indicating a growth of 24.5%[26] Cash Flow - The net cash flow from operating activities was a negative CNY 118,800.90 million, indicating a cash outflow primarily due to enhanced contract settlements and reduced restricted funds[6] - The company reported a net cash outflow from operating activities of ¥1,188,008,969.34, an improvement compared to a net outflow of ¥1,991,240,893.66 in the first quarter of 2023[19] - The net cash flow from financing activities increased to ¥1,047,510,305.57, up from ¥530,167,737.20 in the previous period, reflecting a significant improvement[20] - The company incurred a net cash outflow from investing activities of -CNY 823,024,757.22 in Q1 2024, compared to -CNY 544,982,052.96 in Q1 2023[27] - The financing activities generated a net cash inflow of CNY 983,266,721.98 in Q1 2024, significantly higher than CNY 550,804,801.77 in Q1 2023[28] Assets and Liabilities - The total assets at the end of the reporting period amounted to CNY 5,669,546.96 million, an increase of 4.18% from the end of the previous year[4] - The equity attributable to shareholders of the listed company was CNY 1,971,093.04 million, up by 3.22% compared to the previous year-end[4] - Total liabilities reached ¥35.47 billion, reflecting a rise of 4.93% from ¥33.81 billion[13] - The total liabilities to equity ratio stands at 1.66, indicating a stable leverage position[13] - The total current assets rose to ¥10,272,563,745.85, compared to ¥9,572,399,820.76 at the end of the previous year, indicating a growth of approximately 7.3%[21] - The total liabilities increased to ¥15,708,493,218.60 from ¥14,308,934,806.46, representing an increase of approximately 9.8%[23] Shareholder Information - The company had a total of 39,136 common shareholders at the end of the reporting period, with the largest shareholder holding 40.96% of the shares[7] Research and Development - Research and development expenses amounted to ¥322,287,739.73, slightly increasing from ¥321,206,984.08, indicating a focus on innovation[16] - Research and development expenses for Q1 2024 were ¥33,740,034.70, down from ¥39,296,781.89 in Q1 2023, indicating a reduction of approximately 14.1%[24] Other Financial Metrics - The company reported non-recurring losses totaling CNY 1,737.36 million, primarily due to fair value changes and other operating income and expenses[5] - The company received tax refunds amounting to ¥155,720,640.60, compared to ¥110,056,699.21 in the previous year, showing an increase of approximately 41.5%[19] - The company's cash and cash equivalents decreased to ¥8.12 billion from ¥9.64 billion, a decline of 15.73%[11] - Cash and cash equivalents at the end of Q1 2024 amounted to CNY 2,379,701,997.24, down from CNY 1,130,052,096.70 in Q1 2023[28] - The company reported a decrease in cash flow from sales of goods and services, totaling CNY 718,629,155.40 in Q1 2024, down from CNY 792,086,527.15 in Q1 2023[27]

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（以下简称"公司"）拟按穿透持股比例为 中材水泥有限责任公司（以下简称"中材水泥"）的控股公司赞比亚公司银行借 款事项向新疆天山水泥股份有限公司（以下简称"天山股份"）提供反担保，担 保金额 1513 万美元，担保债务到期日为 2024 年 11 月 28 日，担保方式为连带责 任保证担保，保证期间为担保债务履行期限届满之日起三年。赞比亚公司为此次 担保向公司提供反担保。具体情况如下： | | | 中国中材国际工程股份有限公司 关于为关联参股公司中材水泥所属赞比亚公司银行借款 向天山股份提供反担保的公告 一、担保情况概述 赞比亚公司因业务实际需要，于 2023 年 11 月向银行申请借款，借款合同金 额 4350 万美元，因其规模较小，无法以信用方式取得足额借款，天山股份作为 其间接控股股东为其融资提供担保，担保方式为开具融资性保函，金额 4450 万 美元，到期日为 2024 年 11 月 28 日，担保范围包括借款合同项下的主债权、 ...

中国中材国际工程股份有限公司(以下简称"公司")第八届董 事会独立董事专门会议 2024年第一次会议于 2024年4月15日以通 讯方式召开。应参会独立董事3人,实际参会独立董事3人,符合《公 司章程》《独立董事工作制度》和《独立董事专门会议工作细则》的 规定。全体独立董事共同推举独立董事周小明先生主持,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《关于公司为关联参股公司中材水泥所属赞比亚 公司银行借款向天山股份提供反担保的议案》,同意将该议案提请公 司董事会审议。 本次担保系公司为关联参股公司中材水泥所属赞比亚公司银行 借款事项向天山股份提供反担保,担保是为满足赞比亚公司实际经营 需要,符合与中材水泥、天山股份投资协议及公司担保管理办法等规 定。赞比亚公司将以相应资产向公司提供反担保,公司为其担保的风 险可控,足以保障上市公司的利益。本次反担保遵循公平、公正、公 允的原则,不存在损害公司及其他股东,特别是中小股东和非关联股 东利益的情况。同意本议案提交公司董事会审议。 表决结果:3票同意,0票反对,0票弃权。 二〇二四年四月十五日 中国中材国际工程股份有限公司第八届董事会 独立董事 ...