Investment Rating - The investment rating for the company is "Accumulate" [2][3] - Previous rating was also "Accumulate" [2][3] Core Views - The report maintains an "Accumulate" rating, with an adjusted target price of 17.70 CNY, reflecting a 14x P/E for 2024 [2][3] - The company's net profit for 2023 is expected to increase by 14.7%, aligning with expectations, with a significant cash flow improvement of 210% [2][3] - New signed orders increased by 18% in 2023, with overseas orders rising by 55% [2][3] Financial Summary - Revenue for 2023 is projected at 45,799 million CNY, a 6.9% increase from the previous year [2][3] - The net profit attributable to shareholders for 2023 is expected to be 2,916 million CNY, reflecting a 14.7% increase [2][3] - The company’s operating cash flow for 2023 is projected to be 35.4 billion CNY, a significant increase from 11.4 billion CNY in the same period last year [2][3] Earnings Forecast - EPS for 2023 is expected to be 0.96 CNY, with projections of 1.10 CNY for 2024 and 1.27 CNY for 2025 [2][3] - The company anticipates a dividend payout ratio of 36% in the future, with a dividend yield of 3.67% [2][3] Order Growth - The total new signed contracts for 2023 amounted to 616 million CNY, with a cumulative growth rate of 18% [9] - Domestic new signed contracts totaled 283 million CNY, showing a decrease of 8%, while overseas contracts reached 333 million CNY, marking a 55% increase [9] Market Performance - The stock price range over the past 52 weeks has been between 8.90 CNY and 14.71 CNY, with a market capitalization of 28,775 million CNY [2][3]

Investment Rating - The report maintains a "Buy" rating for China National Materials International (600970.SH) with a current price of 11.19 CNY [1] Core Views - The company achieved steady revenue growth with a year-on-year increase in revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 6.9%, 14.7%, and 26.8% respectively in 2023 [1] - The company signed new contracts totaling 616.4 billion CNY in 2023, representing an 18% year-on-year increase, driven by a significant rise in overseas contracts [1] - The company plans to distribute a cash dividend of 0.4 CNY per share, yielding approximately 4.3% [1] Summary by Sections Financial Performance - In 2023, the company reported revenues of 458 billion CNY, net profit of 29 billion CNY, and net profit excluding non-recurring items of 27 billion CNY [1] - The fourth quarter of 2023 saw revenues of 143 billion CNY, net profit of 9 billion CNY, and net profit excluding non-recurring items of 7 billion CNY, with year-on-year growth of 11.3%, 34.5%, and 29.1% respectively [1] - The company’s gross profit margin and net profit margin reached 19.4% and 7.0% in 2023, reflecting increases of 2.5 percentage points and 0.9 percentage points respectively [3] Contract and Order Growth - The company’s new contracts in 2023 included 333.1 billion CNY from overseas and 283.4 billion CNY from domestic markets, with year-on-year growth of 55% and a decline of 8% respectively [1] - The total amount of uncompleted contracts at the end of 2023 was 593.3 billion CNY, marking a 12% year-on-year increase, ensuring continued revenue growth [1] Business Development - The company is enhancing its core business advantages and expanding its equipment and operational services, with 20 new project launches in 2023 [1] - The overseas revenue from equipment manufacturing has increased to 25% of total equipment revenue, while revenue from non-cement industries has risen to 32% [1] - The company’s engineering technology services and high-end equipment manufacturing achieved revenues of 266.6 billion CNY and 71.8 billion CNY respectively, with year-on-year growth of 7.6% and 2.0% [1] Profitability and Cash Flow - The company’s operating cash flow improved significantly, reaching 35.4 billion CNY in 2023, a 210% increase year-on-year [1] - The report forecasts net profit attributable to shareholders of 34.2 billion CNY, 37.8 billion CNY, and 40.6 billion CNY for 2024, 2025, and 2026 respectively [2][3]

Investment Rating - The investment rating for the company is "Buy" [4][5]. Core Views - The company has shown resilience in its engineering services, with significant growth in new orders and revenue, particularly from overseas markets [4][5]. - The company is transitioning its business structure, with equipment manufacturing and operational services expected to see robust growth in the coming years [4][5]. - The company has a strong focus on technological development and reform to enhance governance and operational efficiency [4][5]. Financial Performance - In 2023, the company achieved a revenue of 45.799 billion yuan, representing a year-on-year growth of 6.94%, and a net profit attributable to shareholders of 2.916 billion yuan, up 14.74% year-on-year [4][6]. - The engineering services segment generated revenue of 26.665 billion yuan, with a gross margin of 15.73%, reflecting a year-on-year increase of 7.55% in revenue and a 3.47 percentage point increase in gross margin [4][6]. - The company has a dividend payout ratio of approximately 36% for 2023 [4]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 52.663 billion yuan, 60.202 billion yuan, and 68.878 billion yuan, respectively, with corresponding net profits of 3.348 billion yuan, 3.856 billion yuan, and 4.520 billion yuan [5][6]. - The expected growth rates for revenue are 14.99% in 2024, 14.31% in 2025, and 14.41% in 2026 [6][7]. - The company is anticipated to maintain a price-to-earnings (P/E) ratio of 8.6 in 2024, decreasing to 6.37 by 2026 [5][6].

[Table_Page] 年报点评|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 10.89元 23Q4 归母净利高增，全年经营现金流靓丽 合理价值 15.30元 前次评级 买入 [ 核Table 心_Sum 观mary 点] ： 报告日期 2024-03-27 ⚫ 中材国际发布2023年报。根据年报，2023年，公司营收458亿元， 相[Ta对ble市_Pi场cQu表ote现] 同比+6.9%；归母净利29.2亿元，同比+14.7%。23Q4营收143亿元， 同比+11.3%。归母净利9.14亿元，同比增长34.5%。符合预期。 29% ⚫ 工程、装备毛利率提升，运维业务快速推进。根据年报，23年公司综 19% 合毛利率19.43%/同比+2.09pct；分板块看，工程技术服务营收267亿 9% 元/同比+7.6%，毛利率15.73%/同比+3.5pct；高端装备制造营收72亿 -1% 03/23 05/23 07/23 09/23 11/23 01/24 元/同比+2%，毛利率 25.47%/同比+1.38pct； ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5][13]. Core Views - The company achieved a revenue of 45.799 billion yuan in 2023, representing a year-on-year growth of 6.94%. The net profit attributable to shareholders was 2.916 billion yuan, up 14.74% year-on-year [6][9]. - The company signed new contracts worth 61.644 billion yuan in 2023, an increase of 18% year-on-year, driven by the release of overseas backlog demand [7][12]. - The gross profit margin improved significantly to 19.43%, up 2.09 percentage points year-on-year, primarily due to the recovery of profitability in overseas engineering projects and an increase in the proportion of high-margin operation services [9][10]. - The company has a robust order backlog of 95.104 billion yuan, which is 2.08 times its 2023 revenue, indicating strong future revenue potential [7][12]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 45.799 billion yuan, with quarterly revenues of 10.014 billion, 10.536 billion, 10.960 billion, and 14.289 billion yuan, showing a quarterly growth trend [8][9]. - The net profit for Q4 was 914 million yuan, reflecting a 34.48% increase year-on-year [6][9]. - The company’s gross profit margin for 2023 was 19.43%, with a net profit margin of 6.96% [9][10]. Business Segments - The revenue breakdown for 2023 showed that engineering construction, equipment manufacturing, and operation services generated 26.665 billion, 7.176 billion, and 10.600 billion yuan, respectively [9]. - The company’s overseas revenue reached 20.089 billion yuan, growing 14.42% year-on-year, while domestic revenue was 25.493 billion yuan, up 1.99% [9][10]. Future Outlook - The company anticipates continued high demand for overseas cement construction and a potential recovery in domestic technical renovation investments, leading to stable order growth [12]. - The company is focusing on enhancing its operational service capabilities, particularly in overseas markets where demand for cement production line operation services is expected to grow significantly [12][13]. - The company has plans to maintain a dividend payout ratio of no less than 40% from 2024 to 2026, with a proposed cash dividend of 4.00 yuan per 10 shares [11][12].

上 市 公 司 建筑装饰 2024 年03月 27 日 中材国际 (600970) 公 司 研 究 ——现金流大幅改善，海外盈利能力快速恢复 / 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  2023归母净利润同比+14.7%、符合预期，扣非净利润同比+26.8%。2023公司营业总收入458亿， 同比+6.9%；归母净利润29.2亿，同比+14.7%，符合预期，扣非净利润26.8亿，同比+26.8%。2023 证 市场数据： 2024年03月26日 公司毛利率、归母净利润率分别为19.4%、6.37%，同比分别+2.09pct/+0.43pct；期间费用率合计 券 收盘价（元） 10.89 研 一年内最高/最低（元） 15.1/8.83 为10.5%，同比+1.19pct，其中销售、管理、研发和财务费用率分别为+0.03pct、-0.01pct、+0.22pct、 究 市净率 1.5 +0.95pct，财务费用提升主要系本年汇率变动产生汇兑损失2.27亿元，去年同期汇兑收益1.75亿元。 报 息率（分红/股价） - 告 流通A股市值（百万元） 18977 2023资产及信用减 ...

Investment Rating - The investment rating for the company is "Buy" [1][5][14] Core Views - The company has demonstrated stable growth with sufficient contracts on hand and a significant improvement in profitability. In 2023, the company achieved operating revenue of 45.799 billion yuan (+6.94%) and a net profit attributable to shareholders of 2.916 billion yuan (+14.74%). The total new contracts signed amounted to 61.644 billion yuan (+17.82%) [1][6][12] - The company is focusing on the synergistic development of its three main businesses: engineering services, high-end equipment manufacturing, and operational services. The engineering services segment generated revenue of 26.665 billion yuan (+7.55%), while the operational services segment saw revenue of 10.600 billion yuan (+13.83%) [1][12][13] - The company plans to increase its dividend payout ratio to no less than 40% over the next three years (2024-2026), which is higher than the levels in recent years [2][13] Summary by Sections Financial Performance - In 2023, the company reported operating revenue of 45.799 billion yuan, a year-on-year increase of 6.94%, and a net profit of 2.916 billion yuan, up 14.74%. The gross margin was 19.43%, an increase of 2.09 percentage points, and the net margin was 6.96%, up 0.95 percentage points [1][6][12] - The company has a backlog of contracts worth 59.325 billion yuan (+12.46%) as of the end of 2023, ensuring sustainable growth [1][6] Business Segments - Engineering services generated revenue of 26.665 billion yuan (+7.55%) with new contracts of 39.067 billion yuan (+20.75%). The high-end equipment manufacturing segment achieved revenue of 7.176 billion yuan (+1.98%) and new contracts of 7.412 billion yuan (+13.86%). The operational services segment reported revenue of 10.600 billion yuan (+13.83%) [1][12][13] - The company has seen significant growth in overseas markets, with new contracts increasing by 55% in 2023 [1][12][13] Future Outlook - The company has raised its profit forecast and maintains a "Buy" rating, expecting net profits of 3.333 billion yuan, 3.935 billion yuan, and 4.245 billion yuan for 2024, 2025, and 2026, respectively. The estimated earnings per share for the same years are 1.26 yuan, 1.49 yuan, and 1.61 yuan [2][14][18] - The reasonable valuation range for the company is set at 13.40 to 14.30 yuan, indicating a potential upside of 22.7% to 31.3% from the current stock price [2][14]

证券研究报告·公司点评报告·专业工程 中材国际（600970） 2023 年年报点评：主业稳健增长，转型升级 2024年 03月 27日 持续发力 证券分析师 黄诗涛 买入（维持） 执业证书：S0600521120004 huangshitao@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 房大磊 执业证书：S0600522100001 营业总收入（百万元） 42,826 45,799 51,823 57,849 64,529 fangdl@dwzq.com.cn 同比 17.22% 6.94% 13.15% 11.63% 11.55% 证券分析师 石峰源 归母净利润（百万元） 2,541 2,916 3,360 3,933 4,487 执业证书：S0600521120001 同比 40.22% 14.74% 15.22% 17.07% 14.09% shify@dwzq.com.cn EPS-最新摊薄（元/股） 0.96 1.10 1.27 1.49 1.70 P/E（现价&最新摊薄） 11.32 9.87 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company's performance in 2023 met expectations, with significant improvements in profitability and cash flow. The total revenue reached 45.8 billion yuan, a year-on-year increase of 6.9%, while the net profit attributable to shareholders was 2.92 billion yuan, up 14.7% year-on-year [1][2]. - The company experienced a notable acceleration in revenue growth in Q4, with a quarterly revenue of 14.3 billion yuan, reflecting an 11% year-on-year increase. The gross profit margin for the quarter improved significantly by 2.2 percentage points [1]. - The company’s operating cash flow showed a remarkable improvement, with a net cash inflow of 3.54 billion yuan, an increase of 2.4 billion yuan compared to the previous year, attributed to enhanced contract settlements and proactive project payment collections [1]. Financial Performance Summary - **Revenue**: 2023 revenue was 45.8 billion yuan, with a growth rate of 6.9%. Projections for 2024-2026 are 51.4 billion, 57.8 billion, and 64.1 billion yuan, respectively, with growth rates of 12.3%, 12.4%, and 10.9% [2][6]. - **Net Profit**: The net profit for 2023 was 2.92 billion yuan, with expected growth rates of 15.5%, 15.1%, and 12.4% for the following three years [2][6]. - **Earnings Per Share (EPS)**: EPS for 2023 was 1.10 yuan, projected to rise to 1.27, 1.47, and 1.65 yuan in the next three years [2][6]. - **Profitability Ratios**: The net profit margin for 2023 was 6.37%, an increase of 0.43 percentage points year-on-year. The return on equity (ROE) was 15.5% [2][6]. Business Segment Insights - The company’s equipment business matrix has been enhanced, with a significant increase in international and non-cement industry expansion. The overseas revenue contribution from the equipment segment has risen to 25% [1]. - The maintenance business continues to grow rapidly, with new contracts signed amounting to 13.6 billion yuan, a 14% increase year-on-year. The market share in limestone mining and cement maintenance is estimated at 18% and 21%, respectively, indicating substantial room for growth [1].

Financial Performance - The company's operating revenue for 2023 reached ¥4,579,884.42 million, representing a year-on-year increase of 6.94% compared to ¥4,282,575.80 million in 2022[15]. - Net profit attributable to shareholders of the listed company was ¥291,581.16 million, up 14.74% from ¥254,121.99 million in the previous year[15]. - The net cash flow from operating activities significantly increased by 210.09%, amounting to ¥353,585.81 million compared to ¥114,028.26 million in 2022[15]. - Basic earnings per share rose to ¥1.12, reflecting a 14.29% increase from ¥0.98 in 2022[16]. - The company's total assets at the end of 2023 were ¥5,441,954.41 million, an increase of 8.69% from ¥5,006,769.16 million in 2022[15]. - The net assets attributable to shareholders of the listed company increased by 9.56% to ¥1,909,536.18 million from ¥1,742,840.29 million in 2022[15]. - The company achieved operating revenue of CNY 45.799 billion, a year-on-year growth of 6.94%, and a net profit attributable to shareholders of CNY 2.916 billion, up 14.74%[23]. - The gross profit margin for the main business was 19.29%, an increase of 2.11 percentage points compared to the previous year[56]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 4.00 RMB per 10 shares, totaling approximately 1,056,926,969.20 RMB (including tax) based on a total share capital of 2,642,317,423 shares[4]. - The company reported a cash dividend of 793 million yuan for 2023, actively returning value to investors[115]. - The cash dividend for the current year is CNY 4.00 per 10 shares, with a total cash dividend amount of CNY 105,692.70, representing 36.25% of the net profit attributable to ordinary shareholders[152]. - The company has established a three-year shareholder return plan (2024-2026) to enhance cash dividend ratios for investors[149]. Corporate Governance and Compliance - The company has received a standard unqualified audit report from Dahua Certified Public Accountants[3]. - The company has established a comprehensive internal control and compliance management system to effectively mitigate operational risks[116]. - The company has a governance structure that includes a board of directors with 9 members, including 3 independent directors, ensuring compliance with legal requirements[115]. - The company has been recognized for its high-quality information disclosure, receiving an A-level rating from the Shanghai Stock Exchange for five consecutive years[115]. - The company has committed to resolving competition issues with its controlling shareholders and has made relevant commitments[117]. Risk Management - The company has detailed macroeconomic risks, industry risks, overseas operation risks, and exchange rate risks in its management discussion and analysis section[5]. - The company implemented a risk prevention mechanism covering overseas risks and established a compliance risk management system, achieving 100% safety hazard rectification rate[30]. - The company has established a risk management strategy to mitigate market, liquidity, credit, operational, and legal risks associated with its foreign exchange hedging transactions[97]. - The company is actively managing foreign exchange risks and has implemented a unified management plan for 2023[138]. Market Expansion and Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[18]. - In 2023, the company signed new contracts totaling CNY 61.644 billion, an increase of 18% year-on-year, with overseas contracts reaching CNY 33.307 billion, up 55%[23]. - The company is actively involved in the development of new technologies and products to meet the evolving needs of the cement and mining industries[32]. - The company aims to deepen its overseas operations and enhance localized management to improve profitability and brand influence[111]. Research and Development - The company invested CNY 1.842 billion in R&D, a 13.22% increase, and filed 317 invention patents, including 12 international patents[27]. - The company is investing 500 million RMB in R&D for new technologies aimed at improving production efficiency by 30%[124]. - The company has a complete industrial chain resource covering technology research and development, digital design, intelligent manufacturing, smart construction, and after-sales service in the cement and mining industries[41]. Environmental and Social Responsibility - The company has implemented a carbon management tool for precise calculation and real-time monitoring of carbon emissions, promoting low-carbon development in the cement industry[43]. - The company achieved a reduction of 18,400 tons of CO2 emissions through the use of clean energy and electric vehicles[167]. - The company contributed a total of 5.02 million yuan to poverty alleviation and rural revitalization projects, all of which were funds[172]. - The company actively participated in disaster relief efforts in Turkey following the earthquake, coordinating donations of various supplies[171]. Acquisitions and Investments - The company completed the acquisition of 100% equity in Hefei Institute, enhancing the integration of equipment manufacturing and engineering services[24]. - The company completed an investment of RMB 64,753.13 million in the Hefei Institute Intelligent Manufacturing Industrial Park project, with a cumulative investment of RMB 121,093.90 million[93]. - The company completed the acquisition of 100% equity in Beijing Kaisheng and 98% equity in Nanjing Kaisheng, achieving the 2023 performance targets as per the performance compensation agreements[192]. Workforce and Talent Management - The company reported a total of 15,194 employees, with 942 in the parent company and 14,252 in major subsidiaries[144]. - The company has established a salary management mechanism that aligns employee wages with market conditions, ensuring that wages are linked to the company's economic performance[146]. - The company organized 2,722 training programs, achieving a total of 54,190 training participants and 267,000 training hours[147]. Future Outlook - Future outlook indicates a focus on expanding market presence, with plans to increase production capacity by 15% in the next fiscal year[122]. - The company provided a future outlook with a revenue guidance of 12 billion RMB for 2024, indicating a projected growth of 20%[125]. - The company aims to improve operational efficiency, targeting a reduction in costs by 5% through process optimization[122].