Summary of Conference Call on Zhongcai International's Q1 Performance and Future Plans Company and Industry Overview - **Company**: Zhongcai International, a key member of China National Building Material Group, operates in the cement, new materials, and engineering technology services sectors [12][3] - **Industry**: Cement and related industries, with a focus on international markets and overseas expansion [2][4] Key Points and Arguments Q1 Performance Highlights - Zhongcai International reported a new contract amount of 21.2 billion RMB in Q1, with overseas contracts increasing by 70% to 14.3 billion RMB, while domestic contracts fell by 48% to 6.9 billion RMB [12][4] - Effective contract turnover reached 55.4 billion RMB, showing a 1% year-on-year increase [12] - Revenue grew by 2.74% year-on-year, with net profit attributable to shareholders at 1.636 billion RMB, up 3% [12][4] Strategic Focus and Future Plans - The company aims to enhance its industrial chain through professional integration and strengthen its equipment and operation services [2][3] - Zhongcai International is committed to deepening its overseas investment layout to create more value for shareholders [2][3] - The company is exploring opportunities in the mining operation service sector, emphasizing the importance of globalization [2][6] Challenges and Responses - The company faces challenges such as currency fluctuations, particularly the depreciation of the Egyptian pound, which impacted net profit by 190 million RMB [13][7] - Measures to mitigate these impacts include adjusting contract currencies and enhancing local operations [7][19] Market Outlook - The global cement industry, excluding China, shows stable demand, particularly in developing economies, with an expected annual addition of 10 to 15 new production lines [5][14] - The potential for upgrading existing production lines is significant, with the market size for such upgrades estimated between 150 to 200 billion RMB [14] Competitive Landscape - Chinese manufacturers are gradually increasing their market share in the cement equipment market due to cost control advantages, despite facing competition from established Western firms [8][9] - The company aims to achieve at least 80% domestic market share through improved product quality and performance [8][9] Financial Management and Shareholder Returns - Zhongcai International maintains a cash dividend policy of at least 30% of distributable profits, with plans to increase this to 40% [14][12] - The company’s overseas business, particularly in equipment and operation services, is expected to contribute significantly to profit growth [10][23] Investment Strategies - The company is focusing on expanding its influence and profitability in foreign markets through acquisitions and partnerships [10][19] - The integration of Hefei Institute has strengthened the company’s position in the global EPC market [7][19] Future Growth Projections - The company targets a revenue of 60 billion RMB and a profit of 6 billion RMB, with a focus on enhancing core competitiveness through digital and high-end equipment services [18][19] - The overseas revenue contribution is expected to grow, with engineering services currently dominating the revenue mix [23] Additional Important Insights - The cement equipment market is projected to grow, with significant opportunities in energy, chemical, and environmental sectors [9][21] - The company is exploring diverse applications for its equipment, including in agriculture and waste management [9][21] This summary encapsulates the key discussions and insights from the conference call regarding Zhongcai International's performance, strategic direction, and the broader industry context.

关于调整 2023 年年度利润分配现金分红总额的公告 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： 拟 派 发 现 金 红 利 ： 由 1,056,926,969.20 元 （ 含 税 ） 调 整 为 1,056,808,707.20 元（含税） 中国中材国际工程股份有限公司（以下简称"公司"）于 2024 年 3 月 25 日、 2024 年 4 月 17 日分别召开第八届董事会第六次会议、第八届监事会第四次会议 和 2023 年年度股东大会，审议通过了《公司 2023 年度利润分配预案》。公司 2023 年度将以实施权益分派股权登记日登记的总股本为基数，向全体股东每 10 股派发现金红利 4.00 元（含税）。截至利润分配方案披露之日，公司总股本 2,642,317,423 股，以此计算合计拟派发现金红利 1,056,926,969.20 元（含税）。 如在利润分配方案披露之日起至实施权益分派股权登记日期间公司总股本发生 变动，公司拟维持每股分配比例不变，相应调整分配总额。具体情况详见公司于 2024 年 ...

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4月28日-2024年5月6日 | | | | | | 董事长印志松，董事、总裁朱兵，独立董事焦点，副总裁、财务总监汪源，副 | | | | | 公司接待人员 | 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 | 上海明河投资、南京璟恒投资、瞰道资管、国投证券股份、泓德基金、红土创新 | | | | | 及人员 | 基金、敦和资管、华西证券、中信证券、国联证券、北京鑫翰资管、鸿运私募基 | | | | | | 金、博道基金、郑州云杉投资、北京汉和资本、天风证券、光大证券、德邦证券、 | | | | | | 财通证券、深圳前海辰星私募基金、浙商证券、农银理财、上海朴信投资、长江 | | | | | | 证券、国泰君安、华西基金、华泰证 ...

中国中材国际工程股份有限公司 2024 年第二次临时股东大会材料 二〇二四年五月 北京 中国中材国际工程股份有限公司 2024 年第二次临时股东大会材料 中国中材国际工程股份有限公司 2024 年第二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 | 年第二次临时股东大会会 | | --- | --- | --- | | 议议程 2 | | | | 二、中国中材国际工程股份有限公司 | 2024 | 年第二次临时股东大会须 | | 知 3 | | | | 三、中国中材国际工程股份有限公司 | 2024 | 年第二次临时股东大会议 | | 案 | | | | （一）《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 | | | 1 向天山股份提供反担保的议案》...............................5 中国中材国际工程股份有限公司 2024 年第二次临时股东大会材料 六、由监票人清点表决票并宣布表决结果 中国中材国际工程股份有限公司 2024 年第二次临时股东大会会议议程 现场会议时间：2024 年 5 月 14 日下午 14:30 通过上海证券交易所交易系 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][5]. Core Views - The company's revenue showed steady growth in Q1 2024, but net profit growth was impacted by foreign exchange losses due to the depreciation of the Egyptian pound. New contracts signed amounted to 21.2 billion yuan, a year-on-year decrease of 2%, although the structure of new contracts has improved with a 43% increase in production and operation service contracts [1]. - The gross profit margin continues to improve, with Q1 2024 gross and net profit margins at 19.5% and 6.6%, respectively, reflecting a year-on-year increase of 2.6% and a slight decrease of 0.1 percentage points. The company is actively expanding its overseas market, with a 70% year-on-year increase in new contracts signed abroad [1]. - The report forecasts net profits for 2024-2026 at 3.42 billion, 3.78 billion, and 4.06 billion yuan, respectively, indicating a positive outlook for profitability driven by a robust order backlog and improved contract structure [1]. Summary by Sections Financial Performance - In Q1 2024, the company achieved total revenue of 10.29 billion yuan, a year-on-year increase of 2.7%, and a net profit of 640 million yuan, up 3.1% year-on-year. The adjusted net profit increased by 12.4% [1]. - The company’s gross profit margin has been on a continuous upward trend, supported by localized operations and a focus on high-margin service and equipment businesses [1]. Profitability Forecast - The company is expected to maintain a steady growth trajectory, with net profit growth rates projected at 17.28%, 10.52%, and 7.35% for the years 2024, 2025, and 2026, respectively [3]. - The report highlights a consistent improvement in cash flow, with a net cash outflow of 1.19 billion yuan in Q1 2024, which is 800 million yuan less than the same period last year [1]. Valuation Metrics - The report provides a forecast for key financial metrics, including revenue growth rates of 14.22%, 9.64%, and 6.76% for 2024, 2025, and 2026, respectively. The P/E ratio is projected to decrease from 13 in 2022 to 8 by 2026, indicating an attractive valuation [3][8].

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 ...