| 证券代码：600970 | 证券简称：中材国际 | 公告编号：2024-022 | | --- | --- | --- | | 债券代码：188717 | 债券简称：21 国工 01 | | 中国中材国际工程股份有限公司 关于 2021 年限制性股票激励计划首次授予第一个解除 限售期限制性股票解锁暨上市公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 15,065,537 股。 本次股票上市流通总数为 15,065,537 股。 本次股票上市流通日期为 2024 年 4 月 11 日。 中国中材国际工程股份有限公司（以下简称"中材国际"或"公司"） 2022 年第三次临时股东大会审议通过的 2021 年限制性股票激励计划（以下简称"本激 励计划"或"《激励计划》"）第一个解锁期解除限售条件已经成就，公司将为符 合解除限售条件的 194 名激励对象所持有的 15,065,537 股限制性股票办理解除限 售事宜，具体情况如下： 一、股权激励 ...

嘉源(2024)-02-008 北京市嘉源律师事务所 关于中国中材国际工程股份有限公司 2021 年限制性股票激励计划首次授予部分 第一个解除限售期解除限售条件成就、 回购注销 2021年限制性股票激励计划部分 限制性股票及调整回购价格 之法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 二〇二四年二月 源 温 中 中 分 分 A YUAN LAW OFFICE 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 北京市嘉源律师事务所 关于中国中材国际工程股份有限公司2021年限制性股票激 励计划首次授予部分第一个解除限售期解除限售条件成就、 回购注销2021年限制性股票激励计划部分限制性股票及调 整回购价格之法律意见书 致:中国中材国际工程股份有限公司 北京市嘉源律师事务所(以下简称"本所")接受中国中材国际工程股份有限 公司(以下简称"中材国际"或"公司")的委托,就公司 2021 年限制性股票激励 计划(以下简称"本激励计划")首次授予部分第一个解除限售期解除限售条件成 就( ...

中国中材国际工程股份有限公司 关于 2023 年度业绩说明会召开情况的公告 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。 | 证券代码：600970 | 证券简称：中材国际 | 公告编号：临 | 2024-021 | | --- | --- | --- | --- | | 债券代码:188717 | 债券简称:21 国工 01 | | | 中国中材国际工程股份有限公司（以下简称"公司"、"中材国际"）于2024 年3月29日下午，以视频直播结合网络互动的形式在上海证券交易所上证路演中 心（http://roadshow.sseinfo.com）和全景路演（https://rs.p5w.net）召开 了公司2023年度业绩说明会。现将相关情况公告如下： 一、说明会召开情况 关于本次说明会的召开事项，公司已于2024年3月22日在上海证券交易所网 站（http://www.sse.com.cn）及上海证券报、中国证券报上披露，详见公司《关 于召开2023年度业绩说明会的公告》（公告编号：2024-015）。 2024年3月29日 ...

[Table_MainInfo] 公司研究/建筑工程/建筑 证券研究报告 中材国际（600970）公司年报点评 2024年03月28日 [Table_InvestInfo] Q4 单季净利润提速，装备+运维转型持续 投资评级 优于大市 维持 深化，现金流大幅好转 股票数据 0[3T月ab2le7_日S收to盘ck价（In元fo）] 11.19 [Table_Summary] 52周股价波动（元） 8.83-15.10 投资要点： 总股本/流通A股（百万股） 2642/1743 总市值/流通市值（百万元） 29568/19500  事件：公司 2023 年实现营收 457.99 亿元，同增 6.94%，归母净利润 29.16 相关研究 亿元，同增14.74%，扣非归母净利润26.77亿元，同增26.84%。点评如下： [《Ta Qb 3le收_入R、ep利o润rtI提nf速o，] 业务结构持续优化》  运营收入较快增长，Q4 单季净利润提速。分业务看，工程技术服务、高端装 2023.10.31 备制造、生产运营服务营收分别为 266.65、71.76、106.00 亿元，分别同增 《业务结构持续优化，海外订 ...

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 ...