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 ...

Summary of Conference Call Transcript Company Overview - The conference call pertains to Zhongcai International, discussing its Q3 2024 performance and operational updates. Key Points Industry and Company Performance - The new contract value for Q3 2024 was slightly above expectations, with a total of 52.788 billion yuan, representing a 1% year-on-year increase [2] - The overseas contract value reached 30.204 billion yuan, up 6% year-on-year, while domestic contracts fell by 5% to 22.584 billion yuan [2] - As of September 30, 2024, overseas contracts accounted for 57% of total contracts, an increase from previous periods [2] - Effective contracts in execution totaled 62.056 billion yuan, reflecting a 4.75% quarter-on-quarter growth [2] Financial Performance - Revenue for the first nine months was 31.731 billion yuan, a 0.7% increase year-on-year, with overseas revenue at 14.26 billion yuan (up 10.65%) and domestic revenue at 17.318 billion yuan (down 6.14%) [4] - The gross profit margin improved to 18.86%, up 0.24 percentage points year-on-year [5] - The operating profit for the first nine months was 2.06 billion yuan, a 2.9% increase year-on-year [5] Business Segments - The engineering services segment contributed 54% to revenue, while maintenance services accounted for 28% and equipment for 13% [4] - Maintenance services saw a significant increase in gross profit contribution, nearing one-third of total profits, with a 42% year-on-year growth in domestic maintenance orders [3] - The overseas maintenance segment also performed well, with a 23% increase in orders [3] Market Dynamics - The company is focusing on maintaining stable growth in engineering contracts while pursuing aggressive growth in equipment and maintenance services, targeting a 15-20% increase in these areas [8] - The overseas market remains stable, with a 6% growth in new contracts despite a high base from the previous year [10] - The company is addressing historical accounts receivable and aims to improve cash flow by recovering outstanding payments [9] Challenges and Risks - Domestic contract performance is affected by the downturn in the cement industry, leading to a decline in domestic orders [3] - The company is managing foreign exchange risks through hedging strategies, particularly concerning small currencies [16] - The establishment of overseas subsidiaries is underway to mitigate risks associated with currency fluctuations [17] Future Outlook - The company anticipates a stronger Q4 performance, driven by several large projects entering peak execution phases and efforts to recover historical receivables [9] - The overseas business is expected to continue its growth trajectory, particularly in maintenance and equipment sectors, with a focus on international expansion [26] - The company is exploring new materials and technologies, including a recent investment in a basalt-based material project, which aligns with national policies promoting green construction [33] Additional Insights - The company is monitoring its stock price for potential buyback opportunities, although it currently does not meet the criteria for such actions [19] - The management remains optimistic about achieving its annual performance targets, emphasizing the importance of quality contracts over sheer volume [7] This summary encapsulates the key points discussed during the conference call, highlighting the company's performance, market dynamics, and future outlook.

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].

Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Views - The company reported a steady performance with revenue of 31.731 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 0.7%. The net profit attributable to shareholders reached 2.06 billion yuan, up 2.9% year-on-year [1]. - The company experienced a significant increase in new contracts, particularly in mining operation services, which saw a 45% year-on-year growth, totaling 8.191 billion yuan [2]. - The company is committed to its international development strategy, leveraging both domestic and international markets, which indicates strong future growth potential [2]. Financial Performance Summary - For the first three quarters of 2024, the gross margin was 18.86%, an increase of 0.24 percentage points year-on-year, while the net profit margin was 6.85%, a slight decrease of 0.03 percentage points [1]. - The company’s asset-liability ratio decreased to 61.04%, down 0.78 percentage points year-on-year [1]. - The forecast for net profit attributable to shareholders for 2024-2026 is 3.215 billion, 3.743 billion, and 4.282 billion yuan, representing year-on-year growth rates of 10.27%, 16.41%, and 14.40% respectively [2][4].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown resilience with a steady performance in Q3, highlighted by a 0.7% year-on-year increase in revenue to 317.31 billion yuan and a 2.9% increase in net profit to 20.6 billion yuan [2][3] - New signed orders in Q3 improved significantly, reaching 157.0 billion yuan, a 35% year-on-year increase, with domestic orders growing by 87% [3] Company Overview - Latest closing price: 10.26 yuan - Total shares: 2.642 billion, circulating shares: 2.234 billion - Total market capitalization: 27.1 billion yuan, circulating market capitalization: 22.9 billion yuan - 52-week high/low: 13.38/8.66 yuan - Debt-to-asset ratio: 62.1% - Price-to-earnings ratio: 9.16 - Largest shareholder: China National Building Material Group Corporation [1] Financial Performance - Q3 gross margin: 17.84%, a decrease of 1.27 percentage points year-on-year - Q3 net margin: 6.34%, an increase of 0.01 percentage points year-on-year - Q3 financial expenses decreased by 30.3% year-on-year, indicating improved currency exchange issues [3] - Q3 investment net income was 13 million yuan, compared to a loss of 50.65 million yuan in the same period last year [3] Earnings Forecast - Expected revenue for 2024 and 2025: 479 billion yuan and 517 billion yuan, respectively, with year-on-year growth rates of 4.63% and 7.98% - Expected net profit for 2024 and 2025: 32.73 billion yuan and 35.00 billion yuan, with year-on-year growth rates of 12.24% and 6.94% - Corresponding P/E ratios for 2024 and 2025 are projected to be 8.3X and 7.8X [4][5]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company has shown steady revenue growth with a positive turnaround in new contract signing rates, particularly in operation and maintenance services [2][3][4]. - The company is expected to benefit from increasing carbon and environmental regulations, which may drive further order growth [4]. - The company has committed to enhancing shareholder returns through a plan to increase dividend payouts over the next three years [4]. Financial Performance - For the first nine months of 2024, the company achieved revenues of 31.7 billion yuan, a year-on-year increase of 0.7%, and a net profit attributable to shareholders of 2.1 billion yuan, up 2.9% [1][2]. - The gross profit margin for the same period was 18.9%, reflecting a slight increase, while the net profit margin was 6.9%, showing a minor decrease [2]. - The company reported a net cash outflow from operating activities of 260 million yuan, which is a significant increase compared to the previous year [2]. Contract Signing and Order Growth - In Q3 2024, the company signed new contracts worth 15.7 billion yuan, with a year-on-year growth of 35%, indicating a recovery in contract signing rates [3]. - The new contract structure is improving, with operation and maintenance contracts accounting for 25% of total new contracts, and significant growth in mining and cement operation contracts [3][4]. - The company’s new domestic and international orders for the first nine months were 22.58 billion yuan and 30.2 billion yuan, respectively, with a year-on-year decrease of 5% and an increase of 6% [3]. Profit Forecast and Valuation - The report has adjusted the profit forecast for the company, lowering the net profit estimates for 2024-2026 to 3.16 billion yuan, 3.36 billion yuan, and 3.69 billion yuan, respectively [4]. - Despite the challenges in the cement industry, the company’s new order growth and rapid expansion in operation services are expected to improve its business structure [4].