证券研究报告·公司点评报告·基础建设 中国铁建（601186） 2024 年一季报点评：水电及绿色环保订单高 2024 年 05月 04日 增，净利率水平小幅提升 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 营业总收入（百万元） 1,096,313 1,137,993 1,180,977 1,238,561 1,300,180 执业证书：S0600522100001 fangdl@dwzq.com.cn 同比（%） 7.48 3.80 3.78 4.88 4.98 证券分析师 石峰源 归母净利润（百万元） 26,681 26,097 27,398 31,070 34,246 执业证书：S0600521120001 同比（%） 8.06 (2.19) 4.98 13.40 10.22 shify@dwzq.com.cn EPS-最新摊薄（元/股） 1.96 1.92 2.02 2.29 2.52 研究助理 ...

证券研究报告 | 季报点评 2024年05月01日 中国铁建（601186.SH） Q1 收入业绩平稳符合预期，Q2 增长有望提速 Q1收入业绩平稳，Q2增长有望提速。2024Q1公司实现营业收入2749.5 买入（维持） 亿元，同比增长0.5%；实现归母净利润60.3亿元，同比增长2.0%；扣 股票信息 非归母净利润为57.8亿元，同比增长2.0%。收入业绩平稳，符合预期， 行业 基础建设 增速较低预计主要因一季度受专项债发行偏慢及地方化债等因素影响项 前次评级 买入 目施工节奏偏慢，后续基建资金面改善有望带动公司加快项目执行与收入 4月30日收盘价(元) 8.48 总市值(百万元) 115,154.51 转化，Q2业绩有望在较低基数下加速增长（23Q2收入/业绩增速分别为- 总股本(百万股) 13,579.54 3.1%/-1.4%）。 其中自由流通股(%) 84.71 30日日均成交量(百万股) 84.30 盈利能力略有提升，现金流流出幅度加大。2024Q1公司毛利率为7.79%， 股价走势 YoY+0.02个pct。期间费用率4.23%，YoY+0.09个pct，其中销售/管理 /研发/财务费用率Yo ...

Investment Rating - The report assigns a "Buy - A / Buy - H" rating to China Railway Construction Corporation (CRCC) (601186 SH / 01186 HK) [1] Core Views - CRCC reported Q1 2024 revenue of RMB 2749 49 billion, a YoY increase of 0 52% Net profit attributable to shareholders was RMB 60 25 billion, up 1 98% YoY, and non-GAAP net profit was RMB 57 77 billion, up 1 99% YoY [1] - Operating cash flow saw a net outflow increase to RMB 466 billion in Q1 2024, compared to RMB 392 billion in Q1 2023, while investment cash flow net outflow decreased to RMB 137 billion, the lowest in four years [1] - New contracts signed in Q1 2024 totaled RMB 5506 90 billion, up 2 05% YoY Overseas contracts grew significantly by 11 85% YoY to RMB 339 46 billion, driven by the "Overseas First" strategy [2] - Green environmental protection orders showed strong growth, increasing by 36 70% YoY to RMB 276 80 billion, while real estate development orders declined by 31 85% YoY [2] - The company appointed a new chairman, Dai Hegen, who previously led China National Chemical Engineering Co Ltd to rapid growth, with expectations of further management optimization [2] - The report maintains a target price of RMB 10 53 for A-shares and HKD 5 94 for H-shares, based on a 5x PE valuation for 2024, and forecasts net profits of RMB 28 6 billion, RMB 31 4 billion, and RMB 34 7 billion for 2024-2026 [2] Financial Performance and Projections - Revenue is projected to grow from RMB 1 137993 trillion in 2023 to RMB 1 328564 trillion in 2026, with a CAGR of 5 1%-5 4% [4] - Net profit attributable to shareholders is expected to increase from RMB 26 097 billion in 2023 to RMB 34 714 billion in 2026, with a CAGR of 9 6%-10 4% [4] - EBITDA is forecasted to rise from RMB 78 198 billion in 2023 to RMB 82 263 billion in 2026, with a slight dip in 2024 to RMB 72 782 billion [4] - EPS is projected to grow from RMB 1 92 in 2023 to RMB 2 56 in 2026, with a P/E ratio declining from 3 96x in 2023 to 3 37x in 2026 [4] - ROE is expected to remain stable, ranging from 8 4% to 8 6% over the forecast period [4] Business Segments and Strategy - Engineering contracting remains the largest segment, with orders of RMB 4101 12 billion in Q1 2024, up 3 12% YoY [2] - The "Overseas First" strategy is driving international expansion, with overseas orders growing faster than domestic orders [2] - Green environmental protection and investment operations are emerging as high-growth areas, with order increases of 36 70% and 6 65% YoY, respectively [2]

Financial Performance - For the first quarter of 2024, the company achieved operating revenue of RMB 274,948,792 thousand, representing a year-on-year increase of 0.52%[3] - The net profit attributable to shareholders for the same period was RMB 6,025,004 thousand, reflecting a year-on-year growth of 1.98%[3] - The basic earnings per share for the first quarter was RMB 0.399, which is a 2.57% increase compared to the same period last year[3] - Operating profit for Q1 2024 was CNY 8,654,646, compared to CNY 8,443,459 in Q1 2023, marking an increase of approximately 2.49%[24] - Net profit for Q1 2024 reached CNY 7,092,243, compared to CNY 6,897,516 in Q1 2023, indicating an increase of about 2.81%[24] - Total profit for Q1 2024 was 435,722,000, compared to 872,181,000 in Q1 2023, reflecting a significant decline[37] - Comprehensive income for Q1 2024 totaled 456,106,000, compared to 697,435,000 in Q1 2023[38] Assets and Liabilities - The total assets at the end of the first quarter were RMB 1,709,108,441 thousand, an increase of 2.77% compared to the end of the previous year[3] - The total amount of uncompleted contracts as of March 31, 2024, is RMB 698.86212 billion, an increase of 4.47% compared to the end of the previous year[11] - The company's total current assets amounted to RMB 1,104,650,485 thousand, an increase from RMB 1,064,752,631 thousand as of December 31, 2023, reflecting a growth of approximately 3.5%[18] - The company's total non-current assets reached RMB 604,457,956 thousand as of March 31, 2024, compared to RMB 598,266,947 thousand at the end of 2023, indicating a growth of about 1.5%[19] - The total liabilities as of March 31, 2024, amounted to CNY 1,291,646,260, up from CNY 1,245,899,805 as of December 31, 2023, reflecting a growth of approximately 3.67%[22] - The company's short-term borrowings increased significantly to RMB 120,470,173 thousand as of March 31, 2024, compared to RMB 81,839,758 thousand at the end of 2023, marking an increase of about 47%[20] Shareholder Information - The company had a total of 258,109 common shareholders at the end of the reporting period[5] - The largest shareholder, China Railway Construction Group Co., Ltd., holds 51.23% of the shares[5] - The controlling shareholder, China Railway Construction Group, has completed a share buyback plan, acquiring 13,580,000 A-shares, which is 0.1% of the company's total share capital, for a total amount of RMB 106 million[17] Contracts and Business Segments - The total amount of new contracts signed from the beginning of the year to the end of the reporting period is RMB 550.6895 billion, achieving 18.35% of the annual plan, with a year-on-year growth of 2.05%[11] - Domestic business new contracts amount to RMB 516.7436 billion, accounting for 93.84% of the total new contracts, with a year-on-year growth of 1.46%[11] - The engineering contracting industry new contracts amount to RMB 4,101.120 billion, with a year-on-year growth of 3.12%[12] - The green environmental protection industry new contracts amount to RMB 276.795 billion, with a significant year-on-year growth of 36.70% due to the company's commitment to green development[12] - The real estate development industry new contracts amount to RMB 137.156 billion, showing a year-on-year decline of 31.85% due to the ongoing downturn in the real estate market[12] - The railway engineering new contracts amount to RMB 298.477 billion, reflecting a year-on-year decline of 43.26% due to reduced project bidding[13] - The water conservancy and water transport engineering new contracts amount to RMB 227.328 billion, with a year-on-year growth of 43.84% driven by national water network construction plans[14] - The total amount of new contracts in the infrastructure construction projects is RMB 4,841.569 billion, accounting for 87.92% of the total new contracts, with a year-on-year growth of 4.93%[13] Management Changes - The company appointed Dai Hegen as the new chairman and added him to the executive director team, with the changes effective from January 30, 2024[15] - The company is in the process of filling a vacancy in the supervisory board following the resignation of supervisor Liu Zhengchang, which was due to work relocation[16] - The strategic and investment committee of the board was restructured, with Dai Hegen serving as the chairman of the committee[15] Cash Flow and Investments - The net cash flow from operating activities was reported at RMB -46,593,910 thousand, which is not applicable for year-on-year comparison[3] - Cash inflow from operating activities for Q1 2024 was CNY 291,632,380, slightly higher than CNY 291,587,304 in Q1 2023, indicating a growth of approximately 0.02%[27] - The company reported a significant decrease in net cash flow, indicating potential challenges in operational efficiency and market conditions[40] - The company reported a net cash outflow from investing activities of CNY -13,670,662 in Q1 2024, an improvement from CNY -15,200,506 in Q1 2023[29] - Cash inflow from financing activities in Q1 2024 was CNY 107,716,826, compared to CNY 90,073,623 in Q1 2023, indicating a 19.6% increase[29]

Financial Performance - The operating revenue for Q1 2024 was CNY 274,948,792, representing a year-on-year increase of 0.52%[4] - The net profit attributable to shareholders was CNY 6,025,004, reflecting a growth of 1.98% compared to the same period last year[4] - Basic earnings per share (EPS) stood at CNY 0.399, which is an increase of 2.57% year-on-year[4] - The total comprehensive income for Q1 2024 was CNY 7,297,436, compared to CNY 6,666,806 in Q1 2023, indicating an increase of about 9.45%[25] - The operating profit for Q1 2024 was CNY 8,654,646, up from CNY 8,443,459 in Q1 2023, reflecting a growth of approximately 2.49%[24] Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -46,593,910, indicating a significant cash outflow[4] - The company's cash and cash equivalents decreased to RMB 149,208,265 thousand from RMB 166,957,837 thousand, reflecting a decline of approximately 10.65%[19] - The cash inflow from operating activities was CNY 7,914,031, a decrease of 20.4% compared to CNY 9,935,457 in Q1 2023[34] - The total cash outflow from operating activities was CNY 8,980,970, an increase of 23.8% compared to CNY 7,250,553 in Q1 2023[34] - The company experienced a net decrease in cash and cash equivalents of CNY -493,552, contrasting with an increase of CNY 2,512,976 in Q1 2023[35] Assets and Liabilities - Total assets at the end of Q1 2024 reached CNY 1,709,108,441, marking a 2.77% increase from the end of the previous year[5] - The total liabilities increased to RMB 1,291,646,260 thousand from RMB 1,245,899,805 thousand, reflecting a growth of approximately 3.67%[22] - The equity attributable to shareholders reached RMB 315,550,372 thousand, compared to RMB 309,837,517 thousand, indicating an increase of about 1.23%[22] - The company's total liabilities decreased to CNY 30,969,324 as of March 31, 2024, down from CNY 32,356,677 at the end of 2023, reflecting a reduction of approximately 4.3%[30] Contracts and Business Development - The total new contracts signed by the group from the beginning of the year to the end of the reporting period amounted to RMB 550.6895 billion, representing 18.35% of the annual plan and a year-on-year increase of 2.05%[12] - Domestic business new contracts accounted for RMB 516.7436 billion, 93.84% of the total new contracts, with a year-on-year growth of 1.46%[12] - The total amount of unfinished contracts as of March 31, 2024, was RMB 698.86212 billion, an increase of 4.47% compared to the end of the previous year[12] - The engineering contracting industry signed new contracts worth RMB 4,101.120 billion, with a year-on-year increase of 3.12%[13] - The green environmental protection industry saw new contracts of RMB 276.795 billion, a significant year-on-year increase of 36.70% due to the company's commitment to green development[13] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 258,109[8] - The largest shareholder, China Railway Construction Group, holds 51.23% of the shares, amounting to 6,956,316,590 shares[8] - The controlling shareholder, China Railway Construction Group, increased its stake by acquiring 13,580,000 A shares, representing 0.1% of the total share capital, for a total amount of RMB 1.06 billion[18] Management Changes - The company appointed Mr. Dai Hegen as the executive director and chairman of the board on January 30, 2024[16] - The company adjusted the members of the Strategic and Investment Committee of the board on March 27-28, 2024, with Mr. Dai Hegen as the chairman[16] Research and Development - The company reported a decrease in research and development expenses to CNY 2,819,012 in Q1 2024 from CNY 2,925,631 in Q1 2023, a reduction of about 3.63%[24] - Research and development expenses for Q1 2024 were CNY 3,992, indicating a focus on innovation despite overall cost management[32]

2024年4月24日，公司监事会收到监事刘正昶先生的辞职报告， 其因工作调动原因不再担任本公司监事。辞职后，刘正昶先生不在公 司及控股子公司担任任何职务。 由于刘正昶先生的辞职将导致公司监事会的监事人数低于法定 最低人数，根据《中华人民共和国公司法》《中国铁建股份有限公司 章程》的相关规定，刘正昶先生的辞职将在补选新任监事后生效。在 此期间，刘正昶先生仍将继续履行相应职责。公司将按照规定程序尽 快完成监事增补工作。 刘正昶先生在担任公司监事期间勤勉工作、尽职尽责，公司对刘 正昶先生做出的贡献表示衷心的感谢。 证券代码：601186 证券简称：中国铁建 公告编号：临 2024—019 中国铁建股份有限公司 关于监事辞职的公告 本公司监事会及全体监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。 特此公告。 中国铁建股份有限公司监事会 2024 年 4 月 25 日 1 ...

证券代码：601186 证券简称：中国铁建 公告编号：临 2024-018 | 地区分布 | 新签合同额（亿元人民币） | 同比增减 | | --- | --- | --- | | 境内 | 5167.436 | 1.46% | | 境外 | 339.459 | 11.85% | | 合计 | 5506.895 | 2.05% | 中国铁建股份有限公司 2024 年第一季度主要经营数据公告 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。 现将本公司 2024 年第一季度主要经营情况公布如下，供各位投 资者参阅。 一、主要经营情况 1.按产业类型统计 | 产业类型 | 2024 年 | 1-3 月 | | 本年累计 | | | --- | --- | --- | --- | --- | --- | | | 新签项目数 | 新签合同额 | 新签项目数 | 新签合同额（亿 | 同比增减 | | | 量(个) | （亿元人民币） | 量（个） | 元人民币） | | | 工程承包 | 887 | 4101.120 | 887 | 4 ...

德恒上海律师事务所 关于中国铁道建筑集团有限公司增持 中国铁建股份有限公司股份的 法律意见 中国上海市虹口区东大名路 501 号上海白玉兰广场办公楼 23 楼 电话：021-55989888 传真：021-55989898 邮编：200080 德恒上海律师事务所 关于中国铁道建筑集团有限公司增持 中国铁建股份有限公司股份的法律意见 德恒上海律师事务所 关于中国铁道建筑集团有限公司增持 中国铁建股份有限公司股份的 法律意见 德恒 SHG20120021-00013 号 致：中国铁建股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）、中国证券监督管理委员会（以下 简称"中国证监会"）《上市公司收购管理办法》（以下简称"《收购管理办法》"）、 上海证券交易所（以下简称"上交所"）《上海证券交易所股票上市规则》（以 下简称"《股票上市规则》"）、《上海证券交易所上市公司自律监管指引第 8 号——股份变动管理》（以下简称"《监管指引第 8 号》"）等相关法律、法规、 规章、规范性文件的规定，德恒上海律师事务所（以下简称"德恒"或"本所"） 接受中国 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 中 國 鐵 建 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 公 佈，董 事 會 將 於2024年4月29日（星 期 一）於 中 華 人 民 共 和 國 北 京 市 海 淀 區 復 興 路40 號 中 國 鐵 建 大 廈 舉 行 董 事 會 會 議，藉 以 審 議 批 准（其 中 包 括）本 公 司 及 其 附屬公司截至2024年3月31日 止 第 一 季 度 未 經 審 計 的 業 績。 承董事會命 中國鐵建股份有限公司 董事長 戴和根 中國‧北京 2024年4月16日 於 本 公 告 日 期，董 事 會 成 員 包 括：戴 和 根 先 生（董 事 長、執 行 董 事）、王 立 新先生（總裁、執行董事）、倪真先生（執行董事）、郜烈陽先生（非執行董事）、 馬 傳 景 先 生（獨 立 非 執 行 董 事）、趙 立 新 ...

中国铁建股份有限公司 关于控股股东增持计划实施完毕暨增持结 果的公告 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： 证券代码：601186 证券简称：中国铁建 公告编号：临 2024—017 1 本次增持主体为公司控股股东中铁建集团。 （二）本次增持前持有本公司股份的数量及占比情况 ● 增持计划基本情况：中国铁建股份有限公司（以下简称公 司）于2023年10月17日披露了《中国铁建股份有限公司关于控股股东 增持公司股份计划的公告》（公告编号：临2023-038），公司控股股 东中国铁道建筑集团有限公司（以下简称中铁建集团）拟自该公告披 露之日起6个月内通过上海证券交易所系统允许的方式增持公司A股 股份，累计增持比例不低于增持前公司已发行总股本的0.1%，不高于 增持前公司已发行总股本的0.25%，增持总金额不超过人民币3亿元。 ● 增持计划实施结果：截至2024年4月16日，中铁建集团通 过上海证券交易所交易系统以集中竞价交易方式累计增持公司 13,580,000股A股股份，占公司总股本的比例为0.1%，增 ...