Investment Rating - The report maintains a "Buy" rating for both A and H shares of China Railway Construction Corporation (601186.SH/1186.HK) [2][5][7] Core Views - The company reported a decline in revenue and net profit for the first three quarters of 2024, with revenue of 758.13 billion yuan and a net profit attributable to shareholders of 15.7 billion yuan, representing a year-on-year decrease of 6% and 19.2% respectively [2] - Despite the overall decline, there was an improvement in cash flow in the third quarter of 2024, with a net cash outflow of 73.4 billion yuan, which is less than the outflow of 165 billion yuan in the same period last year [3] - The company is experiencing a significant increase in green and environmental orders, with new contracts for green projects reaching 125.2 billion yuan, a year-on-year growth of 43.1% [4] - The company is actively developing new strategic industries and is expected to improve financial metrics as debt reduction progresses [4][5] Financial Performance Summary - For the first nine months of 2024, the company’s gross profit margin was 9.2%, and the net profit margin was 2.6%, both showing slight year-on-year decreases [3] - The financial expense ratio has increased, impacting profitability, with financial expenses rising significantly [3] - New contracts signed in the first nine months of 2024 totaled 1,473.4 billion yuan, a decrease of 17.5% year-on-year, with domestic and international contracts also declining [4] - The company’s long-term receivables from PPP projects amounted to 10.5 billion yuan, indicating ongoing efforts to manage debt effectively [4] Profit Forecast and Valuation - The profit forecast for 2024-2026 has been revised downwards, with net profit estimates of 23.2 billion yuan, 23.4 billion yuan, and 23.7 billion yuan respectively, reflecting reductions of 18%, 23%, and 26% [5] - The report highlights that despite the challenges, improvements in cash flow and growth in green orders could lead to better financial indicators in the future [5]

Investment Rating - The report maintains an "Accumulate" rating for China Railway Construction Corporation (601186) [3][8]. Core Insights - The company reported a revenue of 758.13 billion yuan for the first three quarters of 2024, a year-on-year decrease of 5.99%. The net profit attributable to shareholders was 15.695 billion yuan, down 19.18% year-on-year [4][6]. - The company experienced a significant decline in new orders, with a total of 1,473.43 billion yuan in new contracts signed, representing a year-on-year decrease of 17.51%. However, green and environmental orders grew by 43.05% to 125.20 billion yuan [5][6]. - The operating cash flow showed improvement in Q3, with a net cash outflow of 73.42 billion yuan, a significant reduction compared to previous quarters [7]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 9.16%, a slight decrease of 0.01 percentage points year-on-year, and a net margin of 2.63%, down 0.27 percentage points year-on-year [4]. - The company’s total assets were reported at 1,810.27 billion yuan, with net assets of 321.92 billion yuan. The earnings per share (EPS) for 2024 is projected to be 1.64 yuan [9][10]. - The forecast for net profit attributable to shareholders for 2024-2026 is 22.22 billion yuan, 22.33 billion yuan, and 22.81 billion yuan respectively, indicating a decline in profitability [9][10].

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。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲 載 列 中 國 鐵 建 股 份 有 限 公 司（「本公司」）在 上 海 證 券 交 易 所 網 站 刊 登 的「中 國鐵建股份有限公司2019年 面 向 合 格 投 資 者 公 開 發 行 可 續 期 公 司 債 券（第 二 期）（品 種 二）2024年 本 息 兌 付 及 摘 牌 公 告」，僅 供 參 閱。 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11月7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）、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 先 生（獨 立 非 執 行 董 事）、解 國 光 先 ...

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。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲 載 列 中 國 鐵 建 股 份 有 限 公 司（「本公司」）在 上 海 證 券 交 易 所 網 站 刊 登 的「中 國鐵建股份有限公司2024年面向專業投資者公開發行科技創新可續期 公 司 債 券（第 五 期）信 用 評 級 報 告」，僅 供 參 閱。 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11月6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）、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 先 生（獨 立 非 執 行 董 事）、解 國 光 先 生（獨 立 非 執 行 董 事）及 錢 偉 倫 先 生（獨 ...

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。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲 載 列 中 國 鐵 建 股 份 有 限 公 司（「本公司」）在 上 海 證 券 交 易 所 網 站 刊 登 的「中 國鐵建股份有限公司2024年面向專業投資者公開發行科技創新可續期 公 司 債 券（第 五 期）發 行 公 告」，僅 供 參 閱。 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11月6日 中国铁建股份有限公司 China Railway Construction Corporation Limited 住所：北京市海淀区复兴路 40 号东院 中国铁建股份有限公司 2024 年面向专业投资者公开 发行科技创新可续期公司债券（第五期） 发行公告 牵头主承销商、簿记管理人、债券受托管理人 於 本 公 告 日 期，董 ...

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。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲 載 列 中 國 鐵 建 股 份 有 限 公 司（「本公司」）在 上 海 證 券 交 易 所 網 站 刊 登 的「中 國鐵建股份有限公司2024年面向專業投資者公開發行科技創新可續期 公 司 債 券（第 五 期）募 集 說 明 書」，僅 供 參 閱。 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11月6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）、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 先 生（獨 立 非 執 行 董 事）、解 國 光 先 生（獨 立 非 執 行 董 事）及 錢 偉 倫 先 生（獨 立 ...

Investment Rating - The report maintains a rating of "Buy" for China Railway Construction Corporation (CRCC) [2][7]. Core Views - The company is expected to benefit from the release of new projects and the advancement of existing projects due to the implementation of fiscal incremental policies, which may lead to improvements in both profit and asset sides [2]. - The target price is set at 12.47 CNY, corresponding to a PE ratio of 7.4 times for 2024 [2][7]. Financial Summary - Revenue for 2022 was 1,096,313 million CNY, with a projected decrease to 978,165 million CNY in 2024, reflecting a year-on-year decline of 14.0% [1]. - Net profit attributable to shareholders was 26,681 million CNY in 2022, expected to decrease to 22,964 million CNY in 2024, a decline of 12.0% [1]. - Earnings per share (EPS) is projected to drop from 1.96 CNY in 2022 to 1.69 CNY in 2024 [1]. - Return on equity (ROE) is forecasted to decrease from 9.2% in 2022 to 7.0% in 2024 [1]. - The price-to-earnings (PE) ratio is expected to rise from 4.55 in 2022 to 5.28 in 2024 [1]. Performance Metrics - For the first three quarters of 2024, revenue was reported at 758.1 billion CNY, a decrease of 5.99% year-on-year [2]. - Net profit for the same period was 15.7 billion CNY, down 19.18% year-on-year [2]. - The operating cash flow for the first three quarters of 2024 was negative 89 billion CNY, compared to negative 43.2 billion CNY in the same period of 2023 [2]. Order Intake - New signed contracts for the first three quarters of 2024 totaled 14,734 billion CNY, reflecting a decrease of 17.51% year-on-year [14]. - Domestic new contracts decreased by 18.03%, while overseas contracts fell by 10.12% [14]. Market Position - CRCC is recognized as one of the largest and most powerful comprehensive construction groups globally, with a diverse business portfolio including engineering contracting, planning and design consulting, investment operations, and real estate development [2].

Core Viewpoint - Kunlun Investment (Songyuan) Environmental Governance Co., Ltd. has been established with a registered capital of 10 million yuan, focusing on various environmental services [1] Company Summary - The legal representative of the newly established company is Wang Zhongshuang [1] - The company's business scope includes wastewater treatment and its recycling, water pollution prevention services, municipal facility management, environmental protection monitoring, environmental consulting services, and IoT application services [1] - The company is indirectly controlled by China Railway Construction [1]

Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 10.56 CNY, compared to the current stock price of 9.21 CNY [4][6][9]. Core Views - The company has experienced revenue pressure with a year-on-year decline of 5.99% in the first three quarters of 2024, achieving a total revenue of 758.125 billion CNY. The net profit attributable to shareholders decreased by 19.18% to 15.695 billion CNY during the same period [1][2]. - The company is focusing on optimizing its business structure and has seen a significant reduction in new contract orders, particularly in investment operations, which dropped by 65.6% year-on-year. However, emerging business areas such as mining and water conservancy projects have shown substantial growth [2][4]. - The overall gross margin remained stable at 9.16%, with a slight decrease in the third quarter. The financial expense ratio increased due to higher financial costs, while operating cash flow improved significantly in Q3, narrowing the cash outflow compared to the previous year [3][4]. Summary by Sections Revenue Performance - In the first three quarters of 2024, the company reported revenues of 758.125 billion CNY, down 5.99% year-on-year. Quarterly revenues showed a trend of +0.52% in Q1, -9.84% in Q2, and -8.82% in Q3 [1][2]. - The net profit attributable to shareholders for the same period was 15.695 billion CNY, reflecting a year-on-year decline of 19.18% [1][2]. Contract and Business Structure - The company signed new contracts worth 14,734.27 billion CNY in the first three quarters, a decrease of 17.51% year-on-year. The new contracts in engineering and investment operations fell by 13.84% and 65.6%, respectively [2][4]. - Emerging business sectors, such as mining and water conservancy, saw contract growth of 307.61% and 38.58%, indicating a shift towards more profitable areas [2][4]. Financial Metrics - The gross margin for the third quarter was 9.24%, with a net profit margin of 2.07%, both showing declines compared to the previous year [3][4]. - The operating cash flow for the first three quarters was -89.018 billion CNY, an improvement from -43.183 billion CNY in the same period last year. The cash outflow in Q3 was significantly reduced to -7.342 billion CNY from -23.840 billion CNY [3][4]. Profit Forecast and Valuation - The company is projected to have revenues of 1,115.23 billion CNY, 1,193.30 billion CNY, and 1,264.90 billion CNY for 2024, 2025, and 2026, respectively, with year-on-year growth rates of -2.0%, 7.0%, and 6.0% [4][6]. - The net profit forecasts for the same years are 24.05 billion CNY, 26.05 billion CNY, and 28.08 billion CNY, with corresponding year-on-year changes of -7.9%, +8.3%, and +7.8% [6][7].

Investment Rating - The investment rating for China Railway Construction Corporation (601186) is "Outperform the Market" and is maintained [1]. Core Views - The report highlights that in the first three quarters of 2024, the company achieved operating revenue of 758.125 billion yuan, a year-on-year decrease of 5.99%. The net profit attributable to the parent company was 15.695 billion yuan, down 19.18% year-on-year [5]. - The report notes a slight narrowing of revenue decline in Q3, while the net profit decline expanded. The quarterly revenue for Q1, Q2, and Q3 showed year-on-year changes of +0.52%, -9.84%, and -8.82%, respectively [5]. - The report emphasizes that despite pressure on new orders, the backlog remains substantial, with a total of 70,873.74 billion yuan in uncompleted contracts, which is 6.23 times the total revenue for 2023 [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the gross profit margin slightly decreased to 9.16%, while the expense ratio increased to 5.33%. The net profit margin fell to 2.63%, and the weighted average ROE decreased to 5.56% [5]. - The operating cash flow showed a net outflow of 89.018 billion yuan, an increase of 106.14% year-on-year, with Q3 showing some improvement [5]. Order Book and Business Outlook - New contracts signed in the first three quarters totaled 14,734.27 billion yuan, a year-on-year decrease of 17.51%. The Q3 new contracts were 3,728.05 billion yuan, down 12.72% year-on-year [5]. - The report indicates that the company is actively pursuing green development initiatives, with new contracts in the green and environmental protection sector increasing by 43.05% [5]. Earnings Forecast - The earnings per share (EPS) for 2024 and 2025 are projected to be 1.83 yuan and 1.92 yuan, respectively. The report assigns a reasonable valuation range of 9.13 to 10.95 yuan based on a price-to-earnings ratio of 5-6 times for 2024 [5][6].