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 ...

Financial Performance - The company's net profit for 2023 was RMB 11,679,665 thousand, with a cash dividend of RMB 3.50 per 10 shares, totaling RMB 4,752,840 thousand, accounting for 20.18% of the distributable profit[3] - Revenue for 2023 reached 1,137,993,486 thousand RMB, a 3.80% increase compared to 2022[20] - Net profit attributable to shareholders of the listed company in 2023 was 26,096,971 thousand RMB, a decrease of 2.19% compared to 2022[20] - Net cash flow from operating activities in 2023 was 20,412,048 thousand RMB, a significant decrease of 63.64% compared to 2022[20] - Total assets at the end of 2023 were 1,663,019,578 thousand RMB, an increase of 9.13% compared to 2022[20] - The company's net assets attributable to shareholders of the listed company increased by 6.69% to 309,837,517 thousand RMB in 2023[20] - Basic earnings per share decreased by 1.70% to 1.73 yuan per share in 2023 compared to 1.76 yuan per share in 2022[22] - Diluted earnings per share also decreased by 1.70% to 1.73 yuan per share in 2023 compared to 1.76 yuan per share in 2022[22] - Weighted average return on equity decreased by 1.27 percentage points to 9.80% in 2023 from 11.07% in 2022[22] - Operating revenue for Q4 2023 was 331,530,291 thousand yuan, the highest among all quarters in 2023[24] - Net profit attributable to shareholders in Q4 2023 was 6,677,431 thousand yuan, showing a recovery from Q3's 5,770,930 thousand yuan[24] - Net cash flow from operating activities in Q4 2023 was 63,594,622 thousand yuan, a significant improvement from Q3's -23,839,597 thousand yuan[24] - Non-recurring gains and losses in 2023 totaled 1,516,529 thousand yuan, a decrease from 2,553,353 thousand yuan in 2022[27] - Government subsidies in 2023 amounted to 880,303 thousand yuan, slightly lower than 931,515 thousand yuan in 2022[25] - The fair value of other equity instrument investments increased by 635,520 thousand yuan in 2023, contributing 116,607 thousand yuan to current profits[29] - Total assets measured at fair value increased by 3,789,735 thousand yuan in 2023, reaching 39,294,928 thousand yuan[29] - The company achieved a total new contract value of 3,293.87 billion yuan, a year-on-year increase of 1.51%[33] - The company's operating income reached 1,137.9935 billion yuan, a year-on-year increase of 3.80%[33] - The company's net profit was 32.3287 billion yuan, a year-on-year increase of 1.68%[33] - The company's total profit was 38.8282 billion yuan, a year-on-year increase of 2.65%[33] - The company's net profit attributable to shareholders of the listed company was 26.097 billion yuan, a year-on-year decrease of 2.19%[33] - The company's net assets attributable to shareholders of the listed company were 309.8375 billion yuan, a year-on-year increase of 6.69%[33] - Revenue increased by 3.80% to RMB 1,137,993,486 thousand, driven by growth in engineering contracting and real estate businesses[77][79] - Operating costs rose by 3.44% to RMB 1,019,683,082 thousand, primarily due to increased costs in engineering contracting and real estate businesses[77][79] - R&D expenses grew by 6.88% to RMB 26,725,454 thousand, reflecting increased investment in research and development[77][79] - Engineering contracting business revenue increased by 2.34% to RMB 987,324,503 thousand, with a gross margin improvement of 0.26 percentage points to 8.87%[81][85] - Real estate development business revenue surged by 33.76% to RMB 83,271,759 thousand, though the gross margin decreased by 1.79 percentage points to 12.21%[81][79] - Domestic revenue accounted for RMB 1,077,683,620 thousand, a 3.40% increase, with a gross margin improvement of 0.38 percentage points to 10.59%[83] - Overseas revenue grew by 11.52% to RMB 60,309,866 thousand, but the gross margin decreased by 0.86 percentage points to 6.87%[83] - Planning and design consulting business revenue declined by 7.60% to RMB 18,753,979 thousand, but the gross margin improved by 7.41 percentage points to 43.27%[81][86] - Industrial manufacturing business revenue decreased by 2.96% to RMB 23,999,340 thousand, with a gross margin decline of 0.46 percentage points to 22.10%[81][87] - Cash flow from financing activities increased by 31.56% to RMB 44,591,505 thousand, driven by higher borrowing[77][79] - Real estate development business revenue increased by 33.76% to 83.27 billion yuan, driven by increased project deliveries[89] - Real estate development business gross profit grew by 16.62% to 10.17 billion yuan, but gross margin decreased by 1.79 percentage points to 12.21%[89] - Logistics and other business revenue slightly increased by 0.38% to 95.87 billion yuan, with gross margin improving by 0.51 percentage points to 7.94%[90] - Total cost increased by 3.28% to 1.09 trillion yuan, with material costs accounting for 41.94% of total costs[92] - R&D expenses increased by 6.88% to 26.73 billion yuan, accounting for 2.35% of total revenue[97][101] - Sales expenses increased by 11.07% to 7.38 billion yuan due to increased business contracting efforts[97] - Financial expenses surged by 30.27% to 4.66 billion yuan, mainly due to increased interest expenses[97] - Capital expenditures increased by 16.82% to 35.3478 billion yuan, driven by engineering projects, equipment purchases, and technology upgrades[107] - Engineering contracting business revenue grew to 22.2978 billion yuan, up from 18.7312 billion yuan in 2022[108] - Operating cash flow decreased by 63.64% to 20.412 billion yuan, primarily due to increased payments for goods and services[109] - Investment cash flow showed a net outflow of 55.909 billion yuan, up by 2.635 billion yuan, mainly due to increased spending on fixed assets and long-term assets[109] - Financing cash flow increased by 31.56% to 44.591 billion yuan, driven by higher borrowing[109] - Monetary assets grew by 5.39% to 166.9578 billion yuan, accounting for 10.04% of total assets[114] - Long-term receivables surged by 36.38% to 109.859 billion yuan, reflecting increased long-term project receivables[114] - Short-term borrowings rose by 59.32% to 81.8397 billion yuan, mainly to supplement liquidity[115] - Accounts payable increased by 15.51% to 491.5672 billion yuan, representing 29.56% of total assets[115] - Long-term loans grew by 28.84% to 197.8269 billion yuan, reflecting increased borrowing activities[115] - Overseas assets accounted for 5.85% of total assets, amounting to 97,355,674 thousand RMB[119] - Total financial assets as of December 31, 2023, were 557,303,292 thousand RMB, including 14,802,423 thousand RMB in financial assets measured at fair value through other comprehensive income[121] - Accounts receivable increased by 14.5795 billion RMB from 141.2296 billion RMB in 2022 to 155.8091 billion RMB in 2023[125] - Accounts payable increased by 65.9983 billion RMB from 425.5689 billion RMB in 2022 to 491.5672 billion RMB in 2023, driven by business expansion[129] - Prepayments and other receivables decreased by 14.9091 billion RMB, a 15.94% drop from 93.5243 billion RMB in 2022 to 78.6152 billion RMB in 2023[131] - Short-term borrowings increased from 51,367,562 thousand RMB in 2022 to 81,839,758 thousand RMB in 2023, with credit loans being the largest component[133] - The company's provision for post-employment benefits decreased from 115.1 million RMB in 2022 to 87.1 million RMB in 2023[132] - The turnover days for accounts receivable decreased slightly from 54 days in 2022 to 53 days in 2023, while accounts payable turnover days increased from 146 days to 164 days[127] - Total long-term borrowings increased to 165,621,478 thousand RMB in 2023, up from 133,415,428 thousand RMB in 2022[137] - The company's leverage ratio remained stable at 67% in 2023, compared to 66% in 2022[139] - Total capital commitments and investment commitments amounted to 73,514,384 thousand RMB in 2023, slightly up from 72,116,117 thousand RMB in 2022[142] - The company completed 2,312 projects in 2023 with a total value of 580,794.47 million RMB, including 1,471 infrastructure projects worth 413,377.39 million RMB[146] - Domestic projects accounted for 53,464.836 million RMB of the total completed projects, while international projects contributed 46,146.11 million RMB[148] - The company had 11,337 ongoing projects in 2023 with a total value of 5,761,771.14 million RMB, including 6,786 infrastructure projects worth 4,059,518.70 million RMB[149] - Domestic ongoing projects accounted for 4,616,512.13 million RMB, while international ongoing projects contributed 1,145,259.01 million RMB[150] - The company signed 6,482 new projects in 2023 with a total value of 2,853,479.1 million RMB[150] - Total value of orders on hand at the end of the reporting period is 5,002.1 billion RMB, including 2,522.2 billion RMB for projects with signed contracts but not yet started, and 2,479.9 billion RMB for the unfinished portion of ongoing projects[152] - Engineering contracting business revenue in 2023 is 987.32 billion RMB, accounting for 86.76% of the company's total revenue[153] - Infrastructure engineering revenue in 2023 is 600.15 billion RMB, accounting for 52.74% of the company's total revenue[153] - Housing construction revenue in 2023 is 250.73 billion RMB, accounting for 22.03% of the company's total revenue[153] - Total operating revenue in 2023 is 1,137.99 billion RMB[153] - Engineering contracting business cost in 2023 is 899.71 billion RMB, accounting for 88.23% of the company's total operating cost[154] - Infrastructure engineering cost in 2023 is 549.20 billion RMB, accounting for 53.86% of the company's total operating cost[154] - Housing construction cost in 2023 is 227.11 billion RMB, accounting for 22.27% of the company's total operating cost[154] - Total operating cost in 2023 is 1,019.68 billion RMB[154] - The company has a total of 2,718 construction enterprise qualifications, including 100 top-level general contracting qualifications and 429 first-level qualifications[152] - The company acquired 39 land parcels in 21 cities including Shanghai, Xi'an, Chengdu, Guangzhou, and Hefei, with a total equity buildable area of 4.7364 million square meters and a total equity land price of 58.408 billion yuan, with an average premium rate of 6.58%[160] - 92% of the acquired land parcels are located in first- and second-tier cities[160] - The company has 505 development projects in 95 domestic cities, with a total land area of 41.4171 million square meters and a total planned construction area of 131.6382 million square meters[160] - The company completed real estate development investments of 82.408 billion yuan, with the Yangtze River Delta region accounting for 46.25% (38.122 billion yuan) and the Southwest region accounting for 25.31% (20.858 billion yuan)[163] - The total investment in real estate development projects is 129.27823 billion yuan, with actual investment during the reporting period of 8.240844 billion yuan[164] - The Yangtze River Delta region has the largest planned buildable area of 22.5144 million square meters and the largest total construction area of 30.7278 million square meters[164] - The Southwest region has the largest land area for projects at 13.2637 million square meters[164] - The company holds 7.557838 million square meters of land for development, with a planned buildable area of 17.269957 million square meters[161] - The company's real estate development projects do not include primary land consolidation[161] - The area involved in cooperative development projects is 7.72574 million square meters[161] - The company achieved a total sales amount of 121.395 billion yuan and a sales area of 7,490,200 square meters during the reporting period, with a结转收入 of 83.272 billion yuan and a结转面积 of 5,726,882 square meters[171] - The Yangtze River Delta region had the highest sales amount of 45.266 billion yuan and a sales area of 2,009,700 square meters, with an average selling price of 22,524 yuan per square meter[172] - The Southwest region had a sales amount of 37.541 billion yuan and a sales area of 2,322,800 square meters, with an average selling price of 16,162 yuan per square meter[172] - The Bohai Rim region had a sales amount of 17.069 billion yuan and a sales area of 1,653,700 square meters, with an average selling price of 10,322 yuan per square meter[172] - The Pearl River Delta region had a sales amount of 15.583 billion yuan and a sales area of 1,101,600 square meters, with an average selling price of 14,146 yuan per square meter[172] - Other regions had a sales amount of 5.934 billion yuan and a sales area of 402,300 square meters, with an average selling price of 14,753 yuan per square meter[172] - The total available for sale area across all regions was 128.3914 million square meters, with a total sales amount of 121.394 billion yuan and a total结转面积 of 5,726,882 square meters[172] - The company's total待结转面积 at the end of the reporting period was 291.587 million square meters[171] - The company's total rental income from real estate in 2023 was RMB 190 million, accounting for 0.23% of the real estate sector's revenue[177] - The company's long-term equity investment balance at the end of 2023 was RMB 149.3276 billion, an increase of RMB 21.2932 billion (16.63%) compared to the beginning of the year[181] - The company's investment in joint ventures increased by RMB 9.1295 billion (16.35%) to RMB 64.9611 billion in 2023[181] - The company's investment in associates increased by RMB 12.1636 billion (16.85%) to RMB 84.3664 billion in 2023[181] - The company's total financial assets measured at fair value at the end of 2023 were RMB 22.2196 billion, an increase of RMB 3.5392 billion compared to the beginning of the year[182] - The company's stock investments decreased by RMB 349,140 to RMB 2.5482 billion in 2023[182] - The company's bond investments increased by RMB 190,800 to RMB 5.1620 billion in 2023[182] - The company's private equity fund investments increased by RMB 2.4515 billion to RMB 6.1916 billion in 2023[182] - The company's other financial assets increased by RMB 1.2460 billion to RMB 8.3099 billion in 2023[182] - The company's investment in China Zhongwang (HK03969) resulted in a loss of 780 thousand yuan, with a current value of 57,169 thousand yuan and a cost of 136,128 thousand yuan[184] - China Nonferrous Mining (HK01258) investment yielded a profit of 7,272 thousand yuan, with a current value of 130,253 thousand yuan and a cost of 59,138 thousand yuan[184] - The investment in China Eastern Airlines (600115) incurred a loss of 31,449 thousand yuan, with a current value of 300,000 thousand yuan and a cost of 270,704 thousand yuan[184] - The investment in Times Electric (688187) generated a profit of 5,390 thousand yuan, with a current value of 534,786 thousand yuan and a cost of 9,800 thousand yuan[186] - The investment in Bank of Xi'an (600928) resulted in a profit of 37 thousand yuan, with a current value of 691 thousand yuan and a cost of 100 thousand yuan[186] - The investment in Lanzhou Bank (001227) yielded a profit of 8,757 thousand yuan, with a current value of 275,897 thousand yuan and a cost of 99,227 thousand yuan[186] - The investment in China Railway Construction Corporation (601186) generated a profit of 15,042

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Railway Construction Corporation (601186.SH/1186.HK) [1] Core Views - The company's performance was impacted by impairment losses, but the dividend payout ratio has significantly increased [6] - In 2023, the company reported revenues of CNY 1,138 billion, a year-on-year increase of 3.8%, while net profit attributable to shareholders decreased by 2.2% to CNY 261 billion [5][6] - The company plans to distribute a cash dividend of CNY 0.35 per share, resulting in a dividend yield of approximately 4.6% [5] Summary by Sections Financial Performance - In Q4 2023, the company recorded revenues of CNY 331.5 billion, a year-on-year increase of 11.3%, but net profit attributable to shareholders fell by 15.6% [5][6] - The total impairment losses for the year reached CNY 99.4 billion, an increase of 25.2% compared to the previous year [6] - The company signed new contracts worth CNY 3.29 trillion in 2023, a 1.5% increase year-on-year, with domestic contracts growing by 3.5% and international contracts declining by 17.4% [6] Business Segments - The engineering contracting segment achieved revenue of CNY 987.3 billion, a 2.3% increase, with a gross margin of 8.9% [6] - The real estate segment saw sales of approximately CNY 121.4 billion, with revenue from property development reaching CNY 83.3 billion, a 33.8% increase [6] Dividend Policy - The company has set a dividend payout ratio of 20.18% for 2023, an increase of 4.3 percentage points from 2022, and has established a three-year shareholder return plan [6] Profit Forecast and Valuation - The profit forecasts for 2024 and 2025 have been revised down to CNY 28.2 billion and CNY 30.5 billion, reflecting a decrease of 14.8% and 18.1% respectively [6] - The report remains optimistic about the company's core business development and overseas expansion, maintaining a "Buy" rating for both A-shares and H-shares [6]