Investment Rating - The report maintains a rating of "Buy" for China Railway Construction Corporation (CRCC) [5] Core Views - The report highlights a significant increase in the dividend payout ratio, with a proposed dividend of 4.6% [3] - The net profit attributable to shareholders decreased by 2.2% in 2023, with a notable decline of 15.6% in Q4 [3] - The target price has been adjusted to 13.00, reflecting a PE ratio of 6 times for 2024 [3][5] Financial Summary - In 2023, the total revenue reached 1.14 trillion yuan, an increase of 3.8% compared to the previous year [3] - The net profit attributable to shareholders was 26.1 billion yuan, down 2.2% year-on-year [3] - The gross profit margin for 2023 was 10.40%, with a net profit margin of 2.29% [3] - The operating cash flow decreased significantly by 63.6%, totaling 20.4 billion yuan [3] Earnings Forecast - The report forecasts EPS of 2.02 yuan for 2024, reflecting a 5% increase, and 2.12 yuan for 2025, also a 5% increase [3][4] - The projected net profit for 2024 is estimated at 27.45 billion yuan, with a growth rate of 5% [4] Order Intake - New contracts signed in 2023 totaled 3.3 trillion yuan, an increase of 2% year-on-year [3] - The report notes a quarterly increase of 8% in new contracts for Q4 2023 [3][11] Valuation Metrics - The report indicates a price-to-book (PB) ratio of 0.47, the lowest among state-owned construction enterprises [3] - The historical PE ratio is noted at 4.6 for 2023, with a forecasted PE of 4.3 for 2024 [3][10]

上 市 公 司 建筑装饰 2024 年04月 03 日 中国铁建 (601186) 公 司 研 究 ——现金流保持净流入状态，分红比率大幅提升 公 司 点 报告原因：有业绩公布需要点评 评 增持 投资要点： （维持）  公司 23 年归母净利润同比下降2.19%，符合预期，扣非净利润同比增长1.88%。根据公司公告， 23年公司实现营业收入1.14万亿元，同比增长3.80%；实现归母净利润261亿元，同比下降2.19%， 证 市场数据： 2024年04月02日 符合预期；实现扣非净利润246亿元，同比增长1.88%。23年毛利率、归母净利率分别为10.4%、 券 收盘价（元） 8.62 2.84%，同比+0.31pct、-0.06pct；期间费用率合计为5.47%，同比+0.26pct，其中销售/管理/研发 研 一年内最高/最低（元） 13.08/7.15 究 市净率 0.4 /财务费用率分别同比+0.04/+0.07/+0.07/+0.08pct。23年资产及信用减值损失99.4亿，占比营收 报 息率（分红/股价） - 上升0.15pct至0.87%。分季度看，23Q1/Q2/Q3/Q4单季分别实现营收2 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company achieved operating revenue of 1,137.99 billion yuan in 2023, representing a year-on-year growth of 3.80%. However, the net profit attributable to shareholders decreased by 2.19% to 26.10 billion yuan, while the net profit after deducting non-recurring gains and losses increased by 1.88% to 24.58 billion yuan [6][8] - In Q4, the company saw significant improvement in revenue, with high growth in new orders from green environmental protection, industrial manufacturing, and emerging industries. The revenue from various segments includes engineering contracting (987.33 billion yuan), planning and design consulting (18.75 billion yuan), industrial manufacturing (23.99 billion yuan), real estate development (83.27 billion yuan), and material logistics (95.87 billion yuan) [6] - The company’s new orders in 2023 increased by 1.51%, with notable growth in engineering contracting (8.82%) and green environmental protection (34.24%), while investment operations saw a decline of 24.05% [6][7] Summary by Sections Financial Performance - The company’s revenue for 2023 was 1,137.99 billion yuan, with a year-on-year growth of 3.80%. The net profit was 26.10 billion yuan, down 2.19%, while the net profit after adjustments was 24.58 billion yuan, up 1.88% [6][8] - The quarterly revenue growth rates for 2023 were 3.43% in Q1, -3.08% in Q2, 2.90% in Q3, and 11.29% in Q4. The net profit growth rates were 5.10%, -1.63%, 9.34%, and -15.61% respectively [6][7] Profitability and Margins - The gross margin for 2023 increased by 0.31 percentage points to 10.40%. The net profit margin decreased by 0.06 percentage points to 2.84% [7][8] - The company maintained a stable dividend policy, distributing 3.50 yuan per 10 shares, totaling 4.75 billion yuan, which is 20.18% of the profit available for distribution, reflecting a year-on-year increase of 4.27 percentage points [7] Earnings Forecast - The expected EPS for 2024 and 2025 is projected to be 2.14 yuan and 2.27 yuan respectively. The reasonable valuation range for 2024 is estimated at 10.70 to 12.84 yuan, based on a price-to-earnings ratio of 5-6 times [7][8]

Investment Rating - The report maintains a "Buy" rating for China Railway Construction (601186.SH) [3][4][23] Core Views - The overall performance of the company is stable, with a significant increase in the dividend payout ratio. In 2023, the company achieved an operating income of 1,137.99 billion yuan, a year-on-year increase of 3.8%, while the net profit attributable to shareholders decreased by 2.2% to 26.1 billion yuan [1][6] - The fourth quarter saw a rebound in new orders, with a sufficient backlog of orders, although new contracts in investment operations significantly decreased [1][12] - The company plans to distribute a cash dividend of 3.50 yuan per 10 shares, totaling 4.753 billion yuan, with an average dividend payout ratio of 18.2% for 2023, up 3.9 percentage points from 2022 [2][23] Summary by Sections Financial Performance - In 2023, the company reported an operating income of 1,137.99 billion yuan, with a quarterly breakdown showing Q4 revenue at 331.53 billion yuan, a year-on-year increase of 11.3%. However, Q4 net profit fell by 15.6% to 6.68 billion yuan due to increased impairment losses [1][6] - The company’s gross profit margin improved slightly to 10.4%, while the net profit margin was 2.84%, a decrease of 0.06 percentage points year-on-year [2][18] Order and Contract Status - The total new contracts signed in 2023 amounted to 32,938.7 billion yuan, a year-on-year increase of 1.5%, with a backlog of 66,898.3 billion yuan, up 5.1% [1][12] - The breakdown of new contracts by business segment shows engineering contracting at 20,270 billion yuan (+8.8%), while investment operations saw a significant decline of 24.1% [12][18] Profit Forecast and Valuation - The profit forecast for 2024-2026 has been adjusted downward, with expected net profits of 28.9 billion yuan, 30.8 billion yuan, and 33.6 billion yuan respectively, reflecting a growth rate of 6.47%, 6.56%, and 5.7% [2][23] - The reasonable valuation of the company is estimated to be between 10.1 and 11.0 yuan, indicating a potential upside of 17.9% to 28.8% from the current share price [4][23]

Investment Rating - The report maintains a "Strong Buy" rating for China Railway Construction Corporation (CRCC) with a target price of 10.5 CNY per share, corresponding to a PE ratio of 5.1x for 2024 [1]. Core Views - The company reported a slight revenue increase of 3.8% year-on-year, reaching 1,137.99 billion CNY, while net profit attributable to shareholders decreased by 2.2% to 26.1 billion CNY, primarily due to credit impairment losses [1]. - The revenue growth was driven by the engineering contracting and real estate sectors, although the growth rate slowed compared to the previous year [1]. - The company’s gross margin remained stable at 10.4%, with a net margin of 2.8%, reflecting solid profitability despite a decrease in cash inflow [1]. - New contract signings totaled 3,293.87 billion CNY, a year-on-year increase of 1.5%, but the growth rate has slowed compared to the previous year [1]. Financial Summary - **Revenue and Profit**: In 2023, total revenue was 1,137,993 million CNY, with a year-on-year growth of 3.8%. Net profit attributable to shareholders was 26,097 million CNY, down 2.0% year-on-year [1][6]. - **Earnings Per Share (EPS)**: Projected EPS for 2024, 2025, and 2026 are 2.06, 2.18, and 2.29 CNY respectively [1][6]. - **Profitability Ratios**: The gross margin was 10.4%, and the net margin was 2.8% for 2023 [1][6]. - **Debt and Equity**: The asset-liability ratio stood at 74.9%, indicating a stable financial structure [1][6]. Business Segments - **Engineering Contracting**: Revenue from engineering contracting was 987.32 billion CNY, with a year-on-year increase of 2.3% [1]. - **Real Estate**: Real estate revenue surged by 33.8% year-on-year, reaching 83.27 billion CNY, contributing significantly to overall revenue growth [1]. - **Water Conservancy Projects**: The water conservancy business saw explosive growth, with new contracts increasing by 87.3% year-on-year, driven by national water network construction plans [1].

Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 10.6 CNY [3][6]. Core Views - The company reported a revenue of 1,137.993 billion CNY for 2023, a year-on-year increase of 3.80%, while the net profit attributable to shareholders was 26.097 billion CNY, a decrease of 2.19% year-on-year [1][2]. - The fourth quarter saw a significant revenue growth of 11.29%, marking the highest growth rate since 2020, driven by accelerated project payments [1][6]. - The company maintained a robust growth in its engineering contracting business, with a revenue increase of 2.34% year-on-year, while the real estate development segment experienced a remarkable growth of 33.76% [1][2]. Financial Performance Summary - The gross profit margin improved to 10.40%, up by 0.31 percentage points year-on-year, with the engineering contracting and planning design consulting segments showing respective margins of 8.87% and 43.27% [2][6]. - The company’s total liabilities to assets ratio was 74.92% at the end of 2023, a decrease of 0.61 percentage points from the previous quarter [6]. - The company declared a cash dividend of 3.50 CNY per 10 shares, increasing the cash dividend ratio to 20.18% from 15.91% in the previous year [6]. Revenue and Profit Forecast - The company is expected to achieve revenues of 1,194.893 billion CNY, 1,278.535 billion CNY, and 1,368.033 billion CNY for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 5.0%, 7.0%, and 7.0% [6][8]. - The forecasted net profits for the same years are 27.527 billion CNY, 29.733 billion CNY, and 32.012 billion CNY, reflecting growth rates of 5.5%, 8.0%, and 7.0% respectively [6][8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [6]. Core Views - The company achieved a total revenue of 1,137.99 billion yuan in 2023, a year-on-year increase of 3.8%, while the net profit attributable to shareholders was 26.10 billion yuan, a decrease of 2.19% year-on-year [1][4]. - The cash dividend amount for 2023 was 4.75 billion yuan, with a cash dividend ratio of 20.18%, an increase of 5.9 percentage points compared to 2022, resulting in a dividend yield of 4.5% based on the closing price on March 28 [1]. - The company signed new contracts worth 32,938.7 billion yuan in 2023, a year-on-year increase of 1.5%, with a total backlog of orders amounting to 50,021 billion yuan, approximately 4.4 times the revenue for 2023, providing strong support for future revenue growth [2][4]. Financial Performance Summary - The company's gross profit margin improved slightly to 10.4% in 2023, an increase of 0.3 percentage points year-on-year, while the net profit margin was 2.84%, a decrease of 0.06 percentage points year-on-year [3]. - Operating cash flow (CFO) for 2023 was 20.41 billion yuan, a significant decrease of 35.72 billion yuan year-on-year, indicating potential for improvement in cash flow management [3]. - The company expects net profit attributable to shareholders to grow to 28.0 billion yuan, 30.1 billion yuan, and 31.9 billion yuan in 2024, 2025, and 2026, respectively, reflecting a growth rate of 7%, 7%, and 6% year-on-year [4][5]. Valuation Metrics - The company's current price-to-earnings (P/E) ratio is 4.46, and the price-to-book (P/B) ratio is 0.38, indicating a low valuation compared to historical levels [5][6]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.06 yuan, 2.21 yuan, and 2.35 yuan, respectively, showing a gradual increase in profitability [5].

[Table_Page] 年报点评|基础建设 证券研究报告 [中Table_国Title] 铁建(601186.SH/01186.HK) 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 8.50元/4.77港元 分红比例提升，新董事长上任期待管理持续优化 合理价值 10.53元/5.94港元 前次评级 买入/买入 [Table_Summary] 核心观点： 报告日期 2024-03-29 ⚫ 中国铁建发布 2023 年报。根据年报，2023 年，公司实现营收 11380 相[Ta对ble市_Pi场cQu表ote现] 亿元，同比 3.8%；归母净利 261.0 亿元，同比-2.2%；23Q4，公司实 现营收3315亿元，同比11%；归母净利66.8亿元，同比-15.6%。 36% ⚫ 外部压力下经营性现金流实现净流入，分红比例实现提升。23 年经营 25% 性现金流净流入204亿元，22年净流入561亿元；投资性现金流净流 13% 出 559 亿元，同比基本持平。公司 23 年拟分红率 18.2%（实际分红/ 2% 归母净利润），较2022年提升约4pct，彰显公司进行股东回报的动力。 0 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][13] Core Views - The company achieved a revenue of 1,137.993 billion yuan in 2023, representing a year-on-year growth of 3.80%. The net profit attributable to shareholders was 26.097 billion yuan, a decrease of 2.19% year-on-year [4][6] - The company announced a cash dividend policy for 2023, distributing 3.50 yuan per 10 shares, totaling 4.753 billion yuan, with a dividend payout ratio of 20.18%, an increase of 4.27 percentage points from the previous year [4][6] - The company has a solid order backlog of 5 trillion yuan, providing strong support for future revenue growth [7][8] Financial Performance Summary - **Revenue**: 2023 revenue was 1,137.993 billion yuan, with a projected increase to 1,206.496 billion yuan in 2024, reflecting a growth rate of 6.0% [2][4] - **Net Profit**: The net profit for 2023 was 26.097 billion yuan, expected to rise to 28.583 billion yuan in 2024, indicating a growth of 9.5% [2][4] - **Gross Margin**: The overall gross margin for 2023 was 10.4%, up 0.31 percentage points from the previous year [8][10] - **Earnings Per Share (EPS)**: The EPS for 2023 was 1.92 yuan, projected to increase to 2.10 yuan in 2024 [2][4] Business Segment Analysis - **Engineering Contracting**: Revenue from engineering contracting increased by 2.34% year-on-year, contributing significantly to overall revenue [7][8] - **Real Estate Development**: Revenue from real estate development surged by 33.76% year-on-year, driven by accelerated project deliveries in the second half of the year [7][8] - **International Orders**: New contracts signed internationally totaled 252.8 billion yuan, a decrease of 17.4% year-on-year, attributed to a high base in the previous year and stricter project quality controls [6][7] Future Outlook - The company expects to maintain a cash dividend ratio of no less than 15% from 2024 to 2026, indicating a commitment to returning value to shareholders [4][6] - The anticipated earnings per share for 2024-2026 are projected to be 2.10 yuan, 2.28 yuan, and 2.51 yuan respectively, with corresponding price-to-earnings ratios of 4.0, 3.7, and 3.4 [2][13]

Investment Rating - The report maintains a "Buy" rating for China Railway Construction (601186.SH) [3] Core Views - The company's revenue grew steadily, with a total operating income of 1,138 billion yuan in 2023, an increase of 4% year-on-year. However, the net profit attributable to shareholders decreased by 2% to 26.1 billion yuan due to impairment losses [1] - The company plans to distribute a cash dividend of 3.50 yuan per 10 shares, resulting in a total cash dividend payout of 4.753 billion yuan, with a dividend payout ratio of 18.2%, significantly higher than the average of 13.9% from 2020 to 2022 [1] - The company signed new contracts worth 32,939 billion yuan in 2023, a year-on-year increase of 1.5%, with a significant improvement in the order book [1] Financial Performance Summary - **Revenue**: 2023 operating income was 1,138 billion yuan, up 4% from 2022. Quarterly revenue changes were +3%/-3%/+3%/+11% [1][2] - **Net Profit**: The net profit attributable to shareholders was 26.1 billion yuan, down 2% year-on-year, with a quarterly performance of +5%/-1%/+9%/-15% [1][2] - **Earnings Per Share (EPS)**: The latest diluted EPS for 2023 was 1.92 yuan, with projections of 2.08 yuan for 2024 [2] - **Profitability**: The gross margin improved to 10.4%, an increase of 0.3 percentage points year-on-year [1] - **Cash Flow**: The company reported a net cash inflow from operating activities of 20.4 billion yuan in 2023, a significant decrease from 56.1 billion yuan in the previous year [1][2] Future Projections - **Net Profit Forecast**: Expected net profits for 2024, 2025, and 2026 are approximately 28.2 billion yuan, 30.1 billion yuan, and 31.9 billion yuan, respectively, indicating growth rates of 8.0%, 6.9%, and 5.8% [1][2] - **Valuation Ratios**: The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 4.1, 3.8, and 3.6, respectively, with a price-to-book (P/B) ratio of 0.47 [1][2]