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]

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company reported its 2023 annual results, with operating revenue of 1.14 trillion yuan, a year-on-year increase of 3.80%. The net profit attributable to shareholders was 26.097 billion yuan, a decrease of 2.19% year-on-year, while the net profit after deducting non-recurring gains and losses was 24.580 billion yuan, an increase of 1.88% year-on-year [2]. - The company's real estate development business achieved operating revenue of 83.272 billion yuan, a year-on-year increase of 33.76%, mainly due to an increase in project deliveries during the reporting period [2]. - The company signed new contracts totaling 3.29 trillion yuan in 2023, a year-on-year increase of 1.51%. The new engineering contracting contracts amounted to 2.03 trillion yuan, up 8.82% year-on-year, with significant growth in water conservancy, housing construction, and mining engineering [2]. - The company is expected to see revenue growth in the coming years, with projected revenues of 1.17 trillion yuan, 1.25 trillion yuan, and 1.34 trillion yuan for 2024-2026, representing year-on-year growth rates of 2.59%, 6.77%, and 7.38%, respectively [2]. Financial Summary - The company reported a net cash inflow from operating activities of 20.412 billion yuan in 2023, a decrease from 35.723 billion yuan in 2022, primarily due to increased cash payments for goods and services [2]. - The gross profit margin for 2023 was 10.40%, an increase of 0.31 percentage points from 2022, while the net profit margin was 2.84%, a slight decrease of 0.06 percentage points from the previous year [2]. - The company recorded credit impairment losses of 6.480 billion yuan in 2023, an increase of 1.592 billion yuan from 2022, and asset impairment losses of 3.461 billion yuan, an increase of 0.410 billion yuan from the previous year [2].

Financial Performance - The company reported a net profit of 11,679,665 thousand RMB for the year 2023, with a beginning retained earnings of 39,435,876 thousand RMB, resulting in a total distributable profit of 44,765,270 thousand RMB by year-end[4]. - In 2023, the company's operating revenue reached RMB 1,137,993,486, representing a 3.80% increase compared to RMB 1,096,312,867 in 2022[21]. - The net profit attributable to shareholders of the listed company was RMB 26,096,971, showing a decrease of 2.19% from RMB 26,680,796 in the previous year[21]. - The net profit after deducting non-recurring gains and losses was RMB 24,580,442, an increase of 1.88% from RMB 24,127,443 in 2022[21]. - The net cash flow from operating activities decreased significantly by 63.64% to RMB 20,412,048 from RMB 56,134,952 in 2022[21]. - The net assets attributable to shareholders of the listed company increased by 6.69% to RMB 309,837,517 from RMB 290,398,039 in 2022[21]. - Total assets grew by 9.13% to RMB 1,663,019,578 compared to RMB 1,523,913,581 in the previous year[21]. - Basic earnings per share for 2023 decreased to CNY 1.73, down 1.70% from CNY 1.76 in 2022[23]. - The weighted average return on equity for 2023 was 9.80%, a decrease of 1.27 percentage points compared to 11.07% in 2022[23]. - The total profit reached CNY 38.83 billion, up 2.65% year-on-year, while net profit was CNY 32.33 billion, reflecting a 1.68% increase[34]. Dividend Distribution - A cash dividend of 3.50 RMB per 10 shares (including tax) will be distributed, totaling 4,752,840 thousand RMB, which accounts for 20.18% of the profit available for distribution to ordinary shareholders[4]. - The company has retained 40,012,430 thousand RMB in undistributed profits to be carried forward to the next fiscal year[4]. Compliance and Audit - The audit report issued by Deloitte Touche Tohmatsu Certified Public Accountants confirms a standard unqualified opinion on the financial statements[4]. - The financial report for 2023 was prepared in accordance with the Chinese Accounting Standards, ensuring compliance with the relevant listing rules of the Shanghai and Hong Kong stock exchanges[7]. - The company has ensured that all directors can guarantee the authenticity, accuracy, and completeness of the annual report[5]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements and potential operational risks, including international management and project management risks[6]. - The company emphasizes risk prevention and management, aiming to maintain high-quality development while ensuring safety[33]. Research and Development - The company has accumulated 35,832 patents and received 87 national science and technology awards, indicating strong R&D capabilities[16]. - The company achieved a record of 6,831 newly authorized patents in 2023, including 2,008 invention patents, representing a 65% year-on-year increase[40]. - The company led five national key research and development projects and participated in five others, marking the highest number of projects undertaken in its history[40]. - Research and development expenses rose to RMB 26,725,454, marking a 6.88% increase from RMB 25,003,936 in the previous year[78]. Market Expansion and Strategy - The company operates in 143 countries and regions, showcasing its extensive market expansion efforts[16]. - The company aims to enhance its international operations through an "overseas priority" strategy, integrating its business planning with national strategies[33]. - The company aims to enhance its service quality and develop a "trustworthy world-class comprehensive construction industry group"[16]. - The company plans to enhance its planning and design consulting services by expanding into new industries such as smart transportation and green environmental protection[56]. Infrastructure and Investment - In 2023, the national fixed asset investment (excluding rural households) reached CNY 503,036 billion, with a year-on-year growth of 3.0%[48]. - Infrastructure investment grew by 8.24% year-on-year, with significant increases in the production and supply of electricity, heat, gas, and water[48]. - The company is focusing on urban renewal, village reconstruction, and new energy sectors to enhance its investment operations[58]. - The company is actively developing green environmental projects, which are expected to become a significant growth point[63]. Financial Services and Investments - The financial services platform includes various products such as insurance brokerage and supply chain finance, aiming to create a comprehensive financial ecosystem[64]. - The company reported a total of 1,085,636 thousand RMB in investment income for the reporting period[187]. - The company continues to utilize self-owned funds for its investments, ensuring a stable funding source for its financial activities[192]. Real Estate Development - The company achieved a total sales amount of RMB 121.395 billion, with a sales area of 7,490,200 square meters during the reporting period[172]. - The total area pending recognition at the end of the reporting period was 29,158,734 square meters[172]. - The company has a total of 12,839.14 million square meters available for sale across various regions[173]. - The company has focused on acquiring land in first and second-tier cities, with 36 out of 39 plots located in these areas, accounting for 92% of total acquisitions[161]. Subsidiaries and Contributions - China Railway Construction Corporation achieved a net profit of CNY 32.3287 billion in 2023, with a significant contribution from its subsidiary, China Railway Kunlun Investment Group, which reported a net profit of CNY 3.5799 billion[196]. - The total assets of China Railway Construction Financial Co. reached CNY 115.958 billion, with net assets of CNY 13.822 billion[196]. - The company maintains a diversified portfolio with significant subsidiaries in various sectors, including industrial manufacturing and financial services[197]. Future Outlook - The company plans to issue 3.9 trillion yuan in special bonds for local governments this year to support infrastructure construction[199]. - The government will continue to implement proactive fiscal policies and stable monetary policies to stimulate economic recovery in 2024[199]. - The overall trend for economic recovery remains positive despite uncertainties in the external environment[199].

董事名單與其角色和職能 中 國 鐵 建 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）成 員 載 列 如 下。 執行董事 戴和根 （董 事 長） 王立新 （總 裁） 倪 真 非執行董事 趙立新 解國光 錢偉倫 – 1 – 董事會設立4個 委 員 會。下 表 提 供 各 董 事 會 成 員 在 這 些 委 員 會 中 所 擔 任 的 職 位。 | | 委員會 | 審計與風險 | 薪酬與考核 | 提名委員會 | 戰略與投資 | | --- | --- | --- | --- | --- | --- | | 董 事 | | 管理委員會 | 委員會 | | 委員會 | | 戴和根 | | | | C | C | | 王立新 | | | | | M | | 倪 真 | | | | M | | | 郜烈陽 | | M | M | | M | | 馬傳景 | | M | C | | M | | 趙立新 | | M | M | M | | | 解國光 | | C | | M | M | | 錢偉倫 | | M | | M | | 附 註： C 有關委員會的主席 M 有關委員會的成員 郜烈陽 獨立非執行董事 馬傳 ...

证券代码：601186 证券简称：中国铁建 公告编号：临 2024—011 中国铁建股份有限公司 第五届董事会第二十七次会议决议公告 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。 一、董事会会议召开情况 中国铁建股份有限公司（以下简称公司）第五届董事会第二十七 次会议于 2024 年 3 月 27-28 日在中国铁建大厦举行，董事会会议通 知和材料于 2024 年 3 月 11 日以书面直接送达和电子邮件等方式发 出。应出席会议董事 8 名，7 名董事出席了本次会议。倪真执行董事 因其他公务无法出席会议，委托王立新执行董事代为表决。公司监事 和高级管理人员列席了会议。会议由董事长戴和根先生主持。本次会 议的召开符合有关法律、行政法规、部门规章、规范性文件和《中国 铁建股份有限公司章程》及《中国铁建股份有限公司董事会议事规则》 的规定。 二、董事会会议审议情况 会议审议并以现场记名投票方式表决通过了会议议案，作出如下 决议： （一）审议通过《关于公司2023年度财务决算报告的议案》 同意公司2023年度财务决算报告。 1 证 ...

本人作为中国铁建股份有限公司(以下简称本公司或中国铁 建)的独立董事,能够严格按照《中华人民共和国公司法》(以下 简称《公司法》）、《上市公司治理准则》《上市公司独立董事管 理办法》(以下简称《独立董事管理办法》)、《上海证券交易所 上市公司自律监管指引第1号-- 规范运作》等有关法律法规、规范 性文件,根据《公司章程》及公司《独立董事工作制度》等规定, 诚信、勤勉、独立地履行职责,亲自出席董事会及各专门委员会会 议,认真审议各项议案,独立、客观、公正地发表意见,促进董事 会及各专门委员会的规范运作和公司治理水平的不断提高,有效维 护公司全体股东尤其是中小股东的合法权益。现将本人2023年度 (以下或称报告期)履行职责情况报告如下: 一、个人基本情况 (一) 工作履历、专业背景以及兼职情况 本人解国光,63岁,中国国籍,无境外居留权,大学学历,正 高级会计师,现任本公司独立非执行董事。历任建设部机关事务局 财务处助理会计师、审计局会计师,中国建筑技术研究院财务处会 计师、威特公司会计师,中国建筑设计研究院财务部会计师、财务 部副主任、财务部主任,中国建筑设计研究院总会计师,中国建设 科技集团股份有限公司总会计 ...

公司代码：601186 公司简称：中国铁建 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整， 提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标 提供合理保证。此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程 度降低，根据内部控制评价结果推测未来内部控制的有效性具有一定的风险。 二. 内部控制评价结论 中国铁建股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内 部控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专 项监督的基础上，我们对公司2023年12月31日（内部控制评价报告基准日）的内部控制有效性进行了 评价。 一. 重要声明 1. 公司于内部控制评价报告基准日，是否存在财务报告内部控制重大缺陷 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露 内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责 组织领导企业内部控制的日常运行。公司董事会 ...

中国铁建股份有限公司董事会审计与风险管理委员会 2023年度履职报告 根据《上市公司治理准则》《上海证券交易所上市公司自律 监管指引第 1 号—规范运作》《中国铁建股份有限公司章程》《中 国铁建股份有限公司董事会审计与风险管理委员会工作细则》等 有关规定，2023 年度（以下简称报告期），中国铁建股份有限公 司（以下简称本公司或中国铁建）董事会审计与风险管理委员会 勤勉尽责，充分发挥专业职能，认真履行职责，现将公司审计与 风险管理委员会 2023 年度的履职情况汇报如下： 一、审计与风险管理委员会基本情况 中国铁建第五届董事会审计与风险管理委员会由 5 名成员 组成，其中郜烈阳先生为非执行董事，马传景、赵立新、解国光、 钱伟伦先生为独立非执行董事，独立非执行董事委员人数占委员 会成员的二分之一以上，主任委员由会计专业人士解国光先生担 任，全部成员均具有能够胜任审计与风险管理委员会委员工作职 责的专业知识和商业经验，人员结构及任职资格符合相关法律法 规的规定。 报告期内，全体委员根据《上市公司治理准则》《上海证券 交易所上市公司自律监管指引第 1 号—规范运作》以及《中国铁 建股份有限公司章程》《中国铁建股份有 ...

中国铁建 2023 年度社会责任报告 中国铁建 2023 年度社会责任报告 二〇二四年三月 1 中国铁建 2023 年度社会责任报告 2 | 一、报告说明 5 | | | | --- | --- | --- | | 二、关于我们 7 | | | | 公司概况 7 | 2.1 | | | 组织架构 9 | 2.2 | | | 中国铁建文化纲领 9 | 2.3 | | | 年度荣誉 12 | 2.4 | | | 三、责任专题 14 | | | | 专题一：聚力科技创新，加快形成新质生产力 14 | | | | （一）科研攻关，勇攀科技创新高峰 14 | | | | （二）追求卓越，发力铁路技术前沿 15 | | | | 专题二：驰援抢险救灾，铁兵铁肩勇担重任 18 | | | | （一）锻造应急铁军 18 | | | | （二）预置应急力量 18 | | | | （三）全力抢险救灾 19 | | | | 专题三：赓续红色血脉，发布首批十大精神 22 | | | | 四、尽心尽责·创造价值的引领者 26 | | | | 党建引领 凝聚合力 26 | 4.1 | | | 规范治理 强基固本 28 | 4.2 | | ...

中国铁建股份有限公司董事会 中国铁建股份有限公司董事会 对独立董事独立性自查情况的专项意见 根据中国证监会《上市公司独立董事管理办法》、上海证券 交易所《上市公司自律监管指引第 1 号--规范运作》和中国铁建 股份有限公司（以下简称公司）《独立董事工作制度》等相关规 定，公司董事会就公司 2023 年度任职独立董事马传景先生、赵 立新先生、解国光先生、钱伟伦先生的独立性情况进行评估并出 具如下专项意见： 经核查独立董事马传景先生、赵立新先生、解国光先生、钱 伟伦先生的任职经历以及签署的相关自查文件，上述人员未在公 司担任除独立董事以外的任何职务，也未在公司主要股东公司担 任任何职务，与公司以及主要股东之间不存在利害关系或其他可 能妨碍其进行独立客观判断的关系，符合中国证监会《上市公司 独立董事管理办法》、上海证券交易所《上市公司自律监管指引 第 1 号--规范运作》和公司《独立董事工作制度》等规定对独立 董事独立性的相关要求。 2024 年 3 月 28 日 ...