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]

Financial Performance - The company reported a net profit of CNY 11,679,665 thousand for the year 2023, with a beginning retained earnings of CNY 39,435,876 thousand, resulting in a total distributable profit of CNY 44,765,270 thousand by year-end[7]. - The company's operating revenue for 2023 was CNY 1,137,993,486, representing a 3.80% increase from CNY 1,096,312,867 in 2022[26]. - The net profit attributable to shareholders for 2023 was CNY 26,096,971, a decrease of 2.19% compared to CNY 26,680,796 in 2022[26]. - The net cash flow from operating activities for 2023 was CNY 20,412,048, down 63.64% from CNY 56,134,952 in 2022[26]. - The total assets at the end of 2023 were CNY 1,663,019,578, reflecting a 9.13% increase from CNY 1,523,913,581 in 2022[26]. - The net assets attributable to shareholders increased by 6.69% to CNY 309,837,517 at the end of 2023, up from CNY 290,398,039 in 2022[26]. - The basic earnings per share for 2023 were CNY 1.73, a decrease of 1.70% from CNY 1.76 in 2022[27]. - The weighted average return on equity for 2023 was 9.80%, down 1.27 percentage points from 11.07% in 2022[27]. - The company reported a quarterly operating revenue of CNY 331,530,291 for Q4 2023, with a net profit of CNY 6,677,431 attributable to shareholders[30]. - The total profit for the year was CNY 38.8282 billion, reflecting a year-on-year growth of 2.65%[38]. - The net profit amounted to CNY 32.3287 billion, which is a 1.68% increase year-on-year[38]. Dividend Distribution - A cash dividend of CNY 3.50 per 10 shares (including tax) will be distributed, totaling CNY 4,752,840 thousand, which accounts for 20.18% of the total distributable profit attributable to ordinary shareholders[7]. - The company plans to maintain its dividend distribution amount even if there are changes in total share capital before the dividend record date[7]. - The board proposed a cash dividend of 0.350 CNY per share, totaling approximately 4,752,840 thousand CNY based on a total share capital of 13,579,541,500 shares as of December 31, 2023[187]. Market Position and Reach - The company is ranked 43rd in the 2023 Fortune Global 500, marking its 18th consecutive year in the list[16]. - The company operates in 32 provinces and regions in China and 143 countries globally, showcasing its extensive market reach[16]. - The company ranked 43rd in the "Fortune Global 500" and 3rd among the "ENR Top 250 Global Contractors"[35]. Innovation and R&D - The company has accumulated 35,832 patents and received 87 national science and technology awards, indicating strong innovation capabilities[16]. - Research and development investment intensity exceeded expectations, contributing to innovation and competitiveness[35]. - A total of 6,831 new patents were granted, including 2,008 invention patents, representing a 65% year-on-year increase[41]. - The total R&D expenditure for the company was CNY 26,748,953 thousand in 2023, accounting for 2.35% of total revenue[93]. - The company employed 28,832 R&D personnel, representing 10.77% of the total workforce[94]. Strategic Initiatives - The company plans to deepen state-owned enterprise reforms and enhance international operations as part of its strategic initiatives[36]. - The company plans to continue expanding its market presence and investing in new technologies and products to drive future growth[30]. - The company aims to achieve a "dual zero" safety production goal, enhancing safety management levels[44]. - The company is focusing on the development of strategic emerging industries and future industries, with a clear roadmap for green low-carbon development[43]. - The company aims to optimize its investment structure while ensuring the balance, liquidity, and return on investment in its operations[58]. Risk Management - The company has faced significant risks including international management risks and project management risks, which are detailed in the management discussion section[11]. - The company emphasizes the importance of risk management, identifying major risks such as international operational management risk and project management risk[179]. - The company is implementing a comprehensive risk control system to address cash flow pressures from debt defaults and inventory accumulation[184]. Financial Integrity and Audit - The company has received a standard unqualified audit report from Deloitte Huayong, affirming the accuracy of its financial statements[6]. - The company has no non-operating fund occupation by controlling shareholders or related parties, ensuring financial integrity[9]. Contract and Project Management - In 2023, the total new contracts signed by the company reached CNY 3,293.870 billion, representing a year-on-year growth of 1.51%[35]. - The total new contracts signed for the year reached 3,293.87 billion yuan, setting a new historical high[39]. - The company's backlog of uncompleted contracts reached CNY 66,898.253 billion, up 5.14% year-on-year, with domestic contracts making up 80.92% of this total[65]. Construction and Real Estate - The company's real estate sector achieved a total sales amount of CNY 1,213.95 billion in 2023, ranking 15th among national real estate enterprises[59]. - The company completed real estate development investments totaling CNY 82,408 million in 2023, with the Yangtze River Delta region receiving CNY 38,122 million, representing 46.25% of the total investment[148]. - The company has ongoing projects in 95 cities, with a total construction area of approximately 13,163,820 square meters[145]. Corporate Governance - The company adheres to corporate governance regulations and has implemented various governance mechanisms to ensure compliance and operational efficiency[198]. - The company has established a modern corporate governance structure, including the development of independent director work systems and decision-making processes[199]. Future Outlook - The company aims to achieve a new contract value of CNY 3,001.1 billion and an operating revenue of CNY 1,104.0 billion for the year 2024[177]. - The total cost and expenses, including taxes, are projected to be CNY 1,052.1 billion for 2024[177]. - The company plans to finance its 2024 operational needs through self-funding, issuing new shares, bank loans, and bonds[178].

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 ...