公司董事会及全体董事保证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。 中国核工业建设股份有限公司（以下简称"公司"）第四届董事会第二十九 次会议于2024年9月25日以通讯方式召开。根据《公司章程》规定，如遇特殊情 况，经全体董事的过半数同意，召开临时董事会可不受董事会召开5日前通知时 限的限制，会议通知于2024年9月25日送达。本次会议应到董事9人，实到董事9 人，公司监事、高管列席本次会议。会议的召集、召开程序合法有效。 本次会议由公司董事长陈宝智先生主持，经与会董事充分审议并经过有效表 决，审议通过了以下议案： | 证券代码：601611 | 证券简称：中国核建 | 公告编号：2024-071 | | --- | --- | --- | | 转债代码：113024 | 转债简称：核建转债 | | 中国核工业建设股份有限公司 第四届董事会第二十九次会议决议公告 相关内容详见与本公告同时刊登的《中国核建关于不向下修正"核建转债" 转股价格的公告》（2024-072）。 特此公告。 1 中国核工业建设股份有限公司董事会 2024年9月26日 一、通过 ...

| 证券代码：601611 | 证券简称：中国核建 | 公告编号：2024-072 | | --- | --- | --- | | 转债代码：113024 | 转债简称：核建转债 | | 中国核工业建设股份有限公司 关于不向下修正"核建转债"转股价格的公告 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： 一、可转债基本情况 根据中国证券监督管理委员会出具的《关于核准中国核工业建设股份有限公 司公开发行可转换公司债券的批复》（证监许可[2019]357 号），中国核工业建设 股份有限公司（以下简称"公司""中国核建"）于 2019 年 4 月 8 日向社会公开 发行 29,962,500 张可转换公司债券（以下简称"可转债"），每张面值 100 元，发 行总额为人民币 299,625 万元，期限 6 年。 经上海证券交易所自律监管决定书[2019]63 号文同意，公司 299,625 万元可 转换公司债券于 2019 年 4 月 26 日起在上海证券交易所挂牌交易，债券简称"核 建转债"，债券代码"113024" ...

| 证券代码：601611 | 证券简称：中国核建 公告编号：2024-069 | | --- | --- | | 转债代码：113024 | 转债简称：核建转债 | 中国核工业建设股份有限公司 关于经营情况简报的公告 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。 现将公司 2024 年 8 月主要经营情况公布如下，供各位投资者参 考： 截至 2024 年 8 月，公司累计实现新签合同 946.07 亿元，累计实 现营业收入 664.49 亿元。 以上数据未经审计，由于客观情况变化等因素，未来签约额与营 业收入并不完全一致，特别提醒投资者注意。 中国核工业建设股份有限公司董事会 2024 年 9 月 19 日 ...

中国核工业建设股份有限公司 关于"核建转债"预计满足转股价格修正条件 的提示性公告 | 证券代码：601611 | 股票简称：中国核建 公告编号：2024-070 | | --- | --- | | 转债代码：113024 | 转债简称：核建转债 | 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、可转换公司债券发行上市概况 经中国证券监督管理委员会出具的《关于核准中国核工业建设股份有限公司 公开发行可转换公司债券的批复》（证监许可[2019]357 号）核准，中国核工业建 设股份有限公司（以下简称"公司""中国核建"）于 2019 年 4 月 8 日向社会公 开发行 29,962,500 张可转换公司债券（以下简称"可转债"），每张面值 100 元， 发行总额为人民币 299,625 万元，期限 6 年。 经上海证券交易所自律监管决定书[2019]63 号文同意，公司 299,625 万元可 转换公司债券于 2019 年 4 月 26 日起在上海证券交易所挂牌交易，债券简称"核 建转债"，债券代码"113024"。 根据 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company has entered a prosperous phase, with signs of a bottom in construction impairment. The approval of 11 nuclear units by the State Council on August 19, 2024, with a total investment exceeding 200 billion yuan, is expected to significantly benefit nuclear power construction, leading to a strong performance from 2024 to 2027 [5]. - The company reported a slight increase in revenue for the first half of 2024, achieving 54.627 billion yuan, a year-on-year growth of 0.10%. The net profit attributable to shareholders was 955 million yuan, up 6.88% year-on-year, while the net profit after deducting non-recurring gains and losses increased by 20.59% to 1.033 billion yuan [4][5]. - The operating cash flow has improved, with a cash collection ratio of 66.53%, up 3.59 percentage points year-on-year, although the net cash ratio decreased by 6.11 percentage points to 63.39% [4]. Summary by Sections Revenue and Profitability - In the first half of 2024, the company achieved operating revenue of 54.627 billion yuan, with nuclear construction revenue growing by 30.22% to 15.083 billion yuan, while housing construction revenue fell by 5.71% to 35.701 billion yuan [4]. - The overall gross margin for the first half of 2024 was 9.83%, an increase of 0.19 percentage points year-on-year. The net profit margin attributable to shareholders improved by 0.11 percentage points to 1.75% [4]. Cash Flow and Financial Health - The company experienced a net cash outflow from operating activities of 12.901 billion yuan, a decrease in outflow by 186 million yuan year-on-year. The asset-liability ratio increased by 0.28 percentage points to 82.90% [4]. - The company’s credit impairment loss for the first half of 2024 was only 240 million yuan, a decrease of 130 million yuan year-on-year, indicating an improvement in asset quality [5]. Future Outlook - The company is expected to achieve net profits of 2.423 billion yuan and 2.837 billion yuan in 2024 and 2025, respectively, corresponding to price-to-earnings ratios of 8.5 and 7.2 times based on the current closing price [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported stable order growth and significant performance increase in nuclear power engineering [4] - In H1 2024, the company achieved revenue of 54.627 billion yuan, a year-on-year increase of 0.10%, and a net profit attributable to shareholders of 0.955 billion yuan, up 6.88% year-on-year [5][6] - The company has a strong competitive advantage and stable profit growth, benefiting from the high prosperity of the nuclear power industry [5] Financial Performance Summary - In H1 2024, the company’s revenue from nuclear power engineering increased by 30.22% year-on-year, while industrial and civil engineering revenue decreased by 5.71% [5] - The gross margin and net margin for H1 2024 were 9.83% and 2.43%, respectively, both showing year-on-year improvements [5] - The company signed new contracts worth 76.637 billion yuan in H1 2024, representing a year-on-year increase of 17.07% [5] Future Projections - Revenue projections for 2024-2026 are 119.687 billion yuan, 128.457 billion yuan, and 135.312 billion yuan, with year-on-year growth rates of 9.42%, 7.33%, and 5.34% respectively [5][6] - Net profit attributable to shareholders is projected to be 2.452 billion yuan, 2.939 billion yuan, and 3.277 billion yuan for the same period, with growth rates of 18.86%, 19.87%, and 11.50% respectively [5][6] - The company’s earnings per share (EPS) are expected to be 0.81 yuan, 0.98 yuan, and 1.09 yuan for 2024, 2025, and 2026, with corresponding price-to-earnings (P/E) ratios of 8.4, 7.0, and 6.3 [5][6]

公司点评报告 ·建筑行业 程收入增速快,核电核准提速潜力大 2024年9月2日 ● 事件:公司发布 2024年半年度报告。 ● 业绩稳健提升,核电工程收入增速快。2024H1 公司实现营收 546.27亿元, 同比增长 0.1%;其中,核电工程营业收入 150.83亿元,同比增长 30.22%; 工业与民用工程实现营业收入 357.01亿元,同比下降 5.71%。公司实现归母 净利润 9.55 亿元,同比增长 6.88%;实现扣非净利润 10.33 亿元,同比增长 20.59%。公司实现经营活动现金净流量-129.01亿元,同比少流出 1.86亿元。 公司资产负债率为 82.9%,同比提高 0.27pct。 ● 盈利能力有所提升,研发费用率提高。2024H1公司毛利率为 9.83%,同比 提高 0.19pct;净利率为 2.43%,同比提高 0.13pct。期间费用率为 6.2%,同 比提高 0.03pct。销售费用率为 0.03%,同比下降 0.01pct。管理费用率为 1.99%,同比下降 0.27pct。财务费用率为 2.09%,同比下降 0.14pct。研发 费用率为2.09%,同比提高 0.45pc ...

公司报告 | 半年报点评 充分受益核电景气度上行，业绩弹性值得期待 上半年收入利润稳中有升，业绩弹性值得期待 公司发布 24 年半年报，24H1 公司实现营业收入 546.27 亿元，同比+0.1%， 实现归母净利润 9.55 亿元，同比+6.88%，扣非归母净利润 10.33 亿元，同 比+20.59%。单季度来看，24Q2 公司收入、归母净利润分别为 255.92、3.98 亿元，同比分别-0.21%、+3.3%，核电工程项目施工进展顺利，收入及利润 规模稳步提升。行业层面，核电工程景气度仍在加速上行，22-23 年我国 核电机组核准数量均为 10 台，8 月 19 日国常会审议通过 5 个核电项目共 计 11 台核电机组，已达到 2014 年以来的历史核准峰值。我们判断在核电 核准提速之下，公司有望持续受益，订单及收入仍有望保持快速增长。此 外公司正在推动工业与民用工程业务的结构转型，业绩弹性值得期待。 新签订单稳步增长，业务结构逐步优化 分业务来看，24H1 公司核电工程、工业与民用工程建设分别实现营收 150.83、357.01 亿元，同比分别+30.22%、-5.71%，按报告分部披露的财务 数据 ...

Investment Rating - Buy (Maintained) [3] Core Views - The company's non-GAAP net profit exceeded expectations, driven by strong performance in the nuclear power sector, which is expected to continue growing [3] - The company's nuclear power engineering revenue grew significantly, with a 30.22% YoY increase in H1 2024, contributing 27.6% of total revenue, up from 22.1% at the end of 2023 [3] - The company's new contract signings in H1 2024 reached RMB 76.637 billion, a 17.07% YoY increase, with July alone seeing a 89.65% YoY increase in new contracts [3] - The company's R&D expenses increased, reflecting its focus on technological innovation, particularly in the nuclear power sector [4] - The company's nuclear power business is expected to accelerate in H2 2024, with peak revenue potentially reaching RMB 60-80 billion, driven by higher net margins compared to traditional businesses [4] Financial Performance - In H1 2024, the company reported revenue of RMB 54.627 billion, a 0.10% YoY increase, with net profit attributable to shareholders of RMB 955 million, up 6.88% YoY [3] - Non-GAAP net profit attributable to shareholders in H1 2024 was RMB 1.033 billion, a 20.59% YoY increase, with Q2 non-GAAP net profit up 38.26% YoY [3] - The company's gross margin for nuclear power engineering was 12.42%, while industrial and civil engineering saw a 16.95% YoY decline in revenue, with a gross margin of 7.69% [3] - The company's operating cash flow in H1 2024 was RMB -12.901 billion, slightly improved by RMB 186 million YoY [4] Profit Forecast and Valuation - The company's net profit attributable to shareholders is forecasted to be RMB 2.430 billion, RMB 3.057 billion, and RMB 3.966 billion for 2024E, 2025E, and 2026E, respectively, with YoY growth rates of 18%, 26%, and 30% [4] - Excluding credit impairment, the company's net profit attributable to shareholders is expected to be RMB 4.531 billion, RMB 5.546 billion, and RMB 6.219 billion for 2024E, 2025E, and 2026E, respectively, with YoY growth rates of 72%, 22%, and 12% [4] - The company's current PE ratios are 10x, 8x, and 6x for 2024E, 2025E, and 2026E, respectively [4] Industry and Market Position - The company is the only enterprise globally with over 30 years of continuous experience in nuclear power construction, having built the majority of nuclear power units and nuclear island projects in China [4] - The company's new contract signings in H1 2024 ranked first among central state-owned construction enterprises, with a 17.07% YoY increase [3]