公司报告 | 年报点评报告 中国中冶（601618） 证券研究报告 2024年03月 29日 投资评级 利润短暂承压，重视公司矿产资源价值 行业 建筑装饰/专业工程 6个月评级 买入（维持评级） 当前价格 3.36元 23年营收实现稳步增长，受减值拖累利润短暂承压 公司23 年实现收入6338.7亿元，同比+6.95%，归母净利润为86.7亿，同 目标价格 4.36元 比-15.6%，扣非净利润为75.5 亿，同比-21.9%，其中非经常性损益为11.2 亿，较去年同期增加 5.1 亿元，利润承压主要受减值计提影响较大，若按 基本数据 照22年资产及信用减值水平测算，23年归母净利润较22年同比+23.2%。 A股总股本(百万股) 17,852.62 Q4 单季实现营收 1665.5 亿，同比-14.9%，归母净利润为 4.87 亿，同比 流通A股股本(百万股) 17,852.62 -86.3%。 A股总市值(百万元) 59,984.80 流通A股市值(百万元) 59,984.80 工程承包业务带动整体营收提升，海外业务有望实现较快增长 分业务来看，23年工程承包/资源开发/特色业务/综合地产业务分别实现营 ...

Investment Rating - The report maintains a "Recommended" rating for China Metallurgical Group Corporation (601618) [1] Core Views - The company's performance in 2023 met expectations, with a total revenue of CNY 633.87 billion, representing a year-on-year increase of 6.95%. However, the net profit attributable to shareholders decreased by 15.63% to CNY 8.67 billion, and the net profit after deducting non-recurring gains and losses fell by 21.90% to CNY 7.55 billion, indicating a steady development trend despite challenges [1] - In 2023, the company signed new contracts worth CNY 1,424.78 billion, a year-on-year increase of 6.04%. The new contracts in the housing construction sector amounted to CNY 683.54 billion, up 2.6%, while the municipal infrastructure sector saw a decrease of 3.4% to CNY 222.29 billion. The metallurgical engineering sector's new contracts grew by 0.9% to CNY 174.5 billion, and other sectors experienced a significant increase of 34.3% to CNY 256.38 billion [1] - The company achieved a record high in overseas new contracts, totaling CNY 63.384 billion, a year-on-year increase of 43.72%. This growth was driven by successful projects in countries involved in the Belt and Road Initiative, including the Guinea Parliament Building and several high-end housing projects in Cambodia [1] - The gross profit margin slightly improved to 9.69%, an increase of 0.05 percentage points from the previous year, while the net profit margin decreased to 1.80%, down 0.38 percentage points. The gross profit margin for the engineering contracting business was 9.09%, up 0.25 percentage points, while the resource development business saw a decline of 5.36 percentage points to 30.99% due to fluctuations in international commodity prices [1] - The company is actively expanding its overseas market presence, with significant profits from mineral development. It has successfully signed contracts for major projects in Bangladesh and Indonesia, further solidifying its leading position in the global nickel ore smelting sector [1] Financial Forecast - The company is projected to achieve revenues of CNY 678.675 billion, CNY 733.073 billion, and CNY 798.791 billion for the years 2024 to 2026, representing year-on-year growth rates of 7.07%, 8.02%, and 8.96%, respectively. The net profit attributable to shareholders is expected to be CNY 9.378 billion, CNY 10.209 billion, and CNY 11.180 billion for the same period, with growth rates of 8.16%, 8.86%, and 9.51% [2]

证券研究报告 | 2024年04月03日 中国中冶（601618.SH） 增持 收入稳定增长，减值挤压业绩 核心观点 公司研究·财报点评 营收+7.0%，归母净利-15.6%。2023年公司实现营业收入6338.7亿元，同比 建筑装饰·专业工程 +7.0%，实现归母净利润86.7亿元，同比-15.6%。2023公司整体毛利率为 证券分析师：任鹤 证券分析师：朱家琪 9.69%，其中工程承包毛利率9.09%略有上升，矿产价格下跌导致资源开发业 010-88005315 021-60375435 renhe@guosen.com.cn zhujiaqi@guosen.com.cn 务毛利率下降，房地产业务毛利率继续下降至7.89%。 S0980520040006 S0980524010001 新签合同+6.0%，海外新签+43.7%。2023年公司实现新签合同额14247.8亿 联系人：卢思宇 0755-81981872 元，同比+6.0%，其中新签海外合同额633.8亿元，同比+43.7%创历史新高， lusiyu1@guosen.com.cn 成功签约孟加拉国安瓦尔综合钢厂有限公司160万吨联合钢厂项目，合同 ...

2024年4月2日 公司研究 减值大幅提升拖累业绩，资源业务发展可期 ——中国中冶（601618.SH/1618.HK）2023 年年报点评 A 股：买入（维持） 要点 当前价：3.37元 H 股：买入（维持） 事件：中国中冶发布 2023 年年报，23 年公司实现收入/归母净利润/扣非归母净利 润分别为6338.7/86.7/75.5亿元，同比+6.95%/-15.6%/-21.9%。23Q4公司实现收 当前价：1.67港元 入 / 归 母 净 利 润 / 扣 非 净 利 润 分 别 为 1665.5/4.9/-4.0 亿 元 ， 同 比 -14.9%/-86.4%/-112.9%。 作者 点评： 分析师：孙伟风 工程承包稳定增长拉动营收提升，减值计提大幅提升拖累业绩。23年公司工程承包 执业证书编号：S0930516110003 021-52523822 /资源开发/特色板块/综合地产实现营收 5854.8/68.2/319.8/165.2 亿元，同比 sunwf@ebscn.com +9.3%/-23.1%/+0.16%/-27.3%，工程承包业务稳步增长，其中房建及市政基建工 程实现营收 3433.5 ...

公司快报 2024 年 03 月 31 日 中 国中冶(601618.SH) 证券研究报告 营收增长稳健，减值高增拖累归母业绩 基建建设 投资评级 买入-A 增速，矿产资源业务有望量价齐升 维持评级 6个月目标价 4.17元 事件：公司发布 2023 年年度报告，2023 年实现营业总收入 股价 (2024-03-29) 3.36元 6338.70 亿元，同比增加6.95%；归母净利润 86.70亿元，同比减 少 15.63%；实现扣非后归母净利润 75.54亿元，同比减少 21.90%； 交易数据 实现基本 EPS 0.33 元。拟按每 10 股派发现金红利 0.72 元（含 总市值(百万元) 69,631.36 税），现金分红比例为 17.21%（较上年提升 0.47pct）。 流通市值(百万元) 59,984.80 总股本(百万股) 20,723.62 全年营收增长稳健，Q4营收同比下滑。2023年公司营业总收入 流通股本(百万股) 17,852.62 实现同比正向增长，为 6338.70亿元（yoy+6.95%）。分季度来看， 12个月价格区间 2.94/4.59元 公司 2023Q1-Q4 实现营收 ...

[Table_MainInfo] 公司研究/建筑工程/建筑 证券研究报告 中国中冶（601618）公司年报点评 2024年03月30日 [Table_InvestInfo] Q4 单季收入、利润下降，矿产资源业绩 投资评级 优于大市 维持 贡献突出 股票数据 0[3Ta月b2le9_日S收to盘ck价（In元fo）] 3.36 [Table_Summary] 52周股价波动（元） 2.89-4.68 投资要点： 总股本/流通A股（百万股） 20724/17853 事件：公司2023全年实现营收6338.70亿元，同增6.95%；归母净利润86.70 总市值/流通市值（百万元） 69631/69631  亿元，同降15.63%；扣非归母净利润75.54亿元，同降21.90%。点评如下： 相关研究 Q4单季收入、利润均下降，国外收入增长较快。分季度看，公司2023Q1、 [《Ta Qb 3l业e_绩R保ep持o较rt快In增fo长] ，海外业务重点发力》  Q2、Q3、Q4单季营收分别同比+22.39%、+11.00%、+23.20%、-14.87%； 2023.10.28 归母净利润分别同增25.77%、2 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 其他专业工程 ＃investSuggestion＃ ＃ ＃d 中yCo 国mp 中any＃冶 （ 601618 ） investSug 增持 ( 维ges持tion ）Ch 60 订161 单8 产＃ti 压tle＃ 稳健 增长，地 力 影 响 Q4 收入利润 ange＃ ＃ createTime1＃ 2024年 03月 29日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ sum 事ma 件ry＃ ⚫ ： 中国中冶发布2023年年报：公司2023年实现营业收入6338.70亿元， 司 市场数据日期 2024-03-29 同比增长6.95%；实现归母净利润86.70亿元，同比减少15.63%；实现扣非 点 收盘价（元） 3.36 后归母净利润75.54亿元，同比减少21.9%。公司公告每10股派发红利0.72 评 总股本（百万股） 20723.62 元，合计分红14.9亿元，分红率17.2%，较上年度提高0.47个百分点，对应 报 流通股本（百万股） 20723.62 3月28日收盘价股息率2.1%。 净资产（百万元） 1 ...

Financial Performance - The net profit attributable to shareholders for 2023 was RMB 8,670,405 thousand, with undistributed profits of RMB 5,973,377 thousand[3]. - The proposed cash dividend is RMB 0.72 per 10 shares, totaling RMB 1,492,101 thousand, which represents 17.21% of the net profit, an increase of 0.47 percentage points from the previous year[3]. - In 2023, the company achieved a total operating revenue of CNY 633.87 billion and a total profit of CNY 13.765 billion, with a net profit attributable to shareholders of CNY 8.67 billion[12]. - The company's operating revenue for 2023 was CNY 633.87 billion, an increase of CNY 41.20 billion (6.95%) compared to 2022's CNY 592.67 billion[23]. - The net profit attributable to shareholders for 2023 was CNY 8.67 billion, a decrease of CNY 1.61 billion (15.63%) from 2022's CNY 10.28 billion[23]. - The basic earnings per share for 2023 was CNY 0.33, down from CNY 0.45 in 2022, representing a decrease of CNY 0.12[24]. - The comprehensive income for 2023 totaled RMB 11.47 billion, down from RMB 14.43 billion in 2022, reflecting a decrease of 20.66%[28]. - The total assets as of December 31, 2023, were CNY 661.60 billion, an increase of CNY 76.21 billion (13.02%) from CNY 585.39 billion in 2022[25]. - The total liabilities increased to RMB 493.61 billion in 2023, compared to RMB 423.48 billion in 2022, marking a growth of 16.53%[29]. - The net cash flow from operating activities for 2023 was CNY 5.89 billion, a significant decrease of 67.54% from CNY 18.15 billion in 2022[23]. Business Strategy and Development - The company aims to achieve a revenue target of over RMB 1 trillion, with plans to develop two subsidiaries with RMB 100 billion in revenue, three with RMB 70 billion, five with RMB 50 billion, and eight with RMB 30 billion[10]. - The company is focused on advancing core technologies in areas such as green development and intelligent manufacturing as part of its "181 Plan" initiative[10]. - The company has established a regional market layout strategy involving one headquarters province, multiple key provinces, and several nurturing provinces[10]. - The company plans to enhance its project management system through a comprehensive framework known as the "Five Ones" system[10]. - The company aims to continue its transformation and upgrade in 2024, focusing on strategic clarity and operational resilience amid economic challenges[14]. - The company is actively involved in major national strategic areas and the Belt and Road Initiative, winning significant projects in key regions[13]. - The company is committed to a strategy of "fast mining and fast selling" to maintain profitability amid market fluctuations[53]. - The company is adapting to the real estate market by expanding its affordable housing offerings and shifting from a "real estate developer" to a "city operator" model[149]. Innovation and Technology - The company has over 51,000 valid patents and has been recognized with 88 China Patent Awards since 2009, showcasing its commitment to innovation[16]. - The company successfully launched the world's first large-scale 3R low-carbon blast furnace demonstration project and completed the trial operation of a hydrogen-based direct reduction vertical furnace[13]. - The company has made significant advancements in technology, including the development of a fully autonomous direct reduction iron device and the world's only 5,600 mm thick plate rolling mill equipment[47]. - The company is actively pursuing the "181" initiative to accelerate research and development in core processes, green development, and intelligent manufacturing[47]. - Research and development expenses for 2023 were RMB 19.73 billion, up from RMB 18.73 billion in 2022, indicating a focus on innovation[27]. Market Performance and Contracts - The new signed contract amount reached CNY 1,424.779 billion, reflecting strong business performance and growth[12]. - The new contract amount signed in 2023 reached CNY 1,424.78 billion, an increase of CNY 81.21 billion (6.04%) compared to 2022's CNY 1,343.57 billion[25]. - The company secured major projects including the Xinjiang Huoyun Lead-Zinc Smelting Project and the Indonesia MMP Nickel-Iron Smelting EPC Project, enhancing its industry position[13]. - The company successfully signed significant contracts, including a 66.2 billion RMB contract for the Xinjiang Huoyun lead-zinc smelting project and a 67.2 billion RMB contract for the Bangladesh Anwar integrated steel plant project[49]. Corporate Governance and Compliance - The board of directors has confirmed the authenticity, accuracy, and completeness of the annual report[2]. - The company has received a standard unqualified audit report from Ernst & Young Hua Ming[2]. - The company has established specialized committees within its board to ensure effective governance and compliance with regulatory requirements[169]. - The company has adhered to the Corporate Governance Code and has implemented best practices where applicable during the reporting period[170]. - The company has taken measures to ensure compliance with legal regulations and corporate governance codes[178]. Environmental and Social Responsibility - The company has established a strong commitment to ecological civilization and environmental protection, aligning with national strategies for sustainable development[163]. - The company has made significant progress in green construction, adding 2 new green factories and achieving 77 national green construction design and construction evaluations, a 28% increase year-on-year[164]. - The company donated approximately CNY 4.1477 million during the reporting period, including charitable contributions to various regions and disaster relief efforts[160]. - The company emphasizes the importance of environmental, social, and governance (ESG) practices, having received multiple awards for investor relations and governance[171]. Future Outlook - For 2024, the company plans to increase revenue by 4.13% to 660 billion CNY and aims for a new contract amount of 1,500 billion CNY, representing a year-on-year increase of 5.28%[145]. - The company is focused on enhancing its core competitiveness in the metallurgical engineering sector, with an emphasis on domestic and international dual circulation to mitigate market risks[147]. - The company plans to enhance its procurement strategies in response to fluctuations in commodity prices, aiming to reduce production costs through improved management and innovation[152]. - The company aims to create a world-class enterprise with strong core competitiveness and become a trusted general contractor in basic construction[143].

中国中冶 社会责任报告 暨ESG(环境、社会与管治)报告 中国冶金科工股份有限公司 2023 ESG 地址 : 北京市朝阳区曙光西里 28 号 邮编 : 100028 电子邮箱 : CSR@mcc.com.cn http://www.mcc.com.cn 美好中冶 本公司董事会及全体董事保证本报告内容不存在任何虚假记载、误导性陈述或重大遗漏，并对其 内容的真实性、准确性和完整性承担个别及连带责任。 微信公众号二维码 社会责任报告暨 （环境、社会与管治）报告 董事会声明 董事会将企业可持续发展置于战略高度，并把提升 ESG 管理能力视为一项关键任务。对于公司的 ESG 工作，董事会承担起全面的责任，以增强 ESG 治理、落实 ESG 理念、提升 ESG 绩效为己任。 为了确保 ESG 管理能够真正融入企业的日常经营活动中，董事会可持续发展委员会成员按照《可 持续发展委员会工作细则》，定期审议与公司可持续发展（包括 ESG 等）相关的目标、策略、规 划及重大决策等议题，致力于实现可持续发展的长远目标，为公司及利益相关方创造长期价值。 目录 | 董事会声明 | 01 | | --- | --- | | 关于本报告 ...

中国冶金科工股份有限公司 2023 年度会计师事务所履职情况 评估报告 安永华明 2022 年度业务总收入人民币 59.06 亿元，其中，审 计业务收入人民币 56.69 亿元（含证券业务收入人民币 24.97 亿 元）。2022 年度 A 股上市公司年报审计客户共计 138 家，收费总 额人民币 9.01 亿元。这些上市公司主要行业涉及制造业、金融业、 批发和零售业、采矿业、房地产业、信息传输、软件和信息技术服 务业等。本公司同行业上市公司审计客户 3 家。 项目合伙人及签字注册会计师张宁宁女士，于 1999 年成为注 册会计师、1997 年开始从事上市公司审计、1997 年开始在安永华 明执业、2022 年开始为本公司提供审计服务；近三年签署/复核 10 家上市公司年报/内控审计，涉及的行业包括土木工程建筑业、房 地产业、汽车制造业、软件和信息技术服务业务、燃气生产和供 应业等。 项目合伙人及签字注册会计师赵宁女士，于 2001 年成为注册 会计师、2006 年开始从事上市公司审计、2000 年开始在安永华明 执业、2022 年开始为本公司提供审计服务；近三年签署/复核 6 家 上市公司年报/内控审计，涉 ...