| 序号 | 项目获得单位 | 项目名称 | 项目金额 （亿元） | | --- | --- | --- | --- | | 一 | 房屋建筑 | | | | 1 | 中建八局 | 山东枣庄高新区未来产业园基础设施建设工程 （一期）工程总承包 EPC 项目 | 110.0 | | 2 | 中建中东公司 | 阿联酋达玛克湾一号住宅项目 | 29.5 | | 3 | 中建二局 | 湖北枣阳哈克雷斯（襄阳）新能源汽车装备制造 产业基地项目（一期）施工总承包 | 28.6 | | 4 | 中建三局 | 广东深圳华为百草园城市更新项目施工总承包 | 21.9 | | 二 | 基础设施 | | | | 1 | 中建八局 | 浙江金华浦江华馨新能源科技有限公司年产 储能配套工程项目施工总承包 10GWh | 20.5 | | 项目金额合计 | | | 210.5 | | | 项目金额合计/2023 | 年度经审计营业收入 | 0.9% | 中国建筑股份有限公司董事会 二〇二四年十月三十日 1 证券代码：601668 股票简称：中国建筑 编号：临 2024-072 重大项目公告 本公司董事会及全体董事保证本公告内容不存在任何 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company's performance in the first three quarters of 2024 met expectations, with a revenue of 16,265.41 billion yuan, a year-on-year decrease of 2.67%, and a net profit attributable to shareholders of 397.03 billion yuan, down 9.05% year-on-year [1]. - The company experienced a decline in gross margin to 8.83%, a slight decrease of 0.1 percentage points year-on-year, attributed to the overall sluggish construction market and ongoing adjustments in the real estate sector [1]. - New contract signings in infrastructure showed strong growth, with a total of 32,479 billion yuan in new contracts signed from January to September 2024, representing a year-on-year increase of 4.7% [2]. Financial Performance Summary - For the first three quarters of 2024, the company's revenue by segment was as follows: construction revenue of 10,440 billion yuan (down 3.3%), infrastructure revenue of 3,845 billion yuan (down 1.3%), real estate revenue of 1,760 billion yuan (up 1.7%), and surveying and design revenue of 69 billion yuan (down 6.6%) [1]. - The company forecasts net profits for 2024-2026 to be 537.26 billion yuan, 560.07 billion yuan, and 606.57 billion yuan, with respective year-on-year growth rates of -0.99%, 4.24%, and 8.30% [2][3]. - The projected price-to-earnings ratios for 2024-2026 are 4.70, 4.51, and 4.16 times, respectively [2][3].

Investment Rating - The investment rating for China State Construction Engineering Corporation is "Buy" [3]. Core Views - The report indicates that the company's Q3 performance was below expectations due to ongoing adjustments in the real estate market and a slowdown in infrastructure investment. However, it is anticipated that with the implementation of incremental fiscal policies, the company will leverage its competitive advantages to achieve sustained growth [4][5]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 1.63 trillion yuan, a decrease of 2.67% year-on-year. The net profit attributable to shareholders was 39.7 billion yuan, down 9.05% year-on-year [5]. - The operating cash flow showed significant improvement, with a net cash flow of -77 billion yuan for the first three quarters of 2024, compared to -16.4 billion yuan in the same period of 2023 [5]. - The company’s gross profit margin for the first three quarters was 8.83%, a slight decrease of 0.1 percentage points [5]. Earnings Forecast - The earnings per share (EPS) estimates for 2024, 2025, and 2026 have been revised down to 1.24 yuan, 1.28 yuan, and 1.32 yuan respectively, reflecting a decrease of 5%, 3%, and 3% from previous forecasts [5]. - The target price remains at 7.76 yuan, corresponding to a price-to-earnings (PE) ratio of 6.3 times for 2024 [5]. Order Growth - New signed contracts increased by 4.7% year-on-year to 32.48 billion yuan in the first three quarters of 2024, with significant growth in energy engineering and water environmental projects [5][13]. - The breakdown of new contracts shows that the construction of residential buildings decreased by 9.9%, while industrial plant contracts increased by 26.4% [13]. Shareholder Confidence - The controlling shareholder's recent increase in holdings demonstrates confidence in the company's future performance, with a current dividend yield of 4.4% and a price-to-book (PB) ratio of 0.57, indicating potential value for investors [5].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a revenue of 1,626.54 billion yuan for the first three quarters of 2024, a decrease of 2.67% year-on-year, and a net profit attributable to the parent company of 39.70 billion yuan, down 9.05% year-on-year [5] - The company experienced a decline in revenue and profit in Q3, with a notable increase in overseas revenue growth of 42.32% year-on-year for the same quarter [5] - The company is a leader in the real estate and infrastructure sectors, with a continuous optimization of its business structure and robust operational performance [5] Summary by Sections Financial Performance - For Q1 to Q3 of 2024, the company achieved revenues of 10,440 billion yuan from housing construction, 3,845 billion yuan from infrastructure construction and investment, 1,760 billion yuan from real estate development and investment, and 69 billion yuan from surveying and design, with year-on-year changes of -3.3%, -1.3%, +1.7%, and -6.6% respectively [5] - The gross profit margin for the first three quarters of 2024 decreased by 0.10 percentage points to 8.83% [5] - The company reported a significant increase in operating cash flow in Q3, with a net inflow of 31.76 billion yuan, up 375.51 billion yuan year-on-year [5] Business Development - The company signed new contracts worth 29,874 billion yuan in the first three quarters of 2024, an increase of 7.9% year-on-year, with notable growth in overseas contracts, which increased by 77.6% [5] - The real estate segment reported a contract sales amount of 260.5 billion yuan, down 21.9% year-on-year, while the company maintained a strong position in the industry [5] Earnings Forecast - The company is expected to have an EPS of 1.27 yuan in 2024 and 1.32 yuan in 2025, with a reasonable valuation range of 6.37 to 7.64 yuan based on a PE ratio of 5-6 times for 2024 [5][6]

Investment Rating - The report maintains a "Buy" rating for China State Construction Engineering Corporation (601668.SH) [1] Core Views - The company's performance has been under pressure, with a year-on-year decline in revenue and net profit, but operational cash flow has improved sequentially [1] - New contract signings have shown steady growth, particularly in industrial buildings, energy, and water resources, indicating a robust pipeline [1] - The company has a favorable land reserve structure, which is expected to provide resilience in its real estate business as market conditions improve [1] Summary by Sections Financial Performance - For the first nine months of 2024, the company reported revenues of 162.65 billion yuan, a decrease of 2.7% year-on-year, and a net profit attributable to shareholders of 39.7 billion yuan, down 9.1% [1] - In Q3 2024, the company achieved revenues of 48.19 billion yuan, with a net profit of 10.3 billion yuan, reflecting a year-on-year decline of 13.6% and 30.2% respectively [1] Contracting and Business Growth - The total new contracts signed in the first nine months of 2024 reached 324.79 billion yuan, an increase of 4.7% year-on-year, with significant growth in infrastructure and design services [1] - The company’s domestic and international new contracts amounted to 282.90 billion yuan and 15.84 billion yuan, respectively, with year-on-year growth of 5.4% and 88.3% [1] Land Reserves and Real Estate - The company’s real estate sales and area sold decreased by 21.9% and 28.9% respectively, but it added 4.72 million square meters of land reserves, primarily in first-tier and strong second-tier cities [1] - The total land reserves at the end of the period stood at 82.04 million square meters, indicating a strong position for future recovery in the real estate sector [1] Cash Flow and Financial Management - The company has effectively managed expenses, with a sequential improvement in operating cash flow, reporting a net cash outflow of 77.01 billion yuan for the first nine months of 2024, which is a reduction of 31.76 billion yuan from the previous quarter [1] - The investment income ratio improved, with total investments completed amounting to 212.1 billion yuan and investment returns of 258.1 billion yuan, leading to a significant increase in the investment income ratio [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a decline in revenue and profit for Q3 2024, with a year-on-year decrease in revenue of 2.7% and a decrease in net profit attributable to shareholders of 9.1% for the first three quarters [2] - The company is facing pressure on revenue and profit due to market adjustments, but it is focusing on optimizing its business structure and expanding high-quality projects [3] - The company has seen improvements in cash flow from operating activities, with a significant increase in cash receipts in Q3 [4] - New contract signings have improved, particularly in overseas markets, with a year-on-year increase of 77.6% in new contracts [5] - The company is the largest engineering contractor globally and is expected to benefit from the new round of state-owned enterprise reforms and the Belt and Road Initiative [5] Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 1,626.54 billion yuan, with a net profit of 39.7 billion yuan [2] - In Q3 alone, the company reported revenue of 481.92 billion yuan, with a net profit of 10.25 billion yuan, reflecting a year-on-year decrease of 30.2% [2] - The revenue breakdown for Q3 shows construction revenue of approximately 294.7 billion yuan, infrastructure revenue of 115 billion yuan, real estate development revenue of 59.6 billion yuan, and survey and design revenue of 1.5 billion yuan [3] - The company’s gross profit margin for Q3 was 2.1%, down 0.5 percentage points year-on-year [4] - The company’s total liabilities amounted to 2,172.25 billion yuan, with a debt-to-asset ratio of 76.2% [4] Order and Contract Summary - The company signed new contracts worth 3.25 trillion yuan in the first three quarters of 2024, a year-on-year increase of 4.7% [5] - The breakdown of new contracts includes 2,001.1 billion yuan from construction and 976.3 billion yuan from infrastructure, with significant growth in specific sectors [5]

Investment Rating - The investment rating for the company is "Buy - A" with a 12-month target price of 7.32 CNY [4][8]. Core Views - The company's revenue performance in Q3 2024 faced pressure, with a year-on-year decline of 13.62%, primarily due to the ongoing downturn in the real estate sector and a slowdown in infrastructure investment [2][8]. - Despite the revenue decline, the company maintained steady growth in new contracts, particularly in industrial buildings and overseas projects, with a total new contract amount of 3.25 trillion CNY, representing a year-on-year increase of 4.7% [3][8]. - The company has effectively controlled its expense ratio, leading to an improvement in operating cash flow, which has shown a quarterly improvement throughout 2024 [4][8]. Summary by Sections Revenue and Profitability - For the first three quarters of 2024, the company achieved a revenue of 1.63 trillion CNY, down 2.67% year-on-year, with Q3 revenue significantly impacted [2][8]. - The net profit attributable to shareholders for the first three quarters was 397.03 billion CNY, a decrease of 9.05% year-on-year, with Q3 net profit down 30.16% [2][8]. Business Segments - The real estate business showed a positive growth of 1.7% year-on-year, while overseas engineering revenue grew by 8.9% [2][3]. - New contracts in the industrial building segment increased by 26.4% year-on-year, driven by the company's strengths in rapid construction and green building [3][8]. Financial Metrics - The gross margin for the first three quarters was 8.83%, a slight decline of 0.10 percentage points year-on-year, attributed to increased competition and pricing pressures [4][8]. - The company reported a net profit margin of 3.21%, down 0.17 percentage points year-on-year, with operating cash flow showing a net outflow of 770.09 billion CNY [4][8]. Future Outlook - The company expects improvements in Q4 2024 as debt reduction progresses, with long-term growth supported by state-owned enterprise reforms and favorable real estate policies [8]. - Revenue forecasts for 2024-2026 are projected at 22,623.6 billion CNY, 24,320.3 billion CNY, and 26,022.8 billion CNY, with corresponding net profits of 514.2 billion CNY, 552.1 billion CNY, and 589.7 billion CNY [8][9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [4][6][13]. Core Views - The company has shown significant improvement in cash flow during Q3, with a notable increase in energy and water orders, despite facing pressure in the construction and infrastructure sectors [1][2]. - The company has a robust order backlog, which is expected to support performance recovery in the upcoming quarters, particularly with anticipated fiscal stimulus measures [1][4]. - The report highlights the company's ability to enhance market share during industry downturns, driven by its leading position and potential increases in cash dividends [4][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 1,626.5 billion yuan, a year-on-year decrease of 2.67%, and a net profit attributable to shareholders of 39.7 billion yuan, down 9.05% [1]. - In Q3 alone, revenue was 481.9 billion yuan, reflecting a 13.62% decline year-on-year, with net profit dropping 30.16% to 10.3 billion yuan [1][3]. - The gross margin for the first three quarters was 8.83%, a slight decrease of 0.1 percentage points year-on-year [3]. Order and Revenue Structure - The company signed new construction contracts totaling 29,874 billion yuan in the first three quarters, an increase of 7.9% year-on-year, with significant growth in energy and water sectors [2]. - The revenue breakdown shows that the construction and infrastructure segments faced declines, while the industrial plant sector saw a 26.4% increase in new contracts [2]. Cash Flow and Financial Ratios - The company reported a net cash flow from operations of -77.01 billion yuan for the first three quarters, but Q3 saw a positive cash inflow of 31.76 billion yuan [3]. - The report indicates a net profit margin of 3.21%, down 0.19 percentage points year-on-year, and a total expense ratio of 4.16% [3][8]. Future Projections - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 52.0 billion, 54.2 billion, and 56.3 billion yuan, respectively, reflecting a downward revision from previous estimates [4][5]. - The company is expected to maintain a strong market position and gradually reveal its long-term value, supported by government initiatives and market conditions [4][6].

Investment Rating - The report maintains an "Accumulate" rating for the company [2]. Core Views - The company reported a decline in performance due to a sluggish construction market, with a year-on-year revenue drop of 2.7% to CNY 1.63 trillion and a net profit decrease of 9.1% to CNY 397.03 billion in the first three quarters of 2024 [1][3]. - The company is expected to benefit from government policies aimed at resolving local government debt and stabilizing the real estate market, which may gradually restore demand for construction and infrastructure [2][3]. - The company is actively managing cash flow and pursuing a transformation towards high-end, intelligent, and green production, while also focusing on recovering funds from overdue projects [2][3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of CNY 1.63 trillion, down 2.7% year-on-year, and a net profit of CNY 397.03 billion, down 9.1% year-on-year [1]. - The gross margin and net margin for the first three quarters were 8.83% and 3.21%, respectively, showing slight declines compared to the previous year [1]. - The company’s cash flow faced pressure, with a net cash outflow of CNY 770 billion in the first three quarters, although there was a positive cash inflow of CNY 318 billion in Q3 [1]. Business Structure Analysis - The company’s revenue from construction business was CNY 1.04 trillion, down 3.3% year-on-year, while infrastructure business revenue was CNY 384.5 billion, down 1.3% year-on-year [1]. - New contracts signed in the first nine months reached CNY 2.99 trillion, an increase of 7.9% year-on-year, with significant growth in overseas orders and specific sectors like energy and industrial projects [1][2]. Earnings Forecast - The earnings forecast for the company has been adjusted, with expected net profits of CNY 510 billion, CNY 543 billion, and CNY 565 billion for 2024, 2025, and 2026, respectively [3]. - The projected dividend yield for 2024-2026 is approximately 4.1%, 4.3%, and 4.5%, indicating a favorable valuation despite the current low price levels [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 1,626.5 billion yuan for the first nine months of 2024, a year-on-year decrease of 3%. The net profit attributable to shareholders was 39.7 billion yuan, down 9% year-on-year [2][6] - In Q3 2024, the revenue was 481.9 billion yuan, representing a year-on-year decrease of 14%, while the net profit attributable to shareholders increased by 30% to 10.3 billion yuan [2][6] - The report highlights pressure on engineering business revenue, but significant improvement in cash flow [2][6] Financial Performance Summary - For the first nine months of 2024, the revenue breakdown by business is as follows: housing construction 1,044 billion yuan (down 3%), infrastructure 384.5 billion yuan (down 1%), real estate development 176 billion yuan (up 2%), and surveying and design 6.9 billion yuan (down 7%) [6] - The gross profit margin for the company in the first nine months of 2024 was 8.8%, a decrease of 0.1 percentage points year-on-year, while the net profit margin was 2.4%, down 0.2 percentage points year-on-year [6] - The company’s cash flow from operations improved significantly, with a net inflow of 31.8 billion yuan in Q3 2024, compared to a net outflow of 4.4 billion yuan in investment cash flow [6] Future Outlook - The company is expected to achieve revenues of 2,433.9 billion yuan, 2,621.1 billion yuan, and 2,815.6 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 7%, 8%, and 7% [6][7] - The projected net profit attributable to shareholders for the same years is 59.1 billion yuan, 64.2 billion yuan, and 68.9 billion yuan, with respective year-on-year growth rates of 9%, 9%, and 7% [6][7] - The report indicates that the company’s competitive advantages may continue to strengthen, and it has a clear valuation advantage, maintaining the "Buy" rating [6]