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]

中国建筑(601668) / 房屋建设Ⅱ / 公司点评 / 2024.10.27 Q3 新签及盈利均承压，经营现金流有所改善 投资评级:增持(维持) 核心观点 证券研究报告 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-25 | | 收盘价 ( 元 ) | 6.29 | | 流通股本 ( 亿股 ) | 413.20 | | 每股净资产 ( 元 ) | 10.75 | | 总股本 ( 亿股 ) | 416.10 | | 最近 12 月市场表现 | | ❖ 事件：公司公告 2024Q1-3 实现营收 16265.41 亿元同降 2.67%；实现归母净利 润 397.03 亿元同降 9.05%；实现扣非归母净利润 370.21 亿元同降 9.84%。分 季度来看，Q1-Q3 营收分别为 5493.19/5953.00/4819.22 亿元，分别同比变动 4.67%/1.16%/-13.62%；归母净利润分别为 149.22/145.28/102.53 亿元，分别同 比变动 1.20%/2.11%/-30.16%。 ❖ 新 ...

Investment Rating - The report maintains a "Recommended" rating for the company [8] Core Views - The company reported a revenue of 1,626.54 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.67%, with a net profit attributable to shareholders of 39.70 billion yuan, down 9.05% year-on-year [3] - New signed orders for the first nine months of 2024 reached 3.25 trillion yuan, representing a year-on-year increase of 4.7%, with significant growth in infrastructure orders [4] - The report highlights an increase in financial expense ratio due to the rise in both short-term and long-term debt [5] - Cash flow showed improvement on a quarter-on-quarter basis but remained weak year-on-year, with a net operating cash flow of -77.01 billion yuan for the first three quarters [6] - The investment recommendation is based on expectations of improved financial reporting quality, stable new order amounts, benefits from increased industry concentration, and attractive dividend yields [6] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 481.92 billion yuan, down 13.62% year-on-year, and a net profit of 10.25 billion yuan, down 30.16% year-on-year [3] - The gross profit margin for Q3 2024 was 7.36%, a decrease of 0.27 percentage points year-on-year [3] - The company’s total liabilities to assets ratio stood at 76.16%, an increase of 1.34 percentage points year-on-year [5] - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 50.38 billion, 52.90 billion, and 55.37 billion yuan respectively, with corresponding PE ratios of 5 for each year [6][10]

Investment Rating - The report maintains a "Buy" rating for China State Construction Engineering Corporation (601668 SH) [1][3] Core Views - Q3 revenue and performance were under pressure due to construction slowdown but Q4 is expected to see marginal recovery driven by policy support [1] - Operating cash flow improved significantly in Q3 with a net inflow of 31 8 billion yuan a year-on-year increase of 37 6 billion yuan [1] - The company's real estate business revenue accelerated notably in Q3 with a 31% year-on-year growth [1] - The parent company plans to increase its shareholding by 0 22%-0 45% of total shares demonstrating confidence in the company's future development [1] Business Performance - Total revenue for Q1-3 2024 was 1 6265 trillion yuan a year-on-year decrease of 2 7% while net profit attributable to shareholders was 39 7 billion yuan down 9 0% [1] - Q3 revenue was 481 9 billion yuan a year-on-year decrease of 13 6% and net profit attributable to shareholders was 10 3 billion yuan down 30% [1] - Domestic revenue for Q1-3 was 1 542 trillion yuan down 3 2% while overseas revenue was 84 5 billion yuan up 8 9% [1] Business Segments - Construction business revenue for Q1-3 was 1 044 trillion yuan down 3% with industrial factory new contract value increasing 26 4% to 520 8 billion yuan [1] - Infrastructure business revenue for Q1-3 was 384 5 billion yuan down 1% with new contracts increasing 26% year-on-year [1] - Real estate business revenue for Q1-3 was 176 billion yuan up 2% with Q3 revenue increasing 31% year-on-year [1] Financial Metrics - Gross margin for Q1-3 was 8 8% down 0 1 percentage point year-on-year [1] - The expense ratio for Q1-3 was 4 16% down 0 04 percentage point year-on-year but Q3 expense ratio increased by 0 4 percentage point [1] - Net profit margin attributable to shareholders decreased by 0 17 percentage points to 2 4% [1] Valuation and Forecast - The company's 2024-2026 net profit attributable to shareholders is forecasted to be 50 2/51 1/51 7 billion yuan with EPS of 1 21/1 23/1 24 yuan per share [1] - The current PE ratio is 5 2/5 1/5 1 times for 2024-2026 [1] Shareholder Returns - The company plans to maintain a stable profit distribution policy and increase cash dividends with the goal of achieving year-on-year growth in dividends per share [1]

致：中国建筑股份有限公司 北京市金杜律师事务所（以下简称本所）受中国建筑股份有限公司（以下简 称公司或中国建筑）的委托，作为中国建筑第四期 A 股限制性股票计划（以下简 称第四期限制性股票计划）的专项法律顾问，根据《中华人民共和国公司法》（以 下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《关于印发 <国有控股上市公司（境内）实施股权激励试行办法>的通知》（国资发分配 [2006]175 号，以下简称《股权激励试行办法》）、《关于规范国有控股上市公司实 施股权激励制度有关问题的通知》（国资发分配[2008]171 号，以下简称《股权激 励制度通知》）、《上市公司股权激励管理办法》（中国证券监督管理委员会令第 148 号，以下简称《管理办法》）、《关于印发<中央企业控股上市公司实施股权激励工 作指引>的通知》（国资考分[2020]178 号），以下简称《股权激励工作指引》）等法 律、行政法规、部门规章及其他规范性文件（以下简称法律法规）和《中国建筑 股份有限公司章程》《中国建筑股份有限公司第四期 A 股限制性股票计划》（以下 简称《第四期限制性股票计划》）的有关规定，就公司回购注销第四期限 ...

证券代码：601668 股票简称：中国建筑 编号：临 2024-068 第四届监事会第二次会议决议公告 本公司监事会及全体监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。 中国建筑股份有限公司（以下简称公司）第四届监事会第二次会议（以下简 称会议）于 2024 年 10 月 25 日在北京中建财富国际中心 3815 会议室召开，公司 5 名监事均以现场或视频方式出席了本次会议。本次会议的召开符合《中华人民 共和国公司法》《中国建筑股份有限公司章程》及《中国建筑股份有限公司监事 会议事规则》等规定。会议审议并一致通过如下决议： 三、审议通过《关于中国建筑股份有限公司 2023 年度高级管理人员绩效考 1 核结果与薪酬兑现的议案》 全体监事审议并一致通过《关于中国建筑股份有限公司 2023 年度高级管理 人员绩效考核结果与薪酬兑现的议案》。 表决结果：5 票同意、0 票反对、0 票弃权。 一、审议通过《关于中国建筑股份有限公司 2024 年三季度财务分析报告的 议案》 全体监事审议并一致通过《关于中国建筑股份有限公司 2024 年三季度财务 分析报告 ...

证券代码：601668 股票简称：中国建筑 编号：临 2024-067 第四届董事会第五次会议决议公告 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。 中国建筑股份有限公司（以下简称公司）第四届董事会第五次会议（以下简 称会议）于 2024 年 10 月 25 日在北京中建财富国际中心 3908 会议室召开。董事 长郑学选先生主持会议，独立董事马王军先生、孙承铭先生、刘汝臣先生、梁维 特先生出席会议。董事兼总裁文兵先生、董事单广袖女士因工作安排无法出席现 场会议，授权委托郑学选先生代为行使表决权。公司部分监事、董事会秘书等高 管列席会议。 本次会议通知于 2024 年 10 月 18 日以邮件方式发出，会议召开符合《中华 人民共和国公司法》《中国建筑股份有限公司章程》及《中国建筑股份有限公司 董事会议事规则》等规定，会议的召开合法有效。公司 7 名董事均参与了投票表 决，并通过决议如下： 一、审议通过《关于修订<中国建筑股份有限公司金融投资管理规定>的议 案》 全体董事审议并一致通过《关于修订<中国建筑股份有限公司金融投资管理 ...

证券代码：601668 证券简称：中国建筑 公告编号：2024-071 中国建筑股份有限公司 关于召开 2024 年第二次临时股东大会的通知 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 15 日 至 2024 年 11 月 15 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 1 一、 召开会议的基本情况 股东大会召开日期：2024年11月15日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一) 股东大会类型和届次 2024 年第二次临时股东大会 召开的日期时间：2024 年 11 月 15 日 14 点 30 分 召开地点：北京市朝阳区安定路 5 号院 3 号楼中建财富国际中心 2816 会议 室 (五) 网络投票的系统、起止日期和投票时间。 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 ...

证券代码：601668 股票简称：中国建筑 编号：临 2024-069 关于第四期 A 股限制性股票计划 2024 年第三批次 股票回购注销的公告 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。 中国建筑股份有限公司（以下简称"公司"或"中国建筑"）于 2020 年 12 月 23 日进行了第四期 A 股限制性股票授予，激励对象为 2,765 名，授予限制性 股票数量为 912,036,000 股。根据《中国建筑股份有限公司第四期 A 股限制性股 票计划》（以下简称"《第四期股票计划》"），因公司未满足解锁业绩目标，第四 期 A 股限制性股票计划 2024 年第三批次共有 2,652 名激励对象持有的 289,932,000 股限制性股票解锁条件未达成，触发了股票回购条款。经公司第四 届董事会第五次会议和第四届监事会第二次会议审议通过，公司拟对上述激励对 象的限制性股票实施回购，本次回购事项尚需提交公司股东大会审议，具体实施 方案如下： 一、第四期 A 股限制性股票计划批准及实施情况 （一）第四期 A 股限制性股票计划方案及履 ...

Financial Performance - The company's operating revenue for Q3 2024 was CNY 481,921,938, a decrease of 13.62% compared to the same period last year[2] - The total profit for Q3 2024 was CNY 15,185,905, reflecting a decline of 27.78% year-on-year[2] - The net profit attributable to shareholders for Q3 2024 was CNY 10,253,185, down 30.16% from the previous year[3] - The basic earnings per share for Q3 2024 was CNY 0.25, a decrease of 28.57% compared to the same period last year[3] - Revenue for the period was CNY 1.63 trillion, a decrease of 2.7% year-on-year[14] - Net profit attributable to shareholders was CNY 39.7 billion, down 9.0% year-on-year[14] - Operating revenue for the first three quarters of 2024 was CNY 1,626,540,973, a decrease of 2.66% compared to CNY 1,671,241,806 in the same period of 2023[25] - Net profit for the first three quarters of 2024 was CNY 52,164,702, down 8.43% from CNY 56,756,317 in the previous year[25] - The company reported a decrease in comprehensive income to CNY 51,321,897 from CNY 55,440,882, a decline of 7.67%[27] Cash Flow and Management - The net cash flow from operating activities for Q3 2024 was CNY 31,759,855, indicating a significant improvement in cash management[3] - The company's cash flow from operations showed a net outflow reduction of RMB 318 million compared to the previous period[20] - Operating cash flow for the first three quarters of 2024 was -77,009,359 thousand RMB, a decrease from -16,351,463 thousand RMB in the same period of 2023[28] - The cash flow from operating activities generated a net amount of CNY 621,080, a significant recovery from a net outflow of CNY -3,379,472 in the first three quarters of 2023[36] - The cash flow from investing activities yielded a net inflow of CNY 7,021,468, down from CNY 9,150,709 in the same period last year[36] - The cash flow from financing activities resulted in a net outflow of CNY -7,468,679, an improvement from CNY -10,650,078 in the previous year[37] Assets and Liabilities - The total assets as of the end of the reporting period were CNY 3,273,640,618, an increase of 12.75% year-on-year[3] - The company's total liabilities rose to CNY 2,493,265,142, an increase of 14.77% from CNY 2,172,252,410 year-over-year[23] - The total current assets as of September 30, 2024, amounted to RMB 2,363,732 million, an increase from RMB 2,048,962 million at the end of 2023[22] - The company's total assets increased to CNY 3,273,640,618 from CNY 2,903,322,519, representing a growth of approximately 12.74% year-over-year[23] - The company's total liabilities increased to 210,511,954 thousand RMB in 2024 from 204,276,548 thousand RMB in 2023[32] Shareholder Equity - The equity attributable to shareholders increased to CNY 456,283,641, representing a growth of 6.71% compared to the previous year[3] - The total equity attributable to shareholders increased to CNY 456,283,641 from CNY 427,609,892, reflecting a growth of 6.67%[23] - The total equity increased to 151,052,136 thousand RMB in 2024 from 147,057,494 thousand RMB in 2023, indicating a growth of approximately 2%[32] Contracts and Business Segments - The company signed new contracts worth CNY 3.25 trillion, a year-on-year increase of 4.7%[14] - The construction business signed new contracts totaling CNY 2.001 trillion, a year-on-year increase of 0.9%[15] - The infrastructure business saw new contracts worth CNY 976.3 billion, a significant increase of 25.9% year-on-year[14] - The real estate segment achieved contract sales of CNY 260.5 billion, with a sales area of 9.45 million square meters[15] - The company’s overseas business signed new contracts amounting to CNY 165.1 billion, a year-on-year increase of 77.6%[16] - The company acquired land reserves of 4.72 million square meters, primarily in first-tier and strong second-tier cities[15] Research and Development - Research and development expenses decreased to CNY 24,567,855 from CNY 27,758,282, a reduction of 11.06% year-over-year[25] - The company reported a decrease in research and development expenses to CNY 28,974, down 61.9% from CNY 76,106 in the first three quarters of 2023[34] ESG and Future Plans - The company is focusing on enhancing its ESG governance framework, addressing key issues such as environment, supply chain, and safety[20] - The company plans to increase its shareholding through its controlling shareholder, with a proposed investment of no less than RMB 6 billion and no more than RMB 12 billion over the next 12 months[21] Inventory and Costs - The company's inventory increased to RMB 824,723 million from RMB 796,342 million, indicating a focus on managing stock levels[22] - The company’s inventory rose significantly to 617,505 thousand RMB in Q3 2024 from 379,916 thousand RMB in Q4 2023[31] - The company’s total operating costs decreased to CNY 1,556,381,628 from CNY 1,598,613,078, a decline of 2.65% year-over-year[25]