Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported resilient growth in new signed contracts for its construction business in the first three quarters of 2024, with a total of 2,987.4 billion yuan, representing a year-on-year increase of 8%. However, there was a slight decline in new contracts in September, down 3% year-on-year [10][11] - The real estate sales continue to face pressure, with a total contract sales amount of 260.5 billion yuan in the first three quarters, down 22% year-on-year. The sales area also decreased by 29% year-on-year [10][11] - The company maintains a strong land acquisition strategy, with a new land reserve of 4.96 million square meters, up 13% year-on-year, despite a slight decrease in total land reserves compared to the end of 2023 [10][11] Summary by Sections Business Performance - In the first three quarters of 2024, the new signed contracts for construction business were 2,987.4 billion yuan, with year-on-year growth of 8%. The breakdown for the first nine months includes 2,001.1 billion yuan for housing construction, 976.3 billion yuan for infrastructure, and 10 billion yuan for survey and design, with respective year-on-year changes of +1%, +26%, and -3% [10][11] - For September alone, the new signed contracts were 369.1 billion yuan, with housing construction and infrastructure contracts down 4% and 3% year-on-year, respectively [10][11] Financial Forecast - The company expects revenue growth for 2024-2026 to be 2,433.9 billion yuan, 2,621.1 billion yuan, and 2,815.6 billion yuan, with year-on-year growth rates of 7%, 8%, and 7%. The net profit attributable to the parent company is projected to be 59.1 billion yuan, 64.2 billion yuan, and 68.9 billion yuan for the same period, with respective growth rates of 9%, 9%, and 7% [10][11] - The earnings per share (EPS) are forecasted to be 1.42 yuan, 1.54 yuan, and 1.66 yuan for 2024, 2025, and 2026, with a three-year compound annual growth rate (CAGR) of 8% [10][11] Valuation - The current price corresponds to a 2024E price-to-earnings (P/E) ratio of 4.5x and a dividend yield of 4.6%, indicating a favorable valuation [10][11]

本次增持计划可能存在因资本市场情况发生变化或目前尚无法预判的其 他风险因素导致增持计划的实施无法达到预期的风险。 证券代码：601668 股票简称：中国建筑 编号：临 2024-066 关于控股股东增持公司股份计划的公告 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： 中国建筑股份有限公司（以下简称"公司"）于 2024 年 10 月 15 日收到控 股股东中国建筑集团有限公司（以下简称"中建集团"）通知，中建集团拟自本 公告披露之日起 12 个月内通过上海证券交易所交易系统以集中竞价交易方式增 持公司 A 股股份，增持总金额不低于人民币 6 亿元，不超过人民币 12 亿元（以 下简称"本次增持计划"）。 本次增持计划不触及要约收购，不会导致公司控股股东及实际控制人发生 变化。 一、增持主体基本情况 （一）增持主体：中建集团，为公司控股股东。 （二）截至本公告日，中建集团持有公司 23,731,541,937 股 A 股股份，占 公司已发行总股本的 57.03%。 （三）增持主体在本次公告前 12 个月内已披露 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5]. Core Views - The company is a leading state-owned enterprise in the construction sector, recognized as the largest investment and construction group globally, with a consistent dividend payout rate above 20% since 2020 and a TTM dividend yield of 4.5% [2][3]. - Recent fiscal policies and the easing of property purchase restrictions are expected to restore demand in the real estate and infrastructure sectors, with state-owned enterprises being the primary beneficiaries [2][3]. - The company's performance is projected to improve due to a focus on core markets and expansion into high-demand sectors, leading to stable growth in revenue and profits [3][7]. Summary by Sections Company Overview - The company, known as China State Construction Engineering Corporation, has a diversified business model covering housing construction, infrastructure development, and real estate investment, with a strong market presence both domestically and internationally [16][22]. - The company has shown steady growth since its listing, with new contract amounts increasing from 935.7 billion to 3,872.7 billion from 2012 to 2023, reflecting a CAGR of 13.8% [22]. Industry Analysis - The easing of real estate policies is expected to lead to a recovery in housing demand, with significant government support aimed at stabilizing the market [27][33]. - The construction sector is anticipated to benefit from increased fiscal measures, including the issuance of special bonds to support local governments and infrastructure projects [33][35]. - The market share of leading state-owned enterprises is projected to continue rising, driven by their extensive project portfolios and strong government backing [37]. Company Analysis - The company has been expanding its market share in the housing construction sector, leveraging its financial strength and technical expertise to capture new opportunities [38]. - The industrial construction segment has seen significant growth, with a 58.9% increase in orders for industrial plant construction in 2023, indicating a robust demand outlook [40]. - The company's valuation remains low compared to its peers, suggesting potential for recovery as market conditions improve [3][26].

证券代码：601668 股票简称：中国建筑 编号：临 2024-065 2024 年 1-9 月经营情况简报 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。 现将本公司 2024 年 1-9 月主要经营情况公布如下，供各位投资者参阅。 | 项 目 | 数 额 | 比上年同期增长 | | --- | --- | --- | | 新签合同总额（亿元 RMB） | 32,479 | 4.7% | | 一、建筑业务情况 | | | | 1. 新签合同额（亿元 RMB） | 29,874 | 7.9% | | 2. 业务分部（亿元 RMB） | | | | 房屋建筑 | 20,011 | 0.9% | | 基础设施 | 9,763 | 25.9% | | 勘察设计 | 100 | -2.6% | | 3. 地区分部（亿元 RMB） | | | | 境内 | 28,290 | 5.4% | | 境外 | 1,584 | 88.3% | | 4.实物量指标（万 m 2） | | | | 房屋建筑施工面积 | 159,407 | -1.9% ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][12][16] Core Views - In the first half of 2024, the company achieved operating revenue of 1,144.62 billion yuan, a year-on-year increase of 2.8%, and a net profit attributable to shareholders of 29.45 billion yuan, a year-on-year increase of 1.7% [1][3] - The new contract amount signed by the company increased against the trend, with a total of 28,522 billion yuan from January to August 2024, representing a year-on-year growth of 6.5% [1][4] - The overall gross profit margin for the first half of 2024 was 9.44%, showing signs of stabilization despite a slight decline compared to the previous year [1][9] - The company is facing significant cash flow pressure, with a net cash outflow from operating activities of -68.9 billion yuan in the first half of 2024 [1][11] Summary by Sections Financial Performance - The company reported operating revenue of 1,144.62 billion yuan in the first half of 2024, with quarterly revenues of 549.3 billion yuan and 595.3 billion yuan for Q1 and Q2 respectively [1][3] - The net profit attributable to shareholders was 29.45 billion yuan, with quarterly profits of 14.92 billion yuan and 14.53 billion yuan for Q1 and Q2 respectively [1][3] New Contracts - The new contract amount signed in the first eight months of 2024 was 28,522 billion yuan, with the construction industry contracts amounting to 26,183 billion yuan, reflecting a year-on-year increase of 9.7% [1][4] - The overseas new contract amount doubled, reaching 1,414 billion yuan, a year-on-year increase of 113.5% [1][4] Profitability and Margins - The gross profit margin for the first half of 2024 was 9.44%, down 0.39 percentage points from the previous year, but showing signs of stabilization [1][9] - The company managed to keep its expense ratio relatively stable, with a period expense ratio of 4.21% [1][9] Cash Flow and Financial Health - The company faced cash flow pressure, with operating cash inflows of 10,016 billion yuan and outflows of 10,571 billion yuan, resulting in a net cash outflow of -689 billion yuan [1][11] - The accounts receivable and contract assets increased significantly, indicating delayed confirmations from clients regarding project progress [1][10]

证券代码：601668 股票简称：中国建筑 编号：临 2024-064 中国建筑股份有限公司董事会 二〇二四年九月二十五日 1 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。 近期，本公司获得如下重大项目，现予公布供投资者参阅。 | 序号 | 项目获得单位 | 项目名称 | 项目金额 （亿元） | | --- | --- | --- | --- | | 一 | 房屋建筑 | | | | 1 | 中建三局 | 广东深圳福田环湾商务大厦项目施工总承包工 程 | 29.6 | | 2 | 中建四局 | 福建厦门科学城莲河片区及九溪口配套设施项 目（股权投资+EPC+产业导入） | 27.0 | | 3 | 中建海峡 | 福建福州市第二总医院三江口院区（施工图设 计、施工、预制构件生产一体化）工程 | 26.1 | | 4 | 中建五局 | 四川成都高新区未来科技城智造示范区安居工 程施工项目 | 21.5 | | 二 | 基础设施 | | | | 1 | 中建四局 | 新疆阿拉山口市明阳开沅 万千瓦风电项目 120 | ...

Investment Rating - The report maintains a "Buy" rating for China State Construction Engineering Corporation (CSCEC) with a target price of CNY 7.76, corresponding to a 2024 PE of 5.5x [1][3] Core Views - CSCEC is expected to benefit from the loosening of monetary and real estate policies, including a 0.5 percentage point cut in the reserve requirement ratio (RRR) and a 0.5 percentage point reduction in existing mortgage rates [2][3] - The minimum down payment ratio for second homes nationwide has been reduced from 25% to 15%, and the central bank's support ratio for the CNY 300 billion affordable housing relending program has increased from 60% to 100% [3] - New monetary policy tools have been created to support stock market stability, including a CNY 300 billion stock repurchase and buyback relending facility [3] Business Performance - CSCEC's real estate sales in August increased by 9% YoY, with land acquisitions by its subsidiaries Zhongjian Yipin and Zhongjian Zhidi growing by 53% and 49% respectively [3] - From January to August 2024, CSCEC's cumulative new contract signings reached CNY 2.85 trillion, a 7% YoY increase, with infrastructure and overseas business growing by 32% and 114% respectively [3] - The company's real estate contract sales for the first eight months of 2024 totaled CNY 233.9 billion, a 20% YoY decline, with a 32% drop in contract sales area [3] Financial Metrics - CSCEC's PB ratio stands at 0.50x, near the bottom of its 10-year historical range, with a dividend yield of 5.2% [3] - The company maintains the highest credit ratings in the global industry, with ratings of A/A2/A from S&P, Moody's, and Fitch respectively [3] - CSCEC plans to achieve new contract signings exceeding CNY 4.5 trillion in 2024, a 4.1% YoY increase, and revenue exceeding CNY 2.38 trillion, a 5.1% YoY increase [3] Historical Valuation and Financial Indicators - CSCEC's net profit has grown from CNY 9.24 billion in 2010 to CNY 58.21 billion in 2024E, with a CAGR of 7% [4] - The company's average PE ratio has fluctuated between 3.1x and 9.9x over the past decade, with a current 2024E PE of 3.7x [4] - CSCEC's ROE has remained stable, ranging from 12.1% to 18.6% over the past 14 years, with a 2024E ROE of 13.4% [4] Business Segments - In H1 2024, CSCEC's building construction business grew by 5.7% YoY, with industrial plant construction increasing by 26.1% [5] - The infrastructure construction and investment segment saw a 34.9% YoY growth, driven by a 230.4% surge in energy engineering [5] - Real estate development and investment declined by 20.6% YoY, while overseas business grew by 107.4% [5][6]

证券代码：601668 股票简称：中国建筑 编号：临 2024-062 关于聘任公司副总裁的公告 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）于 2024 年 9 月 13 日召开第四届董 事会第二次会议，审议通过《关于聘任吴爱国为中国建筑股份有限公司副总裁的 议案》。 根据工作需要，经公司董事兼总裁文兵先生提名，公司第四届董事会提名委 员会审核和建议，董事会同意聘任吴爱国先生为中国建筑股份有限公司副总裁。 上述聘任自董事会审议通过之日起生效，任期至董事会另聘/解聘时止。吴爱国 先生的简历附后。 特此公告。 附件：吴爱国先生简历 中国建筑股份有限公司董事会 二〇二四年九月十三日 1 附件：吴爱国先生简历 吴爱国先生，现任中国建筑集团有限公司副总经理、党组成员。教授级高级 工程师，大学学历，硕士学位。曾任中国建筑第二工程局有限公司副局长、董事、 党委常委、副总经理，中建电力建设有限公司董事、总经理，中国建筑股份有限 公司市场与项目管理部总经理、办公厅（党组办公室）主任、董事会办公室主任， ...

证券代码：601668 股票简称：中国建筑 编号：临 2024-061 第四届董事会第二次会议决议公告 本议案已经提名委员会审核并提出建议，并同意提交董事会审议。 全体董事审议并一致通过《关于聘任吴爱国为中国建筑股份有限公司副总 裁 的 议 案 》 。 具 体 内 容 详 见 公 司 同 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的相关公告。 表决结果：7 票同意、0 票反对、0 票弃权。 特此公告。 中国建筑股份有限公司董事会 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）第四届董事会第二次会议（以下 简称会议）于 2024 年 9 月 13 日举行。会议在取得全体董事同意后，由董事以 书面投票表决方式进行。 本次会议通知于 2024 年 9 月 12 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 ...

国际信用评级结果公告 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。 截至 2024 年 9 月 13 日，三大国际信用评级公司穆迪投资者服务公司（以下 简称"穆迪"）、标普全球评级（以下简称"标普"）和惠誉国际信用评级有限公 司（以下简称"惠誉"）分别发布了对中国建筑股份有限公司（以下简称"公司"） 的 2024 年信用评级更新报告。 穆迪维持公司长期发行人主体信用评级为"A2"；标普维持公司长期发行人 主体信用评级为"A"；惠誉维持公司长期发行人违约评级和高级无抵押评级均为 "A"。上述评级展望均为"稳定"。 特此公告。 证券代码：601668 股票简称：中国建筑 编号：临 2024-063 中国建筑股份有限公司董事会 二〇二四年九月十三日 1 ...