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 ...

证券代码：601668 股票简称：中国建筑 编号：临 2024-060 2024 年 1-8 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 1-8 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） | 28,522 | | 6.5% | | 一、建筑业务情况 | | | | | 1. 新签合同额（亿元 RMB） | 26,183 | | 9.7% | | 2. 业务分部（亿元 RMB） | | | | | 房屋建筑 | 17,564 | | 1.6% | | 基础设施 | 8,527 | | 31.6% | | 勘察设计 | 92 | | -3.2% | | 3. 地区分部（亿元 RMB） | | | | | 境内 | 24,769 | | 6.7% | | 境外 | 1,414 | | 113.5% | | 4.实物量指标（万 m 2） | | | | ...

[ T able_StockInfo] 2024 年 08 月 31 日 证券研究报告•2024 年中报点评 买入 （维持） 当前价：5.39 元 中国建筑（601668）建筑装饰 目标价：8.34 元（6 个月） 业绩增速降低，估值处于低位 [Table_Summary 事件：公司发布] 2024年中报，中国建筑 2024年 H1实现营业收入 11446亿元， 同比增长 2.8%，实现归属股东净利润 294.5亿元，同比增长 1.6%，EPS 0.71 元。 境内建筑业务运营稳健，订单充分保障未来收入。公司位居 2024年《财富》榜 单世界 500 强榜单第 14 位、中国 500 强第 4 位，是全球最大投资建设集团。 2024 年 H1 实现营业收入 11446 亿元，同比增长 2.8%，实现归属股东净利润 294.5 亿元，同比增长 1.6%。其中房建规模 7493亿元，同比增长 1.7%，基建 业务 2695 亿元，同比增长 11.7%，地产业务收入下降 8.7%，海外业务收入达 565 亿元，同比增长 3.7%。公司 1-6 月新签订单 24797亿元，同比增长 10.0%。 盈利能力略微下滑，现 ...

2024 年 9 月 2 日 公司研究 经营稳健，基建业务快速增长 买入（维持） 事件：中国建筑发布 2024 年半年报，24 年公司实现收入 /归母净利润/扣非归母 净利润分别为 11446/294/269 亿元，同比+2.8%/+1.7%/+1.9%。24Q2 公司实 现收入 / 归母净利润 / 扣非净利润分别为 5953/145/122 亿 元 ， 同 比 +1.2%/+2.1%/+3.0%。 新签合同快速增长，工业厂房、能源、水利水务方面持续突破。24H1 公司新签 合同 24797 亿元，同增 10.0%，其中房建/基建/勘察设计业务 15320/7491/72 亿元，同比+5.7%/+34.9%/-9.2%。境内/境外新签合同 21651/1231 亿元，同增 10.9%/105.4%。房建业务中工业厂房新签合同 3891 亿元，同比高增 26.1%， 增速亮眼。基建新签合同快速增长，基建板块中能源、水务及环保、水利水运工 程新签合同为 2609/794/277 亿元，同增 230.4%/49.2%/42.5%，占比提升至 49.1%。 基建业务增速较快，土储区位优势明显。24H1 公司房建/基建 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company achieved a revenue of 1,144.619 billion yuan in H1 2024, a year-on-year increase of 2.81%, and a net profit attributable to the parent company of 29.450 billion yuan, up 1.65% year-on-year [5] - The company has shown steady growth in its construction and infrastructure segments, with significant increases in new contracts signed overseas, up 117% [5] - The company's gross margin decreased slightly to 9.44%, while the net profit margin fell to 3.51% due to increased impairment losses [5] - The company is expected to maintain a stable performance with projected EPS of 1.37 yuan for 2024 and a reasonable valuation range of 6.84 to 8.21 yuan, maintaining the "Outperform the Market" rating [5] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 1,144.619 billion yuan, with a breakdown of revenue from various segments: housing construction (749.337 billion yuan), infrastructure (269.473 billion yuan), and real estate development (116.385 billion yuan) [5] - The company experienced a significant increase in cash outflow, with operating cash flow net outflow reaching 108.769 billion yuan, an increase of 930.01% [5][6] Business Segments - The company’s new contracts in the construction sector reached 2,434.8 billion yuan in the first seven months of 2024, a year-on-year increase of 11.8%, with notable growth in infrastructure contracts [5] - The real estate segment saw a revenue decline of 8.7% in H1 2024, but the decline was less severe compared to the previous year [5] Valuation and Forecast - The company is projected to have an EPS of 1.37 yuan in 2024 and 1.47 yuan in 2025, with a PE ratio of 5-6 times for 2024 [6][8] - The estimated revenue for 2024 is 2,382.483 billion yuan, with a projected growth rate of 5.2% [6][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported resilient growth in H1 2024, with revenue of CNY 1,144.6 billion, a year-on-year increase of 3%, and a net profit attributable to shareholders of CNY 29.4 billion, up 2% year-on-year [10] - The construction and infrastructure segments showed strong revenue growth, while the real estate development segment continued to face challenges [10] - The company has a solid order backlog, with new contracts signed in H1 2024 amounting to CNY 749.1 billion, three times the revenue for the same period [10] - The company's gross margin slightly decreased to 9.4% in H1 2024, while the net profit margin was 2.6%, reflecting some pressure from asset impairment provisions [10] Summary by Sections Financial Performance - H1 2024 revenue was CNY 1,144.6 billion, with a breakdown of revenue from construction, infrastructure, real estate development, and surveying design at CNY 749.3 billion, CNY 269.5 billion, CNY 116.4 billion, and CNY 5.4 billion respectively [10] - The company reported a gross margin of 9.4% and a net profit margin of 2.6% for H1 2024, with a slight decrease in gross margin compared to the previous year [10] Order and Revenue Outlook - The company has a strong order backlog, with new contracts signed in H1 2024 being three times the revenue for the same period, indicating robust future revenue potential [10] - The real estate development segment continues to experience negative growth, with sales down 21% year-on-year [10] Valuation and Future Projections - The company is expected to achieve revenues of CNY 2,433.9 billion, CNY 2,621.2 billion, and CNY 2,815.6 billion for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 7%, 8%, and 7% [10] - The estimated earnings per share (EPS) for the next three years are projected to be CNY 1.42, CNY 1.54, and CNY 1.66, with a compound annual growth rate (CAGR) of 8% [10] - The current price corresponds to a 2024E price-to-earnings (PE) ratio of 3.8x and a dividend yield of 5.0%, indicating a favorable valuation [10]

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company reported a revenue of 11,446.19 billion yuan for H1 2024, representing a year-on-year growth of 2.81%. The construction revenue was 7,493 billion yuan, up 1.7%, while infrastructure revenue grew by 11.7% to 2,695 billion yuan. However, real estate revenue decreased by 8.7% to 1,164 billion yuan [1]. - The company achieved a net profit attributable to shareholders of 294.5 billion yuan, a year-on-year increase of 1.65%, and a net profit excluding non-recurring items of 269.5 billion yuan, up 1.9% [1]. - The company signed new contracts worth 2.48 trillion yuan in H1 2024, a 10.0% increase year-on-year, with significant growth in infrastructure energy contracts, which surged by 230.4% [1]. Financial Performance Summary - For H1 2024, the gross profit margin was 9.44%, a decrease of 0.14 percentage points year-on-year, while the net profit margin was 3.51%, down 0.08 percentage points [1]. - The company’s total liabilities to assets ratio increased to 76.28%, up 0.8 percentage points year-on-year [1]. - The forecast for net profit attributable to shareholders for 2024-2026 is 568.26 billion yuan, 606.65 billion yuan, and 678.43 billion yuan, respectively, with corresponding P/E ratios of 3.94, 3.69, and 3.30 [2][3].

Investment Rating - The report assigns a "Buy" rating to China State Construction Engineering Corporation (CSCEC) for the first time [5] Core Views - CSCEC's construction business remains stable, while infrastructure revenue growth is impressive [2] - The company's real estate sales area decline has narrowed, with average selling prices increasing against the trend [3] - Profitability remains stable, but cash flow is under pressure [3] - The company's order structure continues to optimize, with overseas and infrastructure orders showing high year-on-year growth [5] Financial Performance - In H1 2024, CSCEC achieved revenue of 1,144.6 billion yuan, up 2.8% YoY, with net profit attributable to shareholders of 29.5 billion yuan, up 1.6% YoY [4] - In Q2 2024, revenue was 595.3 billion yuan, up 1.2% YoY, with net profit attributable to shareholders of 14.5 billion yuan, up 2.1% YoY [4] - Gross profit margin was 9.4% in H1 2024, down 0.1 percentage points YoY [6] - Operating cash flow was -108.77 billion yuan in H1 2024, an increase of 98.21 billion yuan in outflows compared to the same period last year [6] Business Segments - In H1 2024, construction/infrastructure and investment/real estate development/investigation and design revenue was 749.3/269.5/116.4/5.4 billion yuan, with YoY growth of +1.7%/+11.7%/-8.7%/+2.8% respectively [2] - Domestic/overseas revenue was 1,088.1/56.5 billion yuan, with YoY changes of -2.3%/+3.7% respectively [2] - New contracts signed in H1 2024 totaled 2,479.7 billion yuan, up 10.0% YoY, with construction/infrastructure/investigation and design new contracts of 1,532.0/749.1/7.2 billion yuan, up +5.7%/+34.9%/-9.2% YoY respectively [5] Real Estate Business - Real estate sales in H1 2024 were 191.5 billion yuan, down 20.6% YoY, with an average price of 29,000 yuan per square meter, up 18.8% YoY [3] - China Overseas Land & Investment sales were 129.4 billion yuan, down 16.1% YoY, with an average price of 34,000 yuan per square meter, up 30.8% YoY [3] - New land reserves added in H1 2024 were 3.7 million square meters, up 3.5% YoY, mainly concentrated in first-tier cities [3] Future Outlook - Infrastructure orders are expected to continue growing in H2 2024 as special bond issuance accelerates [6] - The real estate business focuses on core first-tier cities, with land reserves growing against the trend in H1 2024 [6] - Overseas orders are growing rapidly, with potential contributions from projects along the "Belt and Road" [6] - The dividend yield is expected to reach 5.1% in 2024 based on a 20% payout ratio [6] Financial Forecasts - Revenue is expected to be 2,423.5/2,579.0/2,713.5 billion yuan in 2024/2025/2026, with YoY growth of 7%/6%/5% [7] - Net profit attributable to shareholders is expected to be 57.5/61.0/64.6 billion yuan in 2024/2025/2026, with YoY growth of 6%/6%/6% [7] - EPS is expected to be 1.4/1.5/1.6 yuan in 2024/2025/2026, with P/E ratios of 3.9/3.7/3.5 times [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing steady growth in engineering, with improvements in gross profit margins in the real estate sector [1][6] - The revenue for H1 2024 reached 1,144.6 billion yuan, a year-on-year increase of 2.8%, while the net profit attributable to shareholders was 29.45 billion yuan, up 1.6% year-on-year [8] - The company has optimized its engineering business structure, with significant growth in new contracts in various sectors such as construction, energy, and water management [5][8] Financial Performance Summary - For H1 2024, the company reported revenues of 1,144.6 billion yuan, with a gross profit margin of 9.44%, a slight decrease of 0.13 percentage points year-on-year [5][11] - The net profit attributable to shareholders for H1 2024 was 29.45 billion yuan, with a net profit margin of 2.57%, down 0.03 percentage points year-on-year [5][11] - The company’s operating cash flow showed a significant net outflow of 108.77 billion yuan, which is an increase in outflow of 98.21 billion yuan compared to the previous year [5][11] Business Segment Performance - In H1 2024, the company achieved revenues of 7,493.4 billion yuan from housing construction, 2,694.7 billion yuan from infrastructure, and 1,163.8 billion yuan from real estate development, with respective year-on-year growth rates of 1.7%, 11.7%, and -8.7% [5][8] - The new contracts signed in H1 2024 totaled 22,882 billion yuan, representing a year-on-year increase of 13.7%, with notable growth in industrial buildings and municipal construction [5][8] - The company’s overseas marketing quality continues to improve, with new contracts signed domestically and internationally amounting to 21,651 billion yuan and 1,231 billion yuan, respectively, reflecting year-on-year growth of 10.9% and 105.4% [8]

Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 7.05 CNY, compared to the current stock price of 5.24 CNY [3]. Core Views - The company demonstrated resilient operational performance with steady revenue and profit growth in H1 2024, achieving revenue of 1.14 trillion CNY (up 2.81% YoY) and a net profit of 29.45 billion CNY (up 1.65% YoY) [1]. - The infrastructure segment's revenue and new contract signing ratios are continuously improving, with overseas business new contracts doubling [1]. - The company is focusing on optimizing its business structure, with an increase in the proportion of industrial and infrastructure projects [1][2]. Summary by Sections Revenue and Profitability - In H1 2024, the company reported revenue of 1.14 trillion CNY, with a net profit of 29.45 billion CNY, reflecting a year-on-year increase of 2.81% and 1.65% respectively [1]. - The gross profit margin for the company was 9.4%, with improvements noted in the real estate sector [2][7]. Business Segments - The infrastructure business generated revenue of 269.47 billion CNY in H1 2024, up 11.7% YoY, accounting for 23.5% of total revenue [1]. - The construction segment's new contract signing amounted to 2.29 trillion CNY, a 13.7% increase YoY, with significant growth in energy, water, and environmental projects [1]. - The real estate development and investment segment saw revenue of 116.39 billion CNY, although it experienced a decline of 8.7% YoY [2]. Financial Forecasts - The company is projected to achieve revenues of 24.47 trillion CNY, 26.30 trillion CNY, and 28.14 trillion CNY for 2024, 2025, and 2026 respectively, with expected growth rates of 8.0%, 7.5%, and 7.0% [7][8]. - Net profits are forecasted to be 58.65 billion CNY, 63.48 billion CNY, and 68.52 billion CNY for the same years, with growth rates of 8.1%, 8.2%, and 7.9% [7][8].