Core Insights - The company reported a revenue of 218.71 billion yuan for 2024, a decrease of 3.46% year-on-year [2] - The net profit attributable to shareholders was 46.19 billion yuan, down 14.88% year-on-year [2] - The company achieved a significant improvement in operating cash flow, with a net cash flow from operating activities of 15.77 billion yuan, an increase of 43% [2] Financial Performance - Revenue breakdown: - Construction revenue: 132.18 billion yuan, down 4.5% - Infrastructure revenue: 55.09 billion yuan, down 1.0% - Real estate revenue: 3.06 billion yuan, down 0.8% - Survey and design revenue: 10.8 billion yuan, down 7.9% [2] - Gross profit: 97.85 billion yuan, down 2.6% year-on-year [2] - Gross margin: 9.86%, up 0.03 percentage points year-on-year [2] - Net margin: 2.87%, down 0.38 percentage points year-on-year [2] - Total expenses ratio: 4.95%, up 0.24 percentage points year-on-year [2] Accounts Receivable and Liabilities - Accounts receivable stood at 317.09 billion yuan, an increase of 23.05% year-on-year [3] - Asset-liability ratio was 75.81%, up 0.99 percentage points year-on-year [3] - Total impairment losses amounted to 20.09 billion yuan, an increase of 5.79 billion yuan year-on-year [3] Contractual Performance - New contracts signed in 2024 totaled 4.5 trillion yuan, an increase of 4.1% year-on-year [3] - Breakdown of new contracts: - Construction: 4.08 trillion yuan, up 5.4% - Infrastructure: 1.41 trillion yuan, up 21.1% - Overseas contracts: 221.3 billion yuan, up 19.0% [3] - New contracts signed in January-February 2025 reached 713.6 billion yuan, up 5.6% year-on-year [3] Future Projections - Expected net profit attributable to shareholders for 2025-2027: - 2025: 48.27 billion yuan, up 4.51% - 2026: 50.98 billion yuan, up 5.61% - 2027: 54.67 billion yuan, up 7.25% [4] - Corresponding P/E ratios are projected to be 4.61, 4.36, and 4.07 [4]

Investment Rating - Industry rating is maintained as "Outperform the Market" [5] Core Viewpoints - Infrastructure investment continues to show high growth, with significant increases in municipal and water conservancy investments, which grew by 26.0% and 36.8% year-on-year respectively in the first quarter of 2025 [1][2] - New signed orders for construction companies indicate a recovery in infrastructure sentiment, with notable increases in orders for major companies such as China Construction and Sichuan Road and Bridge [1] - The report suggests focusing on the conversion rhythm of physical workload in infrastructure and investment opportunities in high-sentiment provinces like Sichuan [1] - The report highlights the potential for cyclical recovery driven by warming physical volumes in infrastructure and real estate, alongside expectations for policy support amid tariff impacts [1] - The report recommends monitoring the recovery of international engineering projects along the Belt and Road, particularly in Europe and ASEAN [1] Summary by Sections Infrastructure Investment - In the first three months of 2025, infrastructure investment showed a year-on-year increase of 11.5%, with a monthly increase of 12.6% in March [1] - New special bonds issued in Q1 amounted to 960.2 billion, an increase of 326.1 billion year-on-year, providing strong support for infrastructure investment [1] Real Estate Market - Real estate sales area decreased by 3% year-on-year in the first quarter, with a monthly decline of 1.6% in March [2] - New construction area saw a significant drop of 24.4% year-on-year, while the completion area decreased by 14.3% [2] Cement and Glass Industry - Cement production in the first quarter was 331 million tons, a decline of 1.4% year-on-year, but March saw a recovery with a 2.5% increase [3] - The average cement price remained stable at 402 yuan per ton as of April 13, with expectations for price increases in early April [3] - Flat glass production fell by 6.4% year-on-year in the first quarter, but market trading conditions are gradually improving [4] Key Stock Recommendations - The report recommends several stocks for investment, including Sichuan Road and Bridge, China Construction, and China Electric Power, all rated as "Buy" [15]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7][18]. Core Views - The company achieved a revenue of 2,187.15 billion yuan in 2024, a decrease of 3.46% year-on-year, and a net profit attributable to shareholders of 461.9 billion yuan, down 14.88% year-on-year. The decline in performance is attributed to intensified competition in the construction market and a deep adjustment in the real estate sector [1][4]. - The company has increased its cash dividend payout ratio to 24.29%, up by 3.47 percentage points year-on-year, with a corresponding dividend per share of 2.715 yuan, resulting in a dividend yield of 5.05% as of April 15 [1][4]. Revenue and Orders - In 2024, the company signed new construction contracts totaling 40,808 billion yuan, reflecting a year-on-year increase of 5.4%. The revenue breakdown shows that the building construction, infrastructure, and design services generated revenues of 13,218 billion, 5,509 billion, and 108 billion yuan, respectively, with year-on-year changes of -4.5%, -1.0%, and -7.9% [2][4]. - The company’s focus on industrial buildings and public facilities has led to a significant increase in new contracts, with industrial buildings alone accounting for 7,216 billion yuan, a 16.0% increase year-on-year [2]. Profitability and Cash Flow - The gross profit margin for 2024 was reported at 9.86%, a slight increase of 0.02 percentage points year-on-year. The net profit margin was 2.87%, down 0.38 percentage points year-on-year [3][4]. - The company reported a cash flow from operations (CFO) of 157.74 billion yuan, an increase of 47.43 billion yuan year-on-year, with a cash collection ratio of 102.38% [3]. Financial Forecast - The projected net profit attributable to shareholders for 2025, 2026, and 2027 is estimated at 475 billion, 487 billion, and 500 billion yuan, respectively, reflecting a downward revision from previous estimates [4].

Core Viewpoint - The real estate sector in China is undergoing significant adjustments, leading to a reshuffling of market leaders, with China State Construction Engineering Corporation (CSCEC) emerging as the new industry leader in 2024 despite a decline in sales [2][3]. Group 1: Company Performance - CSCEC's real estate business achieved sales of 421.9 billion yuan in 2024, a decrease of 6.5% year-on-year, yet it surpassed Poly Developments to become the industry leader [2][7]. - This marks the first time CSCEC has claimed the top position in the real estate sector, supported by its subsidiaries, China Overseas Land & Investment and China Construction Real Estate [3][4]. - The gross profit margin for CSCEC's real estate business was 17.3% in 2024, significantly higher than its other main businesses, contributing 25.4% of the total gross profit despite only accounting for 14% of total revenue [3][11]. Group 2: Market Position and Strategy - The "China Construction System" includes two major real estate brands, China Overseas and China Construction Real Estate, which have been actively acquiring land and increasing sales [4][5]. - In 2023, the "China Construction System" achieved contract sales of 451.4 billion yuan, with a year-on-year growth of 12.4% [5]. - CSCEC's aggressive land acquisition strategy has positioned it as a leader in the industry, with 75 new land purchases totaling 1.385 billion yuan in 2024 [9][10]. Group 3: Industry Context - The real estate market in China is experiencing a deep adjustment period, with shrinking new home market size and declining industry profit margins [9][11]. - Despite the challenges faced by the real estate sector, CSCEC's strong central enterprise background and proactive strategies have allowed it to capitalize on opportunities during this downturn [11][13]. - The importance of the real estate business is underscored by its relatively high profit margins compared to other segments, making it a crucial component of CSCEC's overall performance [11][13].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [7][18]. Core Views - The company is expected to enhance its market share during the industry downturn, despite 2024's performance being below expectations. Projected net profits for 2025-2027 are 475 billion, 487 billion, and 500 billion respectively [4][5]. Financial Performance - In 2024, the company achieved operating revenue of 2,187.15 billion, a decrease of 3.46% year-on-year, and a net profit attributable to shareholders of 461.9 billion, down 14.88% year-on-year [1][5]. - The cash dividend per 10 shares is set at 2.715 yuan, with a cash dividend ratio of 24.29%, an increase of 3.47 percentage points year-on-year, resulting in a dividend yield of 5.05% as of April 15 [1]. - The gross profit margin for 2024 was 9.86%, a slight increase of 0.02 percentage points year-on-year [3]. Business Segments - The company’s revenue from construction, infrastructure, and design services in 2024 was 13,218 billion, 5,509 billion, and 108 billion respectively, with year-on-year changes of -4.5%, -1.0%, and -7.9% [2]. - The company signed new contracts worth 40,808 billion in 2024, reflecting a year-on-year increase of 5.4% [1][2]. Cash Flow and Profitability - The net cash flow from operations in 2024 was 15,773.54 million, an increase of 47.43 million year-on-year, with a cash collection ratio of 102.38% [3][5]. - The company recorded a net profit margin of 2.87% in 2024, a decrease of 0.38 percentage points year-on-year [3]. Market Position - The company is focusing on high-demand sectors such as industrial plants, energy, and water conservancy, with significant contract growth in these areas [2]. - The strategic emerging industries accounted for 10.25% of total revenue in 2024, indicating diversification in business operations [2].

来源：中国建筑2024年度报告 中国建筑在年报中提到，上海中海顺昌玖里、北京中建宸园等一批优质楼盘逆势热销。公司全年新购置土地75宗，期末土地储备7718万平方米，新增土地储 备882万平方米，总购地金额1385亿元。 新增土地储备全部位于一线、强二线及省会城市，土地储备结构进一步优化。其中，中海地产新购置土地22宗，新增土地储备416万平方米，购地金额806.1 亿元；中建地产（即中建壹品、中建智地、中建东孚、中建信和、中建玖合等）新购置土地53宗，新增土地储备466万平方米，购地金额579亿元。 | | | | 新增土地储备前八大城市 | | | --- | --- | --- | --- | --- | | 序号 | 所在城市 | 购地金额 (亿元) | 金额占比 (%) | 물 (7 | | ד | 北京 | 593 | 42.8 | | | 2 | 深圳 | 254 | 18.4 | | | 3 | 上演 | 223 | 16.1 | | | ব | 杭州 | 61 | 4.4 | | | 5 | 济南 | 48 | 3.5 | | | ଚ | 西安 | 48 | 3.4 | | | 7 | 天津 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company experienced a significant improvement in cash flow and an increase in dividend payout ratio, despite facing pressure on Q4 performance due to increased impairment losses and reduced investment income [1][2] - The company aims to maintain a stable total dividend amount of 11.2 billion, with a dividend rate of 24.29%, which is a substantial increase of 3.5 percentage points from the previous year [1] - The business structure in the construction sector continues to optimize, with notable performance in energy engineering and water infrastructure [1] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 2,187.148 billion, a decrease of 3.5% year-on-year, and a net profit attributable to shareholders of 461.87 billion, down 14.9% year-on-year [5] - The quarterly breakdown shows revenue growth of +5% in Q1, +1% in Q2, but declines of -14% in Q3 and -6% in Q4 [1] - The overall gross margin for 2024 was 9.86%, a slight increase of 0.02 percentage points year-on-year [2] Business Segments - Revenue from the construction, infrastructure, and real estate segments for 2024 was 13,218 billion, 5,509 billion, and 3,062 billion respectively, with declines of 5%, 1%, and 1% year-on-year [1] - The construction sector saw an increase in public building orders, with the share of residential business decreasing from 25% to 22% [1] - The infrastructure segment, particularly in energy engineering and water environmental protection, maintained high growth rates of 86% and 76% respectively [1] Cash Flow and Investment - The company reported a net cash inflow from operating activities of 15.774 billion, an increase of 4.7 billion year-on-year, and a significant reduction in net cash outflow from investing activities to 2.511 billion, down 240 billion year-on-year [3] - The total net cash inflow from operating and investing activities was 13.3 billion, an increase of 28.7 billion year-on-year, attributed to improved cash collection measures and reduced investment expenditures [3] Future Outlook - The company projects net profits attributable to shareholders for 2025, 2026, and 2027 to be 44.837 billion, 45.374 billion, and 45.641 billion respectively, with corresponding EPS of 1.09, 1.10, and 1.10 yuan per share [3] - The current stock price corresponds to a PE ratio of 5.0 for 2025, indicating potential for investment [3]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company experienced a significant improvement in cash flow and an increase in dividend payout ratio, despite facing pressure on Q4 performance due to increased impairment losses and reduced investment income [1][2] - The company plans to distribute a total dividend of 11.2 billion, maintaining stability in dividend payout [1] - The construction business structure continues to optimize, with strong performance in energy engineering and water infrastructure sectors [1] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 2,187.148 billion, a decrease of 3.5% year-on-year, and a net profit attributable to shareholders of 461.87 billion, down 14.9% year-on-year [5] - The quarterly breakdown shows revenue growth of +5% in Q1, +1% in Q2, but declines of -14% in Q3 and -6% in Q4 [1] - The overall gross margin for 2024 was 9.86%, a slight increase of 0.02 percentage points year-on-year [2] Business Segments - Revenue from construction, infrastructure, and real estate segments for 2024 was 13,218 billion, 5,509 billion, and 3,062 billion respectively, with declines of 5%, 1%, and 1% year-on-year [1] - The construction sector saw an increase in public building orders, with the share of residential business decreasing from 25% to 22% [1] Cash Flow and Investment - The company reported a net inflow of operating cash flow of 15.774 billion, an increase of 4.7 billion year-on-year, and a significant reduction in net outflow from investment activities to 2.511 billion, down 24 billion year-on-year [3] - The total net cash inflow from operating and investment activities was 13.3 billion, an increase of 28.7 billion year-on-year [3] Future Outlook - The company expects net profits for 2025, 2026, and 2027 to be 44.8 billion, 45.4 billion, and 45.6 billion respectively, with corresponding EPS of 1.09, 1.10, and 1.10 [3] - The current stock price corresponds to a PE ratio of 5.0 for 2025 [3]

中国建筑股份有限公司董事会审计与风险委员会 2024 年度履职情况报告 2024 年度，中国建筑股份有限公司董事会审计与风险委员会根据《上市公司治理 准则》《上市公司独立董事管理办法》《上海证券交易所股票上市规则》《上海证券交 易所上市公司自律监管指引第 1 号——规范运作》以及《中国建筑股份有限公司章程》 《中国建筑股份有限公司董事会审计与风险委员会议事规则》等相关规定，勤勉尽责， 认真审慎履行在监督及评估内外部审计工作、审议公司财务信息及其披露、监督及评 估公司全面风险管理、合规管理和内部控制有效性等方面的职责。现将董事会审计与 风险委员会 2024 年度履职情况报告如下： 一、审计与风险委员会基本情况 （一）委员会人员组成情况 2024 年，结合国资委相关要求和董事会换届情况，公司对审计与风险委员会的人 员进行了调整。 第三届董事会审计与风险委员会由 4 名独立董事组成，分别是贾谌先生、马王军 先生、孙承铭先生和李平先生；审计与风险委员会主任委员是贾谌先生，为会计专业 人士。 第四届董事会审计与风险委员会由 4 名独立董事组成，分别是马王军先生、孙承 铭先生、刘汝臣先生和梁维特先生；审计与风险委员会主任 ...

股票代码：601668.SH 可持续发展报告 2024 Sustainability Report 建证 环 境 社 会 治 理 拓展幸福空间 Expanding a Happy Living Environment 地址：中国·北京·朝阳区安定路5号院3号楼 中建财富国际中心 电话：(8610) 86498888 邮编：100029 网址：www.cscec.com 2024 年度环境社会治理可持续发展报告中国建筑 年度环境社会治理 可持续发展报告 2024 年度环境社会治理 可持续发展报告 2024 ESG CONTENTS 目 录 | 03 报告说明 04 董事会声明 | | 08 战略 ESG 管理 08 ESG 目标 | 专 | 16 专题 1： | | --- | --- | --- | --- | --- | | | | | | 科技赋能美好生活 | | | | 09 ESG 治理体系 | | 创新引领中国建造 | | 05 关于中国建筑 | | 10 ESG 管理举措（节选） | 题 | 24 专题 2： | | 05 2024ESG 领域年度荣誉 | | 11 利益相关方管理 | | 应对气 ...