股票简称：中国建筑 股票代码：601668 2023 年年度股东大会 会议资料 2024 年 5 月 24 日 中国建筑股份有限公司 2023 年年度股东大会会议文件 目 录 | 会议须知 | 1 | | --- | --- | | 中国建筑股份有限公司 年年度股东大会议程 2023 | 3 | | 议案一：关于中国建筑股份有限公司 2023 年度董事会工作报告的议案 | 5 | | 议案二：关于中国建筑股份有限公司 2023 年度独立董事工作报告的议案 | 15 | | 议案三：关于中国建筑股份有限公司 2023 年度监事会工作报告的议案 | 17 | | 议案四：关于中国建筑股份有限公司 2023 年度财务决算报告的议案 | 23 | | 议案五：关于中国建筑股份有限公司 2023 年度利润分配方案的议案 | 27 | | 议案六：关于中国建筑股份有限公司 2023 年年度报告的议案 | 31 | | 议案七：关于中国建筑股份有限公司 2023 年投资预算执行情况及 2024 年投资 | | | 预算建议方案的议案 | 35 | | 议案八：关于中国建筑股份有限公司 2024 年综合预算方案的议案 | 3 ...

| 项 目 | 数 额 | 比上年同期增长 | | --- | --- | --- | | 新签合同总额（亿元 RMB） | 14,785 | 11.9% | | 一、建筑业务情况 | | | | 1. 新签合同额（亿元 RMB） | 13,736 | 17.7% | | 2. 业务分部（亿元 RMB） | | | | 房屋建筑 | 9,612 | 9.3% | | 基础设施 | 4,075 | 44.7% | | 勘察设计 | 49 | -17.8% | | 3. 地区分部（亿元 RMB） | | | | 境内 | 13,007 | 14.8% | | 境外 | 729 | 114.3% | | 4.实物量指标（万 m 2） | | | | 房屋建筑施工面积 | 145,268 | 0.8% | | 房屋建筑新开工面积 | 7,637 | 5.5% | | 房屋建筑竣工面积 | 4,891 | 7.6% | 1 | 项 目 | 数 额 | | 比上年同期增长 | | --- | --- | --- | --- | | 二、地产业务情况 | | | | | 1. 合约销售额（亿元 RMB） | 1,050 | ...

证券研究报告 公 2024年05月11日 司 报 告 中国建筑(601668) │ 行 业： 建筑装饰/房屋建设Ⅱ 公 投资评级： 买入（维持） 司 当前价格： 5.48元 24Q1 工程业务增长动能强劲，地产继续筑底 季 目标价格： 8.52元 报 点 公司发布 24 年一季报，24Q1 收入为 5,493 亿元，yoy+5%；归母净利润为 评 基本数据 149亿元，yoy+1%；扣非归母净利润为147亿元，yoy+1%。 41,619.95/41,320. 总股本/流通股本(百万股) 39  24Q1工程业务持续增长，地产开发延续承压 流通A股市值(百万元) 226,435.74 充足的在手订单支撑公司收入持续增长。分业务来看，房建/基建/地产开 每股净资产(元) 10.42 发/勘察设计收入分别为3,658/ 1,277/465/26亿元，yoy+6%/+6%/-9%/+3%。 资产负债率(%) 74.76 工程相关业务增长较好，受行业环境影响、前期销售压力等地产收入延续 负增态势。 一年内最高/最低(元) 6.84/4.54  盈利能力小幅承压，房建和基建毛利率小幅改善 股价相对走势 24Q1公司 ...

%% research.95579.com %% 丨证券研究报告丨 联合研究丨公司点评丨中国建筑（ ） 601668.SH [Table_Title] 费用率下降显著，全年现金流入增多 Q4 报告要点 [公Ta司bl全e_年Su实m现m营ar业y]收入22655.29亿元，同比增长10.24%；归属净利润542.64亿元，同比增 长6.50%；扣非后归属净利润485.39亿元，同比增长7.31%。 ...

证券研究报告·公司点评报告·房屋建设Ⅱ 中国建筑（601668） 2024年一季报点评：房建基建业务增长平稳， 2024 年 05月 04日 非住宅类新签订单高速增长 证券分析师 黄诗涛 买入（维持） 执业证书：S0600521120004 huangshitao@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 房大磊 营业总收入（百万元） 2,055,052 2,265,529 2,462,809 2,626,695 2,773,195 执业证书：S0600522100001 fangdl@dwzq.com.cn 同比（%） 8.58 10.24 8.71 6.65 5.58 证券分析师 石峰源 归母净利润（百万元） 50,950 54,264 57,503 60,938 65,531 执业证书：S0600521120001 同比（%） (1.16) 6.50 5.97 5.97 7.54 shify@dwzq.com.cn EPS-最新摊薄（元/股） 1.22 1.30 1.38 1.46 1.57 研究助理 ...

中国建筑(601668) /房屋建设Ⅱ / 公司点评 /2024.05.05 房建业务结构持续优化，房开业务毛利率回升 证券研究报告 投资评级:增持(维持) 核心观点 ❖ 事件：公司公告2024Q1年实现营收5493.2亿元同增4.7%；归属净利润149. 基本数据 2024-04-30 2亿元同增1.2%；实现扣非归属净利润147.39亿元同增1.1%。 收盘价(元) 5.36 流通股本(亿股) 413.20 每股净资产(元) 10.42 ❖ 房屋建筑业务结构持续优化，基建业务中能源及水相关业务快速增长。 总股本(亿股) 416.20 收入端来看，房屋建筑、基础设施建设与投资以及勘察设计业务2024Q1分别 最近12月市场表现 实现收入3658/1277/26亿元，分别同增4.7%/6.4%/2.5%；分别实现毛利226.1 /109.2/2.8，分别同比6.5%/8.3%/-20.8%；分别实现毛利率6.2%/8.6%/10.8%， 中国建筑 沪深300 分别同比0/0.1/-3.2pct。订单情况来看，公司2024Q1建筑业实现新签11107亿 上证指数 房屋建设Ⅱ 2% 元同增14.3%。分业务看，公 ...

证券研究报告·公司点评报告·房屋建设Ⅱ 中国建筑（601668） 2024年一季报点评：房建基建业务增长平稳， 2024 年 05月 04日 非住宅类新签订单高速增长 证券分析师 黄诗涛 买入（维持） 执业证书：S0600521120004 huangshitao@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 房大磊 营业总收入（百万元） 2,055,052 2,265,529 2,462,809 2,626,695 2,773,195 执业证书：S0600522100001 fangdl@dwzq.com.cn 同比（%） 8.58 10.24 8.71 6.65 5.58 证券分析师 石峰源 归母净利润（百万元） 50,950 54,264 57,503 60,938 65,531 执业证书：S0600521120001 同比（%） (1.16) 6.50 5.97 5.97 7.54 shify@dwzq.com.cn EPS-最新摊薄（元/股） 1.22 1.30 1.38 1.46 1.57 研究助理 ...

[Table_Page] 季报点评|房屋建设Ⅱ 证券研究报告 [中Table_国Title] 建筑（601668.SH） [公Tab司le_I评nves级t] 买入 当前价格 5.45元 建筑龙头经营稳健，工业厂房及基建类订单增速较快 合理价值 7.03元 前次评级 买入 [ 核Table 心_Sum 观mary 点] ： 报告日期 2024-04-30 ⚫ 中国建筑发布2024年一季报。根据一季报，24Q1，公司实现营收5493 相[Ta对ble市_Pi场cQu表ote现] 亿元，同比+4.67%；归母净利149亿元，同比+1.2%；扣非净利147 亿元，同比+1.10%。公司24Q1毛利率/净利率分别为8.09%/3.25%， 1% 05/23 07/23 09/23 11/23 01/24 03/24 毛利率同比基本持平，净利率同比小幅下滑0.11pct。从经营情况看， -5% 公司24Q1业绩符合预期，且作为建筑行业龙头，展现了经营的稳健。 -12% ⚫ 工程主业收入均实现正增长，地产业务收入略有下滑。从业务板块看， -18% 房屋建筑工程业务实现营业收入3658亿元，同比增长6.1%；基础设 -25 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's performance in Q1 2024 met expectations, with revenue of 549.32 billion yuan, a year-on-year increase of 4.7%, and a net profit attributable to shareholders of 14.92 billion yuan, up 1.2% year-on-year. The slower growth in net profit compared to revenue is primarily due to increased financial expenses from foreign exchange losses [1][2] - The construction segment showed steady growth, while the real estate segment's profitability improved despite revenue pressure. The company reported revenues of 365.8 billion yuan from construction, 127.7 billion yuan from infrastructure, and 46.5 billion yuan from real estate, with year-on-year changes of +6.1%, +6.4%, and -8.8% respectively [1] - New signed contracts in Q1 included 806.2 billion yuan in construction contracts, a year-on-year increase of 11.4%, and 300.5 billion yuan in infrastructure contracts, up 23.2%. However, real estate contract sales fell to 77.8 billion yuan, down 31% year-on-year [1][2] Financial Performance Summary - The company achieved a comprehensive gross margin of 8.09% in Q1 2024, remaining stable year-on-year. The financial expense ratio increased significantly due to foreign exchange losses [2] - Operating cash flow showed a net outflow of 96.6 billion yuan, which is 31.2 billion yuan more than the same period last year, primarily due to reduced sales collections in the real estate sector and increased land purchases [2] - The forecast for net profit attributable to shareholders for 2024-2026 is 57.0 billion, 59.9 billion, and 62.5 billion yuan respectively, with corresponding EPS of 1.37, 1.44, and 1.50 yuan per share [2][3]

Financial Performance - The company's operating revenue for Q1 2024 reached CNY 549,319,265, representing a year-on-year increase of 4.7%[4] - The total profit for the quarter was CNY 22,826,576, reflecting a growth of 1.1% compared to the same period last year[4] - Net profit attributable to shareholders was CNY 17,851,772, with a year-on-year increase of 1.2%[4] - Revenue for Q1 2024 reached RMB 549.3 billion, an increase of 4.7% compared to the same period last year[17] - The net profit attributable to shareholders was RMB 14.92 billion, reflecting a year-on-year growth of 1.2%[18] - The company achieved a new contract amount of RMB 1.19 trillion in Q1 2024, representing a year-on-year growth of 9.6%[14] - The gross profit from the housing construction business was RMB 22.61 billion, a 6.5% increase year-on-year[18] - The company reported a total comprehensive income of CNY 604,544 thousand for Q1 2024, compared to CNY 51,140 thousand in Q1 2023[32] Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -96,595,019, attributed to reduced sales collections in the real estate sector and increased land acquisitions[4][8] - Cash inflows from operating activities amount to CNY 569,686,261, an increase from CNY 554,885,648 in the previous year[27] - The cash and cash equivalents decreased to RMB 339,161,285 from RMB 358,790,899, a decline of approximately 5.5%[21] - The cash inflow from operating activities showed a net outflow of CNY -2,699,024 thousand, compared to a smaller outflow of CNY -1,919,576 thousand in Q1 2023[33] - The cash inflow from borrowings was 9,700,000,000, while cash outflow for debt repayment was 8,725,000,000[34] - The total cash and cash equivalents decreased by 2,424,756,000 during the quarter[34] Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,966,209,035, an increase of 2.2% from the previous year[5] - The total liabilities increased to RMB 2,217,604,957 in Q1 2024 from RMB 2,172,252,410 in Q4 2023, marking an increase of about 2.1%[22] - The total current assets reached RMB 2,093,735,717, compared to RMB 2,048,962,745 at the end of 2023, indicating a slight increase of about 2.2%[21] - The total non-current assets amounted to RMB 872,473,318, up from RMB 854,359,774, representing an increase of approximately 2.1%[21] - The total liabilities decreased to CNY 202,372,742 thousand from CNY 204,276,548 thousand, indicating a reduction of 0.9%[30] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 392,560[10] - The largest shareholder, China State Construction Engineering Corporation, holds 57.02% of the shares[10] - Shareholders' equity attributable to the parent company increased by 3.5% to CNY 442,677,608[5] - The company's total equity attributable to shareholders was RMB 442,677,608, an increase from RMB 427,609,892, reflecting a growth of about 3.5%[22] Investment and Contracts - The company signed new contracts worth RMB 272 billion in overseas markets, marking a significant year-on-year increase of 59.0%[19] - The new contract amount for housing construction projects was RMB 806.2 billion, with a year-on-year increase of 11.4%[14] - The new contract amount for energy engineering projects surged by 234.8% to RMB 940 million[16] - The company acquired approximately 1.62 million square meters of land reserves, primarily in first-tier and strong second-tier cities[14] Financial Ratios and Expenses - The weighted average return on equity decreased by 0.35 percentage points to 3.38%[5] - The company reported a decrease in financial expenses to RMB 4,586,535 from RMB 3,035,872, indicating a significant increase in interest expenses[24] - Research and development expenses were CNY 8,571 thousand, a significant decrease of 88.1% from CNY 72,055 thousand in the same quarter last year[31] - The financial expenses decreased to CNY 341,990 thousand from CNY 455,411 thousand, reflecting a reduction of 25%[31] Miscellaneous - The company did not apply new accounting standards or interpretations for the first time in 2024[34] - The impact of exchange rate changes on cash and cash equivalents was -28,656,000[34]