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]

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 ...