Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company's performance in the first three quarters of 2024 met expectations, with a revenue of 16,265.41 billion yuan, a year-on-year decrease of 2.67%, and a net profit attributable to shareholders of 397.03 billion yuan, down 9.05% year-on-year [1]. - The company experienced a decline in gross margin to 8.83%, a slight decrease of 0.1 percentage points year-on-year, attributed to the overall sluggish construction market and ongoing adjustments in the real estate sector [1]. - New contract signings in infrastructure showed strong growth, with a total of 32,479 billion yuan in new contracts signed from January to September 2024, representing a year-on-year increase of 4.7% [2]. Financial Performance Summary - For the first three quarters of 2024, the company's revenue by segment was as follows: construction revenue of 10,440 billion yuan (down 3.3%), infrastructure revenue of 3,845 billion yuan (down 1.3%), real estate revenue of 1,760 billion yuan (up 1.7%), and surveying and design revenue of 69 billion yuan (down 6.6%) [1]. - The company forecasts net profits for 2024-2026 to be 537.26 billion yuan, 560.07 billion yuan, and 606.57 billion yuan, with respective year-on-year growth rates of -0.99%, 4.24%, and 8.30% [2][3]. - The projected price-to-earnings ratios for 2024-2026 are 4.70, 4.51, and 4.16 times, respectively [2][3].

Investment Rating - The investment rating for China State Construction Engineering Corporation is "Buy" [3]. Core Views - The report indicates that the company's Q3 performance was below expectations due to ongoing adjustments in the real estate market and a slowdown in infrastructure investment. However, it is anticipated that with the implementation of incremental fiscal policies, the company will leverage its competitive advantages to achieve sustained growth [4][5]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 1.63 trillion yuan, a decrease of 2.67% year-on-year. The net profit attributable to shareholders was 39.7 billion yuan, down 9.05% year-on-year [5]. - The operating cash flow showed significant improvement, with a net cash flow of -77 billion yuan for the first three quarters of 2024, compared to -16.4 billion yuan in the same period of 2023 [5]. - The company’s gross profit margin for the first three quarters was 8.83%, a slight decrease of 0.1 percentage points [5]. Earnings Forecast - The earnings per share (EPS) estimates for 2024, 2025, and 2026 have been revised down to 1.24 yuan, 1.28 yuan, and 1.32 yuan respectively, reflecting a decrease of 5%, 3%, and 3% from previous forecasts [5]. - The target price remains at 7.76 yuan, corresponding to a price-to-earnings (PE) ratio of 6.3 times for 2024 [5]. Order Growth - New signed contracts increased by 4.7% year-on-year to 32.48 billion yuan in the first three quarters of 2024, with significant growth in energy engineering and water environmental projects [5][13]. - The breakdown of new contracts shows that the construction of residential buildings decreased by 9.9%, while industrial plant contracts increased by 26.4% [13]. Shareholder Confidence - The controlling shareholder's recent increase in holdings demonstrates confidence in the company's future performance, with a current dividend yield of 4.4% and a price-to-book (PB) ratio of 0.57, indicating potential value for investors [5].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a revenue of 1,626.54 billion yuan for the first three quarters of 2024, a decrease of 2.67% year-on-year, and a net profit attributable to the parent company of 39.70 billion yuan, down 9.05% year-on-year [5] - The company experienced a decline in revenue and profit in Q3, with a notable increase in overseas revenue growth of 42.32% year-on-year for the same quarter [5] - The company is a leader in the real estate and infrastructure sectors, with a continuous optimization of its business structure and robust operational performance [5] Summary by Sections Financial Performance - For Q1 to Q3 of 2024, the company achieved revenues of 10,440 billion yuan from housing construction, 3,845 billion yuan from infrastructure construction and investment, 1,760 billion yuan from real estate development and investment, and 69 billion yuan from surveying and design, with year-on-year changes of -3.3%, -1.3%, +1.7%, and -6.6% respectively [5] - The gross profit margin for the first three quarters of 2024 decreased by 0.10 percentage points to 8.83% [5] - The company reported a significant increase in operating cash flow in Q3, with a net inflow of 31.76 billion yuan, up 375.51 billion yuan year-on-year [5] Business Development - The company signed new contracts worth 29,874 billion yuan in the first three quarters of 2024, an increase of 7.9% year-on-year, with notable growth in overseas contracts, which increased by 77.6% [5] - The real estate segment reported a contract sales amount of 260.5 billion yuan, down 21.9% year-on-year, while the company maintained a strong position in the industry [5] Earnings Forecast - The company is expected to have an EPS of 1.27 yuan in 2024 and 1.32 yuan in 2025, with a reasonable valuation range of 6.37 to 7.64 yuan based on a PE ratio of 5-6 times for 2024 [5][6]

%% %% 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] 业绩有所承压，现金流显著改善 | --- | --- | --- | --- | |------------------------------------------------------------------------|------------------------------------------|-------|-------| | | | | | | 报告要点 | | | | | [Table_Summary] 公司前三季度实现营业收入 16265.41 亿元，同比减少 | 2.67% ；归属净利润 397.03 亿元，同比 | | | 分析师及联系人 [Table_Author] SAC：S0490520080022 SFC：BUT917 | --- | |--------| | | | | | | | | | SAC ： | | SFC ： | 张弛 宋子逸 张智杰 袁志芃 SAC：S0490522080002 SAC：S0490522060005 请阅读最后评级说明和重要声明 ...

Investment Rating - The report maintains a "Buy" rating for China State Construction Engineering Corporation (601668.SH) [1] Core Views - The company's performance has been under pressure, with a year-on-year decline in revenue and net profit, but operational cash flow has improved sequentially [1] - New contract signings have shown steady growth, particularly in industrial buildings, energy, and water resources, indicating a robust pipeline [1] - The company has a favorable land reserve structure, which is expected to provide resilience in its real estate business as market conditions improve [1] Summary by Sections Financial Performance - For the first nine months of 2024, the company reported revenues of 162.65 billion yuan, a decrease of 2.7% year-on-year, and a net profit attributable to shareholders of 39.7 billion yuan, down 9.1% [1] - In Q3 2024, the company achieved revenues of 48.19 billion yuan, with a net profit of 10.3 billion yuan, reflecting a year-on-year decline of 13.6% and 30.2% respectively [1] Contracting and Business Growth - The total new contracts signed in the first nine months of 2024 reached 324.79 billion yuan, an increase of 4.7% year-on-year, with significant growth in infrastructure and design services [1] - The company’s domestic and international new contracts amounted to 282.90 billion yuan and 15.84 billion yuan, respectively, with year-on-year growth of 5.4% and 88.3% [1] Land Reserves and Real Estate - The company’s real estate sales and area sold decreased by 21.9% and 28.9% respectively, but it added 4.72 million square meters of land reserves, primarily in first-tier and strong second-tier cities [1] - The total land reserves at the end of the period stood at 82.04 million square meters, indicating a strong position for future recovery in the real estate sector [1] Cash Flow and Financial Management - The company has effectively managed expenses, with a sequential improvement in operating cash flow, reporting a net cash outflow of 77.01 billion yuan for the first nine months of 2024, which is a reduction of 31.76 billion yuan from the previous quarter [1] - The investment income ratio improved, with total investments completed amounting to 212.1 billion yuan and investment returns of 258.1 billion yuan, leading to a significant increase in the investment income ratio [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a decline in revenue and profit for Q3 2024, with a year-on-year decrease in revenue of 2.7% and a decrease in net profit attributable to shareholders of 9.1% for the first three quarters [2] - The company is facing pressure on revenue and profit due to market adjustments, but it is focusing on optimizing its business structure and expanding high-quality projects [3] - The company has seen improvements in cash flow from operating activities, with a significant increase in cash receipts in Q3 [4] - New contract signings have improved, particularly in overseas markets, with a year-on-year increase of 77.6% in new contracts [5] - The company is the largest engineering contractor globally and is expected to benefit from the new round of state-owned enterprise reforms and the Belt and Road Initiative [5] Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 1,626.54 billion yuan, with a net profit of 39.7 billion yuan [2] - In Q3 alone, the company reported revenue of 481.92 billion yuan, with a net profit of 10.25 billion yuan, reflecting a year-on-year decrease of 30.2% [2] - The revenue breakdown for Q3 shows construction revenue of approximately 294.7 billion yuan, infrastructure revenue of 115 billion yuan, real estate development revenue of 59.6 billion yuan, and survey and design revenue of 1.5 billion yuan [3] - The company’s gross profit margin for Q3 was 2.1%, down 0.5 percentage points year-on-year [4] - The company’s total liabilities amounted to 2,172.25 billion yuan, with a debt-to-asset ratio of 76.2% [4] Order and Contract Summary - The company signed new contracts worth 3.25 trillion yuan in the first three quarters of 2024, a year-on-year increase of 4.7% [5] - The breakdown of new contracts includes 2,001.1 billion yuan from construction and 976.3 billion yuan from infrastructure, with significant growth in specific sectors [5]

公司快报 2024 年 10 月 28 日 中国建筑(601668.SH) Q3 营收业绩增速承压，经营性现金流 逐季改善，境外和地产业务维持增长 事件：公司发布 2024 年三季报，2024 年前三季度公司实现营 收 1.63 万亿元（yoy-2.67%），实现归母净利润 397.03 亿元（yoy9.05%）；2024Q3 实现营收 4819.22 亿元（yoy-13.62%），实现归 母净利润 102.53 亿元（yoy-30.16%）。 2024Q3 营收业绩承压，地产/境外业务发展稳健。2024Q1-Q3， 公司实现营业收入 1.63 万亿元，同比下滑 2.67%，其中 2024Q1、 Q2、Q3 各季度营收分别同比+4.67%、+1.16%、-13.62%，Q3 营收 明显承压，或主要由于地产行业持续低迷，同时基建投资增速放 缓，经计算，2024Q3 公司房建和基建业务营收均同比下滑，分别 同比-14.04%、-22.45%。前三季度，公司实现归母净利润 397.03 亿元，同比-9.05%，业绩增速低于营收增速，主要由于项目毛利 率下滑和减值增加影响，其中，2024Q1、Q2、Q3 各季度归母净 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [4][6][13]. Core Views - The company has shown significant improvement in cash flow during Q3, with a notable increase in energy and water orders, despite facing pressure in the construction and infrastructure sectors [1][2]. - The company has a robust order backlog, which is expected to support performance recovery in the upcoming quarters, particularly with anticipated fiscal stimulus measures [1][4]. - The report highlights the company's ability to enhance market share during industry downturns, driven by its leading position and potential increases in cash dividends [4][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 1,626.5 billion yuan, a year-on-year decrease of 2.67%, and a net profit attributable to shareholders of 39.7 billion yuan, down 9.05% [1]. - In Q3 alone, revenue was 481.9 billion yuan, reflecting a 13.62% decline year-on-year, with net profit dropping 30.16% to 10.3 billion yuan [1][3]. - The gross margin for the first three quarters was 8.83%, a slight decrease of 0.1 percentage points year-on-year [3]. Order and Revenue Structure - The company signed new construction contracts totaling 29,874 billion yuan in the first three quarters, an increase of 7.9% year-on-year, with significant growth in energy and water sectors [2]. - The revenue breakdown shows that the construction and infrastructure segments faced declines, while the industrial plant sector saw a 26.4% increase in new contracts [2]. Cash Flow and Financial Ratios - The company reported a net cash flow from operations of -77.01 billion yuan for the first three quarters, but Q3 saw a positive cash inflow of 31.76 billion yuan [3]. - The report indicates a net profit margin of 3.21%, down 0.19 percentage points year-on-year, and a total expense ratio of 4.16% [3][8]. Future Projections - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 52.0 billion, 54.2 billion, and 56.3 billion yuan, respectively, reflecting a downward revision from previous estimates [4][5]. - The company is expected to maintain a strong market position and gradually reveal its long-term value, supported by government initiatives and market conditions [4][6].

T[ [Table_Title] 中国建筑（601668）2024年三季报点评 挖掘价值 投资成长 等待化债 2024 年 10 月 28 日 [【投资要点】 Table_Summary] 公司发布 2024 年三季报，受建筑市场低迷拖累，业绩同比下滑。前 三季实现收入 1.63 万亿元，yoy-2.7%，实现归母 397.03 亿元， yoy-9.1%，实现扣非 370.21 亿元，yoy-9.8%。Q3 单季实现收入 4819 亿元，yoy-13.6%，实现归母 102.53 亿元，yoy-30.2%。单季收入自 22Q4 以来首次回落至 5000 亿以下，判断系受建筑市场整体低迷、房 地产市场持续调整、基础设施投资放缓等因素影响。 现金流承压，判断地方财政压力传导到公司回款层面，是掣肘公司 Q3 经营增长的因素之一。公司前三季应收票据及账款达 3626 亿元， yoy+42%，增幅创近十年最高，合同资产约 4960 亿元，yoy+60%。根 据财政部，1-9 约全国一般公共预算收入、支出分别约为 16.3 万亿元、 20.2 万亿元，同比变动-2.2%、+2.0%，我们判断公司经营承压可能受 到地方财政 ...

证券研究报告 非金融公司|公司点评|中国建筑（601668） 工程业务收入有压力，现金流明显改善 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月27日 证券研究报告 |报告要点 公司发布 2024 年三季报，2024M1-9 收入为 16,265 亿元，yoy-3%；归母净利润为 397 亿元， yoy-9%；扣非归母净利润为 370 亿元，yoy-10%。其中 2024Q3 收入为 4,819 亿元，yoy-14%； 归母净利润为 103 亿元，yoy-30%；扣非归母净利润为 101 亿元，yoy-31%。2024Q3 房建/基建 /勘察业务收入有一定压力，地产开发收入实现较高速增长。2024Q3 各业务毛利率均有所下 降,投资收益和信用减值损失对公司利润亦有较大影响。 |分析师及联系人 武慧东 朱思敏 SAC：S0590523080005 SAC：S0590524050002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年10月27日 中国建筑(601668) 工程业务收入有压力，现金流明显改善 | --- | --- ...