证券代码：601668 股票简称：中国建筑 编号：临 2024-045 中国建筑股份有限公司董事会 重大项目公告 二〇二四年七月三十日 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。 1 近期，本公司获得如下重大项目，现予公布供投资者参阅。 | 序号 | 项目获得单位 | 项目名称 | 项目金额 （亿元） | | --- | --- | --- | --- | | 一 | 房屋建筑 | | | | 1 | 中建二局 | 云南曲靖无隔膜单缸锌溴液流储能电池生产线 | 30.0 | | | | 项目（EPC） | | | 2 | 中建四局 | 海南海口华润中心四期总承包工程 | 28.1 | | 3 | 中建八局 | 湖北武汉周大福金融中心项目一期总承包工程 | 22.2 | | 4 | 中建南洋公司 | 新加坡加冷黄埔政府组屋 C45A/B 项目 | 20.5 | | 二 | 基础设施 | | | | 1 | 中建八局 | 甘肃庆阳分散式风力发电(风储一体化)项目设计 | 40.0 | | | | 施工总承包 | | | 2 | ...

证券研究报告 | 专题研究 2024 午 07 月 28 日 中国建筑（601668.SH） 妒何看中国建筑分红的持续性? 中国定航 2024 预期成点串 5.3%，与 "四大符" 整体水平抽选，具备被 最疯引力。 救止 2024/7/26，中国建筑 2024 辛预期股总杀 5.3%，与领 行板块整体水牛相近，高子"四大行"中的工商條行、中国條行、农业绩 行，也為千中国友油、中国海油、中国移动、长江屯力等红利板块大型夹 全尤头: PB/PE 分别为 0.54/4.2 径，在上达公司内处于最低水手: 2023 年归寻净利润同增 6.5%，表们预计 2024 业绩增长 5.1%，保持稳健增 长。整体态，中国建筑脱患年与"四大行"年均水牛相近，估值低、业绩 稳定，在当前市场环境中具备投發项引力。 "地产+地工" 市占单双模升，业纳 ৯王业务：齐占申志进兵升，业务给构林线优化，1 ) 失企艺争优势凸显， 市占牟办连线升: 从尧工面积口径查, 公司房建业务市占牟近辛朵稳宁提 升，由 2011 辛的 10%提升至 2023 辛的 21%; 答单口径看，公司新答合 同领占行业总签举比向 2011 年的 6.7%提升至 20 ...

证券研究报告 2024 年 07 月 16 日 行 业: 建筑装饰/房屋建设Ⅱ 投资评级: 买入(维持) 当前价格: 5.40 元 基本数据 | --- | --- | |-------------------------|---------------------| | 总股本/流通股本(百万股) | 41,619.95/41,320.39 | | 流通 A 股市值(百万元) | 223,130.11 | | 每股净资产(元) | 10.42 | 资产负债率(%) 74.76 一年内最高/最低(元) 6.25/4.54 股价相对走势 中国建筑 沪深300 -20% -10% 0% 10% 2023/7 2023/11 2024/3 2024/7 作者 | --- | |-----------------------------| | 分析师:武慧东 | | 执业证书编号:S0590523080005 | | wuhd@glsc.com.cn | | 分析师:朱思敏 | | 执业证书编号:S0590524050002 | | zhusm@glsc.com.cn | 相关报告 1、《中国建筑(601668):2 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 上半年新签增 10%超预期,地产销售和拿地优势显著 | --- | --- | --- | |----------------|-----------------------|---------------------------| | [table_Authors | 韩其成](分析师) | 郭浩然(分析师) | | | 021-38676162 | 010-83939793 | | | hanqicheng8@gtjas.com | guohaoran025968@gtjas.com | | 登记编号 | S0880516030004 | S0880524020002 | 本报告导读: 中国建筑当前股息率 5.03%,PB0.53 倍、2024PE3.9 倍历史底部。2024 上半年新签 增 10%超预期,其中基建增 35%、境外增 105%。中海地产权益销售额排名第 1。 投资要点: [国家统计局称近期 Table_Summary] 房地产市场活跃度有所提升,北京、上海 6 月 ...

Investment Rating - The report maintains a "Buy" rating for China State Construction Engineering Corporation (601668.SH) [3] Core Views - The report emphasizes the importance of PB (Price-to-Book) valuation in the construction industry, indicating that it reflects the immediate liquidation value of the company and serves as a conservative valuation method [23] - The adjusted PB valuation suggests a conservative estimate of the company's value, with an adjusted static PB of 0.95 times, indicating a strong margin of safety [7][23] - The company has shown resilience in securing construction orders, with a 13.7% growth in orders during the first half of the year, and a shift towards infrastructure projects, which is expected to reduce repayment risks [7][8] Summary by Sections Financial Analysis - The report highlights that the company's total assets require an additional impairment deduction of 191.6 billion yuan, leading to an adjusted net asset value of 236 billion yuan [7][23] - The company's receivables totaled 257.7 billion yuan, with a cumulative impairment provision of 45.3 billion yuan, indicating a high impairment ratio of 14.9% [7][24] - Inventory is valued at 796.3 billion yuan, with a provision for impairment of 8.24 billion yuan, reflecting a conservative approach to potential inventory devaluation risks [7][29] Market Position - As a leading state-owned enterprise in the real estate sector, the company has a healthy land reserve structure, with 35% of its inventory located in first-tier cities [7][29] - The company’s sales price per square meter averaged 23,809 yuan, while the acquisition cost was 14,322 yuan, providing a significant safety margin [7][29] Future Outlook - The report forecasts a revenue increase to 2,434.1 billion yuan in 2024, representing a year-on-year growth rate of 7.4% [8][9] - The company is expected to distribute dividends of 11.3 billion yuan in 2024, with a dividend yield of 5.0%, which is attractive given the current market conditions [7][8]

证券代码：601668 股票简称：中国建筑 编号：临 2024-044 2024 年 1-6 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 1-6 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） | 24,797 10.0% | | 一、建筑业务情况 | | | 1. 新签合同额（亿元 RMB） | 22,882 13.7% | | 2. 业务分部（亿元 RMB） | | | 房屋建筑 | 15,320 5.7% | | 基础设施 | 7,491 34.9% | | 勘察设计 | 72 -9.2% | | 3. 地区分部（亿元 RMB） | | | 境内 | 21,651 10.9% | | 境外 | 1,231 105.4% | | 4.实物量指标（万 m 2） | | | 房屋建筑施工面积 | 152,041 1.1% | | 房屋建筑新开工面积 | 14,276 4.2% | ...

本项目位于沙特阿拉伯首都利雅得西部德拉伊耶区域，建筑面积约 34 万平 米，合同造价约 20.8 亿美元，主要包括萨勒曼国王大学、嘉佩乐酒店、沙特王 室博物馆、萨勒曼国王图书馆、萨勒曼国王文化广场等标志性文化建筑。 本项目是沙特"2030 愿景"下为进一步提升首都利雅得教育、文化和旅游 水平而投资建设的重大项目。本项目尚需签署正式合同，项目的最终金额、履行 条款等内容以正式签订的合同为准，存在不确定性风险，敬请广大投资者注意投 资风险。 特此公告。 中国建筑股份有限公司董事会 二〇二四年七月十一日 证券代码：601668 股票简称：中国建筑 编号：临 2024-043 海外重大项目中标公告 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。 近日，中国建筑股份有限公司（以下简称公司）与沙特 El Seif Engineering Contracting Co. Ltd.组成联合体获得沙特阿拉伯萨勒曼国王知识区项目（以下 简称本项目）授标函。 ...

Investment Rating - The report maintains a "Buy" rating for China State Construction Engineering Corporation (601668.SH) with a current price of 5.44 CNY [1]. Core Insights - The company is considered an undervalued high-dividend stock with positive changes in its fundamentals. It has maintained a high return on equity (ROE) between 12.6% and 18.5%, with a dividend payout ratio around 20%, leading to a dividend yield of approximately 5.0% for 2023 [7]. - The company has signed new contracts worth 1.81 trillion CNY from January to May, representing a year-on-year growth of 12%, significantly outperforming other state-owned construction enterprises [7]. - The real estate sector is showing signs of marginal improvement, with the top 100 real estate companies' sales declining by 41.6% year-on-year, but the rate of decline is slowing [7][8]. Summary by Sections Market Data - Total shares outstanding: 41.62 billion - Total market capitalization: 226.41 billion CNY - One-year price range: 4.32 to 5.94 CNY - Three-month turnover rate: 27.53% [3]. Financial Performance - The company has shown strong profitability with a consistent ROE and a low price-to-book (PB) ratio of 0.54, indicating a historical percentile of 3.4% [7]. - Revenue projections for 2024-2026 are 2,438.02 billion CNY, 2,596.81 billion CNY, and 2,722.44 billion CNY respectively, with net profit estimates of 57.73 billion CNY, 60.98 billion CNY, and 63.01 billion CNY [9]. Contract and Order Growth - New contracts in the construction sector are robust, with significant contributions from both domestic and international markets. The company has seen a 10.6% increase in building contracts and a 37.4% increase in infrastructure contracts from January to May [7]. - The company is benefiting from a higher concentration of contracts as smaller firms exit the market, enhancing its market power [7]. Real Estate Sector Insights - The company’s real estate sales for January to May were 135.9 billion CNY, down 28.9% year-on-year, but the decline is narrowing [7]. - The company has strategically acquired land in first and second-tier cities, with over 83% of new land reserves located in major urban areas [8]. Financing and Cost Structure - The current low-interest-rate environment is expected to further reduce financing costs, aiding the company's expansion capabilities [7]. - The average interest rate for new corporate loans was 3.71% in May, reflecting a decrease compared to previous periods [7]. Valuation and Dividend Outlook - The company maintains a strong dividend policy with a projected dividend yield of 5.3% for 2024 and 5.5% for 2025 [9]. - The report emphasizes the company's strong earnings potential and low valuation metrics, reinforcing its attractiveness in a low-interest-rate market [7].

| 序号 | 项目获得单位 | 项目名称 | 项目金额 | | --- | --- | --- | --- | | | | | （亿元） | | 一 | 房屋建筑 | | | | 1 | 中建三局 | 广东广州白云区鹤龙街黄边村更新改造项目总 承包 | 82.0 | | 2 | 中建三局 | 浙江杭州临安区青山湖国际科创中心项目（临安 | 31.0 | | | | 区青山湖城市客厅首发区块建设项目） | | | 3 | 中建三局 | 广东深圳宝龙上井片区半导体与先进制造园项 | 25.8 | | | | 目（05-04-02 地块施工总承包工程） | | | 4 | 中建八局 | 上海虹口区多伦路二期 1 号旧区改造项目-虹孚 | 21.0 | | 二 | 基础设施 中建基础、中建一 | | | | | 局、中建二局、中 | | | | 1 | 建四局、中建五局、 | 广东深圳城市轨道交通 25 号线一期工程 25101 | 73.9 | | | 中建七局、中建八 | 标施工总承包项目 | | | | 局、中建交通、中 | | | | | 建安装 | | | | | 中建七局、中建上 | 内蒙古呼和浩特航天经 ...

%% 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] 月房建新签增速由负转正，地产有所改善 5 报告要点 [公Ta司bl发e_布Su2m0m24ar年y]1-5月主要经营情况，1-5月公司新签合同总额18,106亿元，同比+12.0%， 其中房屋建筑 11,579亿元，同比+10.6%，基础设施 5,111亿元，同比+37.4%，勘察设计 58 亿元，同比-17.2%，地产合约销售额1,359亿元，同比-28.9%。 ...