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]

公司研 究 证 券研究 报 告 房建建设 2024年04月27日 中 国建筑（601668）2023年报点评 强 推 （维持） 目标价：6.39元 营收业绩保持稳增，现金流明显改善 当前价：5.35元 事项： 华创证券研究所  中国建筑发布 2023 年年报：公司 2023 年实现营业收入 22,655.3 亿元，同比 证券分析师：王彬鹏 +10.2%；归母净利润 542.6 亿元，同比+6.5%。全年新签订单 4.3 万亿，同比 +10.8%。 邮箱：wangbinpeng@hcyjs.com 评论： 执业编号：S0360519060002 证券分析师：鲁星泽  营收业绩稳增，分红稳定，股息率5.1%：公司2023年实现营业收入22,655.3 亿元，同比+10.2%；归母净利润542.6亿元，同比+6.5%；分业务看，公司房 电话：021-20572575 建 / 基 建 / 地 产 / 勘 察 设 计 业 务 均 增 长 稳 健 ， 分 别 实 现 营 收 邮箱：luxingze@hcyjs.com 13,837.4/5,565.6/3,088.1/117.5亿元，分别同比+9.4%/+12.8%/ ...

证券代码：601668 股票简称：中国建筑 编号：临 2024-028 重大项目公告 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 | 中建三局 | 广东东莞岭岚花园项目施工总承包 | 30.2 | | 2 | 中建四局 | 安徽芜湖高新技术产业开发区产城融合示范项 | 26.2 | | | | 目一期工程-南站科技园项目南标段 | | | 3 | 中建三局 | 广东深圳福田新沙项目 02 地块建筑安装总承包 | 25.4 | | | | 工程 | | | 4 | 中建八局 | 山东济南市儿童医院新院区建设项目工程总承 | 24.1 | | | | 包（EPC） | | | | | 广东广州番禺区谢村居住及商业商务地块配建 | | | 5 | 中建四局 | BA0402042 地块项目（广州 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 8.16, maintaining the previous rating of "Buy" [2][8]. Core Insights - The company's net profit for 2023 increased by 6.5%, aligning with expectations, with a significant 43.1% increase in Q4 alone. The operating cash flow improved by 188% year-on-year, and accounts receivable decreased by 11.2% [6][8]. - For 2024, the company plans to sign new contracts worth over 4.5 trillion, representing a 4.1% increase, with a revenue growth forecast of 5.1% [6][8]. - The report maintains the target price of 8.16, corresponding to a PE ratio of 5.8 times for 2024, with adjusted EPS forecasts of 1.40 for 2024 and 1.48 for 2025 [6][8]. Financial Summary - The company reported a total revenue of 2.27 trillion in 2023, a 10.2% increase from the previous year, with significant contributions from various sectors: housing construction (1.38 trillion, +9.4%), infrastructure (556.6 billion, +12.8%), and real estate (308.8 billion, +9.5%) [6][8]. - The gross profit margin for 2023 was 9.83%, with a decrease in expense ratio to 4.71%. The net profit margin was 2.4%, and the weighted ROE was 13.36% [6][8]. - The company’s total assets were reported at 2.65 trillion, with a debt-to-asset ratio of 74.82% [6][8]. Earnings Per Share (EPS) Forecast - The EPS for 2023 was reported at 1.30, with projections of 1.40 for 2024 and 1.48 for 2025, indicating a growth rate of 7% and 6% respectively [6][8]. Market Performance - The stock price has fluctuated between 4.61 and 7.08 over the past 52 weeks, with a current market capitalization of 223.08 billion [4][8].

Investment Rating - The report maintains a "Buy" rating for China State Construction Engineering Corporation (601668.SH) with a current price of 5.22 CNY [1]. Core Views - The company demonstrated steady growth in operating performance and significant improvement in cash flow, with a year-on-year increase in revenue, net profit, and net profit excluding non-recurring items of 10.2%, 6.5%, and 7.3% respectively for 2023 [5][6]. - The company plans to distribute a cash dividend of 0.27 CNY per share, resulting in a dividend payout ratio of 20.82% and a dividend yield of approximately 5.6% [5]. Summary by Sections Financial Performance - In 2023, the company achieved revenue of 226.55 billion CNY, net profit of 54.26 billion CNY, and net profit excluding non-recurring items of 48.54 billion CNY, reflecting year-on-year growth of 10.2%, 6.5%, and 7.3% respectively [5]. - For Q4 2023, the company reported revenue of 59.43 billion CNY, net profit of 10.61 billion CNY, and net profit excluding non-recurring items of 7.48 billion CNY, with year-on-year increases of 14.5%, 43.1%, and 35.2% respectively [5]. Cash Flow and Cost Management - The company improved its cash flow management, with operating cash flow reaching 11.03 billion CNY in 2023, an increase of 7.2 billion CNY compared to the previous year [6]. - The sales gross margin and net margin for 2023 were 9.8% and 3.2%, showing a slight decrease of 0.6 and 0.1 percentage points respectively [6]. Contract and Revenue Growth - The company signed new contracts worth 432.41 billion CNY in 2023, a year-on-year increase of 10.8%, with significant growth in infrastructure and design services [7]. - The revenue from various segments, including construction and design, showed steady growth, with real estate sales increasing by 12.4% year-on-year [7]. Investment and Land Acquisition - In 2023, the company completed investments totaling 400.3 billion CNY, a decrease of 1.1% year-on-year, while investment returns increased by 10.6% to 428.3 billion CNY [6]. - The company focused on key regions, with 92.3% of its total investment in areas such as the Beijing-Tianjin-Hebei region and the Yangtze River Economic Belt [6]. Profit Forecast and Valuation - The report slightly lowers the profit forecast for 2024 and 2025 to 57.73 billion CNY and 60.98 billion CNY, respectively, while introducing a new forecast for 2026 at 63.01 billion CNY [7][8]. - The company maintains a price-to-earnings ratio of 4 and a price-to-book ratio of 0.5 for the forecasted years [10].

证券研究报告 | 2024年04月23日 中国建筑（601668.SH） 买入 归母净利同比增长 6.5%，龙头优势持续强化 核心观点 公司研究·财报点评 营业收入增长10.2%，归母净利增长6.5%。2023年，公司实现收入22655 建筑装饰·房屋建设Ⅱ 亿元，同比+10.2%，实现归母净利542.6亿元，同比+6.5%。2023Q4公司实 证券分析师：任鹤 证券分析师：朱家琪 现营业收入5943亿元，同比+14.5%，实现归母净利106.1亿元，同比+43.1%。 010-88005315 021-60375435 renhe@guosen.com.cn zhujiaqi@guosen.com.cn 公司四季度收入和业绩增长较快主要原因为：上年Q4受疫情影响毛利率下 S0980520040006 S0980524010001 降，导致基数较低，2023年Q4归母净利较2021年仍有22%的降幅，主要系 联系人：卢思宇 毛利率略有下降，土地增值税和利息费用增加所致。 0755-81981872 lusiyu1@guosen.com.cn 新签合同保持双位数增长，境外新签显著回暖。2023年公司建筑业新签合 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company achieved a revenue of 2,265.53 billion yuan in 2023, representing a year-on-year increase of 10.24%. The net profit attributable to the parent company was 54.26 billion yuan, up 6.50% year-on-year [6] - The company has shown steady growth across all business segments, with a significant acceleration in net profit in Q4. The quarterly revenue growth rates for 2023 were 8.12%, 2.20%, 17.52%, and 14.49% respectively [6] - The company plans to sign new contracts exceeding 4.5 trillion yuan in 2024, reflecting a year-on-year increase of 4.07% [6] - The gross profit margin decreased to 9.83% in 2023, down 0.62 percentage points from the previous year, while the net profit margin decreased to 3.25% [6] - The company reported a significant increase in operating cash flow, with a net inflow of 11.03 billion yuan, up 188.07% year-on-year [6] - The company is a leader in the real estate and infrastructure sectors, with a high dividend yield and steady operational performance [6] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 2,265.53 billion yuan and a net profit of 54.26 billion yuan, with respective year-on-year growth rates of 10.24% and 6.50% [6] - The company’s gross profit margin for 2023 was 9.83%, a decrease of 0.62 percentage points from the previous year [6] - The net profit margin was 3.25%, down 0.12 percentage points year-on-year [6] Business Segments - Revenue from various business segments showed robust growth: housing construction engineering (13,837.44 billion yuan, +9.4%), infrastructure construction and investment (5,565.61 billion yuan, +12.8%), and real estate development and investment (3,088.08 billion yuan, +9.5%) [6] - The company’s new contract signings in 2023 reached 38,727 billion yuan, an increase of 10.6% [6] Future Outlook - The company forecasts new contract signings to exceed 4.5 trillion yuan in 2024, with revenue expected to surpass 2.38 trillion yuan, reflecting a year-on-year growth of 5.05% [6] - Earnings per share (EPS) for 2024 and 2025 are projected to be 1.42 yuan and 1.54 yuan respectively, with a reasonable valuation range of 7.11 to 8.53 yuan based on a PE ratio of 5-6 times [6]

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 22 日 中 国建筑(601668.SH) 证券研究报告 2023Q4 业绩增速大幅提升，经营性现 房建建设 投资评级 买入-A 金流大幅改善 维持评级 6个月目标价 7.05元 事件：公司发布 2023 年年度报告，期内公司实现营业收入 股价 (2024-04-19) 5.36元 22655.29 亿元，同比+10.20%，实现归母净利润 542.64亿元，同 比+6.50%，实现扣非归母净利润 485.39 亿元，同比+7.3%。拟向 交易数据 全体股东每 10股派息人民币2.71 元，分红率为20.85%，股息率 总市值(百万元) 223,082.95 5.64%。 流通市值(百万元) 221,477.29 总股本(百万股) 41,619.95 营业收入稳步增长，Q4 业绩增速大幅提升。公司 2023 年全年 流通股本(百万股) 41,320.39 实现营收 22655.29 亿元，同比+10.20%，营收增速较 2022 年和 12个月价格区间 4.61/7.08元 2023 年前三季度营收增速均有提升，分别提升 ...

公司报告 | 年报点评报告 中国建筑（601668） 证券研究报告 2024年04月 21日 投资评级 四季度业绩高增，经营性现金流持续向好 行业 建筑装饰/房屋建设Ⅱ 6个月评级 买入（维持评级） 当前价格 5.36元 龙头优势持续彰显，看好中长期投资价值 23年公司实现营业收入22,655亿元，同比+10.2%，实现归母净利润542.6 目标价格 元 亿元，同比+6.5%，扣非归母净利润 485.4 亿元，同比+7.3%。单季度看， 23Q4公司实现收入5942.87亿元，同比+14.5%，归母净利润106.11亿元， 基本数据 同比+43.1%，业绩整体维持稳健增长，四季度业绩释放明显提速，建筑龙 A股总股本(百万股) 41,619.95 头优势彰显。23 年及 24Q1 公司订单持续维持较好增长，订单充裕或给后 流通A股股本(百万股) 41,320.39 续收入增长提供较好支撑。此外，23年公司现金流改善明显，现金分红总 A股总市值(百万元) 223,082.95 额112.98亿元，现金分红比例为20.8%，对应4月19日收盘股息率为5.06%， 流通A股市值(百万元) 221,477.29 PE处 ...

公 司 研 证券研究报告 究 房屋建设 ＃investSuggestion＃ 中国建筑 （ 601668 ） 增持 ( 维持 ） ＃ i l ＃ 全年经营稳健+现金流高增，地产改善带动 H2 营收高增 ＃ ＃ 2024年 04月 19日 投资要点 公 市场数据  中国建 筑发布 2023 年年报：公司 2023 年实现营业收入 22655 亿元，同 司 市场数据日期 2024-04-18 比增长10.2%；实现归母净利润542.6亿元，同比增长6.5%；实现扣非后 点 收盘价（元） 5.38 归母净利润485亿元，同比增长7.3%。其中Q4实现营业收入5942.87亿 元，同比增长14.49%；实现归母净利润106.11亿元，同比增长43.12%。 评 总股本（百万股） 41619.95 报 流通股本（百万股） 41320.39  公司公告2023年拟每10股派发红利2.7145元，对应分红率为20.82%， 4月18日收盘价5.38元对应股息率约5.05%。 净资产（百万元） 427609.89 告 总资产（百万元） 2903322.52  房建结构优化+基建放量，支撑全年订单稳健增长。公司2023年 ...