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 ...

[Table_Header] 公司点评●房屋建设Ⅱ 2024年 04 月19 日 [Table_Title] [Table_StockCode] 中国建筑(601668) 业绩稳健增长，一带一路成果丰硕 [Table_InvestRank] 推荐 (维持) 核心观点： 分析师 [T able事_S件um：m公ar司y]发 布 2023年年报。 [龙Ta天b光le_ Authors] ：021-20252621  业绩稳健增长，能源、水利水运表现亮眼。公司 2023年实现营业收入 2.27 万亿元，同增 10.2%；实现归母净利润 542.6亿元，同增 6.5%；实现扣非后归 ：longtianguang_yj@chinastock.com.cn 母净利润 485.39亿元，同增 7.3%。分行业看，房建、基建、地产、设计勘察 分析师登记编码：S0130519060004 业务分别实现收入 1.38万亿元、5566亿元、3088亿元、117亿元，分别同增 9.4%、12.8%、9.5%、8.8%。2023年实现新签合同额 4.32万亿元，同增 10.8%， 分业务看，房建、基建、设计勘察业务分别新签 2 ...

[Table_Page] 年报点评|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 5.38元 Q4 业绩高增，经营性现金流净额大幅增加 合理价值 7.03元 前次评级 买入 [ 核Table 心_Sum 观mary 点] ： 报告日期 2024-04-19 ⚫ 中国建筑发布2023年报。根据年报，2023年，公司实现营收22655 相[Ta对ble市_Pi场cQu表ote现] 亿元，同比10.24%；归母净利543亿元，同比6.50%；23Q4，公司 实现营收5943亿元，同比14.49%；归母净利106亿元，同比43.12%。 9% ⚫ 经营性现金流净流入增加，股息率约为 5%。23 年经营性现金流净流 2% 入110亿元，22年净流入38亿元。23年投资性现金流净流出265亿 -5%04/23 06/23 08/23 10/23 12/23 02/24 04/24 元，22年净流出115亿元。公司23年拟分红率20.82%，对应目前股 -12% 息率约为5%，在建筑央企中股息率较高。 -19% ⚫ 房建基建业务收 ...

证券研究报告 | 年报点评报告 2024年04月19日 中国建筑（601668.SH） Q4 业绩高增 43%，龙头经营韧性强 Q4业绩高增 43%，龙头经营韧性强。2023年公司实现营业收入22655亿元，同增10.2%（调 买入（维持） 整后，下同）；实现归母净利润543亿元，同增6.5%；扣非归母净利润485亿元，同增7.3%， 全年增速略超预期。分季度看，Q1/Q2/Q3/Q4公司分别实现营业收入 5248/5885/5579/5943 股票信息 亿元，同增 8%/2%/18%/14%；分别实现归母净利润 147/142/147/106 亿元，同比 行业 房屋建设 +14%/-9%/-2%/+43%，Q4业绩大幅加速，主要因1）Q4费用率同比下降1.5pct。2）上年 前次评级 买入 同期基数较低（22年Q4业绩同比下滑46%）。分区域看，境内/境外分别实现收入21498/1158 4月18日收盘价(元) 5.38 亿元，同增10%/7%。2023年分红预案为每10股派 2.71元，分红率20.82%，较上年基本 持平，分红总额113亿元，对应股息率为5.05%。 总市值(百万元) 223,915.3 ...