Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - The company's Q3 net profit attributable to shareholders decreased by 36.5%, with expectations for improvement in Q4 due to debt reduction measures [1] - The company reported a revenue of 425.67 billion, a year-on-year increase of 1.2%, while the net profit attributable to shareholders was 8.81 billion, down 7.21% year-on-year [1] - The report anticipates that the company's fundamentals will gradually recover as local government debt issuance space increases, allowing government investment projects to operate normally [1][3] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 425.67 billion, with a net profit of 8.81 billion and a non-recurring net profit of 7.92 billion, reflecting year-on-year declines of 7.21% and 14.41% respectively [1] - The Q3 revenue was 140.75 billion, with a net profit of 2.47 billion and a non-recurring net profit of 1.68 billion, showing declines of 9% and 36.47% year-on-year [1] - The company's gross margin for the first three quarters was 12.42%, a slight increase of 0.12 percentage points year-on-year, while the Q3 gross margin decreased by 0.15 percentage points to 12.73% [2] Order and Project Insights - The company signed new contracts totaling 861.1 billion in the first nine months of 2024, a year-on-year increase of 5.4%, with significant growth in energy and power contracts [4] - The report highlights that the company is actively engaging in BT and PPP models to alleviate debt pressure, particularly in municipal engineering and transportation sectors [3] Financial Forecasts - The forecast for net profit attributable to shareholders for 2024-2026 has been revised down to 12.9 billion, 14.5 billion, and 16.6 billion respectively [1] - The company's revenue is projected to grow from 609.41 billion in 2023 to 789.09 billion by 2026, with a compound annual growth rate of approximately 12% [5][10]

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company's Q3 performance met expectations, with a slight narrowing of revenue decline. For the first three quarters of 2024, the company achieved a revenue of 425.7 billion, a year-on-year increase of 1.2%, and a net profit attributable to shareholders of 8.8 billion, a year-on-year decrease of 7.2% [1]. - The energy and power sector continues to show high demand, while overseas business performance is strong. New contracts signed in the first three quarters reached 861.1 billion, a year-on-year increase of 5.4% [1][2]. Financial Performance Summary - For Q1-Q3 2024, the company reported a gross margin of 12.4%, a slight increase of 0.1 percentage points year-on-year. The net profit margin for the same period was 2.07%, down 0.19 percentage points year-on-year [1]. - The company’s operating cash flow showed a net outflow of 46.9 billion, an increase in outflow of 11 billion compared to the same period last year, indicating ongoing pressure on cash collection [1][8]. - The company expects net profits for 2024-2026 to be 12.6 billion, 13.3 billion, and 14.2 billion respectively, with corresponding EPS of 0.73, 0.77, and 0.83 [1][2]. Business Segment Performance - In terms of new contracts, the energy and power sector signed 518.4 billion, a year-on-year increase of 20%, while municipal infrastructure and other sectors saw declines [1]. - The company’s overseas contracts reached 176 billion, reflecting a year-on-year growth of 15% [1]. Market Valuation - The current stock price corresponds to a P/E ratio of 7.5 for 2024, 7.0 for 2025, and 6.6 for 2026, indicating a potentially attractive valuation [2][3].

Revenue and Profit Performance - Revenue for the third quarter was RMB 140.75 billion, a 1.01% increase compared to the same period last year[3] - Net profit attributable to shareholders of the listed company decreased by 9.00% to RMB 2.47 billion in the third quarter[3] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses decreased by 36.47% to RMB 1.68 billion in the third quarter[3] - The company's total revenue for the first nine months of the year was RMB 425.67 billion, a 1.20% increase compared to the same period last year[3] - Total operating income for the first three quarters of 2024 reached 426,346,873,798.55 yuan, compared to 421,400,574,489.52 yuan in the same period last year[16] - Net profit attributable to the parent company's owners was 75,329,197,765.82 yuan, compared to 69,301,573,413.63 yuan in the previous period[15] - Net profit attributable to parent company shareholders was RMB 8.806 billion, a decrease of 7.2% compared to the same period last year[17] - Revenue for the first three quarters of 2024 was RMB 4.24 billion, a decrease of 23.94% compared to RMB 5.58 billion in the same period of 2023[24] - Operating profit for the first three quarters of 2024 reached 1.385 billion RMB, a 25.3% increase compared to 1.105 billion RMB in the same period of 2023[25] - Net profit for the first three quarters of 2024 was 1.459 billion RMB, up 19.9% from 1.216 billion RMB in the same period of 2023[25] Asset and Liability Changes - Total assets increased by 11.59% to RMB 1.29 trillion compared to the end of the previous year[4] - Total equity attributable to shareholders of the listed company increased by 4.19% to RMB 167.31 billion compared to the end of the previous year[4] - The company's monetary funds increased to 107.04 billion yuan as of September 30, 2024, compared to 97.50 billion yuan at the end of 2023[13] - Accounts receivable rose to 140.98 billion yuan as of September 30, 2024, up from 106.29 billion yuan at the end of 2023[13] - Contract assets grew to 158.56 billion yuan as of September 30, 2024, compared to 124.34 billion yuan at the end of 2023[13] - Prepayments increased to 40.69 billion yuan as of September 30, 2024, from 34.67 billion yuan at the end of 2023[13] - Inventory rose to 20.07 billion yuan as of September 30, 2024, up from 16.95 billion yuan at the end of 2023[13] - Other receivables increased to 31.69 billion yuan as of September 30, 2024, compared to 29.59 billion yuan at the end of 2023[13] - Total assets increased to 1,287,495,362,210.47 yuan, up from 1,153,774,735,013.99 yuan in the previous period[14] - Long-term receivables increased to 73,478,875,277.50 yuan, up from 65,730,691,432.01 yuan in the previous period[14] - Fixed assets grew to 139,748,609,709.27 yuan, compared to 128,758,462,067.36 yuan in the previous period[14] - Total liabilities for the first three quarters of 2024 were 1,017,468,203,588.06 yuan, up from 894,124,637,157.12 yuan in the same period last year[15] - Long-term loans increased to 363,069,854,327.24 yuan, up from 315,206,434,347.29 yuan in the previous period[15] - Total equity attributable to the parent company's owners was 167,311,834,111.86 yuan, compared to 160,580,347,561.55 yuan in the previous period[15] - Total assets decreased from RMB 179.63 billion to RMB 175.19 billion, a decline of 2.47%[21][22][23] - Current liabilities decreased from RMB 79.00 billion to RMB 71.29 billion, a reduction of 9.76%[22] - Long-term liabilities increased from RMB 10.40 billion to RMB 16.27 billion, a rise of 56.44%[22] Cash Flow and Financial Activities - Cash flow from operating activities was negative RMB 46.93 billion for the first nine months of the year[3] - Cash flow from operating activities was negative RMB 46.926 billion, a decrease of 30.6% compared to the same period last year[19] - Cash flow from investing activities was negative RMB 42.091 billion, an improvement of 32.1% compared to the same period last year[20] - Cash flow from financing activities was positive RMB 100.029 billion, a decrease of 0.6% compared to the same period last year[20] - Total cash and cash equivalents at the end of the period was RMB 100.245 billion, an increase of 3.4% compared to the same period last year[20] - Net cash flow from operating activities for the first three quarters of 2024 was -26.126 billion RMB, compared to -24.393 billion RMB in the same period of 2023[26] - Net cash flow from investing activities for the first three quarters of 2024 was 3.172 billion RMB, a 3.2% decrease from 3.275 billion RMB in the same period of 2023[26] - Net cash flow from financing activities for the first three quarters of 2024 was 14.524 billion RMB, a 95.9% increase compared to 7.415 billion RMB in the same period of 2023[26] - Cash and cash equivalents at the end of the third quarter of 2024 were 8.118 billion RMB, a 42.0% decrease from 14.009 billion RMB at the end of the third quarter of 2023[26] Earnings and Shareholder Information - Basic earnings per share decreased by 5.68% to RMB 0.1412 in the third quarter[3] - Weighted average return on equity decreased by 0.26 percentage points to 1.79% in the third quarter[4] - Basic earnings per share was RMB 0.4865, a decrease of 7.8% compared to the same period last year[18] - Diluted earnings per share was RMB 0.4865, a decrease of 7.8% compared to the same period last year[18] - The company's largest shareholder, China Power Construction Group Co., Ltd., holds 53.05% of the shares, totaling 4.98 billion shares[10] - The second-largest shareholder, Taiping Life Insurance Co., Ltd., holds 3.15% of the shares, totaling 543.48 million shares[10] - The third-largest shareholder, China Securities Finance Co., Ltd., holds 2.51% of the shares, totaling 432.77 million shares[10] - The fourth-largest shareholder, Hong Kong Securities Clearing Company Ltd., holds 2.50% of the shares, totaling 430.76 million shares[10] Non-Recurring Items and Impairments - Non-recurring gains and losses amounted to RMB 784.45 million in the third quarter, primarily due to increased gains from the disposal of non-current assets[6][7] - Total assets impairment loss was RMB 694.979 million, an increase of 469.4% compared to the same period last year[17] - Total assets disposal gain was RMB 780.362 million, an increase of 632.0% compared to the same period last year[17] - Credit impairment losses increased from RMB -11.32 million in 2023 to RMB -111.53 million in 2024, a significant rise[24] Operating Costs and Expenses - Operating costs for the first three quarters of 2024 were 410,173,481,242.79 yuan, up from 404,413,225,464.60 yuan in the same period last year[16] - R&D expenses for the first three quarters of 2024 amounted to 13,978,190,853.56 yuan, compared to 13,310,131,559.47 yuan in the same period last year[16] - Operating costs for the first three quarters of 2024 were RMB 3.97 billion, down 24.34% from RMB 5.24 billion in 2023[24] - R&D expenses increased significantly from RMB 10.11 million in 2023 to RMB 57.73 million in 2024, a growth of 471.08%[24] - Financial expenses decreased from RMB 750.83 million in 2023 to RMB 627.68 million in 2024, a reduction of 16.40%[24] Investment and Comprehensive Income - Investment income dropped from RMB 892.33 million in 2023 to RMB 277.70 million in 2024, a decline of 68.88%[24] - Total comprehensive income was RMB 11.757 billion, a decrease of 5.6% compared to the same period last year[18] - Total comprehensive income for the first three quarters of 2024 was 1.829 billion RMB, a 47.8% increase compared to 1.238 billion RMB in the same period of 2023[25] - Cash received from sales of goods and services in the first three quarters of 2024 was 4.565 billion RMB, a 7.8% increase from 4.235 billion RMB in the same period of 2023[25]

证券代码：601669 股票简称：中国电建 公告编号：临 2024-071 中国电力建设股份有限公司 第四届董事会第三次会议决议公告 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。 中国电力建设股份有限公司（以下简称"公司"）第四届董事会第三次会 议于2024年10月29日以现场及视频会议方式在中电建科技创新产业园A座召开。 会议通知和会议议案等材料已以电子邮件和书面方式送达各位董事。本次会议 应到董事9人，实到董事6人，董事姚焕、彭冈、独立董事窦皓因工作原因未能 出席，分别委托董事长丁焰章、独立董事孙子宇、张国厚代为出席并表决。公 司董事会秘书、监事、部分高级管理人员列席了本次会议。本次会议的召开符 合《中华人民共和国公司法》等法律法规及规范性文件以及《中国电力建设股 份有限公司章程》的规定。 本次会议由董事长丁焰章主持，经与会董事充分审议并经过有效表决,审议 通过了以下议案： 一、审议通过了《关于中国电力建设股份有限公司2024年第三季度报告的 议案》。 表决情况：9票同意，0票弃权，0票反对。 相关内容请详见与本公告同时 ...

证券代码：601669 股票简称：中国电建 公告编号：2024- 070 中国电力建设股份有限公司 关于召开2024年第三季度业绩说明会的公告 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： 会议召开时间：2024 年 11 月 4 日（星期一）下午 16：00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 10 月 25 日（星期五）至 11 月 1 日（星期五）16:00 期间登录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者邮箱 提交问题。公司将在说明会上对投资者普遍关注的 问题进行回答。 中国电力建设股份有限公司（以下简称"公司"）将于 2024 年 10 月 31 日发 布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年 三季度经营成果、财务状况，公司计划于 2024 年 11 ...

证券代码：601669 股票简称：中国电建 公告编号：临 2024-069 中国电力建设股份有限公司 2024 年 1 月至 9 月主要经营情况公告 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。 现将中国电力建设股份有限公司2024年1月至9月主要经营情况公布如下，供 投资者参阅。 一、按业务类型统计 单位：亿元 币种：人民币 4.其他业务指除以上三项业务外的业务； 5.上表中分项数据加总之和与合计数之间的差异系四舍五入原因所致。 二、按地区分布统计 单位：亿元 币种：人民币 | 业务类型 | 新签项目数量（个） | 新签合同金额 | 同比增减 | | --- | --- | --- | --- | | 能源电力 | 4058 | 5183.90 | 19.68% | | 水资源与环境 | 1024 | 1119.74 | -10.07% | | 城市建设与基础设施 | 1112 | 1985.05 | -17.16% | | 其他 | 756 | 322.54 | 64.99% | | 合计 | 6950 | 8611.2 ...

证券代码：601669 股票简称：中国电建 公告编号：临 2024-068 中国电力建设股份有限公司 2024 年 1 月至 8 月主要经营情况公告 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。 现将中国电力建设股份有限公司2024年1月至8月主要经营情况公布如下，供 投资者参阅。 一、按业务类型统计 单位：亿元 币种：人民币 | 业务类型 | 新签项目数量（个） | 新签合同金额 | 同比增减 | | --- | --- | --- | --- | | 能源电力 | 3621 | 4516.43 | 20.16% | | 水资源与环境 | 934 | 1029.93 | -7.14% | | 城市建设与基础设施 | 1020 | 1788.23 | -14.39% | | 其他 | 684 | 312.86 | 67.14% | | 合计 | 6259 | 7647.44 | 7.05% | 注： 1.能源电力业务包括水电、风电、太阳能发电、火电、电网等； 2.水资源与环境业务包括水利、水务、水环境治理和水生态修复等； 3 ...

证券代码：601669 股票简称：中国电建 公告编号：临 2024-067 中国电力建设股份有限公司 重大工程中标公告 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，中国电力建设股份有限公司下属子公司中国电建集团华东勘测设计研 究院有限公司、中国水利水电第一工程局有限公司、杭州华辰电力控制工程有限 公司、浙江华东工程建设管理有限公司（联合体成员）中标了浙江建德抽水蓄能 电站项目设计采购施工 EPC 总承包项目，中标金额约为 81.66 亿元人民币。总工 期暂定 2252 个日历天。 目前相关方尚未正式签署合同，上述项目仍存在不确定性，敬请投资者注意 投资风险。 特此公告。 中国电力建设股份有限公司董事会 二〇二四年九月十二日 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨中国电建（601669.SH） [Table_Title] 上半年业绩整体稳定，绿电装机持续增长 | --- | --- | --- | |---------------------------------------------------------------------|---------------------------------------|-------| | | | | | 报告要点 | | | | [Table_Summary] 公司上半年实现营业收入 2849.21 亿元，同比增长 | ；归属净利润 63.38 亿元，同比减少 | | 分析师及联系人 [Table_Author] 张弛 张智杰 袁志芃 SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 请阅读最后评级说明和重要声明 中国电建（601669.SH） cjzqdt11111 资料来源：Wind [Table_Title2] 上半年业绩整体稳定，绿电装机持续增长公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 [T ...

隐证券 建筑装饰/基础建设 公 司 研 究 中国电建（601669.SH） 2024 年 09 月 03 日 新签订单规模稳定增长，减值拖累业绩表现 ——公司信息更新报告 投资评级：买入（维持） 日期 2024/9/2 | --- | --- | |-------------------------|-----------| | | | | 当前股价 ( 元 ) | 4.63 | | 一年最高最低 ( 元 ) | 5.78/4.45 | | 总市值 ( 亿元 ) | 797.57 | | 流通市值 ( 亿元 ) | 605.21 | | 总股本 ( 亿股 ) | 172.26 | | 流通股本 ( 亿股 ) | 130.72 | | 近 3 个月换手率 (%) | 62.95 | 股价走势图 中国电建 沪深300 -24% -18% -12% -6% 0% 6% 12% 2023-09 2024-01 2024-05 数据来源：聚源 相关研究报告 《抓住能源电力发展机遇，电力工程 龙头业绩可期—公司首次覆盖报告》 -2024.7.5 齐东（分析师） 胡耀文（分析师） qidong@kysec.cn 证书编号： ...