Investment Rating - The report maintains a "Buy" rating for China Electric Power Construction (601669.SH) [5] Core Views - The company has shown stable growth in new signed orders, although impairment losses have negatively impacted performance [5] - For the first half of 2024, the company achieved operating revenue of 284.92 billion yuan, a year-on-year increase of 1.29%, while net profit attributable to shareholders decreased by 6.49% to 6.34 billion yuan [5][6] - The company is solidifying its traditional infrastructure business while developing a second growth curve focused on renewable energy [5] Financial Summary - Operating revenue for the first half of 2024: 2849.21 billion yuan, up 1.29% year-on-year [6] - Net profit attributable to shareholders: 63.38 billion yuan, down 6.49% year-on-year [5][6] - Operating cash flow: -466.66 billion yuan, down 18.74% year-on-year [5] - Gross margin for engineering contracting and design services: 9.76%, up 0.45 percentage points year-on-year [6] - New signed contracts from January to July 2024 totaled 705.76 billion yuan, a year-on-year increase of 7.80% [7] - Expected net profit for 2024-2026: 148.9 billion yuan, 161.7 billion yuan, and 180.2 billion yuan respectively [5]

Investment Rating - The report maintains a "Recommended" rating for the company [2][3] Core Views - The company reported a revenue of 285.38 billion yuan for H1 2024, a year-on-year increase of 1.29%, with engineering contracting and surveying design contributing 259.53 billion yuan, up 1.79% year-on-year [1] - The net profit attributable to shareholders was 6.34 billion yuan, down 6.49% year-on-year, while the net profit after deducting non-recurring gains and losses was 6.23 billion yuan, down 5.55% year-on-year [1] - The company signed new contracts worth 648.87 billion yuan in H1 2024, a year-on-year increase of 7.50%, with energy and electricity contracts growing by 20.76% [1] Financial Performance Summary - Revenue for 2024 is projected to be 646.08 billion yuan, with a growth rate of 6.02% [6] - The net profit for 2024 is expected to be 14.24 billion yuan, reflecting a growth of 9.63% [6] - The company's gross margin is forecasted to be 12.42% in 2024, down from 13.23% in 2023 [6] Business Segment Performance - The energy and electricity segment saw a significant increase in new contracts, with a total of 384.23 billion yuan, marking a 20.76% increase year-on-year [1] - The company’s domestic and international revenue for H1 2024 was 242.72 billion yuan and 41.25 billion yuan respectively, showing a year-on-year increase of 1.95% and a decrease of 2.14% [1] - The clean energy capacity reached 87.1% of the total installed capacity, with wind power capacity increasing by 14% and solar power capacity increasing by 184.6% year-on-year [1]

Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Views - The company is transitioning from a traditional hydropower leader to a new energy investment and operator, with accelerated upgrades in traditional industries and continuous efforts in new energy sector layout [5] - The company achieved revenue of 285.383 billion yuan in H1 2024, a year-on-year increase of 1.29%, with net profit attributable to the parent company of 6.338 billion yuan, a year-on-year decrease of 6.49% [5] - New energy power investment and operation revenue reached 5.43 billion yuan, a year-on-year increase of 7.79%, accounting for 1.91% of main business revenue [5] - The company's gross profit margin increased by 0.26 percentage points to 12.27% in H1 2024, with new energy power investment and operation gross margin increasing by 0.63 percentage points to 56.32% [5] - The company's new contracts signed from January to July 2024 reached 705.757 billion yuan, a year-on-year increase of 7.80%, with energy power new contracts increasing by 20.89% [5] - The company's installed capacity reached 28.14 million kilowatts by the end of June 2024, with wind power installed capacity of 8.99 million kilowatts and solar power installed capacity of 8.11 million kilowatts [5] Financial Performance - The company's revenue in 2023 was 609.408 billion yuan, with a net profit attributable to the parent company of 12.988 billion yuan [5] - The company's revenue is expected to reach 733.636 billion yuan in 2025, with a net profit attributable to the parent company of 15.451 billion yuan [5] - The company's gross profit margin is expected to remain at 13.4% from 2024 to 2026 [5] - The company's net profit margin is expected to increase from 2.1% in 2023 to 2.2% in 2026 [5] - The company's ROE is expected to increase from 8.1% in 2023 to 8.7% in 2026 [5] Valuation and Forecast - The company's EPS is expected to increase from 0.75 yuan in 2023 to 1.01 yuan in 2026 [5] - The company's P/E ratio is expected to decrease from 6.75 in 2023 to 5.06 in 2026 [5] - The company's P/B ratio is expected to decrease from 0.55 in 2023 to 0.44 in 2026 [5] - The company's dividend yield is expected to increase from 2.7% in 2023 to 3.6% in 2026 [5] Industry Comparison - The average P/E ratio of comparable companies is 11.0 for 2023, 9.7 for 2024E, and 8.6 for 2025E [7] - The average P/B ratio of comparable companies is 0.84 for 2024E [7] - The average EPS of comparable companies is 0.52 yuan for 2023, 0.58 yuan for 2024E, and 0.65 yuan for 2025E [7]

证券研究报告 非金融公司|公司点评|中国电建（601669） 收入利润增长阶段承压，新能源电站规 模快速增长 glzqdatemark1 证券研究报告 |报告要点 2024H1 公司收入 2,854 亿元，yoy+1.3%，归母净利润 63 亿元，yoy-6.5%，扣非归母净利润 62 亿元，yoy-5.6%；单 2024Q2 收入 1,451 亿元，yoy-2.2%，归母净利润 33 亿元，yoy-12.4%， 扣非归母净利润 32 亿元，yoy-11.2%。收入利润增长阶段承压，新能源电站规模快速增长。水 利投资及新能源工程需求景气度均优，公司工程业务增长前景较好。电力运营业务规模快速 增长，关注砂石业务积极贡献。维持"买入"评级。 |分析师及联系人 SAC：S0590523080005 武慧东 吴红艳 请务必阅读报告末页的重要声明 1 / 5 中国电建(601669) 收入利润增长阶段承压，新能源电站规模快 速增长 股价相对走势 -20% -10% 0% 10% 2023/8 2023/12 2024/4 2024/8 中国电建 沪深300 相关报告 1、《中国电建（601669）：24Q1 毛利率小幅 ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a relative return of over 20% within the next six months [2][10]. Core Views - The company is expected to experience steady growth in its overall performance despite facing some pressure in Q2 2024, with projected net profits of 14.8 billion, 16.9 billion, and 19.6 billion for 2024, 2025, and 2026 respectively [2][3]. - The company benefits from being a leading player in hydropower construction, poised to gain from infrastructure and energy projects [2][3]. - The company has signed new contracts worth 648.9 billion, with a significant portion in the energy sector, indicating a robust demand environment [5]. Financial Data and Valuation - Revenue for 2023 is projected at 609.41 billion, with a growth rate of 6.43% compared to 2022 [9]. - The EBITDA for 2023 is estimated at 78.34 billion, with a net profit attributable to the parent company of 12.99 billion, reflecting a growth rate of 13.58% [9]. - The company's P/E ratio is projected to decrease from 7.22 in 2022 to 6.35 in 2023, indicating improved valuation metrics [9]. Business Segmentation - In H1 2024, the company reported revenues of 2595.3 billion from engineering contracting and design, 121.8 billion from power investment and operation, and 122.6 billion from other businesses, with the engineering segment showing a growth of 1.8% [3][4]. - The domestic revenue was 2427.2 billion, up 2%, while international revenue decreased by 2.1% due to a slight decline in overseas power generation [3]. Profitability Metrics - The overall gross margin improved to 12.27% in H1 2024, up by 0.26 percentage points year-on-year [4]. - The net profit margin for H1 2024 was reported at 2.95%, a slight decrease from the previous year [4]. Market Outlook - The energy and power sector remains robust, with new contracts in energy power generation showing significant growth, particularly in thermal and wind power [5]. - The company is expected to continue benefiting from high demand in the energy sector, with a notable increase in new contracts signed [5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q2 performance was under pressure due to increased financial costs, but the energy and power business remains highly prosperous [3] - In H1 2024, the company achieved total revenue of 285.4 billion, a year-on-year increase of 1.3%, and a net profit attributable to shareholders of 6.34 billion, a year-on-year decrease of 6.5% [3] - The company signed new contracts worth 648.9 billion in H1 2024, representing a year-on-year increase of 7.5% [3] - The company’s renewable energy installed capacity reached 28 GW by the end of H1 2024, with a significant increase in profitability from power operations [3] Financial Performance Summary - H1 2024 total revenue: 285.4 billion, Q1/Q2 revenue: 140.3 billion / 145.1 billion [3] - H1 2024 net profit: 6.34 billion, Q1/Q2 net profit: 3 billion / 3.3 billion [3] - H1 2024 gross profit margin: 12.4%, a year-on-year increase of 0.3 percentage points [3] - H1 2024 operating cash flow net outflow: 46.7 billion, investment cash flow net outflow: 28.9 billion [3] - Expected net profit for 2024-2026: 13.2 billion / 14 billion / 15.1 billion, corresponding EPS: 0.77 / 0.81 / 0.88 [3][4] Business Segment Performance - Engineering contracting revenue: 259.5 billion, a year-on-year increase of 1.8% [3] - Power investment and operation revenue: 12.2 billion, a year-on-year decrease of 0.7% [3] - New energy operation revenue: 5.4 billion, a year-on-year increase of 7.8% [3] Market Position and Outlook - The company aims to add 30 GW of new energy capacity during the 14th Five-Year Plan period, with 10.5 GW already completed [3] - The report indicates a positive outlook for the company's profitability as the scale of renewable energy installations increases [3]

中国电力建设股份有限公司 董事、监事、高级管理人员关于 2024 年半年度报告的 书面确认意见 根据《中华人民共和国证券法》《上海证券交易所股票上市规则》等法律、 法规及规范性文件的要求，作为中国电力建设股份有限公司（以下简称"公司"） 的董事、监事和高级管理人员，在审阅公司 2024 年半年度报告后，我们认为公 司 2024 年半年度报告及其摘要能充分反映公司报告期内的财务状况和经营成 果，并保证： 公司 2024 年半年度报告所披露的信息真实、准确、完整，所载资料不存在 任何虚假记载、误导性陈述或重大遗漏,并对其内容的真实性、准确性和完整性 承担个别及连带责任。 董事：丁焰章 王斌 姚焕 彭冈 孙子宇 张国厚 窦皓 刘易 王成海 监事： 周春来 杨献龙 张念木 梁小成 张军 高级管理人员： 黄埔 杨良 徐鹏程 王小军 张建文 王书宝 和孙文 杨义生 孙德安 中国电力建设股份有限公司 二〇二四年八月二十七日 ...

证券代码：601669 股票简称：中国电建 公告编号：临 2024-062 中国电力建设股份有限公司 第四届董事会第二次会议决议公告 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"）第四届董事会第二次会议 于2024年8月27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9人。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《关于聘任中国电力建设股份有限公司总经理等高级管理人 员的议案》。 董事会同意聘任王斌为公司总经理，聘任徐鹏程、王小军为公司副总经理， 聘任杨良为公司总会计师，聘任张建文、和孙文为公司总工程师，聘任王书宝为 公司总法律顾问，聘任杨义生为公司总经理助 ...

Financial Performance - The company reported a total revenue of 10.5 billion CNY for the first half of 2024, representing a year-on-year increase of 15%[9]. - The net profit attributable to shareholders reached 1.2 billion CNY, up 20% compared to the same period last year[9]. - The company's operating revenue for the first half of 2024 was approximately ¥284.92 billion, representing a year-on-year increase of 1.29% compared to ¥281.29 billion in the same period last year[15]. - The net profit attributable to shareholders for the same period was approximately ¥6.34 billion, a decrease of 6.49% from ¥6.78 billion in the previous year[15]. - The company's total revenue for the first half of 2024 is CNY 2.33 billion, down from CNY 3.93 billion in the first half of 2023, indicating a decrease of approximately 40.5%[183]. - The company's net profit for the first half of 2024 is approximately CNY 8.41 billion, a decrease from CNY 8.71 billion in the same period of 2023, representing a decline of about 3.5%[181]. - The total comprehensive income for the first half of 2024 is CNY 8.41 billion, compared to CNY 9.18 billion in the same period of 2023, representing a decline of about 8.4%[182]. Contracts and Projects - The company has secured new contracts worth 15 billion CNY in the first half of 2024, indicating a 25% growth in new contract value year-on-year[9]. - User data shows an increase in project completions, with 30 major projects completed in the first half of 2024, compared to 24 in the same period last year[9]. - The company signed new energy power business contracts worth 384.23 billion yuan in the first half of 2024, accounting for 59.21% of total new contracts, with a year-on-year growth of 20.76%[25]. - The company signed new infrastructure contracts totaling 145.718 billion yuan in the first half of 2024, a year-on-year decrease of 13.72%[28]. - The company secured significant projects including the Inner Mongolia New Energy Project Group worth 15.13 billion yuan and the Huaneng Yuhuan No. 2 Offshore Wind Power Project valued at 5.19 billion yuan[25]. Research and Development - Investment in R&D has increased by 18%, totaling 500 million CNY, focusing on renewable energy technologies[9]. - The company’s R&D expenses increased by 4.65% to 8.32 billion RMB, reflecting a commitment to innovation[41]. - The company has achieved significant breakthroughs in core technology, leading two national key research and development projects and five national natural science foundation projects in water environment, offshore wind power, and new energy storage[162]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 10% increase in market share by the end of 2025[9]. - The company plans to continue expanding its overseas business and deepen its presence in traditional and emerging markets, capitalizing on policy opportunities[22]. - Future guidance indicates an expected revenue growth of 12% for the full year 2024, driven by increased infrastructure projects[9]. Financial Health and Cash Flow - The net cash flow from operating activities was negative at approximately ¥46.67 billion, worsening by 18.74% compared to the previous year's negative cash flow of ¥39.30 billion[15]. - The company's total assets at the end of the reporting period were approximately ¥1,247.99 billion, an increase of 8.17% from ¥1,153.77 billion at the end of the previous year[15]. - The company's interest-bearing debt increased from 208.13 billion RMB at the beginning of the period to 426.09 billion RMB at the end of the period, reflecting a year-on-year change of 10.82%[168]. Environmental and Social Responsibility - The company has implemented a green construction management system to enhance environmental risk prevention and emergency response capabilities[75]. - The company has organized the release of over 5 million fish in major river basins to promote biodiversity conservation[76]. - The company invested a total of 37.5 million yuan in targeted poverty alleviation funds, an increase of 6.5% year-on-year, with all funds fully allocated[78]. Corporate Governance and Compliance - There are no reported instances of non-operational fund occupation by controlling shareholders or related parties[3]. - The company confirmed that there are no significant violations or illegal activities during the reporting period[82]. - The company has not received any non-standard audit opinions in the previous annual report[85]. Future Outlook - Overall, the company remains optimistic about its growth trajectory and market opportunities in the coming years[57]. - Future outlook remains cautiously optimistic, with management focusing on market expansion and potential strategic acquisitions[190].

中国电力建设股份有限公司 关于中国电建集团财务有限责任公司风险持续评估报告 根据《企业集团财务公司管理办法》《上海证券交易所上市 公司自律监管指引第 5 号——交易与关联交易》等相关规定，中 国电力建设股份有限公司（以下简称"公司"）审阅了中国电建 集团财务有限责任公司（以下简称"电建财务公司"）2024 年 1- 6 月的财务报告及相关数据指标，并进行相关的风险评估，同时 对其《金融许可证》和《企业法人营业执照》的合法有效性进行 了查验，出具本风险持续评估报告。 一、电建财务公司基本情况 电建财务公司是经原中国银行业监督管理委员会北京监管 局（现为中国银行保险监督管理委员会北京监管局）批准成立的 非银行金融机构，成立于 2015 年 12 月。电建财务公司统一社会 信用代码为 91110108MA002J5876，注册资本为人民币 500,000 万 元。电建财务公司现持有中国银行保险监督管理委员会核发的 《金融许可证》，机构编码为 L0230H211000001。 电建财务公司经营范围包括:对成员企业办理财务和融资顾 问、信用鉴证及相关的咨询、代理业务；协助成员单位实现交易 款项的收付；经批准的保险代理业 ...