[Table_MainInfo] 公司研究/建筑工程/建筑 证券研究报告 中国电建（601669）公司年报点评 2024年05月03日 [Table_InvestInfo] 投资评级 优于大市 维持 Q4 利润高增，新能源运营转型顺利 股票数据 [Table_Summary] 0[4T月ab3le0_日S收to盘ck价（In元fo）] 5.08 投资要点： 52周股价波动（元） 4.45-7.99 总股本/流通A股（百万股） 17226/13072  事件：公司2023年实现营收6094.08亿元，同增6.43%，归母净利润129.88 总市值/流通市值（百万元） 87509/66403 亿元，同增13.59%，扣非归母净利润117.13亿元，同增13.17%。点评如下： 相关研究 [《Ta Qb 3le收_入R、ep净o利rtI润nf增o速] 放缓，控股股东增持  Q4利润加速增长，新能源投运营稳定增长，境外毛利率明显恢复。分季度看， 显信心》2023.11.21 2023Q1、Q2、Q3、Q4单季度营业总收入分别同增0.66%、11.12%、6.55%、 《海外新签高增，新能源投运营转型顺利》 7.1 ...

Investment Rating - The report maintains a "Buy" rating for China Power Construction (601669.SH) with a current price of 5.08 CNY [1] Core Views - The company has shown steady growth in new contracts and performance, driven by its dual engines in water conservancy and energy sectors. In 2023, the company achieved revenues of 609.4 billion CNY, a year-on-year increase of 6.4%, and a net profit attributable to shareholders of 13 billion CNY, up 13.6% [6][7] Summary by Sections Financial Performance - In 2023, the company reported revenues of 609.4 billion CNY, net profit of 13 billion CNY, and net profit excluding non-recurring items of 11.7 billion CNY, reflecting increases of 6.4%, 13.6%, and 13.2% respectively. For Q1 2024, revenues were 140.3 billion CNY, net profit was 3 billion CNY, and net profit excluding non-recurring items was also 3 billion CNY, showing year-on-year growth of 5.1%, 0.8%, and 1.3% respectively [6][7] Contract Growth - The company signed new contracts worth 1,142.8 billion CNY in 2023, a 13.2% increase year-on-year. The water conservancy and energy sectors saw significant growth, with new contracts of 100.7 billion CNY and 616.8 billion CNY, representing increases of 70.4% and 36.2% respectively. In Q1 2024, new contracts totaled 331.1 billion CNY, a 2.7% increase, with energy contracts continuing to show strong growth at 198.8 billion CNY, up 26.5% [7] Profitability and Margins - The company's gross margin improved to 13.2% in 2023, an increase of 1 percentage point. The gross margins for surveying and design, power investment and operation, and other businesses were 10.8%, 44.4%, and 28.7%, respectively, with increases of 0.98, 4.27, and 5.71 percentage points. The company maintained a period expense ratio of 8.8%, up 0.7 percentage points [7][8] Investment and Future Outlook - The report projects a slight downward adjustment in net profit forecasts for 2024 and 2025 to 14.64 billion CNY and 16.46 billion CNY, respectively, with a new forecast for 2026 at 18.33 billion CNY. The growth in water conservancy orders and the ongoing expansion of the renewable energy business are expected to support performance growth [8][9]

证券研究报告·公司点评报告·基础建设 中国电建（601669） 2024 年一季报点评：营收稳健增长，能源电 2024 年 05月 02日 力及水资源订单高增 证券分析师 黄诗涛 买入（维持） 执业证书：S0600521120004 huangshitao@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 房大磊 营业总收入（百万元） 572,613 609,408 665,229 719,103 770,968 执业证书：S0600522100001 fangdl@dwzq.com.cn 同比（%） 1.23 6.43 9.16 8.10 7.21 证券分析师 石峰源 归母净利润（百万元） 11,435 12,988 14,645 16,328 18,354 执业证书：S0600521120001 同比（%） 15.92 13.58 12.75 11.49 12.41 shify@dwzq.com.cn EPS-最新摊薄（元/股） 0.66 0.75 0.85 0.95 1.07 研究助理 杨晓曦 P/E（现价& ...

公司报告 | 季报点评 中国电建（601669） 证券研究报告 2024年04月 30日 投资评级 一季度经营稳健，能源电力新签订单持续高增 行业 建筑装饰/基础建设 6个月评级 买入（维持评级） 当前价格 5.2元 一季度经营稳健，维持“买入”评级 目标价格 6.88元 公司发布2024 年一季报，24Q1 公司实现营收1403.32 亿，同比+5.14%， 归母净利润30.45亿，同比+0.79%，扣非归母净利润30.21亿，同比+1.32%。 基本数据 一季度利润增速慢于收入增速主要原因是：1）毛利率有所下滑；2）24Q1 A股总股本(百万股) 17,226.16 合营联营企业投资收益下降致投资净收益2.85亿元，同比下滑36.54%，应 收款项规模增加以及账龄结构变化导致信用减值损失 15 亿元，同比增加 流通A股股本(百万股) 13,071.53 35.98%，资产减值损失4.2亿元（上年同期为损失0.11 亿元）。我们预计公 A股总市值(百万元) 89,576.03 司24-26年实现归母净利润148、169、196亿，对应PE分别为6.07/5.29/4.58， 流通A股市值(百万元) 67,9 ...

Investment Rating - The report maintains an **Overweight** rating for the company, with a target price of **7.50 CNY**, down from the previous target of **9.00 CNY** [1][4] Core Views - The company's net profit increased by **13.6%** in 2023, with Q4 showing a significant growth of **24.0%** [1] - Revenue for 2023 reached **608.4 billion CNY**, a **6.4%** increase year-over-year, with engineering design contributing **550.6 billion CNY**, up **9.2%** [1] - The company's installed capacity reached **27.19 GW**, a **33%** increase, with solar power capacity surging by **190%** to **7.73 GW** [1] - New contracts signed in 2023 increased by **13%**, with overseas contracts growing by **12%** to **215.2 billion CNY** [1] - The company plans to spin off its subsidiary, PowerChina New Energy, for a listing on the Shanghai Stock Exchange [1] Financial Performance - The company's operating cash flow decreased by **27.8%** to **22.3 billion CNY** in 2023, with Q4 showing a significant recovery [1] - Accounts receivable increased by **5.9%** to **106.3 billion CNY**, while impairment losses totaled **-6.69 billion CNY** [1] - The company's net debt ratio stood at **114.16%**, with a PB ratio of **0.6** [1] Business Segments - In 2023, the company's energy power segment contributed **616.8 billion CNY** in new contracts, with solar power accounting for **279.9 billion CNY**, a **44.5%** increase [7] - The water resources and environment segment saw a **12.4%** decline in new contracts, while urban construction and infrastructure contracts decreased by **5.8%** [7] Industry Outlook - The company's clean energy capacity accounted for **84.6%** of its total installed capacity, highlighting its focus on renewable energy [1] - The report forecasts a **9%** increase in EPS for 2024, reaching **0.82 CNY**, with a **10%** growth expected in 2025 [1]

上 市 公 司 建筑装饰 2024 年04月 28 日 中国电建 (601669) 公 司 研 究 ——利润快速增长，电力工程收入高增 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  23年归母净利润同比+13.59%、符合预期，扣非净利润同比+13.17%。23年公司营业总 收入6,094亿，同比+6.43%；归母净利润129.88亿，同比+13.59%，符合预期，收入增 证 市场数据： 2024年04月26日 速较低主要系业务转型影响，传统基建工程业务量减少；扣非净利润 117.13 亿，同比 券 收盘价（元） 5.16 +13.17%。23 年公司毛利率、归母净利润率分别为 13.23%、2.13%，同比分别 研 一年内最高/最低（元） 7.99/4.45 +1.02pct/+0.13pct；期间费用率合计为 8.06%，同比+0.72pct，其中销售、管理、研发 究 市净率 0.6 和财务费用率分别为+0.00pct、+0.10pct、+0.18pct、+0.44pct。23年资产及信用减值 报 息率（分红/股价） - 告 流通A股市值（百万元） 67449 损失66.8 ...

Financial Performance - The company's operating revenue for Q1 2024 was RMB 140.15 billion, representing a year-on-year increase of 5.15% compared to RMB 133.29 billion in the same period last year[1]. - The net profit attributable to shareholders for Q1 2024 was RMB 3.04 billion, a slight increase of 0.79% from RMB 3.02 billion in Q1 2023[1]. - Total revenue for Q1 2024 reached ¥140,332,247,147.26, an increase from ¥133,475,098,803.21 in Q1 2023, representing a growth of approximately 5.1%[26]. - Net profit for Q1 2024 was ¥4,013,419,280.78, compared to ¥3,875,847,318.97 in Q1 2023, reflecting a year-over-year increase of about 3.6%[27]. - The total operating costs for Q1 2024 were ¥134,006,183,334.33, compared to ¥128,202,969,697.82 in Q1 2023, reflecting an increase of approximately 4.5%[22]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 1,215.18 billion, reflecting a year-on-year increase of 5.32% from RMB 1,153.77 billion[5]. - The company's total liabilities were reported at 568,454,723,315.84 RMB, compared to 544,159,270,743.26 RMB, which is an increase of about 4.99%[18]. - Total assets as of Q1 2024 were ¥1,215,183,864,891.70, compared to ¥1,153,774,735,013.99 in the previous year, marking an increase of about 5.4%[21]. - Total liabilities increased to ¥950,551,584,271.43 in Q1 2024 from ¥894,124,637,157.12 in Q1 2023, which is an increase of approximately 6.3%[21]. Equity and Earnings - The company's equity attributable to shareholders at the end of the reporting period was RMB 163.93 billion, an increase of 2.08% from RMB 160.58 billion at the end of the previous year[5]. - The company's total equity increased to 646,729,141,576.86 RMB from 609,615,464,269.73 RMB, reflecting a growth of about 6.09%[20]. - The company's equity attributable to shareholders reached ¥163,926,825,657.13 in Q1 2024, up from ¥160,580,347,561.55 in Q1 2023, reflecting a growth of about 2.3%[21]. - Basic earnings per share for Q1 2024 were ¥0.1708, slightly up from ¥0.1705 in Q1 2023[27]. Cash Flow and Financing - In Q1 2024, the company reported cash inflows from operating activities of approximately CNY 147.63 billion, an increase from CNY 131.76 billion in Q1 2023, representing a growth of about 12%[28]. - The net cash outflow from operating activities was CNY -39.00 billion, compared to CNY -32.96 billion in the same period last year, indicating a decline in operational cash flow[28]. - Cash inflows from financing activities totaled CNY 103.43 billion, up from CNY 86.43 billion in Q1 2023, marking an increase of approximately 19.7%[29]. - The net increase in cash and cash equivalents for the quarter was CNY 16.27 billion, compared to CNY 10.09 billion in Q1 2023, reflecting a growth of about 61.2%[29]. Borrowings and Financial Expenses - Short-term borrowings increased by 119.95%, primarily to meet business development needs and to supplement working capital[8]. - Financial expenses decreased by 40.12%, mainly due to net exchange gains this year compared to net losses in the same period last year[8]. - Long-term borrowings rose to 338,113,439,614.26 RMB from 315,206,434,347.29 RMB, reflecting an increase of approximately 7.43%[19]. - Interest expenses for Q1 2024 were ¥3,365,411,419.53, compared to ¥3,030,496,872.82 in Q1 2023, representing an increase of approximately 11%[23]. Research and Development - Research and development expenses amounted to ¥3,183,207,953.79 in Q1 2024, up from ¥2,906,927,287.30 in Q1 2023, indicating a growth of approximately 9.5%[26]. - The company incurred research and development expenses of CNY 30,241,713.65 in Q1 2024, compared to CNY 55,510,008.06 in Q1 2023[38]. Other Financial Metrics - The weighted average return on equity for the period was 2.24%, a decrease of 0.24 percentage points compared to 2.48% in the previous year[5]. - The company reported a decrease in employee compensation payable from 3,266,069,965.22 RMB to 2,551,112,034.88 RMB, a reduction of approximately 21.83%[15]. - The company reported a total equity of CNY 89,784,002,442.04 as of Q1 2024, slightly down from CNY 90,223,109,050.56 in the previous quarter[37]. - The total comprehensive income for Q1 2024 was a loss of CNY 336,904,522.09, compared to a loss of CNY 235,863,728.57 in Q1 2023[39].

证券研究报告 公 2024年04月28日 司 报 告 中国电建(601669) │ 行 业： 建筑装饰/基础建设 公 投资评级： 买入（维持） 司 当前价格： 5.16元 年 资产处置有成效，新能源规模快速扩张 目标价格： 8.32元 报 点 公司发布23年年报，23fy公司收入6,094亿，yoy+6%，归母净利130亿， 评 基本数据 yoy+14%，扣非归母净利117亿，yoy+13%。其中23q4收入1,880亿，yoy+7%， 17,226.16/13,071. 总股本/流通股本(百万股) 归母净利35亿，yoy+24%，扣非归母净利25亿，yoy-27%。其中23q4非经 53 常性损益较多主因非流动资产处置收益增加。23fy 公司在手订单 18,474 流通A股市值(百万元) 67,449.07 亿，为同期收入的3.0倍。 每股净资产(元) 7.52 ➢ 新能源业务贡献工程承包主要增量，砂石销售规模可观 资产负债率(%) 77.50 23fy 公司工程承包/电力投资运营/其他业务收入分别为 5,506/240/315 一年内最高/最低(元) 7.99/4.45 亿，分别yoy+9%/+1%/-2 ...

Investment Rating - The report maintains an "Accumulate" rating for China Electric Power Construction (601669) [3][13] Core Views - China Electric Power Construction reported a revenue of 608.44 billion yuan for 2023, representing a year-on-year growth of 6.44%, and a net profit attributable to shareholders of 12.99 billion yuan, up 13.58% year-on-year [3][6] - The company benefited from the continuous advancement of domestic energy construction and strong overseas engineering demand, with an overall order growth rate of 13.2% in 2023 [3][7] - The gross profit margin increased to 13.23%, up 1.02 percentage points year-on-year, primarily due to a higher proportion of high-margin renewable energy and pumped storage projects [3][9] Summary by Sections Market Data - Closing price: 5.16 yuan - Total shares: 17,226.16 million - Net assets: 160,580.35 million yuan - Total assets: 1,153,774.74 million yuan - Earnings per share: 0.75 yuan [1] Financial Performance - Revenue for 2023: 608.44 billion yuan, with a year-on-year growth of 6.44% - Net profit for 2023: 12.99 billion yuan, with a year-on-year growth of 13.58% - Gross profit margin: 13.23%, up 1.02 percentage points year-on-year - Operating cash flow for 2023: 22.27 billion yuan, a decrease of 27.79% year-on-year [2][3][9] Order and Contract Data - New contracts signed in 2023 totaled 11,428.44 billion yuan, a year-on-year increase of 13.2% - The energy and power business accounted for 54% of total new contracts, with a significant increase of 36.17% year-on-year [3][7][8] - The backlog of contracts at the end of 2023 was 1.85 trillion yuan, representing a year-on-year increase of 17.88% [3][8] Future Outlook - The company is expected to benefit from the deepening of energy cooperation along the "Belt and Road" initiative and the increasing acceptance of dual carbon goals overseas, leading to sustained growth in overseas orders [3][11] - The forecast for earnings per share (EPS) for 2024-2026 is 0.84 yuan, 0.93 yuan, and 1.02 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 6.2, 5.6, and 5.1 [3][13]

[Table_Header] 公司点评●基础建设 2024年 04 月26 日 [Table_Title] [Table_StockCode] 中国电建(601669) 能源电力增速显著，海外业务量质齐升 [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，能源电力新签合同额增速显著。公司 2023年实现营业收入 6094.08亿元，同增 6.43%，归母净利润 129.88亿元，同增 13.58%，扣非后归 ：longtianguang_yj@chinastock.com.cn 母净利润 117.13亿元，同增 13.17%。分业务看，工程承包与勘测设计营业收 分析师登记编码：S0130519060004 入 5505.60亿元，同增 9.16%，占主营业务收入的 90.84%，主要是公司持续深 化业务转型升级调整，在巩固水利水电等传统业务优势的同时，太阳能发电工 程承包等新能源业务规模迅速扩张；电力投资与运营业务实现营业收入2 ...