证券代码：601669 证券简称：中国电建 公告编号：2024-079 中国电力建设股份有限公司 关于召开 2024 年第三次临时股东大会的通知 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。 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 12 月 26 日 15 点 00 分 召开地点：北京市海淀区玲珑巷路 1 号院 1 号楼中电建科技创新产业园 A 座 806 会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第三次临时股东大会 (二) 股东大会召集人：董事会 网络投票起止时间：自 2024 年 12 月 26 日 股东大会召开日期：2024年12月26日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 至 2024 年 12 月 26 日 采用上海证券交易所网络 ...

中国电建：子公司中标苍南三号海上风电场项目EPC总承包项目 财联社12月9日电，中国电建公告，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标苍南三号海上风电场项目EPC总承包项 目，中标金额约为87.51亿元人民币。 项目位于浙江省苍南县东部海域，规划容量800MW，项目工期为15个月。 目前相关方尚未正式签署合同，上述项目仍存在不确定性。 查看公告原文 ...

证券代码：601669 股票简称：中国电建 公告编号：临 2024-073 中国电力建设股份有限公司 2024 年 1 月至 10 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10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 | 4466 | 5756.34 | 25.37% | | 水资源与环境 | 1131 | 1219.22 | -4.74% | | 城市建设与基础设施 | 1229 | 2170.81 | -16.45% | | 其他 | 803 | 343.34 | 66.21% | | 合计 | 7629 | 9489.71 | 9.38% | 注： 二、按地区分布统计 1 单位：亿元 币种：人民币 | 地区 | 合同金额 | 同比增减 | | --- | --- | ...

证券代码：601669 股票简称：中国电建 公告编号：临 2024-072 中国电力建设股份有限公司 第四届董事会第四次会议决议公告 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第四届董事会第四次会议于2024年11月21日以 通讯方式召开。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。本次会议应当参与表决的董事9人，实际参与表决的董事9人，各位董事 以书面及传真方式提交了表决意见。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。 本次会议经与会董事充分审议并经过有效表决,审议通过了《关于中电建铁 路建设投资集团有限公司参与信托产品投资有关事宜的议案》。 表决情况：9票同意，0票弃权，0票反对。 特此公告。 中国电力建设股份有限公司董事会 二〇二四年十一月二十三日 1 ...

Investment Rating - The report maintains a "Buy" rating for China Electric Power Construction (601669.SH) with a current price of 5.96 CNY [2] Core Views - The company has shown slight revenue growth with a steady increase in new contracts, achieving a total revenue of 426.35 billion CNY and a net profit of 8.81 billion CNY for the first nine months of 2024, reflecting a year-on-year change of +1.2% for revenue but a decline of -7.2% for net profit [3][4] - The gross profit margin has slightly improved to 12.4%, while the net profit margin has decreased to 2.8% due to increased interest expenses and R&D investments [4] - New contracts signed in the energy sector have increased by 5.4% year-on-year, with significant growth in energy and power contracts [4] Summary by Sections Revenue and Profitability - For the first nine months of 2024, the company reported total revenue of 426.35 billion CNY, a net profit of 8.81 billion CNY, and a net profit excluding non-recurring items of 7.92 billion CNY, with respective year-on-year changes of +1.2%, -7.2%, and -14.4% [3][4] - The gross profit margin for the same period was 12.4%, with a net profit margin of 2.8%, indicating a slight increase in gross margin but a decrease in net margin due to rising costs [4] Contract and Order Growth - The company signed new contracts worth 861.12 billion CNY in the first nine months of 2024, marking a 5.4% increase year-on-year, with domestic contracts at 685.12 billion CNY and international contracts at 176 billion CNY [4] - The breakdown of new contracts by business segment shows a 19.7% increase in energy and power contracts, while water resources and urban construction contracts saw declines of -10.1% and -17.2%, respectively [4] Future Outlook and Valuation - The company is expected to accelerate its new energy installations, with a total installed capacity of approximately 28.9 GW as of the end of Q3 2024 [4] - The profit forecasts for 2024-2026 have been adjusted downwards to 12.46 billion CNY, 14.57 billion CNY, and 16.28 billion CNY, reflecting a decrease of 14.9%, 11.5%, and 11.2% respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company [3][7]. Core Views - The company reported a revenue of 42.57 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 1.2%. However, the net profit attributable to shareholders decreased by 7.2% to 8.8 billion yuan, and the non-recurring net profit fell by 14.4% to 7.9 billion yuan [2][5]. - The company continues to experience resilient revenue growth, but the decline in non-recurring profits is significant, primarily due to asset impairment provisions and non-current asset disposal gains [5]. - The demand for water conservancy investments and renewable energy projects remains strong, with positive growth prospects for the company's engineering business [5][7]. - The company's power operation business is expanding rapidly, and there is a notable contribution from the sand and gravel business [5][7]. Financial Performance Summary - For Q1-Q3 2024, the company's gross margin was 12.4%, a slight increase of 0.1 percentage points year-over-year, while the expense ratio rose to 8.4%, an increase of 0.3 percentage points [5]. - The company's net profit margin for Q1-Q3 was 2.1%, down 0.2 percentage points year-over-year, with Q3 showing a net profit margin of 1.8%, also down 0.2 percentage points [5]. - The new contract value for Q1-Q3 2024 reached 861.1 billion yuan, a year-over-year increase of 5.4%, with significant contributions from the energy and electricity sector [5][7]. - The company's total debt ratio increased to 79.0% by the end of Q3 2024, up 1.1 percentage points year-over-year, indicating a challenging cash collection environment [5][6]. Future Projections - The report projects the company's revenue for 2024-2026 to be 643.4 billion yuan, 698.1 billion yuan, and 776.5 billion yuan, respectively, with year-over-year growth rates of 6%, 8%, and 11% [7]. - The net profit attributable to shareholders is expected to be 13.2 billion yuan, 14.7 billion yuan, and 16.6 billion yuan for the same period, with growth rates of 2%, 11%, and 13% [7].

Investment Rating - The report maintains an "Overweight" rating for the company [3][9]. Core Views - The company has shown steady growth in new orders, particularly in the energy and power sector, with a total of 861.12 billion yuan in new contracts signed in the first three quarters of 2024, representing a year-on-year increase of 5.42% [5]. - Despite a slight increase in gross margin to 12.42%, the net profit margin has decreased to 2.78%, down 0.15 percentage points year-on-year due to rising expenses and impairment provisions [4][6]. - The company’s operating revenue for the first three quarters of 2024 reached 426.35 billion yuan, a modest increase of 1.17% year-on-year, while net profit attributable to shareholders decreased by 7.21% to 8.81 billion yuan [8][9]. Financial Summary - The company’s total assets are reported at 1,287.50 billion yuan, with net assets of 167.31 billion yuan [3]. - The earnings per share (EPS) for 2024 is projected at 0.74 yuan, with corresponding price-to-earnings (PE) ratios of 7.6, 6.9, and 6.4 for the years 2024, 2025, and 2026 respectively [9][10]. - The company’s cash flow from operating activities showed a net outflow of 46.93 billion yuan in the first three quarters of 2024, indicating increased pressure on cash flow management [7].

Core Viewpoint - China Electric Power Construction Group achieved a record high in contract signing at the 7th China International Import Expo, with a total signing amount of 320 million USD [1] Group 1 - The event took place from November 5 to 6 in Shanghai [1] - China Electric signed contracts with four well-known multinational companies: Metso, Siemens Energy, Hitachi Energy, and Schneider Electric [1] - The total signing amount of 320 million USD marks the highest in the history of the expo [1]

Investment Rating - The investment rating for the company is "Buy" with a target price of 7.31, maintaining the previous rating of "Buy" [4]. Core Views - The company's performance in the first three quarters of 2024 was below expectations, but the growth in its new energy investment and operation business is expected to support profits. The company is anticipated to benefit from the favorable conditions in the energy and power industry, achieving sustained and stable growth [7]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 425.7 billion, a year-on-year increase of 1.20%. The net profit attributable to the parent company was 8.8 billion, a decrease of 7.21% year-on-year. The operating cash flow was -46.9 billion, compared to -35.9 billion in the same period of 2023 [12][13]. - The company’s new contract signing in the first three quarters of 2024 reached 861.1 billion, a year-on-year increase of 5.42%, with energy and power orders growing by 19.68% [12][17]. Market Position - The company is a leading player in global hydropower construction, holding over 65% of the construction tasks for large and medium-sized hydropower stations in China. It also dominates the pumped storage power station market, accounting for over 50% of the global market share in large and medium-sized water conservancy and hydropower construction [12][18]. Business Segments - In the first three quarters of 2024, the new contract amounts by business segment were as follows: Energy and Power at 518.39 billion (up 19.68%), Water Resources and Environment at 111.97 billion (down 10.07%), Urban Construction and Infrastructure at 198.50 billion (down 17.16%), and Other at 32.25 billion (up 64.99%) [17].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a slight increase in revenue year-on-year, with significant growth in overseas business [1] - The company aims to strengthen its traditional infrastructure business while developing a second growth curve around new energy power [1] - The forecasted net profit for the years 2024-2026 is expected to be 14.89 billion, 16.17 billion, and 18.02 billion CNY respectively, with corresponding EPS of 0.86, 0.94, and 1.05 CNY [1] Financial Performance Summary - For the first nine months of 2024, the company achieved a revenue of 425.67 billion CNY, a year-on-year increase of 1.20%, while the net profit attributable to the parent company was 8.81 billion CNY, a decrease of 7.21% [1] - The gross profit margin for the first three quarters was 12.42%, an increase of 0.12 percentage points year-on-year, while the net profit margin was 2.78%, a decrease of 0.14 percentage points year-on-year [1] - The company signed a total of 6,950 new contracts with a total value of 861.12 billion CNY in the first nine months of 2024, representing a year-on-year growth of 5.42% [2] - The new contract amounts for energy power, water resources and environment, urban construction and infrastructure, and others were 5,183.90 billion CNY, 1,119.74 billion CNY, 1,985.05 billion CNY, and 322.54 billion CNY respectively, with year-on-year changes of +19.68%, -10.07%, -17.16%, and +64.99% [2] Valuation Metrics - The projected revenue for 2024 is 666.62 billion CNY, with a year-on-year growth of 9.6% [2] - The projected P/E ratios for 2024, 2025, and 2026 are 6.5, 5.9, and 5.3 respectively [2] - The projected P/B ratios for the same years are 0.7, 0.6, and 0.5 respectively [2]