感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 大家好 欢迎参加中金公司中国交建金矿交流电网会议 目前所有乘务者均处于静静状态 现在开始播报说明说明播报完毕后 主持人可直接发言 谢谢本次会议为中国国际金融股份有限公司中金公司闭门会议 仅限受邀嘉宾参会 未经中金公司和演讲嘉宾书面许可 任何机构和个人不得以任何形式将会议内容和相关信息对外公布转发转载传播复制编辑修改等如有上述违法行为中兴公司保留追究相关方法律责任的权利This meeting is a closed-door meeting of China International Capital Corporation Limited, CICC, and only invited guests allowed to attend. 先向各位领导下午好我是中金基础材料团队的建筑性材生起源龚琴 今天线上的主持人还有我们团队的姚旭东非常感谢大家今天其实是我们在上海的策略会因为公司的时间安排我们也借着策略会的机会邀请大家都非常熟悉的中国交建投关负责人徐南徐总来给我们做一个公司近况的更新我们看到线上今天也是有很多熟悉的小伙伴 今天的 ...

A 股股份代码：601800 H 股股份代码：1800 2023 年度股东周年大会 会议材料 中国交通建设股份有限公司 2024 年 6 月 17 日 股东大会会议材料 会议须知 为维护全体股东的合法权益，确保股东大会的正常秩序 和议事效率，保证大会顺利进行，本公司根据《公司法》《上 市公司股东大会规则》以及《公司章程》的规定，特制定本 须知。 一、参会股东及股东代表须携带身份证明（股票账户卡、 身份证、法人股东的营业执照等）及相关授权文件办理会议 登记手续及有关事宜。 二、出席本次股东周年大会的股东及股东代表应于 2024 年 6 月 14 日 8:30-11:30，13:30-16:30 之间办理会议登记。 三、会议按照法律、法规、有关规定和《公司章程》的 规定进行，请参会人员自觉维护会议秩序，防止不当行为影 响其他股东合法权益。 四、谢绝个人进行录音、拍照及录像。 五、股东要求在股东大会上发言的，应在发言议程进行 前到会议登记处进行登记。大会主持人根据会议登记处提供 的名单和顺序安排发言。股东提问应举手示意，并按照主持 人的安排进行。 六、股东发言、质询的总时间控制在 30 分钟之内。股 东发言或提问应 ...

请稍后 本次电话会议仅服务于长江证券研究所白名单客户未经长江证券事先书面许可任何机构或个人不得以任何形式对外公布、复制、刊载、转载、转发、引用本次会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追究其法律责任的权利 各位投资者早上好欢迎参加由长江建筑举办的优质扬起系列汇报今天汇报的扬起是中国礁建也是我们所了解的非常优秀的建筑扬起因为不好意思我昨天感冒了所以可能后面这声音有点沙哑也还望各位投资者见谅也感谢各位投资者在今天一早来接受本次的交流 我们梳理了一下全部的建筑洋企横向对我们这八家洋企和四家国际工程公司做了一个比较我们可以看到我们所显示的这个BVT里的这个表格这边比较明显能看到我们建筑洋企大家分成从固质角度可以分成三个梯队第一梯队的就是像我们中国建筑啊中铁中建以及就是这个中铁铁建以及中国交建他们的固质呢基本是在这个零点六以下的 尤其是像这个铁电在零点四六倍像这个交建啊中铁啊中国建筑基本在零点五到零点六之间大概这么个估值然后估值最高的像是国际工程公司像中财中钢北方国际和中国国际他们的估值呢基本上在一倍以上 然后再有的位于中间的位置像电建能建中研和化学他们因为从事这种专业工程但是呢这种 ...

Summary of China Communications Construction Company (CCCC) Conference Call Company Overview - **Company**: China Communications Construction Company (CCCC) - **Industry**: Construction and Engineering - **Market Position**: CCCC is recognized as one of the largest comprehensive construction service providers globally, particularly in the transportation construction sector [9][10]. Key Points and Arguments 1. **Valuation Comparison**: CCCC's valuation is approximately 0.6 times, which is lower than some international engineering companies that exceed 1.0 times [4][3]. 2. **Overseas Business**: CCCC has the highest overseas project ratio among traditional construction companies, with over 15% of its projects located abroad, compared to 5-6% for competitors [6][5]. 3. **Performance Growth**: In 2023, CCCC achieved a revenue growth of over 20%, outperforming other state-owned enterprises [7][10]. 4. **Revenue Structure**: The core business remains stable, with infrastructure projects generating approximately 700 billion in revenue, reflecting a 5% year-on-year increase [12][13]. 5. **Profitability**: The gross profit margin improved significantly in 2023, with increases across various segments, including traditional infrastructure and overseas projects [13][14]. 6. **Order Growth**: New contracts signed in 2023 increased by 13.8%, exceeding the company's targets, indicating strong management confidence for 2024 [17][18]. 7. **Infrastructure Focus**: CCCC's infrastructure projects include ports, bridges, and urban construction, with significant contributions from traditional sectors [26][40]. 8. **Urban Development**: The company is heavily involved in urban development projects, with contracts totaling around 800 billion, marking a 17% increase [40][41]. 9. **Railway and Port Projects**: CCCC is a leader in railway construction, with significant orders in 2023, and has seen a 10% increase in port-related contracts [37][36]. 10. **International Expansion**: CCCC has a strong presence in emerging markets, particularly in Southeast Asia and Africa, with substantial orders from countries like Serbia and the Philippines [22][23]. 11. **Technological Advancements**: The company is investing in R&D, focusing on new technologies and environmental measures, which enhances its competitive edge [16][32]. 12. **State-Owned Enterprise Reforms**: CCCC is actively pursuing reforms, including stock incentive plans, which are expected to drive future growth [60][62]. Additional Important Insights - **Market Dynamics**: The construction industry is expected to face challenges in 2024, with regional disparities in infrastructure investment targets among provinces [51][52]. - **Government Support**: Central government initiatives, including the issuance of special bonds, are anticipated to bolster infrastructure spending [55][56]. - **Future Outlook**: CCCC's management expresses confidence in maintaining growth momentum, particularly in overseas markets and through ongoing urbanization efforts [56][57]. This summary encapsulates the essential insights from the conference call regarding CCCC's performance, market position, and future outlook, highlighting its strengths and strategic initiatives in the construction industry.

Investment Rating - The report assigns a "Buy" rating for China Communications Construction Company (CCCC) [2] Core Views - CCCC is a leading state-owned enterprise in transportation infrastructure, with a comprehensive business model covering construction, design, and dredging, and has a strong presence in both domestic and international markets [2][10] - The company has shown steady revenue and profit growth, with new contract values increasing year-on-year, and is actively involved in the "Belt and Road" initiative [2][34] - The projected net profit for 2024-2026 is estimated at 256.9 billion, 279.4 billion, and 307.5 billion CNY, with corresponding EPS of 1.58, 1.72, and 1.89 CNY [2] Summary by Sections 1. Company Overview - CCCC has a history of over a century in related businesses and operates in more than 150 countries [11] - The company is controlled by the State-owned Assets Supervision and Administration Commission of the State Council [11][15] 2. Business Performance - In 2023, CCCC's construction revenue reached 665.87 billion CNY, a 5.2% increase year-on-year, with a gross margin of 11.57% [34] - The company signed new construction contracts worth 1.55848 trillion CNY in 2023, a 14.0% increase from the previous year [34] - The overseas engineering contracts accounted for 18.9% of new contracts, with significant growth in international markets [34] 3. Financial Performance - CCCC's revenue and net profit grew by 5.1% and 23.6% respectively in 2023, with a consistent increase in new contract values since 2020 [2][51] - The company maintains a healthy financial structure with a debt-to-asset ratio of 72.7% and has issued bonds worth 33.1 billion CNY in the public market [2][51] 4. Future Outlook - The company aims for a new contract value target of 1.9899 trillion CNY in 2024, with a year-on-year growth rate of no less than 13.5% [28] - CCCC's core business of infrastructure construction is expected to continue dominating its revenue sources, maintaining over 80% contribution [28][34]

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨中国交建（ ） 601800.SH [Table_Title] 主要经营指标稳健增长，盈利能力提升 报告要点 [公Ta司bl发e_布Su2m0m24ar年y]1季报，实现营业收入1769.04亿元，同比增长0.18%；归属净利润61.41 亿元，同比增长10.00%；扣非后归属净利润61.02亿元，同比增长12.14%。 ...

(一) 股东大会类型和届次 2023 年度股东周年大会 证券代码：601800 证券简称：中国交建 公告编号：2024-033 中国交通建设股份有限公司 关于召开 2023 年度股东周年大会的通知 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。 重要内容提示： 一、 召开会议的基本情况 (二) 股东大会召集人：董事会 (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 6 月 17 日 9 点 00 分 召开地点：北京市西城区德胜门外大街 85 号中国交通建设大厦 (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 网络投票起止时间：自 2024 年 6 月 17 日 至 2024 年 6 月 17 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联 网投票平 ...

Investment Rating - The report maintains a "Buy" rating for China Communications Construction Company (CCCC) with a target price of 14.91 CNY, based on a 9x PE for 2024 [10]. Core Insights - CCCC's Q1 2024 revenue reached 176.9 billion CNY, showing a year-on-year growth of 0%. The net profit attributable to shareholders was 6.1 billion CNY, up 10% year-on-year, while the net profit excluding non-recurring items also increased by 12% to 6.1 billion CNY [3]. - The company experienced strong growth in new contracts, with a total of 507.3 billion CNY signed in Q1 2024, representing an 11% year-on-year increase. The growth was primarily driven by urban construction and overseas projects, while other sectors like municipal engineering saw declines [3][4]. - The gross profit margin for Q1 2024 was 11.9%, an increase of 0.3 percentage points year-on-year, indicating continued improvement in profitability [4]. Financial Performance Summary - As of March 2024, the company's debt-to-asset ratio was 74.2%, up 0.7 percentage points year-on-year, while the interest-bearing debt ratio decreased to 45.2%, down 0.5 percentage points year-on-year [5]. - The operating cash flow showed a net outflow of 39.6 billion CNY in Q1 2024, a significant increase in outflow compared to the previous year, attributed to mismatches in sales collections and procurement payments [5]. - The forecast for revenue from 2024 to 2026 is projected to be 830.7 billion CNY, 914.0 billion CNY, and 1,009.7 billion CNY, respectively, with year-on-year growth rates of 9%, 10%, and 10% [6][7]. Valuation Metrics - The report provides a forecast for net profit attributable to shareholders for 2024, 2025, and 2026 at 26.9 billion CNY, 31.5 billion CNY, and 36.4 billion CNY, respectively, with corresponding year-on-year growth rates of 9%, 10%, and 11% [6][7]. - The earnings per share (EPS) is expected to be 1.66 CNY, 1.93 CNY, and 2.23 CNY for the years 2024, 2025, and 2026, respectively [6][7]. - The report indicates a price-to-earnings (P/E) ratio of 5.5 for 2024, which is expected to decrease to 4.1 by 2026 [7].

证券代码：601800 证券简称：中国交建 公告编号：临 2024-031 中国交通建设股份有限公司 第五届董事会第三十四次会议决议公告 中国交通建设股份有限公司（简称公司或本公司）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。 释义： 1 2024 年 4 月 30 日，公司以书面形式发出本次董事会会议通知。2024 年 5 月 6 日，本次董事会以现场方式召开，应当出席的董事人数 7 名，实际出席会议的 董事人数 7 名。7 名董事对所议事项进行了表决，会议召开程序及出席董事人数 符合有关规定，表决结果合法有效。会议形成如下决议： 审议通过《关于中交路建联合体投资 G76 厦蓉国家高速公路都匀至贵阳段 扩容工程与榕江至融安（黔桂界）高速公路的议案》 同意中交路建及其附属公司、中交投资及其附属公司、一公局集团及其附 属公司、二公院联合体参与项目投标；若中标，落实相关事项后，按照 64.9%：25%：10%：0.1%的股比成立项目公司投资建设本项目。 表决结果：同意【7】票，反对【0】票，弃权【0】票。 特此公告。 中国交通建设股 ...

证券代码：601800 证券简称：中国交建 公告编号：临2024-032 中国交通建设股份有限公司 关于参加中国交通建设集团有限公司 上市公司集体业绩说明会的公告 中国交通建设股份有限公司（简称本公司或公司）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个别及连带责任。 重要内容提示： 问题征集：投资者可于2024年5月12日前将关注问题发送至公司邮箱（ ir@ccccltd.cn）向公司提问，公司将在说明会上就投资者普遍关注的问题进 行 回答。 本次会议系公司控股股东中国交通建设集团有限公司（简称中交集团） 举办的集体业绩说明会，旨在加强与投资者沟通，推进上市公司高质量发展，向市 场充分展现中交集团所属上市公司的业务发展价值，让投资者"走得近、听得懂、 看得清、有信心"。 为方便广大投资者更全面、更深入地了解中交集团上市公司， 同时以更为丰 富、便捷的形式与投资者进行交流和互动， 根据中交集团统一安排，公司将与中 1 会议内容：中国交通建设集团有限公司上市公司集体业绩说明会 会议召开时间：2024年5月14日（星期二）上午10:00-12 ...