Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.81 CNY [4] Core Views - The company is expected to benefit significantly from the acceleration of canal construction both domestically and internationally, leveraging its position as the world's largest dredging enterprise [1][3] - The company's overseas revenue and orders have achieved high growth, with overseas orders accounting for over 20% of total new contracts in H1 2024, the highest among traditional infrastructure central enterprises [2] - The company's emerging business sectors, including offshore wind power and maritime cable laying, are rapidly growing, with new contract signings in H1 2024 reaching 295.2 billion CNY, a 51% year-on-year increase, accounting for over 30% of total new contracts [2] Canal Construction Opportunities - The "Four Vertical and Four Horizontal" national high-grade waterway network plan is expected to drive significant investment in canal construction, with six major canal projects planned with a total investment exceeding 850 billion CNY [1][7] - The company has secured a 21.5 billion CNY contract for the Pinglu Canal project, accounting for approximately 30% of the total investment in the project, solidifying its leading position in transportation infrastructure [1][3] - The company is also involved in the construction of the Dechong Funan Canal in Cambodia, a 12.1 billion CNY project, showcasing its technical expertise and diversified overseas investment capabilities [1][3] Financial Performance and Valuation - The company's revenue is expected to grow steadily, with projected revenues of 797.96 billion CNY, 862.40 billion CNY, and 933.61 billion CNY for 2024E, 2025E, and 2026E, respectively [3] - Net profit attributable to the parent company is forecasted to be 25.17 billion CNY, 27.82 billion CNY, and 31.10 billion CNY for 2024E, 2025E, and 2026E, respectively, with a projected EPS of 1.55 CNY, 1.71 CNY, and 1.91 CNY for the same periods [3] - The company's valuation is supported by a 24E PE of 7x, with a target price of 10.81 CNY, reflecting its strong position in the infrastructure sector and growth potential in emerging businesses [2][4] Overseas Expansion - The company has a strong overseas presence, with overseas orders accounting for 20.4% of total new contracts in H1 2024, and overseas revenue growing by 23.55% year-on-year in the same period [2][31] - The company is actively participating in the Belt and Road Initiative, with new contract signings in Belt and Road countries reaching 20.73 billion USD in H1 2024 [2] - The company's overseas projects include key infrastructure developments in Africa, where it has built over 1,600 infrastructure projects, including roads, bridges, and ports [33]

%% %% 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] 境外收入与订单齐增，中期分红彰显信心 | --- | --- | --- | |------------------------------------------------------------------------------------------|-----------------------|-------| | | | | | 报告要点 | | | | [Table_Summary] 公司上半年实现营业收入 3574.48 亿元，同比减少 2.52% ；归属净利润 | 113.99 亿元，同比减 | | | 少 0.59% ；扣非后归属净利润 106.23 亿元，同比减少 3.02% 。 | | | 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 中国交建（601800.SH） cjzqdt11111 2024-09-10 资料来源：Wi ...

公司报告 | 半年报点评 海外营收&订单实现高增长，中期分红提升投资吸引力 收入、利润短暂承压，中期分红彰显投资性价比 24H1 公司实现收入 3574 亿，同比-2.5%；归母、扣非净利润为 114、106 亿，同比-0.6%、-3.0%，非经常性损益为 7.76 亿，同比增加 3.2 亿，其中 上半年应收款项减值准备转回 5.5 亿元；Q2 单季实现收入 1805 亿元，同 比-5.0%，归母、扣非归母净利 52.6、45.2 亿元，同比-10.6%、-18.0%。24 年上半年公司实行中期分红，拟派发现金红利总计约 22.80 亿，分红比例 20%，首次中期分红体现公司充分重视股东回报。考虑到海外以及新签业 务订单增长较快，我们上调盈利预测，预计公司 24-26 年归母净利润为 251、278、310 亿，（前值 24、25 年为 234、261 亿），认可给予公司 24 年 7 倍 PE，对应目标价 10.81 元，维持"买入"评级。 中国交建（601800） 证券研究报告 2024 年 09 月 09 日 投资评级 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 7.27元 目标 ...

投资评级：买入（维持） 隐证券 建筑装饰/基础建设 公 司 研 究 各板块毛利率同比增长，境外业务表现突出 中国交建（601800.SH） 2024 年 09 月 04 日 ——公司信息更新报告 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 日期 2024/9/3 | --- | --- | |-------------------------|-----------| | | | | 当前股价 ( 元 ) | 7.62 | | 一年最高最低 ( 元 ) | 9.90/6.81 | | 总市值 ( 亿元 ) | 1,240.43 | | 流通市值 ( 亿元 ) | 895.14 | | 总股本 ( 亿股 ) | 162.79 | | 流通股本 ( 亿股 ) | 117.47 | | 近 3 个月换手率 (%) | 19.46 | 股价走势图 中国交建 沪深300 -32% -24% -16% -8% 0% 2023-09 2024-01 2024-05 数据来源：聚源 相关研究报告 《交通基建央企龙头，海外布局广泛 全产业链掘金—公司首次覆盖报告》 -2024.5.27 齐东（分析师） 胡耀文（分 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 09 月 03 日 中国交建(601800.SH) Q2 营收承压，毛利率提升，海外营收 高增 事件： 公司发布 2024 年中报，2024H1，公司实现营业收入 3574.48 亿元 （yoy-2.52%），归母净利润 113.98 亿元（yoy-0.59%），扣除非经 常性损益的归母净利润 106.23 亿元（yoy-3.02%）。 基建业务承压 Q2 营收下滑，海外业务持续高增。2024H1 公司实 现营收同比-2.52%，主要由于 Q2 营业收入增长承压，24Q1、Q2 公 司营收分别同比+0.18%、-5.02%，或由于国内基建项目实施进度 和回款节奏放缓。在业务结构上，24H1 公司基建建设业务和基建 设计业务营收同比下滑，其中基建建设营收同比-2.74%，主要由 于国内基建增速放缓，基建设计业务营收同比-10.29%，主要由于 公司业务结构调整，收缩 EPC 业务，疏浚业务营收同比正向增长， yoy+3.27%。公司海外业务营收维持高增，24H1 同比+23.54%，营 收占比为 19.48%，同比+4.07pct。 各业务毛利 ...

证券研究报告 非金融公司|公司点评|中国交建（601800） 盈利能力改善，首次中期分红 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月03日 证券研究报告 |报告要点 2024H1 疏浚业务保持稳健增长态势；受国内基建投资增速放缓以及公司业务结构调整，基建 建设和基建设计阶段承压；境外收入保持快速增长。2024H1 基建建设和疏浚业务毛利率有所 改善，主要系原材料价格下降以及业务结构调整所致。期间费用以及营业外支出增加对利润 形成一定拖累。 |分析师及联系人 武慧东 朱思敏 SAC：S0590523080005 SAC：S0590524050002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月03日 中国交建(601800) 盈利能力改善，首次中期分红 | --- | --- | |----------------------------|-------------------| | | | | 行 业： | 建筑装饰/基础建设 | | 投资评级： | 买入（维持） | | 当前价格： | 7.77 元 | | 基本 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Views - The company reported a revenue of 357.448 billion yuan for the first half of 2024, a year-on-year decrease of 2.52%, and a net profit attributable to shareholders of 11.399 billion yuan, down 0.59% year-on-year [1]. - The company's profitability has improved, with a gross margin of 11.65%, up 0.89 percentage points year-on-year, and a net profit margin of 4.06%, up 0.1 percentage points year-on-year [1]. - New contracts signed in emerging businesses grew rapidly, with a total of 960.867 billion yuan in new contracts, an increase of 8.37% year-on-year [1]. Financial Performance Summary - For the first half of 2024, the company achieved revenues from various segments: infrastructure construction (318.089 billion yuan, -2.74% YoY), infrastructure design (17.339 billion yuan, -10.29% YoY), dredging (26.886 billion yuan, +3.27% YoY), and other businesses (11.161 billion yuan, +12.59% YoY) [1]. - The company expects net profits for 2024-2026 to be 24.560 billion yuan, 26.316 billion yuan, and 28.565 billion yuan, representing year-on-year growth rates of 3.14%, 7.15%, and 8.55% respectively [2]. - The projected P/E ratios for the same period are 5.57, 5.20, and 4.79 times [2]. Contract and Business Growth Summary - The company signed new contracts worth 960.867 billion yuan in the first half of 2024, with significant contributions from infrastructure construction (863.378 billion yuan, +9.39% YoY) and design (32.656 billion yuan, +21.91% YoY) [1]. - International contracts amounted to 196.065 billion yuan (approximately 27.821 billion USD), marking a 38.88% increase year-on-year, accounting for 20% of total new contracts [1]. - The company has signed contracts worth 20.729 billion USD in countries involved in the "Belt and Road" initiative since its inception, totaling 255.487 billion USD [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in new contracts signed overseas, with a notable improvement in profit margins [1] - Domestic infrastructure construction growth has slowed, leading to a slight decline in revenue, but gross margins across various business segments have improved [2] - The company is well-positioned to benefit from the "Belt and Road" initiative, focusing on enhancing operational quality and meeting state-owned enterprise performance requirements [2] Financial Performance Summary - For the first half of 2024, the company achieved total revenue of 357.5 billion yuan, a year-on-year decrease of 2.3%, with a net profit attributable to shareholders of 11.4 billion yuan, remaining stable year-on-year [2] - Revenue from domestic infrastructure construction decreased by 7.0%, while overseas revenue increased by 23.5% [2] - The company’s gross margin improved to 11.7%, up 0.9 percentage points year-on-year, due to lower raw material costs and effective cost control [2] - New contracts signed in the first half of 2024 amounted to 960.9 billion yuan, representing an increase of 8.4% year-on-year, with significant growth in urban planning and design contracts [2] Earnings Forecast and Valuation - The company is projected to achieve net profits of 25.8 billion yuan, 27.5 billion yuan, and 29.3 billion yuan for the years 2024, 2025, and 2026, respectively [2] - The price-to-earnings (P/E) ratios based on the closing price on September 2 are estimated to be 4.9, 4.6, and 4.3 for the years 2024 to 2026 [2]

证券研究报告 中国交建 (1800 HK/601800 CH) 港股通 毛利率同比提升，境外新签高增长 2024 年 8 月 31 日│中国内地/中国香港 建筑施工 1800 HK 601800 CH 投资评级： 买入(维持) 买入(维持) 目标价： 港币：6.97 人民币：11.13 华泰研究 中报点评 风险提示：基建投资增速放缓，地产恢复低于预期，毛利率提升不及预期。 24H1 营收/归母净利同比-2.5%/-0.6% ，A/H 维持 "买入" 公司 24H1 实现营收/归母净利/扣非归母净利 3574 /114/106 亿元，同比 -2.5%/-0.6%/-3.0%，24Q2 实现营收 1805 亿元，同比-5.0%，归母净利/扣 非归母净利 52.6/45.2 亿元，同比-10.6%/-18.0%，归母净利低于我们的预 期（58 亿元），主要系上半年投资落地缓慢导致收入下滑。我们维持公司 24-26 年归母净利预测为 259/280/300 亿元。A/H 股可比公司 24 年 Wind 一致预期均值 5/3xPE，考虑到公司国内业务聚焦城市更新，海外业务快速 增长，经营韧性较强，给予 A/H 股 24 ...

Investment Rating - The report maintains a "Buy" rating for China Communications Construction Company (601800.SH) [2] Core Views - The company's revenue for H1 2024 was CNY 357.4 billion, a year-on-year decrease of 2.5%, with a net profit attributable to shareholders of CNY 11.4 billion, down 0.6% year-on-year. The decline in Q2 performance is attributed to a slowdown in revenue recognition due to tight infrastructure funding and an increase in fixed cost ratios [1] - The company announced a mid-term dividend plan with a payout ratio of 20%, marking the first mid-term dividend since its listing, which enhances shareholder returns [1] - The company expects net profits for 2024-2026 to be CNY 24.0 billion, CNY 24.9 billion, and CNY 25.7 billion respectively, with corresponding EPS of CNY 1.48, CNY 1.53, and CNY 1.58 [1] Summary by Sections Financial Performance - In H1 2024, the company achieved a gross margin of 11.65%, an increase of 0.9 percentage points year-on-year. The operating cash flow showed a net outflow of CNY 74.2 billion, which is an increase in outflow by CNY 24.8 billion year-on-year [1] - The company signed new contracts worth CNY 960.9 billion in H1 2024, an increase of 8.4% year-on-year, with a backlog of CNY 35,362 billion, which is 4.7 times the revenue of 2023 [1] Business Segments - Revenue from infrastructure construction, design, dredging, and other businesses for H1 2024 was CNY 318.1 billion, CNY 17.3 billion, CNY 26.9 billion, and CNY 11.2 billion respectively, with year-on-year changes of -3%, -10%, +3%, and +13% [1] - The overseas business maintained rapid growth, with revenue from overseas operations reaching CNY 69.6 billion, a year-on-year increase of 24% [1] Dividend and Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.14 per share (before tax), totaling CNY 2.28 billion, with a projected dividend yield of 3.5% for 2024 [1]