Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Communications Construction Company (CCCC) [4][6]. Core Views - CCCC's new contract signing shows steady growth, with a total of 12,804.6 billion yuan in new contracts signed from January to September 2024, representing a year-on-year increase of 9.3% [3]. - The company's net profit attributable to shareholders for the first three quarters of 2024 is 162.7 billion yuan, a slight decrease of 0.6% year-on-year, while the net profit excluding non-recurring items decreased by 11.45% [1][2]. - The report highlights that the increase in investment income from asset disposals has helped mitigate the decline in net profit, with investment income reaching 9.8 billion yuan, an increase of 11.6 billion yuan compared to the same period last year [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, CCCC achieved total revenue of 536.64 billion yuan, a decrease of 2.3% year-on-year, and a net profit of 162.7 billion yuan, down 0.6% [1]. - The gross margin for the first nine months of 2024 was 11.5%, with a net profit margin of 3.9%, both showing slight increases compared to the previous year [2]. Contract Signing and Business Segments - New contracts in emerging business areas grew significantly, with a total of 3,900 billion yuan signed in the first three quarters, marking a 27% increase year-on-year [3]. - The report notes a decline in new contracts for traditional transportation and municipal projects due to tight local government finances, with significant decreases in port, road and bridge, and railway construction contracts [3]. Cash Flow and Asset Management - CCCC experienced a net cash outflow from operating activities of 77.03 billion yuan in the first nine months, an increase of 27.2 billion yuan compared to the same period last year [2]. - The company is actively working on asset management, including the issuance of 4.956 billion yuan in asset-backed securities to improve liquidity and asset turnover [3]. Profit Forecast and Valuation - The profit forecast for CCCC has been adjusted downwards for 2024-2026, with net profit estimates of 24.22 billion yuan, 26.90 billion yuan, and 28.70 billion yuan respectively, reflecting a decrease of 6%, 3%, and 4% [4]. - Despite the downward adjustment, the report remains optimistic about the company's future growth prospects due to steady new contract growth and improved gross margins [4].

Investment Rating - The report assigns a "Buy" rating for China Communications Construction Company (CCCC) [5] Core Insights - The company reported a revenue of 536.636 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.26%, with a net profit attributable to shareholders of 16.274 billion yuan, down 0.61% year-on-year [2] - New signed orders showed robust growth, with a total of 12,804.56 billion yuan in new orders for the first three quarters, an increase of 9.28% year-on-year [2] - The company is focusing on emerging business sectors, achieving a 27% year-on-year increase in new contracts in these areas [2] - The gross profit margin for the first three quarters was 11.54%, with a slight decline in Q3 to 11.30% [2] - The report highlights the potential for improved cash flow and performance in Q4 due to increased local project construction demand [3] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 179.19 billion yuan, a decrease of 1.73% year-on-year, and a net profit of 4.876 billion yuan, down 0.65% year-on-year [2] - The gross profit margin for Q3 decreased by 0.96 percentage points compared to the previous year [2] - The company recorded an investment income of 0.976 billion yuan, an increase of 1.162 billion yuan year-on-year [2] Order and Business Development - New signed orders in Q3 amounted to 319.589 billion yuan, reflecting a year-on-year increase of 12.1% [2] - The city construction and overseas engineering segments saw significant growth, with new orders increasing by 20.10% and 27.70% respectively [2] - Emerging business sectors contributed to a new contract amount of 390 billion yuan, up 27% year-on-year [2] Future Outlook - The company expects net profits for 2024-2026 to be 24.819 billion yuan, 26.362 billion yuan, and 29.269 billion yuan respectively, with growth rates of 4.23%, 6.22%, and 11.03% [5] - The report anticipates improved cash flow and performance in Q4, driven by local government fiscal improvements and increased project turnover [3]

Summary of Conference Call Company Overview - The conference call primarily discusses the performance of China Communications Construction Company (CCCC) in the third quarter of the year, focusing on its financial results and market strategies. Key Points Industry and Market Performance - CCCC achieved a new contract value of 1.28 trillion yuan in the first three quarters, representing a year-on-year increase of 9.3% [1] - Domestic contracts grew by 5.9%, mainly driven by urban construction projects, with key regions being Guangdong, Zhejiang, Chongqing, and Shandong [1] - International contracts reached over 280 billion yuan, marking a 24.7% increase year-on-year, accounting for 21% of total new contracts, with significant growth in Africa, Asia, and Oceania [1] Financial Performance - Total revenue for the first three quarters was 536.6 billion yuan, a decrease of 2.2% year-on-year, attributed to macroeconomic conditions and slower order conversion [2] - Net profit was 16.2 billion yuan, down 0.61% year-on-year, with a stable net profit margin showing a slight improvement [2] - Non-recurring net profit decreased by 32.8% due to asset management initiatives [2] - Cash flow remains negative but has shown signs of improvement, with a narrowing outflow in the third quarter [2][3] Strategic Initiatives - CCCC is focusing on asset management and has initiated several asset securitization projects, including a notable ABS issuance for highway assets [3][4] - The company is enhancing internal management and operational efficiency, leading to a slight increase in gross margin by 0.2 percentage points [3] Government Policies and Market Outlook - The management discussed the impact of government debt resolution policies and their proactive measures to manage receivables and improve cash flow [5][6] - The company is optimistic about overseas growth, particularly due to the Belt and Road Initiative, which has led to a significant increase in international orders [7][10] - The management expressed confidence in achieving better order quality and potential revenue growth in the coming year, despite current pressures [11][15] Challenges and Risks - The company faces challenges in cash flow management due to delayed payments from clients, which may affect revenue growth [11][21] - There is a cautious outlook on achieving the annual revenue target, with expectations of a modest increase in the fourth quarter [22][23] Future Plans - CCCC plans to continue its focus on asset management and is exploring opportunities for project investments, particularly in high-quality projects [18][19] - The management is also considering measures for market capitalization management, including potential share buybacks and dividend policies [31][32] Additional Insights - The management highlighted the importance of maintaining a balance between order quantity and quality, emphasizing the need for strategic project selection [23][24] - There is an ongoing effort to address historical debt issues and improve relationships with local governments to facilitate smoother operations [26][27] This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of CCCC's current performance, strategic direction, and market outlook.

Investment Rating - The report maintains a "Recommended" rating for the company [3][6]. Core Insights - The company reported a revenue of 536.64 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.26%, and a net profit attributable to shareholders of 16.27 billion yuan, down 0.61% year-on-year [2]. - The company has shown an increase in profitability, with a gross margin of 11.54%, up 0.28 percentage points year-on-year, and a net profit margin of 3.91%, up 0.12 percentage points year-on-year [2]. - The company signed new contracts worth 12,804.56 billion yuan from January to September 2024, representing a year-on-year growth of 9.28%, with significant contributions from urban construction and emerging business sectors [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a net cash flow from operating activities of -77.03 billion yuan, which is a year-on-year increase in outflow by 27.20 billion yuan [2]. - The company's accounts receivable increased to 134.60 billion yuan, up 14.80 billion yuan year-on-year [2]. - The company expects net profits attributable to shareholders to be 24.01 billion yuan, 24.77 billion yuan, and 26.84 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 7.49, 7.26, and 6.69 [3][5].

Investment Rating - The report maintains a "Buy" rating for China Communications Construction Company (CCCC) [1][2] Core Views - The company reported a significant one-time gain from the disposal of a subsidiary, leading to improved operating cash flow on a quarter-over-quarter basis [2] - CCCC is positioned as a leading large-scale infrastructure service provider in China and is expected to benefit from the "Belt and Road" initiative [2] - The company has shown stable growth in new contract signings, particularly in overseas and emerging sectors, contributing to revenue stability [2] Financial Performance Summary - For the first three quarters of 2024, CCCC achieved total revenue of 536.6 billion yuan, a year-on-year decrease of 2.3%, with net profit attributable to shareholders at 16.3 billion yuan, down 0.6% year-on-year [2] - The third quarter alone saw revenues of 179.2 billion yuan, with a net profit of 4.8 billion yuan, reflecting a year-on-year decline of 1.7% and 0.7% respectively [2] - The company maintained a good control over its expense ratios, with a comprehensive gross margin of 11.3% in Q3, slightly down from the previous quarter [2] Cash Flow and Debt Management - Operating cash flow for Q3 was -2.89 billion yuan, showing a significant improvement compared to the previous quarter's outflow [2] - As of the end of Q3, the company had interest-bearing debt of 650.2 billion yuan, with a debt-to-asset ratio of 75.2%, remaining stable compared to the beginning of the year [2] Contract Signing and Growth - CCCC signed new contracts worth 1.2805 trillion yuan in the first three quarters of 2024, representing a year-on-year increase of 9.3%, with Q3 alone contributing 319.6 billion yuan, up 12.1% year-on-year [2] - The company is actively expanding its emerging business sectors, achieving new contracts worth 390 billion yuan in these areas, a 27% increase year-on-year [2] Earnings Forecast and Valuation - The report adjusts the profit forecast for 2024-2026 to 24.8 billion, 26.2 billion, and 27.8 billion yuan respectively, reflecting a slight downward revision due to domestic infrastructure growth slowing and impairment losses [2] - The price-to-earnings ratio based on the closing price on October 31 corresponds to 6.8, 6.4, and 6.0 times for 2024-2026 [2]

证券代码：601800 证券简称：中国交建 公告编号：临 2024-054 中国交通建设股份有限公司 第五届董事会第四十次会议决议公告 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。 2024 年 10 月 27 日，公司以书面形式发出本次董事会会议通知。2024 年 11 月 1 日，本次董事会以现场方式召开，应当出席的董事 7 名，实际出席会议的 董事 5 名。王海怀董事、刘翔董事因工作原因未参加会议，委托王彤宙董事长 出席并代为表决。会议由董事长王彤宙主持，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： 一、审议通过《关于制定 2025-2027 年度关连附属公司日常性关连交易的 议案》 根据香港上市规则，同意公司2025-2027年关连附属公司日常性关连交易三 年计划。 表决结果：同意【4】票，反对【0】票，弃权【0】票，回避【3】票。 二、审议通过《关于一公局集团及中交投资转让所持中交服务股权的议案》 （一）同意公司附属中交一公局集团有限公司及中 ...

证券代码：601800 证券简称：中国交建 公告编号：临 2024-056 中国交通建设股份有限公司 第五届监事会第二十九次会议决议公告 中国交通建设股份有限公司（简称公司或本公司）监事会及全体监事保证 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。 2024 年 11 月 2 日 根据香港上市规则，同意公司2025-2027年关连附属公司日常性关连交易三 年计划。 表决结果：同意【3】票，反对【0】票，弃权【0】票。 二、审议通过《关于一公局集团及中交投资转让所持中交服务股权所涉关 联（连）交易的议案》 同意公司附属中交一公局集团有限公司及中交投资有限公司，转让其持有 的中交物业服务集团有限公司股权涉及的关联（连）交易，交易金额约为 27,298 万元（以评估备案最终确认的数值为准）。 表决结果：同意【3】票，反对【0】票，弃权【0】票。 中国交通建设股份有限公司监事会 2024 年 10 月 27 日，公司以书面形式发出本次监事会会议通知。2024 年 11 月 1 日，本次监事会以通讯表决方式召开。监事会会议应当出席的监事人数 3 名，实际出席会 ...

重要内容提示： 公司附属公司一公局集团、中交投资合计向关联人中交地产协议转让其持 有的中交服务 39%的股权，关联交易金额约为 27,298 万元。 本次股权转让涉及关联交易，本次交易未构成重大资产重组。 本次交易无需提交股东大会审议。 过去 12 个月内，本公司与同一关联人进行的累计已披露的关联交易约为 8.09 亿元。 释义： 证券代码：601800 证券简称：中国交建 公告编号：临 2024-055 中国交通建设股份有限公司 关于附属公司转让所持中交物业服务集团有限公司 股权所涉关联交易的公告 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法律责任。 公司附属公司一公局集团、中交投资转让标的公司的股权比例分别 24%和 15%，合计 39%。转让价格分别为 16,798.7616 万元、10,499.226 万元，合计约为 27,298 万元。 （二）本次交易的目的和原因 公司聚焦主营业务，通过股权转让确认投资收益，将资金用于主业发展。该 交易符合证监会支持的上市公司并购重组方向，有利于上市 ...

Investment Rating - The investment rating for China Communications Construction Company (CCCC) is maintained at "Buy" [2]. Core Insights - CCCC's gross margin has improved, and new contract amounts continue to grow, indicating a stable overall operational performance. The company reported a slight decline in revenue but an increase in both gross and net profit margins year-on-year. The new contract amount has shown significant growth, particularly in overseas projects [4][5]. Financial Summary - For the first nine months of 2024, CCCC achieved operating revenue of 536.64 billion yuan, a year-on-year decrease of 2.26%. The net profit attributable to shareholders was 16.27 billion yuan, down 0.61% year-on-year. The gross margin for the first three quarters was 11.54%, an increase of 0.28 percentage points year-on-year, while the net margin was 3.91%, up 0.12 percentage points year-on-year [4][5]. - The company’s new contract amount for the first three quarters was 12,804.56 billion yuan, representing a year-on-year increase of 9.28%, achieving 64% of the annual target. The new contracts in emerging business areas reached 390 billion yuan, up 27% year-on-year, with overseas contracts accounting for 21% of the total new contracts [4][5]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 25.69 billion, 27.94 billion, and 30.75 billion yuan, respectively, with corresponding EPS of 1.58, 1.72, and 1.89 yuan. The current stock price corresponds to P/E ratios of 6.5, 6.0, and 5.4 times for the respective years [4][5]. Key Financial Ratios - The company’s asset-liability ratio stands at 75.19%, with a current ratio of 0.92 and a quick ratio of 0.81, indicating a reasonable debt structure [4][5]. - The gross margin is projected to improve slightly from 12.6% in 2023 to 12.9% in 2026, while the net margin is expected to increase from 3.1% to 3.3% over the same period [5]. Market Performance - The current stock price is 10.28 yuan, with a 52-week high of 11.21 yuan and a low of 6.81 yuan. The total market capitalization is approximately 167.34 billion yuan [2].

Investment Rating - The investment rating for China Communications Construction Company (CCCC) is "Outperform the Market" and is maintained [1]. Core Views - The report highlights significant improvements in revenue, profit, and cash flow for Q4, indicating a positive trend for the company [1]. - The company achieved a total operating revenue of 536.64 billion yuan in the first three quarters of 2024, a year-on-year decrease of 2.26%, while the net profit attributable to the parent company was 16.27 billion yuan, down 0.61% year-on-year [5]. - The report emphasizes the company's strong performance in overseas contracts, with a 25% increase in new contracts signed abroad, reflecting the company's strategic focus on international expansion [5]. Financial Performance Summary - For Q3 2024, the company reported a revenue decline of 1.73% year-on-year and a net profit decline of 0.65% year-on-year, with a gross profit margin of 11.30% [5]. - The gross profit margin for the first three quarters of 2024 increased by 0.23 percentage points to 11.54%, while the net profit margin rose by 0.11 percentage points to 3.91% [5]. - The company experienced a significant increase in operating cash outflow, totaling 77.03 billion yuan, which is a 52.92% increase year-on-year [5]. Contract and Business Growth - In the first three quarters of 2024, the company signed new contracts worth 12,804.56 billion yuan, a year-on-year increase of 9.28%, with Q3 alone seeing a 12.12% increase [5]. - The report notes that the company is accelerating the development of emerging business sectors, with new contracts in these areas reaching 390 billion yuan, a 27% increase [5]. Earnings Forecast - The earnings per share (EPS) for 2024 and 2025 are projected to be 1.51 yuan and 1.59 yuan, respectively, with a reasonable valuation range of 12.11 to 13.62 yuan based on a price-to-earnings (PE) ratio of 8-9 times [5][6].