Investment Rating - The report maintains a rating of "Buy" for the company [2][7]. Core Views - The report highlights that due to lower-than-expected infrastructure investment in the construction industry, the earnings per share (EPS) forecasts for 2024-2026 have been revised down to 1.50, 1.56, and 1.60 yuan, representing increases of 3%, 4%, and 3% respectively [2]. - The target price is set at 14.10 yuan, corresponding to a price-to-earnings (PE) ratio of 9.4 times for 2024 [2]. - The company reported a 0.6% decline in net profit for the first three quarters of 2024, which was below expectations, alongside an increase in accounts receivable [2]. Financial Summary - For the first three quarters of 2024, the company achieved revenue of 536.64 billion yuan, a year-on-year decrease of 2.26% [2]. - The net profit attributable to shareholders was 16.3 billion yuan, down 0.61% year-on-year [2]. - The expense ratio for the first three quarters was 6.14%, an increase of 0.28 percentage points, while the net profit margin was 3.03%, up 0.06 percentage points [2]. - The weighted return on equity (ROE) was 5.60%, a decrease of 0.50 percentage points [2]. - The operating cash flow for the first three quarters was -77.03 billion yuan, compared to -49.83 billion yuan in the same period of 2023 [2]. Order Growth - New signed orders for the first three quarters of 2024 increased by 9.3%, with urban construction orders growing by 20% [2]. - The total new signed contracts amounted to 1,280.5 billion yuan, with infrastructure contracts at 1,149.5 billion yuan, reflecting a 10% increase [2]. - The company signed 319.6 billion yuan in new contracts in the third quarter of 2024, a year-on-year increase of 12.1% [2]. Dividend and Shareholder Returns - The company announced a mid-term dividend plan, distributing a cash dividend of 0.14 yuan per share, totaling approximately 2.28 billion yuan [2]. - The current dividend yield is 4.21%, and the price-to-book (PB) ratio is 0.61 times, which is at the 27th percentile of the past 10 years [2].

Investment Rating - The report maintains a "Buy" rating for China Communications Construction Company (601800.SH) [3] Core Views - The company's Q3 performance improved due to gains from the disposal of subsidiaries, with a total revenue of 536.6 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.3%, and a net profit attributable to shareholders of 16.3 billion yuan, a decrease of 0.6% [1] - The gross profit margin increased to 11.54%, up by 0.28 percentage points year-on-year, while the net profit margin reached 3.0%, an increase of 0.1 percentage points [1] - New contract signing accelerated in Q3, with a total of 3.196 billion yuan signed in the quarter, a year-on-year increase of 12.1% [1] Financial Performance Summary - For Q1-Q3 2024, the company reported a net cash outflow from operating activities of 77 billion yuan, an increase of 27.2 billion yuan compared to the same period last year [1] - The company expects net profits for 2024-2026 to be 24.0 billion, 24.9 billion, and 25.7 billion yuan respectively, with corresponding EPS of 1.48, 1.53, and 1.58 yuan per share [1][2] - The P/E ratio is projected to be 7.0, 6.7, and 6.5 for the years 2024, 2025, and 2026 respectively, while the P/B ratio is expected to be 0.61 [2][3] Order and Contract Summary - The total new contracts signed in Q1-Q3 2024 amounted to 12.805 billion yuan, a year-on-year increase of 9.3% [1] - The infrastructure business signed contracts worth 11.495 billion yuan, a year-on-year increase of 10.0%, with significant growth in urban construction [1] - Emerging business areas saw new contracts worth 390 billion yuan, a year-on-year increase of 27% [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [4][6][14]. Core Views - The company is expected to see improvement in cash flow for the full year, driven by anticipated fiscal stimulus and a peak in receivables in the fourth quarter [4]. - The company has demonstrated resilience in maintaining its leading position in transportation infrastructure, with stable revenue despite a slight year-on-year decline [1][4]. - New orders have shown steady growth, particularly in emerging business sectors, with a significant increase in overseas orders [2][4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 536.6 billion, a year-on-year decrease of 2.3%, with net profit attributable to the parent company at 16.27 billion, down 0.61% [1]. - The gross profit margin for the first three quarters was 11.5%, a slight increase of 0.28 percentage points year-on-year, while the third quarter saw a margin of 11.3%, a decrease of 0.96 percentage points [3]. - The company reported a net profit margin of 3.9% for the first three quarters, up 0.13 percentage points year-on-year, with a third-quarter margin of 3.61%, an increase of 0.18 percentage points [3]. Order and Business Growth - New signed orders for the first three quarters of 2024 reached 12,804.56 billion, representing a year-on-year increase of 9.28%, with the third quarter alone seeing a 12.12% increase [2]. - The traditional infrastructure construction sector has maintained high growth, with significant contributions from road and bridge construction [2]. - The overseas new signed orders totaled 265.16 billion, a year-on-year increase of 24.66%, accounting for 21% of the total new contracts [2]. Cash Flow and Profitability Outlook - The operating cash flow for the first three quarters showed a net outflow of 77.03 billion, an increase of 27.2 billion year-on-year, but the third quarter saw a significant improvement with a net outflow of 2.87 billion [4]. - The company forecasts net profits attributable to the parent company for 2024-2026 to be 25.2 billion, 27.8 billion, and 31.1 billion respectively, with corresponding P/E ratios of 6.6, 6.0, and 5.4 [4][5].

Financial Performance - The company's operating revenue for the third quarter was CNY 179.19 billion, a decrease of 1.73% year-on-year[11]. - Net profit attributable to shareholders was CNY 4.88 billion, down 0.65% compared to the same period last year[11]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 2.90 billion, a significant decrease of 32.86% year-on-year[11]. - Total operating revenue for the first three quarters of 2024 was CNY 536.64 billion, a decrease of 2.4% compared to CNY 549.03 billion in the same period of 2023[48]. - Net profit for the first three quarters of 2024 was CNY 20.99 billion, slightly up from CNY 20.86 billion in the same period of 2023, representing a growth of 0.6%[48]. - The company’s total comprehensive income attributable to shareholders of the parent company was CNY 20.02 billion, an increase from CNY 15.88 billion year-over-year[50]. Assets and Liabilities - The total assets at the end of the reporting period reached CNY 1.90 trillion, an increase of 12.94% from the end of the previous year[13]. - The total liabilities of the company reached CNY 1,430.30 billion, compared to CNY 1,225.21 billion in the previous year[46]. - The equity attributable to shareholders increased to CNY 315.45 billion from CNY 301.75 billion year-on-year[46]. - The company's cash and cash equivalents increased to CNY 159.10 billion from CNY 120.98 billion year-on-year[44]. - The total cash and cash equivalents at the end of the period was CNY 24.26 billion, a decrease from CNY 32.23 billion at the end of the same period in 2023[67]. Cash Flow - Cash flow from operating activities showed a net outflow of CNY 77.03 billion, compared to a net outflow of CNY 50.37 billion in the same period last year[19]. - In the first three quarters of 2024, the cash inflow from operating activities was CNY 21.41 billion, a decrease of 37.5% compared to CNY 34.33 billion in the same period of 2023[67]. - The net cash flow from operating activities was -CNY 19.99 billion, compared to -CNY 8.36 billion in the first three quarters of 2023, indicating a worsening cash flow situation[67]. - Cash inflow from financing activities reached CNY 95.45 billion, an increase of 13.5% compared to CNY 83.95 billion in the same period of 2023[67]. - Cash flow from investing activities resulted in a net outflow of CNY 22.09 billion, compared to a net outflow of CNY 50.28 billion in the previous year[53]. Contracts and Business Growth - The company signed new contracts worth CNY 1.28 trillion during the reporting period, representing a year-on-year growth of 9.28%[18]. - The company signed new contracts worth CNY 12,804.56 billion, a year-on-year increase of 9.28%, achieving 64% of the annual target of CNY 17,532.15 billion[30]. - The infrastructure construction business accounted for CNY 11,494.50 billion of the new contracts, while emerging business areas achieved new contracts of CNY 3,900 billion, up 27% year-on-year[30]. - New contracts from overseas regions totaled CNY 2,651.62 billion (approximately USD 376.24 billion), representing a year-on-year growth of 24.66% and accounting for 21% of total new contracts[30]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 158,151, with 146,345 holding A shares and 11,806 holding H shares[21]. - The largest shareholder, China Communications Construction Group, holds 57.59% of the shares[23]. Financing Activities - The company plans to issue a super short-term financing bond of CNY 30 billion with a coupon rate of 1.82% on July 16, 2024[31]. - A technology innovation corporate bond of CNY 5 billion will be issued on August 15, 2024, with a coupon rate of 1.98%[32]. - Another super short-term financing bond of CNY 20 billion will be issued on August 16, 2024, with a coupon rate of 1.92%[34]. - The company issued a super short-term financing bond of CNY 2 billion on July 26, 2024, with a coupon rate of 1.92%[38]. - A public offering of technology innovation corporate bonds was conducted on August 15, 2024, with a total issuance of CNY 1.5 billion and a coupon rate of 2.05%[40]. Research and Development - Research and development expenses for the first three quarters were CNY 17.44 billion, a slight increase from CNY 17.31 billion in the same period of 2023[48]. - Research and development expenses rose to CNY 88.92 million, compared to CNY 14.53 million in the previous year, indicating a substantial increase of 510.5%[64].

证券代码：601800 证券简称：中国交建 公告编号：临 2024-053 中国交通建设股份有限公司 第五届董事会第三十九次会议决议公告 二、审议通过《关于 2024 年度安永事务所审计费用的议案》 同意公司 2024 年度审计师审计费用为人民币 25,700,000 元（含税价格）。 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 20 日，公司以书面形式发出本次董事会会议通知。2024 年 10 月 30 日，本次董事会以通讯表决方式召开，董事会 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： 一、审议通过《关于审议公司 2024 年第三季度报告的议案》 （一）同意公司 2024 年第三季度报告。 （二）本议案已经审计与内控委员会审议通过，同意提交董事会审议。 （三）该事项具体内容详见公司在上海证券交易所网站 （www.sse.com.cn）发布的《2024 年第三季度报告》公告。 表决结果：同 ...

证券代码：601800 证券简称：中国交建 公告编号：临2024-051 2024 年公司以"提质增效重回报"专项行动为抓手，在市场开拓中持续聚 焦主责主业，全力推进"公司国际化升维"，加快发展新质生产力，前三季度， 中国交建新签合同额为 12,804.56 亿元，同比增长 9.28%，完成年度目标的 64% （按照董事会审议批准的在 2023 年新签合同额 17,532.15 亿元的基础上增长 13.5%测算）。其中，基建建设业务、基建设计业务、疏浚业务和其他业务分别 为 11,494.50 亿元、387.16 亿元、842.09 亿元和 80.81 亿元。公司加快构建新 兴业务格局，加大新兴业务市场开拓力度，积极打造中交特色新质生产力，前三 季度新兴业务领域实现新签合同额 3,900 亿元，同比增长 27%。 各业务来自于境外地区的新签合同额为 2,651.62 亿元（约折合 376.24 亿 美元），同比增长 24.66%，约占公司新签合同额的 21%。其中，基建建设业务、 基建设计业务、疏浚业务和其他业务分别为 2,589.79 亿元、17.85 亿元、35.00 亿元和 8.98 亿元。 各业务按照 ...

证券代码：601800 证券简称：中国交建 公告编号：临 2024-052 本次绿色债券的发行及担保事项已经公司第五届董事会第三十次会议审议 通过。发行人于 2024 年 10 月 17 日完成本次绿色债券的定价工作。本次绿色债 券已取得国家发展和改革委员会出具的《企业借用外债审核登记证明》。 本次绿色债券的成功发行有利于拓宽融资渠道，改善负债结构、进一步增强 资本实力，树立品牌形象、增强国际化经营能力，符合公司整体发展战略。同时， 绿色债券作为可持续金融工具，有助于提升公司的社会责任形象，吸引 ESG（ 环 境、社会和治理）投资者，促进公司在环境保护和可持续发展领域的积极贡献， 为公司在市场竞争中获取更多优势。 特此公告。 中国交通建设股份有限公司董事会 2024 年 10 月 25 日 中国交通建设股份有限公司 关于境外子公司离岸人民币绿色债券 发行完成的公告 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。 2024 年 10 月 24 日，公司附属公司 CCCI Treas ...

Investment Rating - The report maintains an "Outperform" rating for China Communications Construction Company (601800.SH) [1][3][8] Core Views - The company experienced a slight decline in revenue and net profit in the first half of 2024, with revenue at 357.5 billion yuan, down 2.3% year-on-year, and net profit at 11.4 billion yuan, down 0.04% year-on-year [1][4] - New contracts signed showed a robust growth of 8.4% year-on-year, with overseas contracts increasing by 38.9%, indicating strong international performance [1][5] - The company is adjusting its strategy to focus more on cash flow management rather than just revenue growth due to weak downstream industry conditions [10][12] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 357.5 billion yuan, with Q1 and Q2 revenues of 176.9 billion yuan (+0.2% YoY) and 180.5 billion yuan (-4.6% YoY) respectively [1][4] - The gross margin for H1 2024 was 11.65%, showing a slight increase from the previous year [6][7] - Operating cash flow showed a net outflow of 74.2 billion yuan, which is an increase of 24.8 billion yuan compared to the previous year [7][8] Contract and Revenue Growth - The total new contracts signed in H1 2024 reached 960.9 billion yuan, with overseas contracts accounting for 196.1 billion yuan, representing 20.4% of the total [1][5] - Revenue from regions outside of mainland China increased by 23.6% year-on-year, while revenue from mainland China decreased by 7.0% [1][5] Profitability and Cost Management - The company’s operating expenses increased by 13.2% year-on-year, with management and sales expenses rising significantly [6][12] - The report forecasts a decline in net profit for the next three years, with expected figures of 22.8 billion yuan, 24.6 billion yuan, and 26.9 billion yuan for 2024, 2025, and 2026 respectively [8][10]

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 ...