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]

Investment Rating - The investment rating for the company is "Buy" (maintained) for both A and H shares [2][3] Core Views - The company reported a revenue of 357.4 billion RMB and a net profit attributable to shareholders of 11.4 billion RMB for the first half of 2024, reflecting a year-on-year decline of 2.5% and 0.6% respectively [2] - The gross margin improved year-on-year to 11.65%, an increase of 0.84 percentage points, driven by better project management and structural adjustments [3] - The company has a target price of 11.13 RMB for A shares and 6.97 HKD for H shares, adjusted from previous values due to slower-than-expected revenue growth [2] Revenue and Profitability - For the first half of 2024, the company achieved a revenue of 3,574 billion RMB, with a net profit of 114 billion RMB, showing a decline compared to the previous year [2] - The gross margin for the second quarter of 2024 was reported at 11.42%, with a slight increase from the previous quarter [3] - The company maintains net profit forecasts of 25.9 billion RMB, 28 billion RMB, and 30 billion RMB for 2024, 2025, and 2026 respectively [2] Business Segments - Infrastructure construction revenue was 3,181 billion RMB, down 2.74% year-on-year, while the gross margin improved to 10.63% [3] - The company signed new contracts worth 9,609 billion RMB in the first half of 2024, representing an increase of 8.4% year-on-year, with overseas contracts growing by 39% [5] Financial Metrics - The company’s operating cash flow was negative at -742 billion RMB for the first half of 2024, indicating a cash outflow increase of 248 billion RMB year-on-year [4] - The net profit margin for the first half of 2024 was 3.19%, a slight increase from the previous year [4] - The company’s earnings per share (EPS) for 2024 is projected at 1.59 RMB, with a price-to-earnings (PE) ratio of 5.28 [6]

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]

证券代码：601800 证券简称：中国交建 公告编号：临 2024-048 中国交通建设股份有限公司 第五届董事会第三十八次会议决议公告 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 | 中交集团 | 指 | 中国交通建设集团有限公司，控股股东 | | --- | --- | --- | --- | | 2 | 中国港湾 | 指 | 中国港湾工程有限责任公司，公司附属公司 | | 3 | 中交路建 | 指 | 中交路桥建设有限公司，公司附属公司 | | 4 | 一公局集团 | 指 | 中交一公局集团有限公司，公司附属公司 | | 5 | 一航局 | 指 | 中交第一航务工程局有限公司，公司附属公司 | | 6 | 宝武资源 | 指 | 宝武资源有限公司，中国宝武钢铁集团有限公司全资子公司 | | 7 | 宝联体 | 指 | 宝武资源投资组建的联合体，负责投资几内亚西芒杜 1&2 号 | | | | | 铁矿项目。 | | 8 | 辽宁交投 | 指 | 辽宁省交通建设投资 ...

Financial Performance - Operating revenue reached 357.4 billion RMB, with a net profit attributable to shareholders of 113.99 billion RMB, reflecting a 0.6% increase year-on-year[6]. - The company's operating revenue for the first half of the year was ¥357.45 billion, a decrease of 2.52% compared to ¥366.68 billion in the same period last year[23]. - The net profit attributable to shareholders was ¥11.40 billion, down 0.59% from ¥11.47 billion year-on-year[23]. - The net cash flow from operating activities was negative at ¥74.16 billion, compared to a negative ¥49.58 billion in the previous year, indicating a significant decline[23]. - The total assets increased by 10.71% to ¥1,864.85 billion from ¥1,684.38 billion at the end of the previous year[23]. - The company's net profit attributable to shareholders was CNY 113.99 billion, a decrease of 0.59% compared to the previous year[95]. - The gross profit was RMB 41.66 billion, an increase of 5.07%, with a gross margin of 11.65%, up 0.84 percentage points year-on-year[78]. - The total profit amounted to CNY 181.23 billion, reflecting a growth of 2.11% year-on-year[93]. Contracts and Revenue Growth - The company signed new contracts worth 960.9 billion RMB, representing a year-on-year growth of 2.2%[6]. - New contracts in emerging business areas amounted to 295.2 billion RMB, showing a year-on-year growth of 51%[11]. - The new contract amount signed in the first half of 2024 was CNY 960.867 billion, representing a year-on-year growth of 8.37%[32]. - The overseas new contract amount reached 196.07 billion CNY (approximately 27.82 billion USD), with a year-on-year increase of 38.88%, accounting for 20% of the total new contracts[51]. - The infrastructure construction business signed new contracts worth 863.38 billion CNY, a year-on-year increase of 9.39%[54]. - The company aims for a new contract target growth rate of no less than 13.5% and a revenue growth target of no less than 8.2% for 2024[12]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of 1.4005 RMB per 10 shares, totaling approximately 2.28 billion RMB[11]. - The company emphasizes enhancing shareholder returns and has cumulatively distributed approximately 50.7 billion RMB in dividends since its listing[8]. - The net profit available for distribution to ordinary shareholders for the first half of 2024 was RMB 11.399 billion, with a proposed 20% dividend distribution[129]. Strategic Focus and Innovation - The company is focusing on strategic emerging industries, including offshore wind power and Beidou technology applications, to drive future growth[10]. - The company aims to enhance its core competitiveness by focusing on technological innovation and management innovation to capture more market share[33]. - The company is committed to optimizing its asset management and reducing leverage, with a focus on accelerating asset disposal and ensuring budget targets are met by year-end[33]. - The company is dedicated to implementing the spirit of the 20th National Congress of the Communist Party of China and achieving the goals set for the "High-Quality Development Enhancement Year"[35]. - The company is actively involved in the digital transformation of transportation infrastructure, being included in the first batch of demonstration areas for digital upgrades in multiple provinces[43]. International Operations and Expansion - The company signed new contracts worth $20.729 billion in countries participating in the "Belt and Road" initiative, with $4.803 billion from the Middle East[13]. - The company is actively pursuing an "overseas priority" strategy, aiming to enhance its international presence and contribution by 2025[40]. - The company is committed to the "Belt and Road" initiative, successfully entering markets in Africa and Southeast Asia, and has completed several significant railway projects abroad[59]. Environmental, Social, and Governance (ESG) Initiatives - The company has established a board-level ESG committee to integrate ESG considerations into its strategic and operational frameworks[12]. - The company was recognized as a "China ESG Demonstration Enterprise" and received an "AAA" rating from the China Securities Index[13]. - The company has initiated a series of environmental protection activities, including "Energy Conservation and Environmental Protection Month" and "National Energy Conservation Publicity Week," promoting its commitment to ecological sustainability[137]. - The company has committed to promoting advanced ecological and environmental technologies to support sustainable development initiatives[138]. Legal and Compliance Issues - The company is involved in multiple lawsuits with total amounts involved exceeding RMB 1.1 billion, with specific claims including overdue payments and project financing interests[148]. - The company continues to monitor and manage its legal risks associated with ongoing and potential litigation[148]. - The company has established strict internal control mechanisms to protect the interests of minority shareholders in related transactions[150]. Research and Development - R&D expenditure for the reporting period was CNY 9.905 billion, accounting for 2.77% of operating revenue, an increase of 0.19 percentage points from the previous year[45]. - The company has achieved a total of 43 National Science and Technology Progress Awards and 5 National Technology Invention Awards, along with 130 Luban Awards and 400 National Quality Engineering Awards[45]. - The company has developed the "Zhongchuang" series of advanced tunneling machines, achieving significant breakthroughs in equipment manufacturing[44]. Financial Management and Investments - The company is actively expanding its diversified fund business, collaborating with banks and insurance institutions to establish funds aimed at traditional infrastructure projects and emerging industries[50]. - The company has established a comprehensive internal control system to manage and control operational risks, ensuring effective governance under the board of directors[165]. - The company has engaged in derivative investments, specifically currency options, with an initial investment amount of CNY 311,132,851 and a fair value change loss of CNY -31,875,309 during the reporting period[115].