中国交通建设股份有限公司 关于续聘会计师事务所的公告 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。 重要内容提示： 拟聘任的会计师事务所名称：安永会计师事务所和安永华明会计师事务 所（特殊普通合伙），分别为本公司 2024 年度的国际核数师和国内审计师。 一、 拟聘任会计师事务所的基本情况 （一）机构信息 1. 基本信息 证券代码：601800 证券简称：中国交建 公告编号：临 2024-021 安永华明会计师事务所（特殊普通合伙）（简称安永华明），于 1992 年 9 月成立，2012 年 8 月完成本土化转制，从一家中外合作的有限责任制事务所转 制为特殊普通合伙制事务所。安永华明总部设在北京，注册地址为北京市东城 区东长安街 1 号东方广场安永大楼 17 层 01-12 室。 2. 人员信息 截至 2023 年末拥有合伙人 245 人，首席合伙人为毛鞍宁先生。安永华明一 直以来注重人才培养，截至 2023 年末拥有执业注册会计师近 1800 人，其中拥 有证券相关业务服务经验的执业 ...

证券研究报告 | 2024年04月06日 中国交建（601800.SH） 买入 扣非归母净利润同比增长 58%，投资结构持续优化 核心观点 公司研究·财报点评 营收同比增长5.1%，扣非归母净利同比增长58.2%。2023年公司实现营业收 建筑装饰·基础建设 入7586.7亿元，同比+5.1%，实现归母净利润238.1亿元，同比+23.6%，实 证券分析师：任鹤 证券分析师：朱家琪 现扣非归母净利润216.7亿元，同比+58.2%。2022年公司发行公募REITs处 010-88005315 021-60375435 renhe@guosen.com.cn zhujiaqi@guosen.com.cn 置项目公司，非经常性的非流动资产处置损益较高（2022年计入41.74亿元， S0980520040006 S0980524010001 本期为10.35亿元），故2023年扣非净利润实现高增长，反映公司基建主 联系人：卢思宇 业盈利能力持续增强。 0755-81981872 lusiyu1@guosen.com.cn 新签合同额稳健增长，海外订单显著回暖。2023年新签合同额17532亿元， 基础数据 同比+ ...

2024年4月4日 公司研究 业绩超预期，“一利”稳增“五率”多有优化 ——中国交建（601800.SH/1800.HK）2023 年年报点评 A 股：买入（维持） 要点 当前价：8.87元 H 股：买入（维持） 事件： 中国交建发布 2023 年年报，23 年公司实现收入/归母净利润/扣非归母净利润分别 当前价：4.03港元 为 7586.8/238.1/216.5 亿元，同比+5.1%/+23.6%/+58.2%。23Q4 公司实现收入/ 归 母 净 利 润 / 扣 非 净 利 润 分 别 为 2109.7/75.7/63.9 亿 元 ， 同 比 作者 +17.3%/+120.8%/+402.5%，四季度收入确认提速，业绩增速超预期。公司拟派发 分析师：孙伟风 现金股利0.29元/股（含税），股息率约为3.85%。 执业证书编号：S0930516110003 021-52523822 点评： sunwf@ebscn.com 利润率显著提升驱动公司业绩高增，费用管控良好：23 年公司销售毛利率/净利率 分析师：吴钰洁 为12.6%/4.0%，同增0.94/0.54pct。23Q4公司销售毛利率/净利率为16 ...

证券研究报告 公 2024年04月03日 司 报 告 中国交建(601800) │ 行 业： 建筑装饰/基础建设 公 投资评级： 买入（维持） 司 当前价格： 8.87元 年 利润率与经营现金流大幅改善 目标价格： 14.28元 报 点 公司公告 2023 年年报，23fy 公司收入 7,587 亿，yoy+5%，归母净利 238 评 亿，yoy+24%，扣非归母净利 217 亿，yoy+58%；单 23q4 收入 2,110 亿， 基本数据 yoy+17%，归母净利76亿，yoy+121%，扣非归母净利64亿，yoy+434%。业 总股本/流通股本(百万股) 16,280.11/4,418.4 8 绩增长超预期。 流通A股市值(百万元) 104,197.98 ➢ 海外收入快速增长 每股净资产(元) 16.40 分业务，23fy基建建设/基建设计/疏浚收入6,659/473/534亿，yoy+5%/- 6%/+5%。基建建设及疏浚业务稳步增长，基建设计延续承压。分区域，23fy 资产负债率(%) 72.74 境内外收入分别为6,425/1,162亿，分别yoy+3%/18%，境外收入快速增长。 一年内最高/最 ...

[Table_MainInfo] 公司研究/建筑工程/建筑 证券研究报告 中国交建（601800）公司年报点评 2024年04月01日 [Table_InvestInfo] 投资评级 优于大市 维持 Q4 收入、利润、现金流均大幅好转 股票数据 [Table_Summary] 0[3Ta月b2le9_日S收to盘ck价（In元fo）] 8.62 投资要点： 52周股价波动（元） 6.81-13.15 总股本/流通A股（百万股） 16280/11747  事件：2023年公司实现营业收入7586.76亿元，同比增长5.10%；归母净利 总市值/流通市值（百万元） 140335/139348 润 238.12 亿元，同比增长 23.61%；扣非后归母净利润 216.55 亿元，同比 相关研究 增长58.18%。点评如下： [《Ta Qb 3le单_季R收ep入o、rtI归nf母o净] 利润增速转正，境外 新签高增44%》2023.11.16  Q4收入、利润大幅好转，基建建设、疏浚业务营收稳定增长。分行业看，公 《海外收入提速，一带一路充分受益》 司基建建设业务、基建设计业务、疏浚业务、其他业务分别实现营收6 ...

公司研 究 证 券研究 报 告 基建建设 2024年4月1日 中 国交建（601800）2023年报点评 推 荐 （维持） 目标价：11.1元 业绩靓丽，订单稳增，现金改善 当前价：8.62元 事项： 华创证券研究所  中国交建发布 2023 年报：公司报告期内实现营业收入 7,586.8 亿元，同比 +5.1%，归母净利润238.1亿元，同比+ 23.6%。 证券分析师：王彬鹏 评论：  营收稳增，业绩靓丽，毛利率改善。2023年公司实现营业收入7,586.8亿元， 邮箱：wangbinpeng@hcyjs.com 同比+5.1%；归母净利润 238.1 亿元，同比+23.6%；扣非归母净利润 216.6 亿 执业编号：S0360519060002 元，同比+58.2%；公司业绩增速高于营收增速，主要源于：1）公司毛利率较 证券分析师：鲁星泽 去年+0.9pct，其中基建建设和设计毛利率增长较多；2）公司税项加计扣除以 电话：021-20572575 及高新技术税收优惠增加推动所得税率同比-3.2pct；3）公司少数股东损益占 邮箱：luxingze@hcyjs.com 比21.2%，同比-1.6pct ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 10.29 CNY over the next six months [1][5]. Core Insights - The company reported a significant increase in revenue and net profit for 2023, with total revenue reaching 758.68 billion CNY, a year-on-year increase of 5.10%, and a net profit of 23.81 billion CNY, up 23.61% year-on-year [2][5]. - The company has a robust order backlog, with a total of 34,506.59 billion CNY in uncompleted contracts, which is 4.5 times its 2023 revenue, indicating strong future revenue potential [3][5]. - The overseas business has shown rapid growth, with new contracts signed amounting to 3,197.46 billion CNY, a year-on-year increase of 47.5%, contributing to 18.24% of total contracts [3][5]. Financial Performance Summary - In 2023, the company achieved a gross margin of 12.59%, an increase of 0.88 percentage points year-on-year, driven by improvements in both infrastructure construction and design business margins [2][5]. - The company’s operating cash flow significantly improved, with a net inflow of 12.07 billion CNY compared to 1.14 billion CNY in the previous year, attributed to better cash flow management and increased project collections [2][5]. - The projected revenues for 2024-2026 are 819.37 billion CNY, 876.73 billion CNY, and 938.10 billion CNY, with corresponding net profits of 25.30 billion CNY, 27.39 billion CNY, and 29.44 billion CNY, reflecting steady growth [5][6]. Valuation Metrics - The company is expected to have a dynamic PE ratio of 5.5, 5.1, and 4.8 for the years 2024, 2025, and 2026 respectively, indicating an attractive valuation [5][6]. - The projected net profit margin for 2024 is 3.1%, consistent with the previous year, while the return on equity (ROE) is expected to improve to 9.3% by 2026 [6][7].

证券研究报告 建筑装饰 报告日期：2024年03月 30日 盈利能力提升业绩超预期，提质增效资产质量持续优化 ——中国交建（601800.SH）2023 年报点评报告 华龙证券研究所 事件： 2024年3月29日，公司发布2023年年报：2023年，公司实现营 投资评级：增持（首次覆盖） 业收入 7586.76亿元，同比增长 5.1%；实现归母净利润 238.12 亿元， 最近一年走势 同比大幅增长23.61%。 观点：  盈利能力显著提升，境外业务表现亮眼，公司业绩再创新高。报告 期内，公司业务规模稳步增长，境外业务收入同比高增 17.78%， 带动公司实现营收 7586.76亿元，同增5.1%，再创新高。同时，公 司严控项目规模、聚焦项目质量，整体经营质效显著提高，毛利率 增加0.88pct，实现归母净利润238.12亿元，同比增长23.61%。年 内，因应收账款及长期应收款损失减少，公司信用减值损失68.93 亿元，同减25.34%，实现扣费归母净利216.55亿元，同增58.18%。 市场数据  投资类项目结构不断优化，现金流及估值提升空间大。报告期内， 公司加强对投资类项目管控，重点压降投资总量 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in operating cash flow and strong performance in overseas business, with total revenue and net profit for 2023 reaching 758.676 billion yuan and 238.12 billion yuan, respectively, representing year-on-year growth of 5.1% and 23.6% [2][8] - The company is positioned to benefit from the "Belt and Road" initiative, with a focus on improving operational quality and maintaining a strong order backlog [2][8] Summary by Relevant Sections Financial Performance - In 2023, the company achieved total revenue of 758.676 billion yuan, with a year-on-year increase of 5.1%. The net profit attributable to shareholders was 238.12 billion yuan, up 23.6% year-on-year [2][8] - The company’s earnings per share (EPS) for 2023 was 1.46 yuan, with a projected P/E ratio of 5.89 for the same year [2][8] Business Segments - The infrastructure construction, design, and dredging segments generated revenues of 665.9 billion yuan, 47.3 billion yuan, and 53.4 billion yuan, respectively, with year-on-year changes of +5.2%, -6.0%, and +4.9% [2][8] - The overall gross margin for the company improved to 12.6%, an increase of 0.9 percentage points year-on-year [2][8] Geographic Performance - Domestic revenue was 642.5 billion yuan, a 3.1% increase, while overseas revenue reached 116.2 billion yuan, growing by 17.8% year-on-year [2][8] - The overseas business accounted for 15% of total revenue, up 1 percentage point from the previous year [2][8] Cash Flow and Investment - The company reported a net cash flow from operating activities of 12.074 billion yuan, a significant increase from 4.4 billion yuan in 2022 [2][8] - The net outflow from operating and investment activities was reduced to 43.8 billion yuan, down 2.4 billion yuan year-on-year [2][8] Order Backlog - The company signed new contracts worth 1.7532 trillion yuan in 2023, achieving 103.5% of its annual target, with overseas contracts increasing by 47.5% to 319.7 billion yuan [2][8] - As of the end of 2023, the total order backlog stood at 3.4507 trillion yuan, indicating a robust pipeline for future revenue [2][8] Profit Forecast and Valuation - The net profit forecasts for 2024 and 2025 have been raised to 258 billion yuan and 276 billion yuan, respectively, with a new forecast for 2026 set at 294 billion yuan [2][8] - The projected P/E ratios for 2024, 2025, and 2026 are 5.4, 5.1, and 4.8, respectively, indicating attractive valuation levels [2][8]

Investment Rating - The report maintains a "Buy" rating for China Communications Construction Company (CCCC) [2][19] Core Views - CCCC's 2023 annual report shows a revenue of 758.68 billion yuan, a year-on-year increase of 5.10%, and a net profit attributable to shareholders of 23.81 billion yuan, up 23.61% year-on-year [5][6] - The company signed new contracts worth 1.75 trillion yuan in 2023, a 13.68% increase year-on-year, exceeding its annual target [6][9] - The report highlights significant improvements in cash flow, with a net operating cash flow of 12.07 billion yuan, a substantial increase of 960.5% year-on-year [15] Financial Performance - Revenue and Profitability: - 2023 revenue: 758.68 billion yuan, with a quarterly revenue growth of 17.28% in Q4 [5][10] - Net profit for 2023: 23.81 billion yuan, with a Q4 net profit growth of 120.76% [5][10] - Gross margin improved to 12.59%, up 0.95 percentage points year-on-year [11] - Earnings Per Share (EPS) Forecast: - EPS for 2024, 2025, and 2026 are projected at 1.57 yuan, 1.71 yuan, and 1.84 yuan respectively, with corresponding price-to-earnings (PE) ratios of 5.5, 5.0, and 4.7 [3][19] Business Segments - New Contracts: - Infrastructure business signed contracts worth 15.58 trillion yuan, a 14.0% increase year-on-year [8] - International contracts accounted for 18.24% of new contracts, with a 47.5% year-on-year increase [6][9] - Revenue Breakdown: - Revenue from infrastructure, design, and dredging segments showed varied performance, with infrastructure growing by 5.24% [10][11] Future Outlook - The report anticipates continued growth in domestic infrastructure driven by government initiatives and international expansion under the Belt and Road Initiative [16][17] - CCCC's 2024 targets include a new contract growth rate of no less than 13.5% and revenue growth of at least 8.2% [17]