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]

[Table_Header] 公司点评●基础建设 2024年 03 月29 日 [Table_Title] [Table_StockCode] 中国交建(601800) 扣非净利润高增长，现金流大幅改善 [Table_InvestRank] 推荐 (维持) 核心观点： 分析师 [T able事_S件um：m公ar司y]发 布 2023年年报。 [龙Ta天b光le_ Authors] ：021-20252621  扣非净利润高增长，境外工程新签合同额增幅超 40%。公司 2023年实现营 业收入 7586.76 亿元，同比增长 5.10%，归母净利润 238.12 亿元，同比增长 ：longtianguang_yj@chinastock.com.cn 23.61%，扣非后归母净利润 216.55亿元，同比增长 58.18%。按业务类型分， 分析师登记编码：S0130519060004 基建建设业务、基建设计业务、疏浚业务和其他业务分别为 6658.66 亿元、 472.61亿元、534.44亿元、192.70亿元，分别同比+5.24%、-6.00%、4.92%、 6.10%。2023年，公司新签合同额为 ...

Financial Performance - The company's operating revenue for 2023 reached CNY 758.68 billion, an increase of 5.10% compared to CNY 721.89 billion in 2022[32]. - The net profit attributable to shareholders for 2023 was CNY 23.81 billion, representing a 23.61% increase from CNY 19.26 billion in 2022[32]. - The net profit after deducting non-recurring gains and losses was CNY 21.65 billion, a significant increase of 58.18% from CNY 13.69 billion in 2022[32]. - The net cash flow from operating activities surged to CNY 12.07 billion, a remarkable increase of 960.50% compared to CNY 1.14 billion in 2022[32]. - The total assets of the company at the end of 2023 amounted to CNY 1.68 trillion, an increase of 11.05% from CNY 1.52 trillion at the end of 2022[32]. - The net assets attributable to shareholders increased to CNY 301.73 billion, reflecting a growth of 6.81% from CNY 282.50 billion at the end of 2022[32]. - Basic earnings per share for 2023 increased to CNY 1.39, a 26.36% rise compared to CNY 1.10 in 2022[34]. - The weighted average return on equity rose to 8.87% in 2023, an increase of 1.30 percentage points from 7.57% in 2022[34]. - The company reported a total operating revenue of CNY 210.97 billion in Q4 2023, with a total annual revenue of CNY 758.68 billion, marking a 13.68% increase year-on-year[44]. - The net profit for Q4 2023 was CNY 7.57 billion, contributing to a total net profit of CNY 24.73 billion for the year, compared to CNY 20.22 billion in 2022[39]. Contract and Project Management - The company reported a total of RMB 1,950.56 billion in domestic new signed contracts and RMB 135.62 billion in overseas contracts, with an expected total construction contract amount of RMB 1,501.40 billion[10]. - The new contract amount for 2024 is targeted to increase by no less than 13.5%, with a revenue growth target of no less than 8.2%[10]. - The company signed new contracts worth CNY 175.32 billion in 2023, reflecting a strong demand in infrastructure projects[44]. - The company signed new contracts worth 1,753.215 billion yuan, a year-on-year increase of 13.68%[60]. - As of December 31, 2023, the amount of uncompleted contracts in execution was CNY 3,450.659 billion[46]. - The company has signed 31 operational concession projects, with an uncompleted investment amounting to CNY 513.88 billion as of December 31, 2023[94]. - The company has established a comprehensive project management system covering the entire contract process, ensuring effective project execution and delivery[58]. Investment and Capital Management - The company aims to enhance its capital management by improving direct financing ratios and establishing a service system that integrates capital and industry, in line with the high-quality development path[6]. - The company is accelerating the development of new productive forces, focusing on key sectors such as smart transportation, high-end equipment, clean energy, and ecological protection, aiming to create specialized and innovative enterprises in strategic emerging industries[7]. - The company completed a significant equity swap involving subsidiaries, enhancing its control over the newly acquired entities[137]. - The company is actively expanding its financing channels, with a plan to issue 30 billion RMB in preferred shares, which has been approved by the State-owned Assets Supervision and Administration Commission[114]. - The company is focusing on optimizing investment structures and controlling risks, with a strategy of "controlling total amount, optimizing structure, controlling risks, and improving quality and efficiency"[90]. International Expansion and Market Presence - The company aims to enhance its international presence by focusing on key countries and regions, particularly in infrastructure projects related to the Belt and Road Initiative[10]. - The company is actively expanding its international presence, with significant projects in Bogotá, Saudi Arabia, and Nigeria underway[65]. - The company reported a total of 139 countries and regions where it operates as of December 31, 2023[60]. - The company is focusing on high-quality, sustainable development in its overseas business, aligning with the "Belt and Road" initiative[66]. - The company achieved a new contract value of $38.76 billion in countries participating in the "Belt and Road" initiative, with a cumulative total of $234.76 billion since the initiative's inception[103]. Research and Development - The company has established 12 national-level innovation platforms and 87 provincial-level innovation platforms to enhance its technological capabilities[23]. - The company has won a total of 40 National Science and Technology Progress Awards and 5 National Technology Invention Awards, showcasing its commitment to innovation[24]. - R&D expenses amounted to 27.73 billion RMB, representing 3.65% of revenue, an increase of 0.37 percentage points from the previous year[116]. - The number of R&D personnel was 17,570, accounting for 12.13% of the total workforce[140]. Environmental, Social, and Governance (ESG) - The company has a commitment to ESG principles, ranking first in the construction industry on the "China ESG Listed Companies Top 100" list[10]. - The company has established a more comprehensive ESG management system, integrating safety, technology, quality, and environmental management into the performance evaluation of senior management[9]. - The company is focusing on green and low-carbon transformation, with progress in new businesses related to energy conservation, environmental protection, and new information technology[22]. - The company is committed to green development and has signed contracts for projects like the LNG receiving station in Huizhou and the expansion of the LNG terminal in Guangxi[83]. Risk Management - The company emphasizes risk management and strategic adjustments in response to macroeconomic policies and market conditions[10]. - CCCC emphasizes the importance of risk prevention and control, aiming to optimize its financial structure and enhance compliance management[53]. - The company prioritizes safety in operations, facing risks from unsafe behaviors and conditions that could lead to accidents and financial losses[200]. - The company is facing challenges due to a decrease in local government fund revenues and a changing real estate market, which may impact sustainable development in the infrastructure sector[92].

Financial Performance - In 2023, China Communications Construction Company achieved a net profit of 263.64 billion RMB, representing a year-on-year increase of 16.3%[16]. - The company's operating revenue for 2023 reached ¥758.68 billion, a 5.10% increase from ¥721.89 billion in 2022[35]. - Net profit attributable to shareholders was ¥23.81 billion, representing a 23.61% increase from ¥19.26 billion in 2022[35]. - The net profit after deducting non-recurring gains and losses was ¥21.65 billion, up 58.18% from ¥13.69 billion in 2022[35]. - The net cash flow from operating activities was ¥12.07 billion, a significant increase of 960.50% compared to ¥1.14 billion in 2022[35]. - The company's total assets increased by 11.05% to ¥1.68 trillion from ¥1.52 trillion at the end of 2022[35]. - Basic earnings per share rose to ¥1.39, a 26.36% increase from ¥1.10 in 2022[36]. - The weighted average return on equity increased by 1.30 percentage points to 8.87% from 7.57% in 2022[36]. Contract and Project Performance - The total new contract value signed in 2023 was CNY 1,753.22 billion, up 13.68% year-on-year, exceeding the annual target by 3.53%[46]. - The company held an uncompleted contract amount of CNY 3,450.66 billion as of December 31, 2023[45]. - New contracts from overseas regions amounted to CNY 319.75 billion (approximately USD 47.53 billion), a year-on-year increase of 47.5%[45]. - The infrastructure construction business contributed CNY 1,558.48 billion to the new contracts, accounting for the majority of the total[46]. - The company signed new contracts worth 1,753.215 billion yuan, a year-on-year increase of 13.68%[52]. - The new contracts from overseas regions amounted to 319.746 billion yuan (approximately 47.526 billion USD), representing a 47.5% year-on-year growth, accounting for 18.24% of total new contracts[52]. Research and Development - The R&D investment intensity increased to 3.65%, up by 0.32 percentage points year-on-year[16]. - The company invested 27.71 billion RMB in R&D, which accounted for 3.65% of operating revenue, an increase of 0.37 percentage points from the previous year[83]. - The company operates 12 national-level innovation platforms and 87 provincial-level innovation platforms, enhancing its research and development capabilities[26]. - The company has accumulated 34,343 authorized patents, indicating a strong focus on technological advancement[27]. Strategic Goals and Future Outlook - The company aims for a compound annual growth rate of net profit of no less than 8.5% and a new contract value growth of no less than 13.5% in 2024[15]. - The company plans to focus on enhancing quality and efficiency in 2024, with a target for new contract growth not less than the overall growth rate[47]. - The company aims to significantly improve its technological innovation capabilities and modernize its industrial system in 2024[47]. - The company is committed to becoming a globally competitive, technology-driven enterprise, aligning with its vision of improving urban living and connectivity[27]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 2.9253 RMB per 10 shares, totaling approximately 4.76 billion RMB[4]. - The company maintained a stable dividend policy, having distributed approximately 18.8 billion RMB in dividends since its listing[13]. - The company has established a three-year shareholder return plan (2023-2025), committing to distribute at least 10% of the distributable profits to ordinary shareholders annually[198]. International Expansion and Market Presence - The company is actively expanding its international presence, with significant projects in Bogotá, Saudi Arabia, and Nigeria now underway[54]. - The company emphasizes high-quality, sustainable development in its overseas business initiatives, aligning with the "Belt and Road" strategy[55]. - The company is prioritizing international expansion, particularly in infrastructure projects related to the Belt and Road Initiative[144]. Governance and Management - The board of directors consists of 8 members, with 5 external directors, including 4 independent directors, accounting for over one-third of the board[152]. - The company has implemented a comprehensive governance structure, ensuring clear delineation of responsibilities and effective checks and balances[154]. - The total pre-tax compensation received by executives during the reporting period amounted to CNY 956.27 million[157]. Challenges and Risk Management - The company faces challenges due to reduced local government fund revenues and a downward trend in the real estate market, impacting infrastructure investment sustainability[71]. - The company is committed to safety in operations, recognizing the inherent risks in construction and production processes that could impact employee safety and brand reputation[149]. - The company acknowledges the potential impact of natural disasters and public health emergencies on its outdoor construction operations[149]. Sustainability and Environmental Focus - The company emphasizes green and low-carbon transformation, focusing on new industries such as energy conservation and new information technology[26]. - The company is committed to sustainable development, particularly in the areas of ecological restoration and resource utilization[143]. - The company aims to reduce carbon emissions by 20% over the next three years as part of its sustainability strategy[162].

Investment Rating - Maintain "Buy" rating [1][3] Core Views - The company's performance exceeded expectations, with significant improvements in profitability and cash flow [1] - Non-GAAP net profit attributable to the parent company surged 58% YoY, surpassing expectations [1] - Q4 revenue and net profit growth accelerated significantly, driven by a 3pct increase in gross margin and reduced impairment losses [1] - Overseas business revenue grew 18% YoY, showing strong momentum [1] - Gross margin improved to 12.54%, up 0.9pct YoY, due to better overseas operating conditions and increased contributions from higher-margin domestic projects [1] - ROE increased to 8.2%, up 1.1pct YoY, primarily driven by higher net profit margin [1] - Operating cash flow improved significantly, with a net inflow of 12.07 billion yuan, up 10.9 billion yuan YoY [1] - New overseas contracts grew 48% YoY, reaching 319.7 billion yuan, indicating strong overseas order growth [1] - The company has ample backlog, with unfinished contracts totaling 3.45 trillion yuan, 4.5 times the 2023 revenue [1] Financial Performance - 2023 revenue reached 758.7 billion yuan, up 5.1% YoY [1][2] - Net profit attributable to the parent company was 23.8 billion yuan, up 23.6% YoY [1][2] - EPS for 2023 was 1.46 yuan, with expected EPS for 2024-2026 at 1.57/1.67/1.78 yuan [1][2] - Gross margin improved to 12.54%, up 0.9pct YoY [1] - Net profit margin increased to 3.14%, up 0.5pct YoY [1] - ROE rose to 8.2%, up 1.1pct YoY [1] - Operating cash flow improved significantly, with a net inflow of 12.07 billion yuan, up 10.9 billion yuan YoY [1] Business Segments - Infrastructure construction revenue was 665.9 billion yuan, up 5% YoY [1] - Infrastructure design revenue was 47.3 billion yuan, down 6% YoY [1] - Dredging business revenue was 53.4 billion yuan, up 5% YoY [1] - Other business revenue was 19.3 billion yuan, up 6% YoY [1] - Domestic revenue was 642.5 billion yuan, up 3% YoY [1] - Overseas revenue was 116.2 billion yuan, up 18% YoY [1] Order Backlog - New contracts in 2023 totaled 1.75 trillion yuan, up 14% YoY [1] - Domestic new contracts were 1.43 trillion yuan, up 8% YoY [1] - Overseas new contracts were 319.7 billion yuan, up 48% YoY [1] - Infrastructure business new contracts were 1.56 trillion yuan, up 14% YoY [1] - Infrastructure design new contracts were 56 billion yuan, up 2% YoY [1] - Dredging business new contracts were 119.2 billion yuan, up 12% YoY [1] - Other business new contracts were 19.6 billion yuan, up 44% YoY [1] - Unfinished contracts at the end of 2023 were 3.45 trillion yuan, 4.5 times the 2023 revenue [1] Valuation - Current PE ratios for 2024-2026 are 5.2x, 4.9x, and 4.6x respectively [1][2] - Latest PB ratio is 0.52x [1][2] - Expected net profit for 2024-2026 is 25.6/27.3/28.9 billion yuan, with growth rates of 7.6%/6.4%/6.2% [1][2] Industry - The company operates in the infrastructure construction industry [3]

股 票 研 究 [Table_industryInfo] 建筑工程业/工业 [ Table_Main[中ITnaf 国bol]e 交_Ti建tle]( 601800) [评Tab级le_：Inv est] 增持 上次评级： 增持 2023 年净利增 24%超预期，经营现金流大幅增加 目标价格： 14.60 上次预测： 14.60 公 ——中国交建2023 年报点评 当前价格： 8.23 司 韩其成(分析师) 陈剑鑫(研究助理) 郭浩然(分析师) 2024.03.29 更 021-38676162 021-38038262 010-83939793 [交Ta易bl数e_M据a rket] 新 hanqicheng8@gtjas.com chenjianxin027974@gtjas.com guohaoran025968@gtjas.com 证书编号 S0880516030004 S0880123030056 S0880524020002 52周内股价区间（元） 6.94-12.74 报 总市值（百万元） 133,985 告 本报告导读： 总股本/流通A股（百万股） 16,280/11,747 流通 B股/H股 ...

中国交通建设股份有限公司 涉及财务公司关联交易的专项说明 2023 年度 涉及财务公司关联交易的专项说明 安永华明（2024）专字第70028071_A06号 中国交通建设股份有限公司 中国交通建设股份有限公司董事会： 我们审计了中国交通建设股份有限公司的2023年度财务报表，包括2023年12月31日的合 并及公司资产负债表，2023年度的合并及公司利润表、股东权益变动表和现金流量表以及相 关财务报表附注，并于2024年3月28日出具了编号为安永华明（2024）审字第70028071_A01 号的无保留意见审计报告。 按照中国证券监督管理委员会《关于规范上市公司与企业集团财务公司业务往来的通知》 的要求，中国交通建设股份有限公司编制了后附的2023年度涉及中交财务有限公司关联交易 的存款、贷款等金融业务汇总表（以下简称"汇总表"）。 如实编制和对外披露汇总表，并确保其真实性、合法性、完整性是中国交通建设股份有限 公司的责任。我们对汇总表所载资料与我们审计中国交通建设股份有限公司2023年度财务报 表时所复核的会计资料和经审计的财务报表的相关内容进行了核对，在所有重大方面没有发现 不一致之处。除了对中国交通建 ...