证券研究报告 非金融公司|公司点评|中国交建（601800） 收入盈利均有一定压力，费用管控成效 显现 请务必阅读报告末页的重要声明 glzqdatemark1 2025年09月09日 证券研究报告 |报告要点 预计公司 2025-2027 年收入分别为 8,121/8,493/8,829 亿元，分别 yoy+5%/+5%/+4%；归母净 利润分别为 250/267/279 亿元，分别 yoy+7%/+7%/+4%；现价对应 2025 年 PE 为 5.8 倍。公司 为我国基建出海龙头之一，海外业务或受益"一带一路"订单落地；国内近年新领域不断突 破、城市建设不断取得新进展，公司增长前景及质量值得期待。参照可比公司估值，我们给予 公司 2025 年 9 倍 PE，维持"买入"评级。 |分析师及联系人 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 2025年09月09日 中国交建(601800) 收入盈利均有一定压力，费用管控成效显现 | 行 业： | 建筑装饰/基础建设 | | --- | --- | | 投资评级： | 买入（维持） | | 当前价格： | 8. ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company achieved operating revenue of 337.055 billion yuan in the first half of the year, a year-on-year decrease of 5.71%. The net profit attributable to shareholders was 9.568 billion yuan, down 16.06% year-on-year, while the net profit after deducting non-recurring gains and losses was 8.105 billion yuan, a decrease of 23.70% year-on-year [2][6][12]. - The decline in revenue is primarily attributed to a slowdown in the domestic construction industry, with the main business income from infrastructure construction dropping to 298.241 billion yuan, a decrease of 7.05% [12]. - The company has shown improvement in operational quality, with new contract signings reaching 991.054 billion yuan, a year-on-year increase of 3.14%, completing 49% of the annual target [12]. Summary by Sections Financial Performance - The company reported a comprehensive gross margin of 10.64%, a decrease of 1.01 percentage points year-on-year. The gross margin for infrastructure construction was 9.74%, down 0.90 percentage points [12]. - The expense ratio decreased year-on-year to 4.94%, with financial costs benefiting from reduced financing costs and increased interest income from infrastructure investment projects [12]. - The cash collection ratio improved to 90.34%, an increase of 11.99 percentage points year-on-year, indicating better cash flow management [12]. Business Segments - The infrastructure design business saw a revenue decline of 5.60%, attributed to a reduction in EPC projects and design projects [12]. - The dredging business revenue fell by 13.27%, also due to the slowdown in domestic construction [12]. Market Outlook - The company plans to increase its dividend payout ratio by 1 percentage point compared to previous years, reflecting a commitment to shareholder returns [12]. - The overseas market continues to grow steadily, with new contracts signed in foreign regions amounting to 200.379 billion yuan, a year-on-year increase of 2.20% [12].

Group 1 - China Communications Construction Company (CCCC) has a stake in the Portuguese Mota-Engil Group, which won the bid for the Santos-Guarujá underwater tunnel project in São Paulo, Brazil, with a total investment of approximately 7 billion reais (about 9.1 billion yuan) [2] - The project is part of Brazil's "New Growth Acceleration Plan" (Novo PAC) and is the largest engineering project under this plan, with 5.1 billion reais funded by the federal and São Paulo state governments, while the rest is covered by the winning consortium [2][3] - The tunnel will be 1.5 kilometers long, with 870 meters underwater, utilizing submerged tube construction technology, which has been successfully applied in Europe and Asia but is a first for Brazil [3] Group 2 - The tunnel will feature three lanes in each direction, with one lane reserved for light rail (VLT), as well as bike lanes, pedestrian pathways, and utility corridors [3] - The project is expected to significantly reduce travel time between Santos and Guarujá from an average of 18 minutes to under 5 minutes, enhancing logistics efficiency for the largest port in South America, the Port of Santos [3][4] - The project aligns with a broader investment plan in the region, with an estimated total investment of 12 billion reais over the next four years for port upgrades and urban renewal, aimed at improving Brazil's logistics competitiveness [4]

Group 1: Strategic Partnership - Azerbaijan and China are deepening their partnership, focusing on energy, trade, digitalization, and infrastructure, which are reshaping global influence [3][4] - Azerbaijan's President Ilham Aliyev emphasized the importance of this partnership in his speech at the SCO Plus meeting, highlighting the comprehensive strategic partnership established since 2024 [3][4] Group 2: Energy Transition - Azerbaijan is transitioning from a fossil fuel-dependent economy to a green energy model, supported by Chinese companies like China Energy Engineering Group [4] - The collaboration includes solar and offshore wind energy projects, enhancing Azerbaijan's energy sustainability and resilience against climate-related water shortages [4] Group 3: Infrastructure Development - Azerbaijan is becoming a key hub in the "Middle Corridor," connecting China and Europe while bypassing Russia and Iran, with a 90% increase in cargo volume since 2022 due to strategic investments [6][7] - China Communications Construction Company (CCCC) is a significant partner in Azerbaijan's infrastructure projects, including the expansion of Baku International Sea Port and urban development initiatives [7] Group 4: Digital Governance and Cybersecurity - Digital governance and cybersecurity are emerging as critical areas of cooperation, with discussions between Azerbaijan and China Electronics Technology Group focusing on e-government and national cybersecurity [8] - This partnership aims to modernize Azerbaijan's governance system and enhance its network defense capabilities, which is strategically important given its geopolitical context [8] Group 5: Multilateral Cooperation - Azerbaijan's role in multilateral frameworks like the Shanghai Cooperation Organization is becoming more prominent, enhancing strategic collaboration with China while maintaining traditional ties with the West [9] - President Aliyev's support for China's global development and security initiatives reflects Azerbaijan's balanced diplomatic strategy [9] Group 6: Future Outlook - Azerbaijan is positioned to transition from a regional to a global influence, leveraging its unique location along the 21st-century Silk Road and aiming for a new development phase [10]

Group 1 - The core point of the article is that China Communications Construction Company Limited has increased its stake in China Communications Construction (01800) by acquiring 12.22 million shares at approximately HKD 5.2597 per share, totaling around HKD 64.2735 million [1] - After the acquisition, the total number of shares held by China Communications Construction Company is approximately 315 million, representing a holding percentage of 7.12% [1]

Group 1 - The global smart transportation market was approximately $96.1 billion in 2022 and is projected to reach $115.8 billion by 2024, with a compound annual growth rate (CAGR) of 8% [1] - The investment in smart city construction globally is expected to approach $80 billion by 2024, driven by urbanization challenges, with Asian countries having significant growth potential [3] - China's fixed asset investment in transportation increased from 2.87 trillion yuan in 2016 to 3.9 trillion yuan in 2023, with a forecast of 3.8 trillion yuan for 2024 [5][6] Group 2 - The market size of smart transportation in China grew from 97.3 billion yuan in 2016 to 236.7 billion yuan in 2023, with expectations to exceed 240 billion yuan in 2024 [7] - The comprehensive three-dimensional transportation network in China has a route mileage exceeding 260,000 kilometers, with a completion rate of about 90% [6]

致：香港交易及結算所有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 公司名稱: 中國交通建設股份有限公司 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01800 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,418,476,000 | RMB | | 1 RMB | | 4,418,476,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 4,418,476,000 | RMB | | 1 RMB | | 4,418,476,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | ...

Group 1 - On September 3, a total of 117 stocks received buy ratings from brokerages, with 16 stocks announcing target prices [1] - Based on the highest target prices, China Communications Construction Company, China Railway Group, and Rongsheng Petrochemical ranked highest in target price increase, with increases of 49.55%, 46.06%, and 40.5% respectively [1] - Among the rated stocks, 106 maintained their ratings, while 11 received their first ratings [1] Group 2 - Five stocks attracted attention from multiple brokerages, with Focus Media, Jiao Dian Technology, and Great Wall Motor receiving the most ratings, at 3, 2, and 2 brokerages respectively [1] - In terms of industry classification, the most stocks receiving buy ratings were from the Materials II, Capital Goods, and Technology Hardware & Equipment sectors, with 23, 20, and 9 stocks respectively [1]

9月3日，A股市场整体下跌。 截至收盘，上证指数收报3813.56点，下跌1.16%，深证成指收报12472点，下跌0.65%，创业板指收报 2899.37点，上涨0.95%，北证50指数下跌1.49%。A股市场合计成交23961.02亿元，较上一交易日减少 5166.64亿元。 1. A股市场全天主力资金净流出479.12亿元 今日A股市场主力资金开盘净流出51.09亿元，尾盘净流出97.71亿元，全天净流出479.12亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | | 净流入金额 开盘净流入 尾盘净流入 超大单净买入 | | | 2025-9-3 | -479.12 | -51.09 | -97. 71 | -202. 78 | | 2025-9-2 | -1196. 85 | -404. 51 | -93.05 | -719.76 | | 2025-9-1 | -364.22 | -183.69 | -41.39 | -131.29 | | 2025-8-29 | -527.66 | -222.09 ...

Summary of Key Points Core Viewpoint - A total of 271 stocks received buy ratings from institutions today, with notable upgrades for SAIC Motor and InnoCare Pharma, and 28 stocks receiving initial attention from institutions [1]. Institutional Ratings - 311 buy rating records were published today, covering 271 stocks, with XCMG and BYD being the most frequently rated, each receiving three buy ratings [1]. - Among the stocks rated, 48 records provided future target prices, with 30 stocks showing an upside potential exceeding 20%. China Communications Construction Company had the highest upside potential at 49.55%, with a target price of 13.31 yuan [1]. - Two stocks, SAIC Motor and InnoCare Pharma, had their ratings upgraded today [1]. Market Performance - Stocks with buy ratings averaged a decline of 0.82% today, outperforming the Shanghai Composite Index. 71 stocks saw price increases, with Weilon Co. hitting the daily limit [2]. - The top gainers included DaoTech, Giant Network, and Jingxin Pharmaceutical, with increases of 9.74%, 9.54%, and 6.45% respectively. Conversely, the largest declines were seen in Hangfa Technology, Youyou Foods, and Yokogawa Precision, with drops of 9.96%, 9.77%, and 8.14% respectively [2]. Industry Focus - The electronics sector was the most favored, with 28 stocks, including Crystal Optoelectronics and Micro Company, listed among the buy-rated stocks. The pharmaceutical and electric equipment sectors also attracted attention, with 24 and 23 stocks respectively [2].