华泰联合证券有限责任公司 关于 中国能源建设股份有限公司 分拆所属子公司 中国葛洲坝集团易普力股份有限公司 重组上市 之 持续督导意见 独立财务顾问 二〇二五年四月 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"独立财务顾问"） 接受委托，担任中国能源建设股份有限公司（以下简称"中国能建"、"上市公司" 或"公司"）分拆所属子公司中国葛洲坝集团易普力股份有限公司（以下简称"易 普力"）重组上市的独立财务顾问。 （一）上市公司基本情况 公司全称：中国能源建设股份有限公司 英文名称：China Energy Engineering Corporation Limited 成立时间：2014 年 12 月 19 日 统一社会信用代码：911100007178398156 注册资本：41,691,163,636 元人民币 法定代表人：宋海良 根据《上市公司分拆规则（试行）》（以下简称"《分拆规则》"）等有关法律、 法规的要求，本独立财务顾问对上市公司进行了持续督导，持续督导期为 2023 年 1 月 30 日至 2024 年 12 月 31 日。本独立财务顾问根据相关规定，出具持续督 导意见如下： 一、上市公 ...

A 股代码：601868 A 股简称：中国能建 编号：临 2025-023 H 股代码：03996 H 股简称：中国能源建设 中国能源建设股份有限公司 关于召开 2024 年度业绩暨现金分红说明会的公告 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： 会议召开时间：2025 年 4 月 18 日（星期五）10:00-11:30 会议召开地点： 上证路演中心（网址：https://roadshow.sseinfo.com/） 价值在线（网址：www.ir-online.cn） 会议召开方式：视频直播和网络互动 投资者可于 2025 年 4 月 11 日（星期五）至 4 月 17 日（星 期四）16:00 前登录上证路演中心网站首页点击"提问预征集" 栏目或 2025 年 4月 14日前通过公司邮箱 zgnj3996@ceec.net.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 中国能源建设股份有限公司（以下简称"公司"）已于 2025 年 3 月 29 日发布公司 2024 年年度报告，为 ...

2025年4月8日，公司收到控股股东中国能源建设集团有限公司 （以下简称中国能建集团）通知，基于对公司未来发展前景的坚定 信心及对公司投资价值的高度认可，为维护广大投资者利益，提升 公司中长期投资价值，中国能建集团根据其增持计划（详见公司于 2024年10月15日发布的《关于控股股东增持公司股份计划的公告》 （公告编号：临2024-054）），加快了增持实施进度，于2025年4月 1日至4月8日期间，中国能建集团增持本公司A股6549.56万股，共计 增持金额1.43亿元（不含手续费）。 A 股代码：601868 A 股简称：中国能建 公告编号：临 2025- 022 H 股代码：03996 H 股简称：中国能源建设 中国能源建设股份有限公司 关于控股股东加快增持公司股份的公告 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。 2 自2024年10月15日至本公告日，中国能建集团通过上海证券交 易所证券交易系统以集中竞价方式累计增持本公司A股136,680,556 股，占本公司总股本的0.33%，累计增持金额300,007,3 ...

智通财经4月8日电，中国能建(601868.SH)公告称，公司收到控股股东中国能建集团通知，基于对公司 未来发展前景的信心及对公司投资价值的认可，为维护广大投资者利益，提升公司中长期投资价值，中 国能建集团加快了增持实施进度。2025年4月1日至4月8日期间，中国能建集团增持本公司A股6549.56万 股，共计增持金额1.43亿元（不含手续费）。自2024年10月15日至本公告日，中国能建集团累计增持本 公司A股136,680,556股，占本公司总股本的0.33%，累计增持金额300,007,368元（不含手续费），超过 本次增持计划金额下限。中国能建集团将持续关注资本市场发展态势和本公司股票价格走势，适时开展 增持工作。 中国能建：控股股东加快增持公司股份 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 07 年 月 日 中国能建（601868.SH） 营收业绩稳健增长，新能源装机规模显著扩张 全年营收业绩稳健增长，分红率显著提升。2024 年公司实现营业总收入 4367 亿，同增 7.6%；实现归母净利润 84 亿，同增 5%；扣非归母净利润同降 9%， 主要因非流动性资产处置损益较同期大幅增加 10.8 亿。分季度看： Q1/Q2/Q3/Q4 单季营收分别同比+10%/-7%/+8%/+17%；单季归母净利润 分别同比+31%/-15%/+98%/-2.5%，Q4 营收增长进一步提速，业绩略降主 要因单季毛利率同降 2.41pct。分业务看：2024 年工程建设实现营收 3668 亿 元，同增 6.8% ， 其 中 传 统 能 源 / 新 能 源 / 房 建 / 基 建 分 别 实 现 营 收 1343/1303/216/382 亿，同比+12%/+13%/-15%/-4%，电力工程需求维持较 高景气；设计咨询/工业制造/投资运营分别实现营收 208/322/361 亿，同比 +8.6%/-4%/+23%，投资运营板块增速较快，主要 ...

丨证券研究报告丨 公司研究丨点评报告丨中国能建（601868.SH） [Table_Title] 新签高景气，收入业绩双增 报告要点 [Table_Summary] 公司 2024 年实现营业收入 4367.13 亿元，同比增长 7.56%；归属净利润 83.96 亿元，同比增 长 5.13%；扣非后归属净利润 65.26 亿元，同比减少 8.89%。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中国能建（601868.SH） cjzqdt11111 [Table_Title2] 新签高景气，收入业绩双增 资料来源：Wind -17% -3% 11% 26% 2024/4 2024/8 2024/12 2025/4 中国能建 建筑与工程 沪深300指数 相关研究 [Table_Summary2] 事件描述 公司 2024 年实现营业收入 4367.13 亿元，同比增长 7.56%；归属净 ...

Core Viewpoint - China Energy Construction Group (China Energy) has successfully signed the first green electricity hydrogen ammonia project in Indonesia, marking the first implementation of its independently developed green hydrogen technology in Southeast Asia [1][2]. Group 1: Project Overview - The project is located on Batam Island, Indonesia, and includes a 240 MW photovoltaic power generation system on land and water [2]. - The planned production capacity is 37,500 tons of green synthetic ammonia annually [2]. - The produced green synthetic ammonia will primarily supply the Singapore market [2]. Group 2: Strategic Significance - China Energy is a core player in the development of China's hydrogen energy industry, actively promoting green hydrogen projects both domestically and internationally [2]. - The company is advancing 24 large-scale green hydrogen ammonia projects in China, with a total investment exceeding 300 billion yuan [2]. - Internationally, China Energy has established partnerships with countries such as Saudi Arabia, Egypt, and Malaysia [2]. Group 3: Important Milestones - In April 2023, China Energy signed a cooperation memorandum for a green hydrogen project in southern Morocco with companies from Saudi Arabia and Morocco [2]. - In October 2023, a $6.75 billion agreement was signed with the Suez Canal Economic Zone in Egypt, planning an annual production of 1.2 million tons of green ammonia and 210,000 tons of green hydrogen [2]. - In March 2024, a framework agreement for a 200 MW integrated green hydrogen project in Terengganu, Malaysia, was successfully signed [2].

Group 1 - The company China Energy Engineering Corporation (中国能建) announced a contract with Astana City Water Supply Company for a water supply project in Kazakhstan, valued at approximately 96 million RMB [1] - The project includes the construction of a water intake pumping station with a capacity of 342,000 m3/day, two booster pumping stations, a 400 km long water pipeline, and a water treatment plant with a capacity of 210,000 m3/day, with a total construction period of 36 months [1] - The company was established in December 2014, with a registered capital of approximately 30 billion RMB, and is primarily engaged in surveying, design, consulting, engineering construction, industrial manufacturing, and investment operations [1] Group 2 - The company's revenue for 2021 to 2023 was 322.32 billion RMB, 366.39 billion RMB, and 406.03 billion RMB, representing year-on-year growth of 19.23%, 13.67%, and 10.82% respectively [2] - The net profit attributable to shareholders for the same period was 6.50 billion RMB, 7.81 billion RMB, and 7.99 billion RMB, with year-on-year growth rates of 39.26%, 20.07%, and 2.07% respectively [2] - The company's asset-liability ratio increased from 71.69% in 2021 to 75.96% in 2023 [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company has shown stable revenue and profit growth, with a balanced expansion in both domestic and international markets. The new energy business continues to develop, and there is a significant increase in industrial manufacturing orders. The company has a strong potential in investment operations [6][7] - The forecast for net profit attributable to shareholders for 2025-2027 is projected to be 10.6 billion, 12.3 billion, and 12.9 billion yuan, respectively, with corresponding EPS of 0.25, 0.30, and 0.31 yuan. The current stock price corresponds to PE ratios of 9.0, 7.7, and 7.4 times [6][9] Financial Performance - In 2024, the company achieved an operating revenue of 436.71 billion yuan, a year-on-year increase of 7.56%. The net profit attributable to shareholders was 8.40 billion yuan, up 5.13% year-on-year. The gross margin was 12.41%, a decrease of 0.23 percentage points year-on-year, while the net margin was 2.71%, down 0.06 percentage points year-on-year [7][9] - The company maintained a stable debt structure, with a debt-to-asset ratio of 76.31% and a current ratio of 1.02. Cash on hand reached 91.16 billion yuan, an increase of 17.95% year-on-year, indicating a strong liquidity position [7][9] Order Growth and International Expansion - The company signed new orders totaling 1.408 trillion yuan in 2024, a year-on-year increase of 9.75%. The engineering construction business saw a significant increase, particularly in traditional energy contracts, which grew by 57.6% year-on-year [8] - The international business has shown remarkable results, with overseas new contracts increasing by 14.5% year-on-year. Notable contracts were signed in Saudi Arabia and the Philippines, each exceeding 20 billion yuan [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company has reported a year-on-year increase in revenue and net profit, with a significant growth in new orders. The expansion in both domestic and international markets is balanced, and the company continues to explore opportunities in the new energy sector [6][8] - The forecast for net profit from 2025 to 2027 is projected to be 106.0 billion, 123.3 billion, and 128.7 billion yuan respectively, with corresponding EPS of 0.25, 0.30, and 0.31 yuan. The current stock price corresponds to a PE ratio of 9.0, 7.7, and 7.4 times for the respective years [6][9] Financial Performance - In 2024, the company achieved an operating revenue of 436.71 billion yuan, representing a year-on-year growth of 7.56%. The net profit attributable to shareholders was 8.40 billion yuan, up 5.13% year-on-year [7] - The gross margin for 2024 was 12.41%, a decrease of 0.23 percentage points year-on-year, while the net margin was 2.71%, down 0.06 percentage points [7] - The company maintained a stable debt structure with a debt-to-asset ratio of 76.31% and a current ratio of 1.02, indicating a reasonable overall debt structure [7] Order Growth and Market Expansion - The company signed new orders totaling 1.408 trillion yuan in 2024, a year-on-year increase of 9.75%. The engineering construction segment saw a significant increase, particularly in traditional energy contracts, which grew by 57.6% [8] - Internationally, the company achieved a 14.5% increase in new contracts, with notable contracts in Saudi Arabia and the Philippines exceeding 20 billion yuan each [8] Financial Summary and Valuation Metrics - The projected operating revenue for 2025 is 445.98 billion yuan, with a year-on-year growth of 2.1%. The net profit is expected to reach 10.60 billion yuan, reflecting a growth of 26.3% [9][11] - Key financial ratios include a projected ROE of 6.8% for 2025 and a P/E ratio decreasing to 9.0 by 2025 [9][11]