Investment Rating - The report maintains an "Accumulate" rating for China Energy Engineering Corporation (601868) [3][4][14] Core Views - China Energy Engineering Corporation reported a revenue of 406.032 billion yuan for 2023, representing a year-on-year growth of 10.82%. The net profit attributable to shareholders was 7.986 billion yuan, up 2.07% year-on-year, while the net profit after deducting non-recurring items increased by 25.19% to 7.163 billion yuan [4][5][14] - The company achieved a total new contract value of 1.283731 trillion yuan in 2023, marking a 22.37% increase year-on-year, driven by strong growth in the domestic and international renewable energy sectors [6][14] Financial Performance Summary - **Revenue and Profit**: In 2023, the company achieved a total revenue of 4060.32 billion yuan, with a breakdown of quarterly revenues as follows: Q1: 885.16 billion yuan, Q2: 1036.04 billion yuan, Q3: 931.93 billion yuan, Q4: 1207.19 billion yuan [4][8] - **Profit Margins**: The comprehensive gross margin for 2023 was 12.64%, an increase of 0.22 percentage points year-on-year, while the net profit margin was 2.77%, a slight decrease of 0.07 percentage points [9][10] - **Cash Flow**: The operating cash flow per share for 2023 was 0.23 yuan, an increase of 0.04 yuan year-on-year, indicating improved cash flow management [13] Business Segment Performance - **Revenue by Segment**: Revenue from various business segments in 2023 included: Surveying and Design: 19.187 billion yuan (+9.86%), Engineering Construction: 343.464 billion yuan (+13.71%), Industrial Manufacturing: 33.732 billion yuan (+22.61%), Investment Operations: 29.432 billion yuan (-12.39%), and Other Businesses: 9.616 billion yuan (+16.56%) [4][8] - **New Energy Focus**: The engineering construction segment, particularly in renewable and integrated smart energy, saw a revenue increase of 39.36% to 1157.09 billion yuan, highlighting its role as a key growth driver [4][8] Future Outlook - **Earnings Forecast**: The report projects net profits for 2024, 2025, and 2026 to be 8.824 billion yuan, 9.634 billion yuan, and 10.410 billion yuan respectively, with corresponding price-to-earnings ratios of 10.0, 9.2, and 8.5 [14][15] - **Strategic Initiatives**: The company is focusing on integrating investment, construction, and operation in the renewable energy sector, with significant projects in storage and hydrogen energy expected to enhance profitability in the long term [14]

Financial Performance - The company achieved a new contract signing amount of 22.4% year-on-year growth, reaching a record high on a trillion platform[14]. - The total operating revenue increased by 10.82% year-on-year, while the total profit and net profit grew by 2.44% and 8.00% respectively[14]. - The company's operating revenue for 2023 reached CNY 406,031,848 thousand, representing a 10.82% increase compared to CNY 366,395,814 thousand in 2022[24]. - The net profit attributable to shareholders for 2023 was CNY 7,986,116 thousand, a 2.07% increase from CNY 7,824,139 thousand in 2022[24]. - The net profit after deducting non-recurring gains and losses was CNY 7,162,814 thousand, reflecting a significant increase of 25.19% from CNY 5,721,581 thousand in 2022[24]. - The gross profit for 2023 was RMB 51.305 billion, an increase from RMB 45.505 billion in 2022, representing a growth of 12.4%[124]. - The company reported a significant increase in revenue, achieving a total of 100 billion yuan, representing a year-on-year growth of 15%[161]. Investment and R&D - The company’s investment amount rose by 37% year-on-year, with new projects achieving zero operational losses[14]. - R&D expenses reached RMB 12.98 billion, a year-on-year increase of 24.31%[37]. - The company completed investments in strategic emerging industries, with a growth of 64% in investment amount[36]. - The company has established 6 research platforms and holds over 13,177 effective patents, with 48 national science and technology progress awards[69]. - The company is advancing the world's first 300 MW compressed air energy storage project, which is in the debugging phase[37]. - Investment in R&D has increased by 30%, focusing on innovative technologies in energy efficiency[161]. Market Expansion and Strategy - The company has established over 200 overseas branches in more than 140 countries and regions, reflecting its extensive global presence[16]. - The company is focused on developing new energy and infrastructure solutions, positioning itself as a leading provider in these sectors[16]. - The company plans to strengthen its market operations by enhancing analysis, market development, and project management capabilities, aiming to create a robust project management foundation[15]. - The company plans to expand its market presence with new projects in Hainan and Suzhou, targeting completion rates of 100%[116]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[161]. Governance and Compliance - The company has established a comprehensive governance system to ensure compliance with relevant laws and regulations, enhancing operational efficiency[141]. - The board of directors held 11 meetings and approved 62 proposals, ensuring effective decision-making and implementation of major investment and financing projects[142]. - The company has implemented a governance policy that includes regular reviews and training for directors[151]. - The company has a structured approach to performance assessment and remuneration distribution for senior management, based on various regulatory guidelines[167]. - The company has a diverse management team with extensive experience in engineering and finance, contributing to its strategic direction[165]. Risk Management - The company emphasizes risk control and compliance management to ensure all types of risks are manageable and controllable[15]. - The company faces international operational risks due to geopolitical instability and economic downturns, impacting overseas project execution[135]. - The company is addressing investment risks in its PPP business, which are influenced by policy changes and local government debt, by strengthening project analysis and management systems[136]. - The company is actively managing liquidity and planning for debt reduction or replacement to handle maturing debts effectively[136]. Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.260 per share, totaling RMB 1.084 billion, based on a total share capital of 41,691,163,636 shares[5]. - The proposed cash dividend is RMB 2.60 per share (including tax), totaling RMB 1.084 billion, which represents 14.24% of the net profit attributable to ordinary shareholders for the year[192]. - The company’s dividend policy emphasizes reasonable returns to shareholders while considering sustainable development needs[192]. - The company ensures that minority shareholders have opportunities to express their opinions and protect their legal rights[194]. Operational Efficiency - The company aims to enhance operational efficiency through measures such as increasing cash flow, reducing costs, and controlling liabilities, targeting a new level of profit creation[15]. - The average financing interest rate decreased by 32 basis points compared to the beginning of the year, enhancing cost efficiency[38]. - The company aims to reduce operational costs by 8% through improved supply chain management[161]. Future Outlook - The company aims for a GDP growth target of around 5% for 2024, focusing on high-quality development and strategic emerging industries[126]. - The company plans to sign new contracts worth RMB 1.3 trillion and expects revenue of RMB 428 billion in 2024[134]. - The company plans to accelerate the development of new energy industries and digital transformation initiatives as part of its strategic focus[127].

Financial Performance - China Energy Construction reported a revenue of 100 billion RMB for 2023, representing a year-on-year increase of 15%[12]. - The company achieved a net profit of 8 billion RMB, up 20% compared to the previous year[12]. - The company's operating revenue increased by 10.82% year-on-year, while total profit and net profit grew by 2.44% and 8.00%, respectively[14]. - The company reported a significant increase in fixed assets, primarily due to the transfer of renewable energy and integrated smart energy projects from construction in progress[87]. - The total operating revenue for 2023 reached RMB 406,032 million, an increase from RMB 366,396 million in 2022, representing a growth of approximately 10.5%[110]. - The net profit for 2023 was RMB 11,256 million, compared to RMB 10,422 million in 2022, reflecting a year-on-year increase of about 8.0%[110]. - The company achieved a quality management system certification with "zero non-conformities" in 2023, enhancing its market competitiveness[100]. Strategic Initiatives - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in overseas revenue by 2025[12]. - The company is pursuing strategic acquisitions, with a focus on renewable energy firms, to enhance its portfolio and market share[12]. - The company aims to enhance cash flow, reduce costs, and control liabilities to achieve greater profitability in the coming year[15]. - The company is focusing on the "30·60" strategic goal, emphasizing advancements in renewable energy and smart energy solutions[64]. - The company is actively expanding its market presence in specialized engineering sectors such as medical buildings and sports facilities, driven by increasing public demand[119]. Research and Development - New product development includes advancements in photovoltaic technology, aiming for a 30% efficiency improvement by 2024[12]. - Research and development expenses increased by 24.31% year-on-year, focusing on key technologies in new energy and energy storage[34]. - The company is investing 500 million RMB in R&D for new technologies aimed at enhancing operational efficiency[153]. - The company has established 4 academic expert workstations and 14 postdoctoral research stations, indicating a strong commitment to innovation and research[16]. Sustainability and Environmental Goals - The company aims to achieve a 40% reduction in carbon emissions by 2030 as part of its long-term environmental strategy[12]. - The board of directors emphasized a commitment to sustainability, aiming for a 30% reduction in carbon emissions by 2025[153]. - The company is committed to sustainable development and has outlined its environmental and social responsibility policies in its annual report[126]. Governance and Compliance - The company has established a robust internal governance framework, including a general meeting of shareholders, board of directors, and specialized committees[134]. - The company emphasizes the independence of its operations from its controlling shareholders, ensuring complete independence in assets, personnel, finance, and business[144]. - The company has implemented a transparent decision-making process, with regular reporting and accountability mechanisms in place[130]. - The company has established independent labor and wage management systems, ensuring that senior management does not hold positions or receive compensation from controlling shareholders[145]. Market Expansion and Contracts - In 2023, the company achieved new contract signing amount of RMB 128.373 billion, a year-on-year increase of 22.4%[30]. - The company signed domestic new contracts amounting to RMB 100.3 billion, up 23.9% year-on-year, and overseas contracts of RMB 28.073 billion, up 17.1%[32]. - The company is actively working on enhancing its project management capabilities to mitigate risks associated with contract quality and project execution[125]. Financial Management - The company plans to maintain a prudent financial policy while seeking various funding sources for capital management and other capital needs[85]. - The total liabilities of the company as of December 31, 2023, amounted to RMB 594,903 million, with a debt-to-asset ratio of 75.96%, an increase of 1.16 percentage points from the beginning of the year[90]. - The company reported a stable safety production situation in 2023, with no major safety responsibility accidents occurring[101]. Employee Development and Compensation - The total number of employees at the parent company and major subsidiaries is 117,039, with 116,755 in major subsidiaries[177]. - The company conducted 1.08 million training sessions in 2023, significantly enhancing employee capabilities and quality[180]. - The company emphasizes a performance-based salary system, focusing on core positions and high-performing employees to enhance motivation and support strategic development[178]. Future Outlook - Future guidance estimates a revenue growth of 10-12% for 2024, driven by increased infrastructure investments[12]. - The company plans to sign new contracts worth RMB 1.3 trillion and expects revenue of RMB 428 billion, with an investment plan of RMB 160.5 billion[121]. - The company is committed to enhancing its core competitiveness by prioritizing investments in strategic emerging industries and major projects that drive long-term benefits[127].

中信证券股份有限公司 关于中国能源建设股份有限公司 延长向特定对象发行 A 股股票事宜相关决议有效期及授权有效期 （二）关于提请股东大会及类别股东大会延长授权董事会办理本次向特定 对象发行 A 股股票相关事宜有效期 事项的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为中国能 源建设股份有限公司（以下简称"中国能建"或"公司"）向特定对象发行 A 股 股票的保荐人，对中国能建延长向特定对象发行 A 股股票事宜相关决议有效期 及授权有效期事项进行了核查，核查情况如下： 一、本次发行上市的审议程序 （一）关于延长公司向特定对象发行 A 股股票事宜相关决议有效期 公司分别于 2023 年 2 月 15 日、2023 年 2 月 28 日、2023 年 3 月 30 日召开 第三届董事会第二十一次会议、第三届董事会第二十二次会议和 2023 年第一次 临时股东大会、第一次 A 股类别股东大会及 H 股类别股东大会，审议通过《关 于公司非公开发行 A 股股票方案的议案》《关于公司向特定对象发行 A 股股票相 关文件修订说明的议案》等公司向特定对象发行 A 股股票（以下简称"本次发 行"）的相关议案 ...

中国能源建设股份有限公司 2023 年度审计报告 二〇二四年三月二十八日 | | | | 一、审计报告……………………………………………………… 第 | | 1—6 页 | | --- | --- | --- | | 二、财务报表……………………………………………………… | 第 | 7—16 页 | | （一）合并资产负债表…………………………………………… | | 第 7 页 | | （二）母公司资产负债表………………………………………… | | 第 8 页 | | （三）合并利润表………………………………………………… | | 第 9 页 | | （四）母公司利润表………………………………………………第 | | 10 页 | | （五）合并现金流量表……………………………………………第 | | 11 页 | | （六）母公司现金流量表…………………………………………第 | | 12 页 | | （七）合并所有者权益变动表……………………………… | 第 | 13-14 页 | | （八）母公司所有者权益变动表…………………………… 三、财务报表附注……………………………………………… 第 | 第 | 1 ...

中国能源建设股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2023年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 公司代码：601868 公司简称：中国能建 中国能源建设股份有限公司 2023 年度内部控制评价报告 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化可能 ...

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： A 股代码：601868 A 股简称：中国能建 公告编号：临 2024-016 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 2024 年第一次临时股东大会、第一次 A 股类别股东大会 及第一次 H 股类别股东大会决议公告 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2024 年 3 月 28 日 (二) 股东大会召开的地点：北京市朝阳区西大望路甲 26 号院 1 号 楼 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有 股份情况： | 1、出席会议的股东和代理人人数 | | 130 | | --- | --- | --- | | 其中：A | 股股东人数 | 127 | | 境外上市外资股股东人数（H | 股） | 3 | | 2、出席会议的股东所持有表决权的股份总数（股） | | 21,328,246,381 | | 其中：A | 股股东持有股份总数 | 18,571,376,7 ...

一、现任独立董事的基本情况 作为中国能源建设股份有限公司（以下简称公司）独立 董事，本人严格按照《中华人民共和国公司法》《上市公司 独立董事管理办法》《上市公司治理准则》等法律规章和《公 司章程》等公司制度，本着"恪尽职守、勤勉尽责"的工作 态度，按时出席股东大会和董事会会议，认真审议董事会各 项议案，积极参加现场考察，并基于独立立场对相关事项发 表独立客观的意见，切实维护了公司和全体股东的合法利益， 对促进董事会科学决策、公司规范运作和高质量发展起到了 积极作用。现将 2023 年度本人的履职情况报告如下： 中国能源建设股份有限公司 独立董事赵立新 2023 年度述职报告 （一）个人工作履历、专业背景及兼职情况。 1954 年 12 月出生，大学学历，于 2020 年加入公司，现 任公司独立非执行董事、董事会审计委员会和监督委员会主 任以及提名委员会委员，同时担任中国铁建股份有限公司独 立非执行董事。历任中国第一重型机械集团公司设计研究院 副总设计师，中国第一重型机械集团公司总工程师办公室副 主任，总工程师办公室主任，副总工程师，副总工程师兼生 产长，党委副书记，党委书记、副总经理，中国储备粮管理 集团有限 ...

根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司治理准则》《国有企业、上市公司选聘会计师事务 所管理办法》《上海证券交易所上市公司自律监管指引第 1 号 ——规范运作》等法律法规的要求，中国能源建设股份有限公 司（以下简称公司）董事会审计委员会恪尽职守，认真履行了 对 2023 年度审计机构天健会计师事务所的监督职责。现将相关 情况报告如下： 一、2023 年年审会计师事务所履职情况 按照《审计业务约定书》，遵循《中国注册会计师审计准 则》和其他执业规范，结合国资监管部门对企业年度财务决算 的统一工作要求及公司 2023 年年报工作安排，天健会计师事务 所对公司 2023 年度财务报告及财务报告内部控制的有效性进行 了审计。 中国能源建设股份有限公司董事会 审计委员会 2023 年度对会计师事务所 履行监督职责情况的报告 （二）2023 年 12 月 11 日，公司召开了第三届董事会审计 委员会第二十二次会议，审议通过《关于中国能源建设股份有 限公司 2023 年年报审计工作安排及工作进度计划的议案》《关 于中国能源建设股份有限公司 2023 年内控审计工作安排及工作 进度计划的议案》，对 2 ...

中国能源建设股份有限公司董事会 对独立董事独立性自查情况的专项报告 根据《上市公司独立董事管理办法》《上海证券交易所上 市公司自律监管指引第 1 号——规范运作》相关规定，中国能 源建设股份有限公司（以下简称公司）董事会就公司在任独立 董事的独立性情况进行自查评估，并出具如下专项意见： 2024 年 3 月 28 日 - 1 - 经核查,董事会认为公司全体独立董事均具备胜任独立董 事岗位的资格。独立董事及其配偶、父母、子女、主要社会关 系未在公司或公司附属企业任职，未在公司主要股东及其附属 企业任职，未与公司存在重大的持股关系。因此，公司独立董 事不存在任何妨碍其进行独立客观判断的关系，不存在影响独 立董事独立性的情况，符合《上市公司独立董事管理办法》等 法律法规关于独立董事的任职资格及独立性的要求。 中国能源建设股份有限公司董事会 ...