Investment Rating - The report maintains a "Buy" rating for the company [7][8]. Core Insights - The company is a leading player in energy construction, with a strong market share in traditional sectors such as thermal power, nuclear power, and transmission and transformation projects. It is also actively expanding into emerging sectors like energy storage and hydrogen energy, indicating promising future growth potential [3][5]. - In 2023, the company achieved a revenue of 406.03 billion yuan, a year-on-year increase of 10.8%, and a net profit attributable to shareholders of 7.99 billion yuan, up 2.1% year-on-year. The new contract value signed reached 1,283.7 billion yuan, growing by 22.4% year-on-year, with significant contributions from the "Belt and Road" initiative [5][6]. Summary by Sections Company Overview - The company is recognized as a leader in energy construction, having successfully integrated with Gezhouba Group and listed on the Shanghai Stock Exchange. It has a comprehensive business model covering planning, consulting, design, construction, and operation [26][28]. Operational Performance - The company reported a revenue of 2,951.4 billion yuan in the first three quarters of 2024, reflecting a 3.4% year-on-year growth, while the net profit attributable to shareholders was 3.6 billion yuan, up 17.3% year-on-year. The 2023 revenue was 4,060.3 billion yuan, with a compound annual growth rate of 13.2% from 2019 to 2023 [35][36]. Business Layout - The company has a robust presence in traditional energy sectors, accounting for over 70% of the national market for large thermal power units and 100% of ultra-high voltage engineering design tasks. In 2023, traditional energy construction revenue was 120.18 billion yuan, while new energy construction revenue reached 115.71 billion yuan, showing a year-on-year growth of 39.4% [6][42]. Emerging Business Development - The company is strategically investing in energy storage and hydrogen energy, with a focus on compressed air energy storage projects, where it holds a 35% market share. The company plans to establish 100 compressed air energy storage stations by 2030 and has invested over 100 billion yuan in hydrogen energy projects [6][7]. Future Projections - Revenue projections for 2024-2026 are estimated at 436.8 billion yuan, 444.96 billion yuan, and 455.83 billion yuan, respectively, with corresponding net profits of 8.67 billion yuan, 9.37 billion yuan, and 10.44 billion yuan. The company is expected to benefit from the rising demand in the new energy sector [7][8].

Summary of Conference Call Company and Industry - The conference call discusses a company in the energy sector, specifically focusing on new energy and traditional energy projects, including renewable energy initiatives and international expansion efforts. Key Points and Arguments 1. **Financial Performance**: The company's financial data is considered commendable, maintaining a leading position in the industry despite a less robust domestic demand this year. The company has been on a transformation journey since 2020, which is expected to continue [1][2][3]. 2. **New Energy Research Institute**: A new energy research institute was established last month, emphasizing the company's commitment to innovation and development in the new energy sector, particularly in line with national goals of carbon neutrality [2]. 3. **Project Developments**: The company is progressing well with its projects, including a significant investment of 7 billion in a wind and solar energy industrial park, with expected production to commence in the second half of next year [3]. 4. **Compressed Air Energy Storage**: The company successfully connected a 300 MW compressed air energy storage project to the grid, which is noted for its high efficiency and capacity. Additional projects are in development across various locations [4]. 5. **International Business Growth**: The company is expanding its international business, particularly in regions along the Belt and Road Initiative, with a focus on Southeast Asia, South Asia, and North Africa. This includes both EPC projects and investments [5][13]. 6. **Data Center Expansion**: The company is enhancing its data center capabilities to meet increasing computational demands, collaborating with major firms like Huawei [6]. 7. **Traditional vs. New Energy Orders**: There is a noted decline in new energy orders this year, primarily due to the inclusion of pumped storage in the new energy category. However, traditional energy orders, particularly in coal, hydro, and nuclear power, remain strong [7][8][10]. 8. **Future Outlook for New Energy**: The company anticipates that new energy orders will not decline further next year, with a target of achieving 20 GW of installed capacity by the end of next year [10][11]. 9. **Overseas Project Profitability**: The company’s overseas projects generally yield higher profit margins compared to domestic projects due to less intense competition in international markets [16]. 10. **Nuclear Energy's Role**: Nuclear energy is highlighted as a crucial component of the national energy strategy, with ongoing projects and technological advancements being pursued [26]. 11. **Market Positioning and Strategy**: The company is actively seeking to enhance its market position through strategic partnerships and resource integration, particularly in the context of the Belt and Road Initiative [17][29]. 12. **Shareholder Engagement**: The company plans to increase its dividend payout ratio and is committed to improving its market value management, reflecting a focus on shareholder returns [28][30]. Other Important but Overlooked Content - The company acknowledges the need for better communication with investors regarding its projects and overall image, indicating a shift towards more proactive investor relations [2]. - There is a recognition of the challenges posed by the current economic environment, but the company remains optimistic about its long-term growth trajectory in both traditional and new energy sectors [11][20].

A 股代码：601868 A 股简称：中国能建 公告编号：临 2024-061 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 年第三次临时股东大会决议公告 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： 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 11 月 26 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 2702 室 1、议案名称：关于公司 2024 年半年度利润分配预案的议案 审议结果：通过 股东类 型 同意 反对 弃权 票数 比例（%） 票数 比例 （%） 票数 比例 （%） A 股 20,691,264,165 99.8788 21,821,518 0.1053 3,291,851 0.0159 H 股 2,765,328,144 99.9993 0 0.0000 20,000 0.0007 普通股 合计： 23,456,592,309 99.8930 21,821,518 ...

北京德恒律师事务所 关于中国能源建设股份有限公司 2024 年第三次临时股东大会的 法律意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 北京德恒律师事务所 关于中国能源建设股份有限公司 2024年第三次临时股东大会的法律意见 北京德恒律师事务所 关于中国能源建设股份有限公司 2024 年第三次临时股东大会的 法律意见 德恒 01G20230866-05 号 致：中国能源建设股份有限公司 （三）《中国能源建设股份有限公司第三届监事会第二十八次会议决议公 告》； 1 北京德恒律师事务所 关于中国能源建设股份有限公司 2024年第三次临时股东大会的法律意见 （四）《中国能源建设股份有限公司关于召开 2024 年第三次临时股东大会 的通知》（以下简称"《股东大会的通知》"）； （五）公司本次会议现场参会股东到会登记记录及凭证资料； （六）公司本次会议股东表决情况凭证资料； 中国能源建设股份有限公司（以下简称"公司"）2024 年第三次临时股东 大会（以下简称"本次会议"）于 2024 年 11 月 26 日（星期二）召开 ...

A 股代码：601868 A 股简称：中国能建 公告编号：临 2024-062 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 第三届董事会第四十一次会议决议公告 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。 中国能源建设股份有限公司（以下简称公司）第三届董事会 第四十一次会议于 2024 年 11 月 20 日以书面形式发出会议通知， 会议于 2024 年 11 月 26 日在公司 2702 会议室以现场结合视频方 式召开。本次会议由宋海良董事长主持，会议应参加表决董事 8 名，实际参加表决董事 8 名，其中刘学诗董事通过委托表决，部 分监事和高管列席会议。会议召开符合有关法律法规和《公司章 程》的规定。经过有效表决，会议形成以下决议： 一、审议通过《关于公司 2024-2025 年度"提质增效重回报" 行动方案的议案》 同意《公司 2024-2025 年度"提质增效重回报"行动方案》。 表决结果：8 票同意，0 票反对，0 票弃权。 详细内容请见公司同日发布的《中国能源建设股份有限公司关 ...

Investment Rating - Maintain "Overweight" rating [7] Core Views - The company is a leading player in traditional energy construction, particularly in thermal power, with a market share exceeding 30% in large hydropower projects and over 90% in nuclear power conventional island design [1] - Thermal power construction demand is expected to remain high, while new energy construction demand is projected to grow steadily [2] - The company's dual-drive strategy of EPC construction and investment operations is expected to open up growth opportunities, with new energy and comprehensive smart energy engineering contracts reaching RMB 529.17 billion in 2023, up 26.1% YoY [2] - The company is strategically positioned to benefit from the "Four New" strategy (new energy, new infrastructure, new industries, new materials) and is expected to see valuation recovery due to its low historical valuation and potential state-owned enterprise reforms [7] Industry Analysis - Thermal power construction is expected to remain strong, with China's coal-based energy structure and the "Three 80 Million" target driving demand [37] - New energy construction, including pumped storage, wind, and solar, is accelerating, with the "14th Five-Year Plan" targeting 62GW of pumped storage by 2025 and 120GW by 2030 [54] - The market share of central state-owned enterprises is expected to increase due to their strong policy alignment and financial backing [61] Company Analysis - The company has a strong track record in thermal power construction, with new contracts in 2023 reaching RMB 198.57 billion, up 7.5% YoY [63] - The company is actively expanding its new energy business, with new energy and comprehensive smart energy contracts reaching RMB 529.17 billion in 2023, up 26.1% YoY [69] - The company is also investing in hydrogen energy and energy storage, with several projects and agreements already signed [77] - The company's civil explosives business is expected to benefit from high demand in mining and infrastructure sectors [78] Financial Projections - Revenue is expected to grow from RMB 406.03 billion in 2023 to RMB 500.26 billion in 2026, with a CAGR of 7.2% [8] - Net profit attributable to shareholders is projected to increase from RMB 7.99 billion in 2023 to RMB 10.32 billion in 2026, with a CAGR of 9.0% [8] - The company's valuation is currently at historical lows, with a PE TTM of 11.9x and PB of 1.0x as of November 14, 2024 [99] Potential Catalysts - Acceleration in thermal power construction [13] - Acceleration in new energy construction [13] - Breakthroughs in hydrogen energy technology [13] - Release of state-owned enterprise reform expectations [13]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 2.91 based on a 14 times P/E ratio for 2024 [4][13]. Core Insights - The company achieved revenue of RMB 295.14 billion in the first three quarters of 2024, representing a year-on-year increase of 3.44%. Net profit attributable to shareholders was RMB 3.60 billion, up 17.28% year-on-year [9][10]. - The revenue growth turned positive in Q3 after a negative growth in Q2, with quarterly revenues showing changes of +10.04%, -6.51%, and +8.25% year-on-year for Q1, Q2, and Q3 respectively. Net profit attributable to shareholders saw significant growth of +31.71%, -15.16%, and +97.93% year-on-year in the same quarters [10][12]. - The gross profit margin increased by 0.59 percentage points to 11.54%, while the net profit margin rose by 0.06 percentage points to 2.07% in the first three quarters of 2024 [11]. Financial Performance Summary - For the first three quarters of 2024, the company reported a gross profit margin of 11.54% and a net profit margin of 2.07%, with a weighted average ROE of 3.27% [11]. - The operating cash flow showed improvement, with a net inflow of RMB 1.99 billion in Q3, a significant increase compared to a net outflow of RMB 1.12 billion in Q3 2023 [11][12]. - The company signed new orders totaling RMB 988.86 billion in the first three quarters of 2024, a year-on-year increase of 5.03%, with traditional energy orders growing by 46.38% [12][13]. Business Outlook - The company is positioned as a leader in the full energy and power industry chain, with traditional energy providing performance support and new energy driving future growth [13]. - The controlling shareholder's plan to increase holdings by RMB 300-500 million reflects confidence in the company's future prospects [13].

A 股代码：601868 A 股简称：中国能建 公告编号：临 2024-060 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 年第三季度业绩说明会的公告 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 :2024 年 11 月 25 日 ( 星期一 ) 下 午 16:00-17:00 会议召开地点： 上证路演中心（网址：https://roadshow.sseinfo.com/） 上证路演中心（网址：https://roadshow.sseinfo.com/） 会议召开方式：网络互动 投资者可于 2024 年 11 月 18 日(星期一)至 11 月 22 日(星期 五)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 于 2024 年 11 月 20 日 （星 期三 ）16:00 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 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company achieved a revenue of 295.139 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 3.44%. The net profit attributable to the parent company was 3.604 billion yuan, up 17.28% year-on-year. However, the non-recurring net profit decreased by 1.35% year-on-year to 2.846 billion yuan [5] - The revenue growth turned positive in Q3 after a negative Q2, with quarterly revenues showing a year-on-year increase of 8.25% in Q3. The net profit for Q3 saw a significant increase of 97.93% year-on-year [5] - The gross profit margin for the first three quarters of 2024 increased by 0.59 percentage points to 11.54%. The net profit margin also improved, rising by 0.06 percentage points to 2.07% [6] Summary by Sections Financial Performance - The company signed new orders totaling 988.859 billion yuan in the first three quarters, a year-on-year increase of 5.03%. The breakdown includes engineering construction, surveying and design, industrial manufacturing, and other businesses [6] - The company’s new signed orders in traditional energy construction increased by 46.38% year-on-year, with domestic and overseas orders growing by 4.98% and 5.19% respectively [6] - The company’s EPS for 2024 and 2025 is projected to be 0.21 yuan and 0.23 yuan respectively, with a reasonable valuation range of 2.70 to 2.91 yuan based on a P/E ratio of 13-14 times for 2024 [5][7] Market Position - The company is positioned as a leader in the energy and power industry chain, with traditional energy providing performance support and new energy and industries offering future growth points [5] - The controlling shareholder plans to increase holdings by 300 to 500 million yuan, reflecting confidence in the company's future [5] Valuation Metrics - The company’s projected revenue for 2024 is 457.573 billion yuan, with a year-on-year growth rate of 12.7%. The net profit is expected to reach 8.656 billion yuan, reflecting an 8.4% increase [9] - The company’s gross margin is expected to improve gradually, reaching 12.9% by 2026 [9]

Investment Rating - The report maintains a **Buy** rating for China Energy Engineering Corporation (601868 SH) [3] Core Views - Revenue growth remains steady with accelerated Q3 growth: The company achieved total revenue of 2951 39 billion yuan in the first three quarters, a year-on-year increase of 3 44%, with Q3 revenue reaching 1008 77 billion yuan, up 8 24% year-on-year [3] - Profit quality slightly declined with a marginal increase in expense ratio: The comprehensive gross margin for the first three quarters was 11 54%, up 0 59pct year-on-year, while the Q3 gross margin was 10 28%, down 0 71pct year-on-year The expense ratio for the first three quarters was 8 31%, up 0 60pct year-on-year [4] - Cash flow outflow narrowed year-on-year with improved cash collection ratio: The net cash outflow from operating activities in the first three quarters was 12 518 billion yuan, a reduction of 2 229 billion yuan year-on-year, with a cash collection ratio of 92 99%, up 6 24pct year-on-year [5] - Strong performance in the new energy sector: The company achieved a 19 4% year-on-year increase in new contracts and a 10 1% increase in revenue for new energy and integrated smart energy businesses in the first three quarters The company also secured 12 88 GW of new wind and solar energy development indicators, with a total installed capacity exceeding 11 64 GW [6] Financial Performance - The company achieved a net profit attributable to shareholders of 3 604 billion yuan in the first three quarters, a year-on-year increase of 17 28%, while the net profit after deducting non-recurring gains and losses was 2 846 billion yuan, down 1 35% year-on-year [3] - In Q3, the net profit attributable to shareholders was 822 million yuan, a significant year-on-year increase of 97 81%, while the net profit after deducting non-recurring gains and losses was 518 million yuan, down 3 43% year-on-year [3] - The net profit margin for the first three quarters was 1 22%, up 0 14pct year-on-year, while the net profit margin after deducting non-recurring gains and losses was 0 96%, down 0 05pct year-on-year [4] New Energy Sector Highlights - The company has made significant technological breakthroughs in achieving China's "dual carbon" goals, including the successful grid connection of the 300 MW compressed air energy storage demonstration project in Yingcheng, Hubei, which set three world records in single-unit power, energy storage scale, and conversion efficiency [6] - The company is actively promoting the application of green and low-carbon new technology demonstration projects, such as the Jilin Songyuan green hydrogen-ammonia-alcohol integrated demonstration project and the Liaoxi sustainable fuel production and supply base [6] - The company has built the first domestic and international 100-ton/year CO2 capture and reduction to syngas integrated demonstration device and system, which is of great significance for promoting China's "dual carbon" goals and CO2 resource utilization engineering demonstrations [6] Market Performance - The current stock price is 2 50 yuan, with a total share capital of 4 169116 billion shares and a net asset per share of 2 47 yuan [7] - The stock's performance over the past 12 months shows a range between a high of 2 65 yuan and a low of 2 01 yuan [7]