换股吸收合并中国葛洲坝集团股份有限公司 之限售股上市流通公告 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 完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为吸收合并股份；股票认购方式为网下， 上市股数为 18,206,226,673 股。 本次股票上市流通总数为 18,206,226,673 股。 A 股代码：601868 A 股简称：中国能建 公告编号：临 2024-050 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 本次股票上市流通日期为 2024 年 9 月 30 日。 一、本次限售股上市类型 2021 年 8 月 23 日，根据中国证券监督管理委员会《关于核准 中国能源建设股份有限公司发行股份吸收合并中国葛洲坝集团股 份有限公司的批复》（证监许可〔2021〕2757 号文），中国能源 建设股份有限公司（以下简称公司或中国能源建设）发行 11,670,767,272 股 A 股股票换股吸收合并中国葛洲坝集团股份有 限公司，并于 2021 年 9 月 28 日在上海证券交易所上市交易。公 司在上海 ...

一、本次限售股上市类型 2021 年 8 月 23 日，根据中国证券监督管理委员会《关于核准中国能源建设 股份有限公司发行股份吸收合并中国葛洲坝集团股份有限公司的批复》（证监许 可〔2021〕2757 号文），公司发行 11,670,767,272 股 A 股股票换股吸收合并中国 葛洲坝集团股份有限公司，并于 2021 年 9 月 28 日在上海证券交易所上市交易。 公司在上海证券交易所上市后，总股本为 41,691,163,636 股，其中 A 股总股本为 32,428,727,636 股（包括无限售条件流通股 11,670,767,272 股，有限售条件流通 股 20,757,960,364 股），H 股总股本为 9,262,436,000 股。 2022 年 9 月 28 日，公司股东中国国新控股有限责任公司和北京诚通金控投 资有限公司合计持有的公司 2,551,733,691 股有限售条件流通股上市流通，占公 司总股本的 6.12%。 本次上市流通的限售股为公司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"）和其一致行动人电力规划总院有限公司（以下简称"电规 总院"）持有公司的 A 股股 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company achieved a revenue of 194.26 billion yuan in the first half of the year, representing a year-on-year growth of 1.11%. The net profit attributable to shareholders was 2.78 billion yuan, up 4.67% year-on-year, while the net profit after deducting non-recurring gains and losses decreased by 0.89% to 2.33 billion yuan [4][5]. - The second quarter saw a slight revenue pressure, with a revenue of 96.86 billion yuan, down 6.51% year-on-year, and a net profit of 1.30 billion yuan, down 15.16% year-on-year [4]. - The gross profit margin improved year-on-year, with a comprehensive gross margin of 12.19%, an increase of 1.26 percentage points. The expense ratio slightly increased, with a total expense ratio of 8.22%, up 0.94 percentage points [4][5]. - The company reported a net cash outflow from operating activities of 14.52 billion yuan, an increase of 0.88 billion yuan year-on-year, with a cash collection ratio of 91.85%, up 6.47 percentage points [5]. - The domestic new energy sector saw a high level of new contracts signed, totaling 563.22 billion yuan, a year-on-year increase of 15.81%. The overseas new contracts amounted to 175.38 billion yuan, up 9.90% year-on-year [5]. - The company is recognized as a leader in energy construction, with significant advantages in ultra-high voltage direct current and other fields, and is focusing on the progress of its hydrogen energy industrial park by the end of the year [5]. Summary by Sections Financial Performance - In the first half of the year, the company reported total revenue of 194.26 billion yuan, with a net profit of 2.78 billion yuan, and a net profit after deducting non-recurring items of 2.33 billion yuan [4][5]. - The second quarter's revenue was 96.86 billion yuan, with a net profit of 1.30 billion yuan [4]. Profitability Metrics - The comprehensive gross margin for the first half was 12.19%, with a second-quarter gross margin of 13.69% [4]. - The net profit margin for the first half was 1.43%, while the second quarter saw a decline to 1.34% [4]. Cash Flow and Debt - The company experienced a net cash outflow from operating activities of 14.52 billion yuan, with a cash collection ratio of 91.85% [5]. - The asset-liability ratio increased to 77.39% [5]. Market Position and Future Outlook - The company secured new contracts worth 563.22 billion yuan domestically and 175.38 billion yuan internationally, with a notable increase in contracts from Belt and Road Initiative countries [5]. - The company is focusing on the hydrogen energy sector, with significant investments in a hydrogen energy industrial park expected to contribute to future growth [5].

A 股代码：601868 A 股简称：中国能建 公告编号：临 2024-049 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 年半年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： 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 9 月 13 日(星期五)至 9 月 23 日(星期 一)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 9 月 19 日 （ 星 期 四 ） 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限公司（以下简称公司）已于 2024 年 8 月 31 日发布公司 2024 年半年度报告，为便于广大投资者更全面深 入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 9 月 24 ...

A 股代码：601868 A 股简称：中国能建 公告编号：临 2024- 048 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 关于稳定股价措施实施完成的公告 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： 基于对本公司未来发展前景的信心和投资价值的认可，以及 履行稳定股价的有关承诺，本公司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）计划自2023年12月28日起12个月内 择机增持本公司A股股份，增持金额不少于5,000万元。具体情况详 见本公司于2023年12月28日披露的《中国能源建设股份有限公司关 于稳定股价措施的公告》（公告编号：2023-063）。 本公司于2024年9月11日收到中国能建集团书面通知，截至 2024年9月11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24,888,500股，占本公司已发行普 通股总股份的0.06%，累计增持金额50,000,109元，已达到本次增持 计划目标，本次稳定股价措施已实施完 ...

北京德恒律师事务所 关于中国能源建设股份有限公司 控股股东增持公司股份的 专项核查意见 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 控股股东增持公司股份的专项核查意见 释 义 1 北京德恒律师事务所 关于中国能源建设股份有限公司 控股股东增持公司股份的专项核查意见 北京德恒律师事务所 关于中国能源建设股份有限公司 控股股东增持公司股份的 在本专项核查法律意见中，除非文义另有所指，下列词语具有下属涵义： 专项核查意见 | 中国能建/公司 | 指 | 中国能源建设股份有限公司 | | --- | --- | --- | | 中国能建集团/增持主 | 指 | 中国能源建设集团有限公司，中国能建之控股股 | | 体 | | 东 | | 本次增持 | 指 | 中国能建集团自 年 月 日起 个月内 2023 12 28 12 | | | | 增持公司 A 股股份的相关事宜 | | 《公司章程》 | 指 | 《中国能源建设集团有限公司章程》 | | 《公司法》 | 指 | 《中华 ...

[Table_MainInfo] 公司研究/建筑工程 证券研究报告 中国能建（601868）公司半年报点评 2024 年 09 月 09 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------------------|----------------| | 股票数据 | | | 09 [ Table_StockInfo 月 06 日收盘价（元） ] | 2.06 | | 52 周股价波动（元） | 2.01-2.30 | | 总股本 / 流通 A 股（百万股） | 41691/14223 | | 总市值 / 流通市值（百万元） | 85884/48379 | | 相关研究 | | | [Table_ReportInfo] 《 Q4 扣非净利大增，新能源投建营加速发展》 | | | 2024.04.09 | | | 《 Q3 单季利润有所下滑，新能源、新产业加 | | | 速发展》 2023.11.22 | | | | | | 《收入、新签继续高增， Q2 降 ...

公司点评报告 ·建筑行业 责稳健提升, 工业制造新签合同增速快 ● 事件:公司发布 2024年半年度报告。2024年上半年,公司实现营收 1942.62 亿元,同比增长 1.11%;实现归母净利润 27.82亿元,同比增长 4.67%。 ● 勘测设计及咨询业务收入增速快,工程建设稳健提升。2024H1,公司实现 营收 1942.62 亿元,同比增长 1.11%;其中,工程建设收入 1649.83亿元, 同比增长 2.9%;工业制造收入 146.43 亿元,同比下降 5.33%;投资运营收 入 131.4 亿元,同比下降 11.19%;勘测设计及咨询业务收入 78.12 亿元,同 比增长 22.65%。境内业务收入1661.42亿元,同比下降0.29%;境外业务收 入 281.2 亿元,同比增长 10.33%。公司实现归母净利润 27.82 亿元,同比增 长 4.67%;实现扣非净利润 23.28亿元,同比下降 0.89%。公司实现经营活 动现金净流量-145.15亿元,同比多流出 8.83亿元。 ● 毛利率和期间费用率有所提高。2024H1 公司毛利率为 12.19%,同比提高 1.26pct;净利率为 2. ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company's 2024 H1 revenue reached RMB 1,943 billion, a year-on-year increase of 1.1%, with net profit attributable to the parent company of RMB 2.8 billion, up 4.7% year-on-year [2] - The company's "14th Five-Year Plan" aims to double its indicators by 2025, creating a new high-quality development version of the company [2] - The transformation centered on new energy, new infrastructure, and new industries shows promising prospects [2] Financial Performance - In 2024 H1, the company's gross margin improved slightly to 12.2%, up 1.3 percentage points year-on-year [5] - The gross margin for new energy and integrated smart energy increased, with engineering and investment operation margins rising by 1.2 and 2.6 percentage points, respectively [5] - The company announced its first mid-year dividend, with a payout ratio of 19.93%, higher than the 2023 payout ratio of 14.24% [5] Revenue Breakdown - In 2024 H1, the company's revenue from survey and design consulting, engineering construction, industrial manufacturing, and investment operations were RMB 7.8 billion, RMB 1,650 billion, RMB 14.6 billion, and RMB 13.1 billion, respectively [5] - New energy and integrated smart energy revenue reached RMB 59.1 billion, accounting for 30.4% of total revenue [5] Future Outlook - The company is expected to achieve net profits attributable to the parent company of RMB 8.9 billion, RMB 9.8 billion, and RMB 11.1 billion in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 11%, 11%, and 12% [5] - The company's transformation strategy, focusing on new energy, new infrastructure, and new industries, is expected to drive future growth [5] Valuation Metrics - The company's P/E ratio is projected to be 10.4, 9.4, and 8.3 for 2024, 2025, and 2026, respectively [4] - The EV/EBITDA ratio is expected to decrease from 5.2 in 2024 to 3.8 in 2026 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the company has achieved steady growth in revenue and profit, with a significant increase in new orders. The exploration of the renewable energy sector presents substantial potential for investment and operation [7] - The company is expected to maintain its profit forecasts, with projected net profits for 2024-2026 being 90.5 billion, 106.0 billion, and 123.3 billion respectively, corresponding to EPS of 0.22, 0.25, and 0.30. The current stock price reflects a PE ratio of 9.8, 8.4, and 7.2 for the respective years [7] Financial Performance Summary - For the first half of 2024, the company reported operating revenue of 1962.41 billion, a year-on-year increase of 1.11%, and a net profit attributable to shareholders of 27.81 billion, up 4.67% year-on-year. The basic earnings per share were 0.063, reflecting a 5.0% increase [7] - The sales gross margin was 12.19%, with a net profit margin of 2.34%, showing a gross margin increase of 1.26 percentage points and a slight decrease in net margin [7] - Revenue from various business segments includes: surveying and design consulting at 78.12 billion (up 22.65%), engineering construction at 1649.83 billion (up 2.90%), industrial manufacturing at 146.43 billion (down 5.33%), and investment operations at 131.40 billion (down 11.19%) [7] Order Growth and Business Development - The company signed new contracts worth 7386.01 billion in the first half of 2024, a year-on-year increase of 14.35%. Domestic contracts accounted for 5632.20 billion (up 15.81%), while overseas contracts reached 1753.81 billion (up 9.90%). Notably, contracts in "Belt and Road" countries grew by 44.25% [8] - The engineering construction and surveying design consulting segments saw new order amounts of 6564.3 billion and 114.5 billion, reflecting growth of 6.8% and a decline of 4.1% respectively [8] Renewable Energy Capacity - As of June 2024, the company had a cumulative installed capacity of 1163.7 million kilowatts in renewable energy, including wind power at 286.9 million kilowatts, solar power at 788.7 million kilowatts, biomass power at 22.4 million kilowatts, and new energy storage at 65.9 million kilowatts [9] - The company leverages its full industry chain advantages in power construction, with traditional energy business holding an installed capacity of 208.7 million kilowatts, comprising 130.4 million kilowatts of thermal power and 78.3 million kilowatts of hydropower [9]