[Table_MainInfo] 公司研究/建筑工程 证券研究报告 中国能建（601868）公司年报点评 2024年04月09日 [Table_InvestInfo] Q4 扣非净利大增，新能源投建营加速发 投资评级 优于大市 维持 展 股票数据 0[4T月ab0le8_日S收to盘ck价（In元fo）] 2.17 [Table_Summary] 52周股价波动（元） 2.01-2.80 投资要点(cid:13) 总股本/流通A股（百万股） 41691/14223 总市值/流通市值（百万元） 90470/50962  事件：2023 年公司实现营业收入 4060.32 亿元，同比增长 10.82%；归母净 相关研究 利润 79.86 亿元，同比增长 2.07%；扣非后归母净利润 71.63 亿元，同比增 [《Ta Qb 3le单_季R利ep润o有rtI所nf下o滑] ，新能源、新产业加 长25.19%。点评如下： 速发展》2023.11.22 《收入、新签继续高增，Q2 盈利水平略有下  Q4收入下降、利润改善，工程建设、工业制造、勘测设计及咨询营收稳定增 降》2023.09.08 长。分行业看，公司工程 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 3.00, maintaining the previous rating of "Buy" [1]. Core Insights - The company reported a revenue of 406 billion yuan in 2023, an increase of 11% year-on-year, with a net profit of 8 billion yuan, reflecting a 2% growth [8]. - The company is focusing on the hydrogen energy sector, particularly in green hydrogen production, and has signed new contracts worth 1.28 trillion yuan, a 22% increase from the previous year [8]. - The company aims to achieve an EPS of 0.21 yuan in 2024 and 0.24 yuan in 2025, with a projected growth of 12% and 14% respectively [8]. Financial Summary - The total revenue for 2022 was 366.4 billion yuan, which increased to 406.0 billion yuan in 2023, with projections of 453.2 billion yuan for 2024 [5]. - The net profit for 2023 was 8 billion yuan, with an expected increase to 8.96 billion yuan in 2024 [5]. - The company's gross profit margin for 2023 was 12.64%, with a net profit margin of 1.97% [8]. Market Data - The company's market capitalization is approximately 90.89 billion yuan, with a total share capital of 41.69 billion shares [3][10]. - The stock price has fluctuated between 2.03 and 2.76 yuan over the past 52 weeks, currently standing at 2.18 yuan [3][10]. Order and Contract Data - The company secured new contracts totaling 1.28 trillion yuan in 2023, with a significant focus on renewable energy projects [8]. - The total order backlog reached 2.48 trillion yuan, marking a 36% increase year-on-year [8].

上 市 公 司 建筑装饰 2024 年04月 07 日 中国能建 (601868) 公 司 研 究 ——Q4 单季利润快速增长，现金流同步改善 / 公 司 点 报告原因：有业绩公布需要点评 评 增持 投资要点： （维持）  2023年归母净利润同比+2.07%、符合预期，扣非净利润同比+25.2%。根据公司公告，2023年公司 营业总收入4,060亿，同比+10.8%；归母净利润79.9亿，同比+2.07%，符合预期；扣非净利润71.6 证 市场数据： 2024年04月03日 亿，同比+25.2%，主要系22年政府补助、非流动性资产处置收益较23年分别高7.2亿元、14.8亿 券 收盘价（元） 2.18 元。2023年公司毛利率、归母净利率分别为 12.64%、2.77%，同比分别+0.22pct、-0.07pct；期间 研 一年内最高/最低（元） 2.8/2.01 费用率合计为8.45%，同比+0.14pct，其中销售、管理、研发和财务费用率分别为+0.01pct、-0.11pct、 究 市净率 0.8 +0.35pct、-0.11pct。2023年资产及信用减值损失32.3亿元，占比营收0.80%，同比 ...

[Table_Header] 公司点评●基础建设 2024年 04 月03 日 [Table_Title] [Table_StockCode] 中国能建(601868) 业绩稳健增长，新能源业务加速领跑 [Table_InvestRank] 推荐 (维持) 核心观点： 分析师 [T able事_S件um：m公ar司y]发 布 2023年年报。 [龙Ta天b光le_ Authors] ：021-20252621  业绩稳健增长，海内外多元发展。公司 2023年实现营业收入 4060.32亿元， 同比增长 10.82%，归母净利润 79.86亿元，同比增长 2.07%，扣非后归母净利 ：longtianguang_yj@chinastock.com.cn 润 71.63 亿元，同比增长 25.19%。公司全年完成新签合同额人民币 12,837.3 分析师登记编码：S0130519060004 亿元，同比增长 22.4%，连续三年新签合同额超万亿且持续增长。公司全年实 现境内新签合同额人民币 10,030.0 亿元，同比增长 23.9%; 境外新签合同额 人民币 2,807.3 亿元，同比增长 17.1%， ...

中信证券股份有限公司关于 中国能源建设股份有限公司换股吸收合并 中国葛洲坝集团股份有限公司持续督导保荐总结报告书 保荐人编号：Z20374000 申报时间：2024 年 4 月 | 公司名称 | 中国能源建设股份有限公司 | | --- | --- | | 英文名称 | China Energy Engineering Corporation Limited | | 股本 | 41,691,163,636 元 | | 股票上市地 | 上海证券交易所、香港联合交易所 | | 股票简称 | 中国能建（A 股）、中国能源建设（H 股） | | 股票代码 | 股） 601868.SH（A 股）、3996.HK（H | | 法定代表人 | 宋海良 | | 注册地址 | 北京市朝阳区西大望路甲 26 号院 1 号楼 1 至 24 层 01-2706 室 | | 经营范围 | 水电、火电、核电、风电及太阳能发电新能源及送变电和水利、水务、 | | | 矿山、公路、铁路、港口与航道、机场、房屋、市政、城市轨道、环 | | | 境、冶炼、石油化工基础设施项目的投资、咨询、规划、评估、评审、 | | | 招标代理、建设；工程勘察 ...

中信证券股份有限公司 关于中国能源建设股份有限公司 | 上市公司：中国能源建设股份有限公司（以下简称"中国能建"或"公司"） | | | --- | --- | | 保荐人名称：中信证券股份有限公司（以下简称"中信证券"或"保荐人"） | | | 保荐代表人姓名：张阳 | 联系电话：15652940248 | | 保荐代表人姓名：赵巍 | 联系电话：13811213359 | 经中国证券监督管理委员会（以下简称"中国证监会"）《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）核准，并经上海证券交易所同意，公司于 2021 年 9 月 10 日按照收市后登记在册的中国葛洲坝集团股份有限公司全体股东名册，以 1:4.4377 的比例将葛洲坝股票转换为公司本次发行的 11,670,767,272 股 A 股股 票。上述转换完成后，毕马威华振会计师事务所（特殊普通合伙）对公司本次换 股吸收合并增发股份的出资情况进行审验，并出具毕马威华振验字第 2100980 号 验资报告。2021 年 9 月 28 日，公司在上海证券交易所上市。 中信证券作为 ...

一、本次现场检查的基本情况 中信证券股份有限公司 关于中国能源建设股份有限公司 2023 年度持续督导工作现场检查报告 上海证券交易所： 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""上市公司""公司"）向特定对 象发行A股股票项目的保荐人，于2023年5月8日与公司签订保荐协议，自签署保 荐协议之日起，承接原保荐人中国国际金融股份有限公司及华泰联合证券有限责 任公司尚未完成的持续督导工作。根据《上海证券交易所上市公司自律监管指引 第11号——持续督导》等有关法律、法规的规定，中信证券股份有限公司对2023 年1月1日至2023年12月31日（以下简称"本持续督导期"）的规范运作情况进行了 现场检查，现就现场检查的有关情况报告如下： （一）保荐人 中信证券股份有限公司 （二）保荐代表人 张阳、赵巍 （三）现场检查人员 张阳 （四）现场检查时间 2024 年 3 月 28 日 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 1 现场检查人员对公司三会文件、会议记录进行查阅，并通过与指定网络披露 的相关信息进行 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5][6]. Core Views - The company has demonstrated stable growth in revenue and profit, with significant progress in its renewable energy projects. Despite a slowdown in infrastructure investment and lower-than-expected real estate construction, the company has maintained a positive outlook for future market share growth [6][8]. Financial Performance - In 2023, the company achieved operating revenue of 406.03 billion yuan, a year-on-year increase of 10.8%. The net profit attributable to shareholders was 7.99 billion yuan, up 2.1% year-on-year. Operating cash flow was 9.49 billion yuan, reflecting a 19.5% increase [7]. - The gross margin and net margin were 12.64% and 2.77%, respectively, compared to 12.42% and 2.84% in 2022. The increase in credit impairment losses and a rise in R&D expense ratio contributed to a slight decline in net margin [7]. Order Growth - The company signed new contracts worth 12,837.3 billion yuan in 2023, marking a year-on-year growth of 22.4%. This growth was driven by both domestic and international markets, with domestic contracts increasing by 23.9% and international contracts by 17.1% [8]. - The new contracts in traditional energy, renewable energy, urban construction, surveying and consulting, and industrial manufacturing grew by 7.5%, 26.1%, 31.1%, 50.0%, and 44.7%, respectively [8]. Renewable Energy Development - The renewable energy segment saw a 14.5% increase in new contracts and a 38.41% rise in revenue. The company added 2,009.7 MW of new wind and solar energy development capacity, with a total installed capacity of 9.511 million kW by the end of 2023, nearly doubling from the previous year [9]. - The revenue contribution from renewable energy construction and operation increased to 39.4% and 58.8%, respectively [9]. Profit Forecast - The company’s projected net profit for 2024-2026 is 9.05 billion, 10.60 billion, and 12.33 billion yuan, respectively, with corresponding EPS of 0.22, 0.25, and 0.30 yuan. The current stock price corresponds to P/E ratios of 9.8, 8.3, and 7.2 times for the respective years [6][10].

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 基建市政工程 ＃investSuggestion＃ ＃ ＃d 中yCo 国mp 能any＃建 （ 601868 ） investSug 增持 ( 维ges持tion ）Ch 000009 ＃title＃ 收入&订单稳健增长，新能源业务加速发展 ange＃ ＃ createTime1＃ 2024年 03月 30日 投资要点 公 ＃市m场a数rk据et Data＃ ＃⚫ sum中ma国ry＃能 建发布2023年年报：公司2023年实现营业收入4060.32亿元，同 司 市场数据日期 2024-03-29 比增长10.82%；实现归母净利润79.86亿元，同比增长2.07%；实现扣非 点 收盘价（元） 2.12 后归母净利润 71.63 亿元，同比增长 25.19%。其中，Q4 实现营业收入 1207.19 亿元，同比减少 3.12%；实现归母净利润 49.13 亿元，同比增长 评 总股本（百万股） 41691.16 35.33%。 报 流通股本（百万股） 14222.50 ⚫ 公司2023年实现营业收入4060.32亿元，同比增长10 ...

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].