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]

特此公告。 签署重大合同的公告 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。 近日，中国能源建设股份有限公司所属子公司中国葛洲坝 集团股份有限公司作为总承包方，与阿斯塔纳市首都供水公司， 签署了阿斯塔纳市供水项目合同。合同金额约为6,512亿坚戈, 折合人民币约96亿元。该项目位于哈萨克斯坦阿斯塔纳市东南 部。项目建设内容包括一座规模34.2万m³ /天的取水泵站、两 座加压泵站、总长约400km的输水管道和一座处理能力为21万m ³ /天的净水厂的设计、采购、施工和调试等。项目总工期约为 36个月。 A 股代码：601868 A 股简称：中国能建 公告编号：临 2025-021 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 中国能源建设股份有限公司董事会 2025 年 4 月 2 日 ...

金融界3月31日消息，上证指数下跌0.46%，中证基建指数 (中证基建，930608)下跌2.06%，报7698.26 点，成交额141.97亿元。 数据统计显示，中证基建指数近一个月下跌0.15%，近三个月下跌2.91%，年至今下跌1.80%。 据了解，中证基建指数选取50只基础设施建设、专业工程、工程机械以及房屋建设等基建相关领域上市 公司证券作为指数样本，反映基础设施建设类上市公司证券的整体表现。该指数以2004年12月31日为基 日，以1000.0点为基点。 从指数持仓来看，中证基建指数十大权重分别为：中国建筑（9.24%）、中国中铁（8.27%）、三一重 工（6.06%）、中国电建（6.01%）、徐工机械（5.72%）、中联重科（5.44%）、中国铁建（5.31%）、 中国交建（4.74%）、中国能建（4.29%）、中国化学（3.84%）。 从中证基建指数持仓的市场板块来看，上海证券交易所占比75.54%、深圳证券交易所占比24.46%。 从中证基建指数持仓样本的行业来看，工业占比100.00%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。 ...

Core Insights - The Suzhou Qianyingsi Power Plant Phase II expansion project has officially commenced commercial operation after successfully completing a 168-hour full-load trial run [1][2] Project Overview - The project is located in Suzhou, Anhui Province, and is a key power source project under Anhui's "14th Five-Year" electricity development plan with a total investment of 4.74 billion yuan [2] - It features a 1000 MW ultra-supercritical reheat coal-fired power generation unit, utilizing advanced international reheat technology [2] Environmental Impact - The power plant has a coal consumption rate of 264.52 grams per kilowatt-hour, which allows for an annual saving of approximately 157,400 tons of standard coal and a reduction of about 409,200 tons of CO2 emissions per year [2] - The project implements ultra-low emission optimization measures, including flue gas collaborative treatment technology, full-load denitrification, and efficient desulfurization, significantly exceeding national emission standards and achieving advanced industry environmental performance [2] Technical Achievements - During construction, the team overcame several technical challenges related to the integration of the reheat system and the installation and debugging of high-parameter units [2] - The research project aimed at improving the oil system flushing efficiency led to a 40% increase in installation efficiency through optimized pipeline pre-assembly and flushing methods [2] - The project achieved a 100% inspection rate for boiler heating surface welds, a 99.92% first-pass acceptance rate for non-destructive testing of inspected welds, zero leakage in hydraulic tests, and a 100% success rate for the initial startup of major system components [2] Contribution to Energy Supply - Once operational, the power plant is expected to generate approximately 5 billion kilowatt-hours of electricity annually, effectively addressing the electricity supply gap in Anhui Province [2] - It will provide 800 MW of peak-shaving capacity for renewable energy consumption, contributing to the optimization of the energy structure and ensuring stable electricity supply in the Yangtze River Delta region [2]