[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 ...

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 ...

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 ...

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].

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 ...