中国国际金融股份有限公司 关于中钢国际工程技术股份有限公司收购报告书之 2023 年度及 2024 年第一季度持续督导意见 中国国际金融股份有限公司（以下简称"中金公司"、"本财务顾问"）接受 委托，担任中国宝武钢铁集团有限公司（以下简称"中国宝武"、"收购人"）豁 免要约收购中钢国际工程技术股份有限公司（以下简称"中钢国际"、"上市公司"） 的财务顾问，依照《上市公司收购管理办法》（以下简称"《收购办法》"）第六十 九条、第七十一条、《上市公司并购重组财务顾问业务管理办法》第三十一条等 有关规定，持续督导期从中钢国际公告收购报告书至收购完成后的 12 个月止（即 从 2022 年 12 月 31 日至 2024 年 6 月 30 日）。 2023 年 4 月 30 日，中钢国际披露了 2023 年年度报告和 2024 年第一季度报 告。结合上述 2023 年年度报告、2024 年第一季度报告及日常沟通，中金公司出 具了 2023 年度及 2024 年第一季度（从 2023 年 1 月 1 日至 2024 年 3 月 31 日， 以下简称"本持续督导期"）的持续督导意见（以下简称"本意见"）。本意见所 依据的 ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------|--------------------------------|--------------------|-------|-------|-------|-------|-------|-------|--------------|-------|-------|-------|----------|----------|-------| | 表 1 | ：中钢国际历史估值与财务指标表 | | | | | | | | [Table_Page] | | | | 中钢国际 | (000928) | | | 指标 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | | 净利润 | 0.05 | 0.02 | -1.80 | ...

Investment Rating - The report maintains a "Buy-A" rating for the company with a 6-month target price of 9.26 CNY, while the current stock price is 6.48 CNY [3][31]. Core Views - The company achieved a revenue of 26.3771 billion CNY in 2023, representing a year-on-year increase of 40.92%, and a net profit of 761.5 million CNY, up 20.58% year-on-year. The company plans to distribute a cash dividend of 2.66 CNY per 10 shares, with a payout ratio of 50.11% [1][2][6]. - In Q1 2024, the company reported a revenue of 4.901 billion CNY, down 4.07% year-on-year, but the net profit increased by 3.26% year-on-year to 215 million CNY, with a significant increase in non-recurring net profit by 32.58% [1][30]. Financial Performance - The company's gross profit margin decreased to 8.79% in 2023, down 0.50 percentage points year-on-year, primarily due to increased credit impairment losses and domestic project profitability issues. The gross profit margins for domestic and overseas businesses were 9.50% and 7.58%, respectively [2][14]. - The company improved its operating cash flow, achieving a net inflow of 1.368 billion CNY, up 17.73% year-on-year. The net profit margin decreased by 0.50 percentage points to 3.05%, while the return on equity (ROE) increased to 11.07%, up 1.15 percentage points year-on-year [2][6]. Business Outlook - The company is a leading provider of metallurgical engineering services with a strong focus on low-carbon metallurgy technology. It has extensive experience in managing overseas projects and is expected to benefit from the demand for metallurgical construction along the Belt and Road Initiative [6][17]. - The company has a robust order backlog, with effective contracts totaling 37.608 billion CNY, which is 1.43 times its revenue in 2023, providing a solid foundation for future performance [6][31]. Earnings Forecast - The company is projected to achieve revenues of 29.143 billion CNY, 32.328 billion CNY, and 35.820 billion CNY for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.5%, 10.9%, and 10.8%. The net profits are expected to be 886 million CNY, 981 million CNY, and 1.090 billion CNY for the same years, with growth rates of 16.3%, 10.7%, and 11.1% [31][32].

建筑装饰 ——海外需求快速回暖，24Q1 扣非增速亮眼 一年内股价与大盘对比走势： 05-0506-0507-0508-0509-0510-0511-0512-0501-0502-0503-0504-05 -60% -40% -20% 0% 20% 中钢国际 沪深300指数（收益率） | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------| | | 2023 | 2024Q1 | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 26,377 | 4,901 | 30,503 | 34,821 | 38,688 | | 同比增长率（ %） | 40.9 | -4.1 | 15.6 | 14.2 | 11.1 | | 归母净利润（百万元） | 761 | 215 | 925 | 1,041 | 1,166 | | 同比增长率（%） | 20.6 | 3.3 | 21.5 | 12.5 | 12.0 | | 每股收益（元/股） | ...

基建建设 2023Q4 营业收入提速，国内/海外业务齐发力。 投资评级 买入-A 维持评级 6 个月目标价 9.26 元 股价 (2024-04-30) 6.48 元 交易数据 12 个月价格区间 5.28/11.24 元 SAC 执业证书编号：S1450522030004 本报告仅供 Choice 东方财富 使用，请勿传阅。 盈利预测和投资建议：预计 2024-2026 年公司营业收入分别为 291.43 亿元、323.28 亿元和 358.20 亿元，分别同比增长 10.5%、 10.9%和 10.8%，归母净利润分别为 8.86 亿元、9.81 亿元和 10.90 亿元，分别同比增长 16.3%、10.7%和 11.1%，动态 PE 分别为 10.5 倍、9.5 倍和 8.5 倍。给予"买入-A"评级，6 个月目标价 9.26 元， 对应 2024 年 PE 为 15 倍。 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 2 公司快报/中钢国际 公司快报/中钢国际 公司评级体系 国投证券股份有限公司（以下简称"本公司"）经中国证券监督管理委员会核准，取得证券 投资咨询业务许可。本公司及其投 ...

增持 ( | --- | --- | |-----------------------------------------|-----------------| | | | | ＃市场数据 marketData ＃ 市场数据日期 | | | 收盘价（元） | 2024-04-29 6.69 | | 总股本（百万股） | 1434.64 | | 流通股本（百万股） | 1434.62 | | 净资产（百万元） | 8120.62 | | 总资产（百万元） | 27879.43 | | 每股净资产 元 | 5.66 | | ( ) | | 孟杰 郁晾 ＃dyCompany＃ 中钢国际 （ 000928 ） 002060 ＃title＃ 海外业务高增长，23 年拟分红率超 50% ＃createTime1＃2024 年 04 月 30 日 公司点评报告(带市场行情) 证券研究报告 ＃industryId＃ 国际工程承包 ＃investSuggestion＃ 公 司 点 评 报 告 ＃分析师： emailAuthor＃ mengjie@xyzq.com.cn S0190513080002 主要财务指标 请务必阅读正文 ...

www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 [Table_ReportType] 公司点评 附录： （一）公司财务预测表 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------|-------|-------------|-----------------------------|-------|-----------------------------------------------------------------------------------|----------|-----------------------------|---------------------|----------| | [Table_Money] | | | | | 资产负债表（亿元） 2023A 2024E 2025E 2026E 利润表（亿元） 2023A 2024E 2025E 2026E | | | | | | 流动资产 | | | ...

收入利润增速亮眼，高分红价值属性凸显 分业务来看，23 年公司工程总承包、商品销售、服务分别实现营收 250.2、 10.5、2.8 亿元，同比+42.85%、+20.05%、-9.25%，毛利率分别为 7.55%、 24.0%、54.0%，同比-0.71pct、+9.29pct、+7.82pct。分地区来看，境外营收 为 97.3 亿元，同比+80.3%，毛利率为 7.58%，同比+1.03%；境内营收 1666.5 亿元，同比+25.0%，毛利率为 9.50%，同比-0.89pct。23 年公司整体毛利率 8.8%，同比-0.49pct，主要受工程总承包业务毛利率下滑拖累。23Q4、24Q1 单季毛利率分别为 9.23%、10.59%，同比-1.04pct、+1.69pct。 海外订单高增，在手订单充足 | --- | --- | --- | --- | --- | --- | |----------------------------------|-----------|-----------|-----------|-----------|-----------| | 财务数据和估值 | 2022 | ...

⚫ 中钢国际发布 2023 年报。根据年报，2023 年，公司实现营收 263.77 亿元，同比 40.92%；归母净利 7.61 亿元，同比+20.58%；扣非净利 6.27 亿元，同比+13.57%。根据一季报，24Q1，公司实现营收 49.01 亿元，同比-4.07%；归母净利 2.15 亿元，同比+3.26%；扣非净利 2.12 亿元，同比+32.58%。年报及一季报业绩均符合预期。 ⚫ 经营性现金流表现优秀，分红率达 50%。公司 23年经营性现金流 13.68 亿元，同比增加 2.06 亿元。公司 23 年分红率达到 50%，前期公司发 布三年股东回报计划：23-25 年，如公司无重大投资计划或重大现金支 出等事项发生，公司每年以现金方式分配的利润不低于当年实现的可 供分配利润的 40%，若 24 年分红率为 40%，则股息率为 3.8%。 ⚫ 海外订单持续高增，融入宝武，有望受益海外增量建设、存量技改需 求。订单看，根据公司经营数据公告，23 年公司新签订单 192.6 亿元， 同比增长 5.7%，境内/外新签额分别 87.1/105.5 亿元，同比分别- 24.9%/+55.0%。24Q1 公 ...

Financial Performance - The company's operating revenue for 2023 reached CNY 26,377,055,477.16, representing a year-on-year increase of 40.92% compared to CNY 18,717,843,627.14 in 2022[16]. - The net profit attributable to shareholders for 2023 was CNY 761,483,210.71, an increase of 20.58% from CNY 631,108,507.75 in the previous year[16]. - The net cash flow from operating activities for 2023 was CNY 1,368,142,468.08, reflecting a growth of 17.72% compared to CNY 1,162,185,808.34 in 2022[16]. - The total assets of the company at the end of 2023 amounted to CNY 29,998,220,368.56, which is a 12.46% increase from CNY 26,674,249,109.19 at the end of 2022[16]. - The net assets attributable to shareholders increased by 20.39% to CNY 7,872,110,670.07 from CNY 6,538,594,371.63 in the previous year[16]. - The basic earnings per share for 2023 was CNY 0.5780, up 17.24% from CNY 0.4927 in 2022[16]. - The diluted earnings per share increased by 23.77% to CNY 0.5775 from CNY 0.4663 in the previous year[16]. - The weighted average return on equity for 2023 was 11.07%, compared to 9.92% in 2022, indicating improved profitability[16]. Revenue Breakdown - The company achieved an operating revenue of CNY 26.377 billion in 2023, representing a year-on-year increase of 40.92%[30]. - The net profit attributable to shareholders of the listed company was CNY 761 million, up 20.58% year-on-year[30]. - The engineering general contracting revenue accounted for 94.84% of total revenue, with a year-on-year increase of 42.85%[48]. - The overseas revenue reached CNY 9.73 billion, marking an 80.28% increase compared to the previous year[48]. - Domestic revenue was ¥16,647,152,367.38, representing a year-on-year increase of 24.97%, while overseas revenue was ¥9,729,903,109.78, up 80.28% year-on-year[49]. Market Expansion and Strategy - The company is committed to expanding its market presence both domestically and internationally, enhancing its core business and customer relationships[30]. - The company plans to continue expanding its market presence and enhance its project execution capabilities[54]. - The company is focusing on market expansion and new product development as part of its growth strategy[103]. - The company is exploring potential mergers and acquisitions to enhance its market position[103]. - The company is committed to expanding its market presence by targeting key projects in Algeria, the Middle East, and Southeast Asia[96]. Research and Development - R&D investment increased to 702 million CNY in 2023, a year-on-year growth of 113.76%, with 202 patents filed and 89 patents granted, including 33 invention patents[33]. - Continuous investment in R&D with a focus on core technology patent exploration and the development of low-carbon advanced processes such as hydrogen metallurgy and CCUS[98]. - The company completed the performance testing of the hydrogen metallurgy full-process storage and supply hydrogen system, achieving H2≥80% under operational conditions[61]. - The company has made significant progress in the research and development of the hydrogen carbon cycle blast furnace technology, achieving a 30% reduction in solid fuel consumption[62]. Corporate Governance - The company has established and continuously revised its corporate governance system, ensuring compliance with relevant laws and regulations[110]. - The company operates independently with a complete management system, assets, personnel, and capabilities, without reliance on the controlling shareholder[111]. - The company has received commitment letters from its controlling shareholders to maintain its independence, with no violations reported during the reporting period[112]. - The company emphasizes internal control and capital operation management to ensure financial stability and growth[128]. Environmental and Social Responsibility - China Steel International has actively participated in poverty alleviation and rural revitalization efforts, including purchasing 11.74 tons of ecological fragrant rice valued at 186,300 yuan to support local economic development[159]. - The company organized community support activities, including a donation of 470,000 yuan for community development and 40,000 USD worth of earthquake relief tents to affected clients[160]. - The company is focused on technology innovation to support the steel industry's transition to a low-carbon model[158]. Financial Management - The company reported a significant increase in revenue, achieving a total of 1.2 billion CNY for the fiscal year, representing a growth of 15% year-over-year[102]. - The company plans to invest 300 million CNY in research and development over the next three years to innovate new technologies[102]. - The company reported a cash dividend of RMB 2.66 per 10 shares, totaling RMB 381,615,469.19, which represents 100% of the total profit distribution[145]. - The total distributable profit for the company was RMB 420,263,309.30[145]. Risk Management - Strengthening risk management across various business aspects, including project execution and contract terms, to mitigate both internal and external risks[100]. - The company has a structured decision-making process for remuneration, with the shareholders' meeting determining the compensation for directors and supervisors[130]. - The company has not faced any bankruptcy reorganization issues during the reporting period[176]. Compliance and Internal Control - The company has established a comprehensive internal control system, implementing 28 new regulations, revising 34, and abolishing 18 during 2023[151]. - The internal control audit report for China Steel International as of December 31, 2023, indicates effective internal controls in all material aspects[155]. - The company has maintained a 100% coverage of its assets and revenue in the internal control evaluation scope[153].