请注意，耿鹏智,尉凯旋并非香港证券及期货事务监察委员 会的注册持牌人，不可在香港从事受监管活动。 [Table_Page] 公司深度研究|专业工程 证券研究报告 [Table_Title] 中钢国际（000928.SZ） 国际化提速叠加手握低碳冶金核心技术，论中钢国际进阶之路 [Table_Summary] 核心观点： ⚫ 冶金工程空间测算：2023 年全球冶金工程市场规模超 6000 亿元。按 照下游钢铁厂资本开支估算冶金工程市场规模，2023 年国内钢铁企业 资本开支总和 1827 亿元，单吨钢铁产量对应资本开支 179 元；海外 钢铁企业资本开支约合人民币 4723 亿元，单吨钢铁产量对应资本开支 541 元。全球钢铁企业资本开支共计 6549 亿元，市场空间广阔。 ⚫ 冶金工程市场格局：头部集中度高，国际化业务占主流。2023 年全球 7 家头部公司冶金工程总收入约合人民币 2725 亿元，占全球市场份额 41.6%，中钢国际市场份额 3.8%；收入增速方面，头部企业普遍放缓， 中钢国际逆势上涨 42.9%；国际化业务方面，海外龙头企业以境外收 入为主，部分企业境外收入近 8 成，中钢国际境外收入占比 ...

根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 3 号——行业信息披露》等相关规定，中钢国际工程技术股份有限公司（以 下简称"公司"）现将 2024 年第二季度工程总承包业务经营情况简报如下： 证券代码：000928 证券简称：中钢国际 公告编号：2024-48 中钢国际工程技术股份有限公司 关于2024年第二季度工程业务经营情况的自愿性信息披露公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、新签订单情况 2024 年第二季度，公司新签工程项目合同 21 个，合同金额总计 36.82 亿元， 其中国内项目合同 11 个，合同金额合计 8.21 亿元；国外项目合同 10 个，合同 金额合计 28.61 亿元。 2024 年上半年，公司新签工程项目合同共计 43 个，合同金额总计 96.99 亿 元，其中国内项目合同 30 个，合同金额合计 15.89 亿元；国外项目合同 13 个， 合同金额合计 81.10 亿元。 二、已签约未完工订单数量及金额 截至报告期末，已执行未完工项目 276 个，预计总收入 1,024.80 亿元 ...

Summary of Conference Call Company/Industry Involved - The conference call is focused on the construction industry, specifically discussing the overseas expansion of state-owned enterprises (SOEs) in China [1]. Core Points and Arguments - The call is part of a series dedicated to the topic of Chinese SOEs going abroad, indicating a strategic focus on international markets [1]. Other Important but Possibly Overlooked Content - The speaker, a senior analyst from GF Securities, emphasizes the importance of understanding the dynamics of the construction industry in the context of global expansion [1].

Summary of Conference Call Industry or Company Involved - The conference call focuses on the construction industry, specifically discussing the overseas expansion of state-owned enterprises (SOEs) in China [1] Core Points and Arguments - The call is part of a series dedicated to the overseas expansion of Chinese SOEs, indicating a strategic focus on international markets [1] Other Important but Possibly Overlooked Content - The speaker, a senior analyst from GF Securities, emphasizes the importance of understanding the dynamics of the construction industry in the context of global expansion [1]

公司报告 | 公司点评 资料来源：公司公告，天风证券研究所 财务预测摘要 | --- | --- | --- | --- | --- | --- | |-----------------------|-----------|-----------|-----------|-----------|-----------| | 资产负债表 ( 百万元 ) | 2022 | 2023 | 2024E | 2025E | 2026E | | 货币资金 | 8,196.42 | 9,725.46 | 7,304.83 | 12,091.51 | 9,171.47 | | 应收票据及应收账款 | 3,286.21 | 5,431.17 | 2,867.22 | 7,070.50 | 3,550.03 | | 预付账款 | 2,206.48 | 679.33 | 1,864.00 | 1,458.07 | 2,407.86 | | 存货 | 2,374.22 | 2,125.78 | 3,342.38 | 2,736.31 | 3,449.18 | | 其他 | 2,796.91 | 3,306.37 | 3,942.46 ...

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company has seen a significant increase in overseas orders, driven by stable growth in capital expenditures from overseas steel enterprises, with a notable increase in new contracts signed in 2023 [4][24] - The overseas low-carbon metallurgy engineering market is projected to have a market space of approximately 258.6 billion yuan from 2024 to 2026, indicating strong future growth potential [7][11] - The company has established a robust international business network, with operations in over 50 countries and a significant presence in the Belt and Road Initiative countries, contributing to a cumulative overseas contract amount of 15.06 billion USD since 2019 [12][24] Summary by Sections Overseas Orders and Market Growth - The company has secured numerous significant contracts in various countries, including Singapore, Indonesia, and Uzbekistan, with total contract amounts reaching billions of yuan [1] - The capital expenditures of major overseas steel companies have shown a stable growth trend from 2021 to 2023, which is expected to continue, further benefiting the company [4][5] Low-Carbon Metallurgy Market - The overseas low-carbon metallurgy engineering market is estimated to grow significantly, with annual investments projected to reach 745 billion yuan in 2024, 856 billion yuan in 2025, and 985 billion yuan in 2026 [8][11] - The company is well-positioned to capitalize on this trend due to its advanced low-carbon metallurgy technologies and ongoing projects [14][46] International Business Network - The company has a well-established international business network, with 14 overseas branches and extensive cooperation with over 50 well-known enterprises globally [12][24] - In 2023, the company signed new contracts worth 10.55 billion yuan, marking a year-on-year growth of 55% [24][25] Strategic Developments - The ongoing debt restructuring with Baowu Group is expected to enhance the company's internationalization and green low-carbon strategies, providing a platform for technological advancements [34][35] - The integration with Baowu Group is anticipated to reduce competition and enhance resource complementarity, further supporting the company's growth in low-carbon metallurgy [39][40]

[盈利预测与财务指标 Table_Forcast] 1.中钢国际（000928.SH）2023 年半年报点 评：23H1 出海加速，海外新签合同金额超 国内-2023/08/24 2.中钢国际（000928.SH）2023 年半年度业 绩快报点评：Q2 收入同增 20%，海外拓展 加速-2023/07/13 3.中钢国际（000928.SH）2022 年年报＆2 023 年一季报点评：23Q1 业绩"开门红"， 海外新签订单同比高增-2023/05/10 4.中钢国际（000928.SZ）深度报告：致力 国内冶金降碳，出海深耕"一带一路"-202 3/03/13 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 分析师承诺 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并登记为注册分析师，基于认真审慎的工作态度、专业严谨的研 究方法与分析逻辑得出研究结论，独立、客观地出具本报告，并对本报告的内容和观点负责。本报告清晰准确地反映了研究人员的研 究观点，结论不受任何第三方的授意、影响，研究人员不曾因、不因、也将不会因本报告中的具体推荐意见或观点而直接或间接收到 任何形式的 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][16]. Core Views - The company's Q2 performance exceeded expectations, with significant improvements in profitability. For H1 2024, the company achieved revenue of 9.07 billion yuan, a year-on-year decline of 15.2%, while net profit attributable to shareholders reached 417 million yuan, a year-on-year increase of 21.7% [2][29]. - The report highlights that the recovery of overseas project execution and a reduction in impairment losses contributed to the strong performance in Q2, where net profit was 202 million yuan, up 50% year-on-year [2][29]. - The company is expected to benefit from the ongoing urbanization and industrialization in emerging markets, which will drive demand for metallurgical engineering services. The restructuring with Baowu is anticipated to enhance the company's international operations and order growth [14][29]. Financial Performance Summary - For 2024E, the company is projected to achieve a net profit of 931 million yuan, with a year-on-year growth of 22%, and an EPS of 0.65 yuan per share [3][4]. - The financial metrics indicate a decline in revenue for 2024E to 22.77 billion yuan, a decrease of 13.7% compared to 2023A, but a recovery is expected in subsequent years with growth rates of 8.0% and 5.2% for 2025E and 2026E respectively [4][7]. - The report notes that the company's P/E ratio is projected to decrease from 9.9 in 2023A to 8.1 in 2024E, indicating a potentially attractive valuation [4][7]. Dividend and Profitability - The company has maintained a strong dividend policy, distributing at least 40% of its distributable profits in cash. In 2023, it paid out 382 million yuan in dividends, achieving a payout ratio of 50.1% [30]. - The current dividend yield is approximately 6.2%, which is considered attractive compared to other international engineering firms [30].

Revenue Performance - Total revenue for the first half of 2024 was CNY 907,342.65 million, a decrease of 15.15% compared to CNY 1,069,381.35 million in the same period last year[3]. Profitability - Operating profit increased by 18.71% to CNY 56,029.00 million from CNY 47,199.00 million year-on-year[3]. - Net profit attributable to shareholders rose by 21.71% to CNY 41,723.50 million, up from CNY 34,281.49 million in the previous year[3]. - Net profit after deducting non-recurring gains and losses increased by 40.90% to CNY 41,266.28 million from CNY 29,287.43 million year-on-year[3]. - Basic earnings per share increased by 8.91% to CNY 0.2908 from CNY 0.2670 in the same period last year[3]. - The company achieved significant improvement in net profit by implementing detailed project management and cost reduction measures[11]. Asset and Equity Changes - Total assets decreased by 11.25% to CNY 2,662,206.46 million from CNY 2,999,822.04 million at the beginning of the period[3]. - Shareholders' equity attributable to the parent company increased by 1.07% to CNY 795,672.21 million from CNY 787,211.07 million[3]. Financial Reporting - The financial data presented is preliminary and has not been audited, with final figures to be disclosed in the 2024 semi-annual report[9]. - There were no discrepancies noted compared to previous performance forecasts[4].

本次电话会议仅服务于国泰金安证券正式签约客户会议音频及文字记录的内容仅供国泰金安证券客户内部学习使用不得外发并且必须经国泰金安证券研究所审核后方可留存国泰金安证券未授权任何媒体转发此次电话会议相关内容未经允许和授权 转载转发均属侵权国泰金安证券将保留追究其法律责任的权利国泰金安证券不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提请广大投资者谨慎做出投资决策 大家好欢迎参加中钢国际线上交流目前所有的参会者均处于静音状态在演讲结束后将给大家留有提问时间现在有请主持人开始发言谢谢好的各位投资者大家下午好我是国泰圈建筑研究员郭浩然然后我们今天非常荣幸的邀请到了中钢国际的董事会秘书袁总和中钢国际的董事会办公室主任西总参加本次的电话会议 那本次第二会议是分为三个部分第一部分是国军建筑的首席韩一诚老师对建筑的观点做一个介绍第二部分是中央国际的公司领导对公司的近况做一个更新第三部分是问答环节首先有请韩老师谢谢好的谢谢浩然感谢袁总和齐总本周国军建筑团队邀请了19家公司做线上线下的中期策略会交流本场很荣幸请到袁总和齐总 当下的话三个趋势是最大的趋势一个是这个科技创新7月份三中全会也是以现代服务业新生生产力作为改革的一个 ...