行业周报 | 建筑装饰 证券研究报告 | 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 03 月 02 日 | 相关研究 【兴证建筑】周观点：俄乌冲突缓和信 号不断，利好国际工程企业（2025.2.15- 2025.2.21）-2025.02.23 【兴证建筑】周观点：化债节奏加快、 专项债发行前置，开复工节奏有望提速 （2025.2.8-2025.2.14）-2025.02.16 【兴证建筑】周观点：节后建筑开复工 节奏偏慢，静待财政发力效果显现 （2025.2.1-2025.2.7）-2025.02.09 分析师：黄杨 S0190518070004 huangyang@xyzq.com.cn 分析师：李明 S0190524060003 liming22@xyzq.com.cn 周观点："化债"再融资专项债"行行万亿 ，债目专金 到位率持续改善（2025.2.22-2025.2.28） 投专要点： ⚫ 投资策略： 主线一：化债有望驱动建筑央企经营质量改善。1）新一轮化债的驱动力度和作用方式， 可以类比于 2014 年"一带一路"行情和 2016 年的 PPP 行 ...

Summary of Zhonggang International Conference Call Company Overview - Zhonggang International reported a double-digit growth in net profit after deducting non-recurring items, with operating cash flow turning positive in Q4 2024, maintaining or exceeding the levels of the same period in 2023, indicating robust operational quality despite the downturn in the domestic steel industry [2][4][6]. Key Financial Highlights - In 2024, Zhonggang International's overseas new contract amount reached 12.668 billion yuan, marking a recent high, particularly with nearly 3 billion yuan in comprehensive steel plant projects signed in Egypt along the "Belt and Road" initiative [2][5]. - The overall gross margin improved due to increased overseas revenue and new contracts, maintaining around 12% in the first three quarters and stabilizing for the year, attributed to refined management and effective project completion [2][7]. Strategic Partnerships - The company engaged in deep cooperation with major clients such as Rio Tinto and Baowu Steel Group, particularly on the Simandou iron ore project in Guinea, enhancing its brand influence and market competitiveness [2][8]. Market Expansion and Future Outlook - Zhonggang International plans to continue focusing on overseas markets, expanding both existing and new client relationships, with expectations of strong demand in the Middle East and other regions in the coming years [2][6]. - The company aims to explore international business, especially in the green metallurgy raw materials sector, by sourcing iron ore in gas-rich areas and processing it for domestic use, addressing challenges from domestic market adjustments [3][16]. Industry Dynamics - The supply-side reform in the steel industry has released positive signals, with policies from the Ministry of Industry and Information Technology promoting the domestic steel sector. The company signed contracts for variable frequency furnaces with private steel enterprises, responding to an increase in electric furnace steelmaking ratio above 15% [2][14]. - The geopolitical situation, particularly the Russia-Ukraine conflict, presents both opportunities and challenges for business expansion, with the company relying on technological innovation to secure orders despite increased competition post-conflict [9][10]. Regional Performance - New contracts in 2024 were primarily concentrated in Africa, especially North Africa, contributing significantly to the company's performance. The expectation for 2025 is to capture orders in the Middle East due to rising demand [15][22]. Operational Resilience - The company’s overseas projects are not affected by domestic holidays, ensuring continuous progress on contracts [11]. The overall sentiment regarding overseas business remains optimistic, with manageable impacts from domestic pressures [26]. Future Development Strategy - Zhonggang International's future strategy focuses on three main areas: low-carbon metallurgy technology research and development, international market expansion, and digital application, which are expected to enhance its core competitiveness [28]. Conclusion - Zhonggang International is positioned to leverage its international contracts and partnerships while navigating domestic challenges, with a clear strategy for growth in the green metallurgy sector and a focus on maintaining operational quality and profitability in a competitive landscape [2][28].

Summary of Zhonggang International's Conference Call Company Overview - **Company**: Zhonggang International - **Industry**: Steel and Mining Engineering Key Points and Arguments 2024 Performance and Growth - Zhonggang International maintained a steady growth trajectory in 2024 despite a decline in revenue, with a profit increase exceeding 10% after deducting non-recurring items [3][4] - The gross profit margin continued to improve, and operating cash flow was better than the same period in 2023 [3] Overseas Market Focus - The proportion of new contracts and revenue from overseas markets reached the highest level in recent years, although new orders in the Russian-speaking region did not show significant growth due to the impact of the Russia-Ukraine war [4][5] - The Middle East is a key development area, benefiting from infrastructure demands driven by Saudi Arabia's Vision 2030 and other economic diversification strategies [4] - The company is actively expanding into the African market, particularly in North Africa's mining sector [4][8] Domestic Market Outlook - Despite expectations for growth in new orders in 2025, the company remains cautious about domestic projects due to the long-cycle adjustments in the steel industry [4][11] - The domestic steel industry is currently facing severe losses, but potential positive changes may arise from the Ministry of Industry and Information Technology's proposal to increase electric furnace steelmaking to 15% [4][18] Competitive Advantages - Zhonggang International excels in direct reduction iron and pelletizing processes, maintaining strong competitiveness through technological innovation [4][9] - The company has seen a gradual increase in overseas new orders since 2023, with a significant advantage over the domestic market [10] Challenges in Russian and Ukrainian Markets - The Russian-speaking region has historically been an important market, but new orders have declined due to the ongoing conflict [5][12] - In Ukraine, a previously signed project is currently on hold due to the war, with future opportunities dependent on reconstruction plans [6] Future Market Potential - Key focus areas for future growth include the Middle East, Africa, and Southeast Asia, with Central Asian countries like Kazakhstan also seen as potential sources of new orders [4][17] - The company aims to leverage its technological strengths to expand in resource-rich regions of West and Southern Africa [8][21] Impact of International Sanctions - Easing of international sanctions could improve payment channels, particularly for funds from Russia, which are currently under pressure due to sanctions [22] 2025 Outlook - The company anticipates continued growth in overseas orders, building on the 16 billion RMB in new contracts signed in 2024 [16] - The domestic market is expected to stabilize, with potential for a rebound in 2025 [18] Technological Development - Short-term prospects for the widespread adoption of clean metallurgy technology in China are limited due to resource constraints [30] Financial Health - The company faced significant impairment losses in 2024, impacting performance, but is taking measures to alleviate pressure in 2025 [26][28][29] Additional Important Insights - The company is positioned as a leader in industrial engineering within the Baowu Group, focusing on overseas market expansion [24] - The ongoing geopolitical situation necessitates a cautious approach to market opportunities in the Russian-speaking region [14][15]

Summary of Conference Call Company and Industry - The conference call involved **Zhongguo International** and its operations in the **construction and engineering industry**, particularly focusing on international projects under the **Belt and Road Initiative** [1][2]. Key Points and Arguments 1. **Revenue Decline**: The company reported a noticeable decline in revenue, primarily due to a downturn in the domestic industry and a high base effect from 2023, which was impacted by the pandemic [2][3]. 2. **2024 Revenue Projection**: The expected revenue for 2024 is approximately **17.6 billion** [2]. 3. **Cash Flow Stability**: The company aims to maintain stable operating cash flow, projecting it to be on par with 2023 despite the industry downturn [3]. 4. **Overseas Contract Growth**: New overseas contracts signed increased by over **50%** year-on-year, indicating a robust performance in international markets despite domestic challenges [4]. 5. **Focus on Africa**: The majority of new overseas contracts are concentrated in North Africa, particularly in countries like **Algeria**, **Guinea**, and **Egypt** [5]. 6. **High-Quality Projects**: The company is committed to enhancing the quality of its projects under the Belt and Road Initiative, with stable growth in traditional markets [5]. 7. **Mining Sector Potential**: The mining sector shows significant potential, with the company making progress in developing high-difficulty mineral resources [6]. 8. **Partnerships with Major Corporations**: Collaborations with major companies like **Rio Tinto** and **Tenova** have strengthened the company's market position and brand reputation [7]. 9. **Internationalization Strategy**: The company is focusing on international expansion, with a significant portion of its business now derived from overseas operations [9][10]. 10. **Profit Margin Recovery**: The recovery of profit margins is attributed to the higher profitability of overseas projects compared to domestic ones, with an expected improvement in overall gross margin [15][17]. 11. **Domestic Market Challenges**: The domestic steel industry is facing significant pressure, with many companies experiencing losses, which may lead to increased competition and pricing pressure [21][22]. 12. **Future Outlook**: The company anticipates a growth in contracts for 2024, despite the challenges in the domestic market, as engineering projects are generally long-term investments [21][34]. Other Important Content - **Technological Advancements**: The company is exploring new technologies and methods to enhance efficiency and reduce costs in its operations [28][30]. - **Regulatory Environment**: The impact of international tariffs and trade policies on the steel industry is a concern, with potential implications for future exports [23][32]. - **Sustainability Initiatives**: There is a focus on low-carbon initiatives and energy efficiency improvements within the steel sector, aligning with global sustainability goals [25][30]. - **Market Dynamics**: The company is adapting to changing market conditions, including the need for improved cash flow management and contract quality [12][34]. This summary encapsulates the key insights and discussions from the conference call, highlighting the company's strategic direction and market challenges.

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company is expected to achieve a total revenue of 17.618 billion yuan in 2024, representing a year-on-year decline of 33.21%. However, the net profit attributable to shareholders is projected to be 809 million yuan, an increase of 6.21% year-on-year, while the net profit after deducting non-recurring items is expected to be 709 million yuan, up 12.93% year-on-year [2][6]. Summary by Sections Revenue and Profitability - The company faced revenue pressure with a total revenue of 17.618 billion yuan, down 33.21% year-on-year. In Q4 alone, revenue was 5.015 billion yuan, a decline of 45.59% year-on-year. Despite this, the company's net profit margin improved, with a non-recurring net profit margin of 4.02%, up 1.64 percentage points year-on-year [11][12]. Order Structure - The company signed new orders totaling 19.67 billion yuan in 2024, a year-on-year increase of 2.12%. Domestic new orders were 3.402 billion yuan, down 60.94%, while overseas new orders reached 16.268 billion yuan, up 54.17% [11][12]. Financial Position - The company has made sufficient provisions, which may lead to a lighter burden in 2025. A lawsuit regarding construction contract disputes has resulted in a claim for overdue payments of 457 million yuan, which may contribute to the significant difference between net profit and net profit after deductions [11][12]. Valuation and Dividend - The company's current valuation is at 1.1 times price-to-book ratio, which is still at a low percentile of 13% over the past decade. The price-to-earnings ratio for this year's performance is approximately 11 times, and with a projected dividend payout ratio of 50%, the current dividend yield is about 4.4%, making it an attractive low-valuation, high-dividend stock [11][12].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's Q4 performance is expected to decline primarily due to impairment losses, with a projected revenue of 17.62 billion yuan for 2024, a year-on-year decrease of 33.2%. However, the net profit attributable to shareholders is expected to increase by 6.2% to 810 million yuan, driven by a higher proportion of high-margin overseas business [1][3] - The overseas business is anticipated to continue its high growth momentum, with new contracts signed in 2024 expected to reach 19.67 billion yuan, a 2% increase year-on-year. The overseas orders are projected to account for 83% of total new contracts, reflecting a significant growth rate of 55% CAGR from 2022 to 2024 [2] - The company has a strong cash flow and a high dividend payout ratio, with an estimated dividend yield of around 5% for 2025, making it an attractive investment option [2] Financial Summary - For 2024, the company is expected to achieve a net profit of 808 million yuan, with projected earnings per share (EPS) of 0.56 yuan. The price-to-earnings (P/E) ratio is expected to be 11.2 times [4][3] - The financial indicators show a significant drop in revenue from 26.38 billion yuan in 2023 to 17.62 billion yuan in 2024, while the net profit is expected to grow from 761 million yuan in 2023 to 808 million yuan in 2024 [4][10] - The company's return on equity (ROE) is projected to remain stable around 9.7% for 2024, with a gradual increase to 10.2% by 2026 [4][10]

证券代码：000928 证券简称：中钢国际 公告编号：2025-3 中钢国际工程技术股份有限公司 关于2024年第四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。 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 年第四季度工程总承包业务经营情况简报如下： 一、新签订单情况 2024 年第四季度，公司新签工程项目合同 33 个，合同金额总计 46.18 亿元， 其中国内项目合同 24 个，合同金额合计 6.41 亿元；国外项目合同 9 个，合同金 额合计 39.77 亿元。 注：①因国家政策调控，工程建设进度放缓。 ②个别子项目工期有所调整。 ③因海外所在地社会原因，工程建设进度放缓。 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 322 个，预计总收入 1,059.79 亿元，累计 已确认收入 818.80 亿元，未完工部分预期收入 240.99 亿元；已签订合同但尚未 开 ...

Revenue and Profit - Total revenue for 2024 was CNY 1,761,752.40 million, a decrease of 33.21% compared to the previous year[4] - Operating profit increased by 8.01% to CNY 110,498.01 million, while total profit rose by 8.97% to CNY 111,633.80 million[4] - Net profit attributable to shareholders was CNY 80,877.15 million, reflecting a growth of 6.21% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 12.93% to CNY 70,857.57 million[4] - Basic earnings per share decreased by 2.47% to CNY 0.5637[4] Assets and Equity - Total assets at the end of the reporting period were CNY 2,754,984.79 million, down 8.16% from the beginning of the period[4] - Shareholders' equity attributable to the company increased by 5.55% to CNY 830,893.76 million[4] Business Performance - The company faced a significant decline in domestic business revenue due to a decrease in new contract amounts in the domestic engineering sector[5] - The company implemented cost reduction and efficiency enhancement measures, leading to an increase in net profit after non-recurring items[5] Financial Reporting - The financial data presented is preliminary and subject to change upon final audit in the annual report[3]

证券代码：000928 证券简称：中钢国际 公告编号：2025-1 中钢国际工程技术股份有限公司 关于公司 2022 年股票期权激励计划部分股票期权 注销完成的公告 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。 | 授予批次 | 激励对象人数 | 授予数量（万份） | 本次注销数量（万份） | | --- | --- | --- | --- | | 首次授予 | 5 | 50 | 50 | | 预留授予 | 1 | 2 | 2 | 前述注销部分股票期权事项符合《上市公司股权激励管理办法》及本次激励 1 计划有关规定，不会影响本次激励计划的正常进行，不会对公司的财务状况和经 营成果产生重大不利影响，也不会影响公司管理团队的勤勉尽职。 特此公告。 中钢国际工程技术股份有限公司董事会 2025 年 1 月 3 日 2 中钢国际工程技术股份有限公司（以下简称"公司"）第十届董事会第五次 会议和第十届监事会第四次会议分别审议通过了《关于注销 2022 年股票期权激 励计划部分股票期权的议案》，根据《上市公司股权激励管理办法》《中钢国际工 程技术股份有限公司股票期权激励 ...

中钢国际 监事会意见 根据《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》 等相关法律、法规和规范性文件及公司章程等有关规定，作为中钢国际工程技术股份有 限公司（以下简称"公司"）第十届监事会监事，经认真审阅相关资料，对公司提交第十 届监事会第四次会议审议的相关事项发表意见如下： 一、关于使用财务公司承兑汇票方式支付募投项目款并以募集资金等额置换的议案 公司及子公司使用财务公司承兑汇票方式支付募投项目所需资金并以募集资金等 额置换事项，制定了具体的操作流程，履行了必要的决策程序。该事项的实施不影响募 投项目的正常进行，不存在变相改变募集资金用途和损害股东利益的情形，符合公司及 股东利益，符合《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 1 号——主板上市公司规范运作》《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求》和公司《募集资金管理制度》等的规定。 二、关于注销 2022 年股票期权激励计划部分股票期权的议案 本次注销事项符合《上市公司股权激励管理办法》等相关法律、法规及公司《2022 年股票期权激励计划（草案修订稿）》中的有关规定， ...