Q1 营收阶段性下滑，盈利能力同比改善 -53% -41% -30% -18% -6% 5% 中工国际 沪深300 ❖ 事件：公司公告 2024Q1 实现营收 23.63 亿元同降 15.27%；实现归母净利润 1.17 亿元同增 0.67%；实现扣非归母净利润 1.37 亿元同增 29.97%。 ❖ 投资建议：我们预计公司 2024-2026 年实现营业收入 139.69/156.42/172.63 亿 元，归母净利润 4.59/5.51/6.72 亿元。4 月 30 日收盘价对应 PE 分别为 20.74/17.26/14.15 倍，维持"增持"评级。 | --- | --- | --- | --- | --- | --- | |------------------------|-----------|-------|-------|-------|-------| | [ Table_FinchinaSimple | ] 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 9717 | 12365 | 13969 | 15642 | 1726 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 2,362,767,576.32, a decrease of 15.27% compared to the same period last year[13]. - Net profit attributable to shareholders of the listed company was CNY 116,946,703.51, an increase of 0.67% year-on-year[13]. - The net profit after deducting non-recurring gains and losses increased by 29.97% to CNY 137,013,060.08, driven by enhanced market development and project execution[14]. - Total operating revenue for Q1 2024 was CNY 2,362,767,576.32, a decrease of 15.3% compared to CNY 2,788,678,558.20 in the previous period[21]. - Total operating costs for Q1 2024 were CNY 2,205,147,593.35, down 16.5% from CNY 2,640,293,180.41 in the previous period[21]. - The total comprehensive income for the period was 87,139,091.52, compared to 83,208,501.01 in the previous period[63]. - The total comprehensive income attributable to the parent company was 86,320,439.47, slightly down from 86,885,691.56 in the last period[63]. - Basic and diluted earnings per share remained stable at 0.09 for both periods[63]. Cash Flow - The net cash flow from operating activities decreased by 2,110.72% year-on-year, attributed to increased project payments during the reporting period[14]. - Cash inflow from operating activities was CNY 2,305,718,926.81, compared to CNY 2,693,840,116.88 in the previous period, reflecting a decrease of 14.4%[23]. - The net cash flow from operating activities was -694,901,540.63, a significant decrease compared to 34,559,878.06 in the previous period[45]. - Total cash inflow from investment activities was 25,656,588.43, down from 37,724,005.42 in the prior period[45]. - The net cash flow from investment activities was 110,721.26, a recovery from -17,151,788.15 in the previous period[45]. - Cash inflow from financing activities was 20,307,121.88, compared to 36,235,280.61 in the last period[45]. - Total cash outflow from financing activities increased to 121,974,407.71 from 48,988,828.52 in the previous period[45]. - The net cash flow from financing activities was -101,667,285.83, worsening from -12,753,547.91 in the prior period[45]. Expenses - Financial expenses decreased by 60.95% year-on-year, primarily due to exchange losses from the appreciation of the RMB in the previous year[14]. - R&D expenses increased by 98.72% year-on-year, reflecting the company's commitment to enhancing research and innovation[14]. - Research and development expenses increased to CNY 129,458,121.78, up 98.9% from CNY 65,147,166.98 in the previous period[21]. - Cash paid for purchasing goods and services was CNY 2,274,895,915.91, an increase from CNY 1,868,350,204.66 in the previous period[23]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 22,632,287,012.67, a slight increase of 0.05% from the end of the previous year[13]. - The company's non-current liabilities totaled approximately 959.09 million RMB, while total liabilities reached about 11.20 billion RMB[42]. - The company’s total equity attributable to shareholders reached approximately 11.31 billion RMB, an increase from 11.22 billion RMB[42]. - The company holds a forward foreign exchange settlement amount of $193 million and €1.654 million[39]. - The company’s long-term equity investments were valued at approximately 294.83 million RMB[41]. - The company’s goodwill decreased to approximately 241.05 million RMB from 245.32 million RMB[41]. - The cash and cash equivalents at the end of the period were 6,101,007,942.12, down from 6,788,196,809.88 at the end of the previous period[45]. Shareholder Information - The company reported a total of 57,584 common shareholders at the end of the reporting period[15]. - The top three shareholders collectively hold 63.64% of the total shares, indicating potential concerted action among them[16]. Projects and Contracts - The company signed a contract for the Jiangsu Provincial People's Hospital project worth CNY 31,737,600, which includes a total construction area of 190,000 square meters[3]. - The company signed an EPC contract worth $336,580,609 for a 500,000-ton soda ash plant project in Kazakhstan, with a construction period not exceeding 1,262 days[38]. - The company has initiated the construction of the soda ash plant project, having met all conditions for commencement[38]. Miscellaneous - The company has not disclosed any new product developments or technological advancements in this report[24]. - The first quarter report has not been audited, ensuring transparency in financial disclosures[25]. - The company guarantees the accuracy and completeness of the financial information presented in the report[26].

证券代码：002051 证券简称：中工国际 公告编号：2024－021 中工国际工程股份有限公司经营合同公告 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。 近日，中工国际工程股份有限公司下属全资公司京兴国际工程管 理有限公司（以下简称"京兴国际"）、下属全资公司中国中元国际工 程有限公司（以下简称"中国中元"）与中南建筑设计院股份有限公 司（以下简称"中南院"）组成的联合体与武汉市中医院签署了武汉 中医药传承创新中心建设项目（武汉市中医医院谌家矶院区）全过程 工程咨询服务合同。 一、合同主要内容 武汉中医药传承创新中心建设项目（武汉市中医医院谌家矶院区） 全过程工程咨询服务合同金额为 7,297 万元，该项目位于湖北省武汉 市，项目内容为项目管理、招标代理、工程勘察、设计咨询、造价咨 询、工程监理等。其中，京兴国际、中国中元主要承担项目管理、工 程监理及设计咨询中的总体规划、方案设计及设计优化、初步设计及 概算编制等工作，所占合同金额为 4,731 万元。服务期限为合同签订 之日至工程缺陷责任期满（自工程竣工验收合格之日起计算，为期两 年）止。 —1— 二、 ...

股 票 研 究 公 司 更 新 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------|----------------------------------------------|---------------------------------|-----------------|--------------|--------------------------------------------------------------------|--------------|----------|--------------------------------------|-------------------------|------------------------| | [Table_MainInfo] [Table_Title] 中工国际 \n | (002051) | | | | [Table_industryI ...

—1— | | | 咨询设计业务 | | 国内工程承包业务 | | --- | --- | --- | --- | --- | | | 数量 | 金额（亿元） | 数量 | 金额（亿元） | | 第一季度新签项目合同 | 213 | 4.13 | 9 | 3.09 | | 截至 年 月末累计已 2024 3 签约未完工项目合同 | 2,035 | 44.36 | 35 | 26.56 | | 已中标尚未签约项目合同 | 20 | 1.53 | 2 | 3.82 | 证券代码：002051 证券简称：中工国际 公告编号：2024－020 中工国际工程股份有限公司 2024 年第一季度经营情况简报 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。 中工国际工程股份有限公司（以下简称"公司"）2024 年第一季 度主要经营情况如下： 一、主要经营数据 2024 年第一季度，公司国际工程业务新签重要合同 4 个，新签 合同额为 5.35 亿美元，包括：中白工业园中心区工程交通基础设施 建设（一期）项目施工总承包合同、老挝 16GW 切片项目土建和钢结 构工程项目等；国际 ...

Financial Performance - In 2023, the company achieved a total operating revenue of 12.365 billion CNY, representing a year-on-year increase of 27.25%[26] - The total profit reached 3.155 billion USD, with a year-on-year growth of 6.16%[26] - The net profit attributable to shareholders was 361 million CNY, showing a year-on-year growth of 7.77%[26] - The net profit after deducting non-recurring gains and losses was ¥440,853,704.42, marking a significant increase of 48.72% from ¥295,930,564.96 in 2022[108] - The company achieved a total profit of ¥530,656,658.31 for the year 2023, with a net profit attributable to the parent company of ¥360,516,551.19[87] - The proposed profit distribution plan for 2023 is to distribute a cash dividend of ¥1.25 per 10 shares (including tax) to all shareholders, based on a total share capital of 1,237,408,937 shares[82] - The total cash dividend amount (including other methods) is 154,676,117.13 yuan, which accounts for 100% of the total profit distribution[65] Contracts and Business Development - New contract value signed amounted to 2.309 billion USD, reflecting a year-on-year increase of 27.99%[27] - The company reported a new contract amount of 1.815 billion yuan in key core equipment R&D and manufacturing, indicating an increasing industry influence[66] - The engineering investment and operation segment signed new contracts worth 275 million yuan, showing initial scale and continuous optimization of the industrial chain[67] - The company signed new contracts worth 1.327 billion CNY in domestic engineering contracting and 2.188 billion CNY in domestic design consulting during the reporting period[180] - The company successfully signed contracts for major projects, including the Nicaragua airport expansion and Mozambique's suspended monorail project[200] Technological Advancements and R&D - The company has been recognized as a "benchmark" in the State-owned Assets Supervision and Administration Commission's evaluation of "Double Hundred Enterprises"[13] - The company has initiated 5 energy-saving and environmental protection research projects and obtained 17 authorized patents in this field, including 8 invention patents and 9 utility model patents[35] - The company has published 45 papers related to energy-saving and environmental protection during the reporting period[35] - The company has applied for 6 patents in the energy-saving and environmental protection field, including 3 invention patents and 3 utility model patents[35] - The company has completed 122 patent applications, including 40 invention patents, and received 84 authorized patents, of which 20 are invention patents[68] - The company has been involved in the revision of 30 major international, national, and industry standards[68] - The company has achieved significant advancements in technology, with 10 high-tech enterprises recognized within its system and 166 provincial and ministerial-level awards received during the reporting period[186] Market Strategy and Expansion - The company plans to enhance its market presence in the oil and gas sector, particularly in the Middle East and Central Asia[11] - The company aims to further develop its digital and green low-carbon strategies in 2024[14] - The company has set a target to increase its overseas industrialization business and optimize its domestic industrial layout[14] - The company is actively participating in the "Belt and Road" initiative and is focusing on strategic emerging industries to support international capacity cooperation[135] - The company has established over 70 overseas offices, completing hundreds of large-scale turnkey projects across Asia, Africa, the Americas, and Eastern Europe[140] Corporate Governance and Compliance - The company has no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[57] - The company has not experienced any bankruptcy reorganization matters during the reporting period[46] - The company has no significant litigation or arbitration matters that meet disclosure standards during the reporting period[60] - The company has not incurred any penalties or rectification during the reporting period[61] - The company has committed to ensuring the independence of the listed company and respecting its operational autonomy in financial matters with Guoji Financial Co., Ltd.[64] Social Responsibility and Community Engagement - The company invested 880,000 yuan in targeted poverty alleviation efforts in the Qiaotian District of Guangyuan City, Sichuan Province, in 2023[36] - The company has actively supported farmers in various regions, with a total consumption assistance amount exceeding 650,000 yuan[36] - The company has signed a strategic cooperation framework agreement with the Guangyuan Municipal Government to develop local tourism resources, promoting local economic development[36] Operational Efficiency and Quality Control - The company maintains a strong quality control system, successfully passing multiple certifications in 2023[172] - The company has a comprehensive quality control system in place, ensuring a steady improvement in safety management levels, with no safety incidents reported during the reporting period[149] - The company has a low asset-liability ratio and strong bank credit capacity, maintaining good relationships with domestic and international financial institutions[174] Future Outlook and Strategic Goals - The company aims to enhance its core competitiveness and focus on high-quality development, particularly in key sectors such as healthcare, energy, and logistics[135] - The company emphasizes the importance of risk awareness regarding future plans and development strategies, indicating potential risks to investors[82] - The company is committed to strengthening technological leadership and collaborative integration as part of its "14th Five-Year" strategic plan[119]

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 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。 2 分析师承诺及简介 [Table_Header] 公司点评●专业工程 2024 年 04 月 08 日 （一）公司财务预测表 中国银河证券股份有限公司 研究院 机构请致电： 龙天光，建筑行业分析师。本科和研究生均毕业于复旦大学。2014 年就职于中国航空电子研究所。2016-2018 年就职于长江证 券研究所。2018 年加入银河证券，担任通信、建筑行业组长。团队获 2017 年新财富第七名，Wind 最受欢迎分析师第五名。2018 年 担任中央电视台财经频道节目录制嘉宾。2019 年获财经最佳选股分析师建筑行业第一名。2021 年获东方财富 Choice 最佳分析师建 筑行业第三名。2022 年获东方财富 Choice 最佳分析师建筑行业第一名及分析师个人奖。 | --- | --- | --- | --- | |---------------------------------------------------------------- ...

证券代码：002051 证券简称：中工国际 公告编号：2024－019 中工国际工程股份有限公司 关于全资子公司与关联方共同设立国机特种设备 检验有限公司暨关联交易的进展公告 一、关联交易的进展情况 北起院已委托北京天健兴业资产评估有限公司对北京科正平工 程技术检测研究院有限公司股东全部权益价值进行评估，并出具了评 估报告（天兴评报字【2024】第0353号）。近日，本次评估已在国资 监管机构完成备案。具体评估情况如下： 1、评估对象：科正平股东全部权益 2、评估范围：科正平于评估基准日的全部资产及负债 3、价值类型：市场价值。 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。 为进一步做强做优特检业务，巩固特检资质，扩大市场竞争优势， 中工国际工程股份有限公司（以下简称"公司"）于 2023 年 6 月 9 日，召开第七届董事会第三十四次会议审议通过了《关于全资子公司 拟与关联方共同出资设立国机特种设备检验有限公司暨关联交易的 议案》，同意公司下属全资子公司北京起重运输机械设计研究院有限 公司（以下简称"北起院"）与关联方合肥通用机械研究院有限公司 （以下简称 ...

中工国际独立董事 2023 年度述职报告 中工国际工程股份有限公司 独立董事张黎群 2023 年度述职报告 根据《公司法》《上市公司独立董事管理办法》《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《公司章程》、 公司《独立董事工作制度》的规定与要求，本人自 2023 年 7 月 12 日担任中工国 际工程股份有限公司（以下简称"公司""中工国际"）独立董事以来，恪尽职守、 勤勉尽责，积极出席相关会议，认真审议董事会各项议案，全面关注公司的发展 状况，切实维护了公司和股东，尤其是中小股东的利益。现将 2023 年度本人履 行独立董事职责的情况汇报如下： 一、独立董事基本情况 本人符合《上市公司独立董事管理办法》《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》等法律法规和规范性文件规定的独立 性要求，并已向公司提交有关独立性的自查报告。本人基本情况如下： 张黎群：女，独立董事，52 岁，清华大学管理学博士、副教授，硕士生导 师，中国注册会计师。现任北京国家会计学院副教授、本公司独立董事、太平资 本保险资产管理有限公司独立董事，兼任中国医院协会医院 ...

中工国际工程股份有限公司 内部控制审计报告 众环审字（2024）0201300号 中工国际工程股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了中 工国际工程股份有限公司（以下简称"中工国际公司"）2023 年 12 月 31 日的财务报告内部 控制的有效性。 一、中工国际公司对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》 的规定，建立健全和有效实施内部控制，并评价其有效性是中工国际公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意见， 并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的变化 可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控制审计结 果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 内部控制审计报告 众环审字（2024）0201300 号 徐超玉 中国注册会计师： 李建长 中国·武汉 20 ...