中国交建：公司首次覆盖报告：交通基建央企龙头，海外布局广泛全产业链掘金

Investment Rating - The report assigns a "Buy" rating for China Communications Construction Company (CCCC) [2] Core Views - CCCC is a leading state-owned enterprise in transportation infrastructure, with a comprehensive business model covering construction, design, and dredging, and has a strong presence in both domestic and international markets [2][10] - The company has shown steady revenue and profit growth, with new contract values increasing year-on-year, and is actively involved in the "Belt and Road" initiative [2][34] - The projected net profit for 2024-2026 is estimated at 256.9 billion, 279.4 billion, and 307.5 billion CNY, with corresponding EPS of 1.58, 1.72, and 1.89 CNY [2] Summary by Sections 1. Company Overview - CCCC has a history of over a century in related businesses and operates in more than 150 countries [11] - The company is controlled by the State-owned Assets Supervision and Administration Commission of the State Council [11][15] 2. Business Performance - In 2023, CCCC's construction revenue reached 665.87 billion CNY, a 5.2% increase year-on-year, with a gross margin of 11.57% [34] - The company signed new construction contracts worth 1.55848 trillion CNY in 2023, a 14.0% increase from the previous year [34] - The overseas engineering contracts accounted for 18.9% of new contracts, with significant growth in international markets [34] 3. Financial Performance - CCCC's revenue and net profit grew by 5.1% and 23.6% respectively in 2023, with a consistent increase in new contract values since 2020 [2][51] - The company maintains a healthy financial structure with a debt-to-asset ratio of 72.7% and has issued bonds worth 33.1 billion CNY in the public market [2][51] 4. Future Outlook - The company aims for a new contract value target of 1.9899 trillion CNY in 2024, with a year-on-year growth rate of no less than 13.5% [28] - CCCC's core business of infrastructure construction is expected to continue dominating its revenue sources, maintaining over 80% contribution [28][34]