Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.81 CNY [4] Core Views - The company is expected to benefit significantly from the acceleration of canal construction both domestically and internationally, leveraging its position as the world's largest dredging enterprise [1][3] - The company's overseas revenue and orders have achieved high growth, with overseas orders accounting for over 20% of total new contracts in H1 2024, the highest among traditional infrastructure central enterprises [2] - The company's emerging business sectors, including offshore wind power and maritime cable laying, are rapidly growing, with new contract signings in H1 2024 reaching 295.2 billion CNY, a 51% year-on-year increase, accounting for over 30% of total new contracts [2] Canal Construction Opportunities - The "Four Vertical and Four Horizontal" national high-grade waterway network plan is expected to drive significant investment in canal construction, with six major canal projects planned with a total investment exceeding 850 billion CNY [1][7] - The company has secured a 21.5 billion CNY contract for the Pinglu Canal project, accounting for approximately 30% of the total investment in the project, solidifying its leading position in transportation infrastructure [1][3] - The company is also involved in the construction of the Dechong Funan Canal in Cambodia, a 12.1 billion CNY project, showcasing its technical expertise and diversified overseas investment capabilities [1][3] Financial Performance and Valuation - The company's revenue is expected to grow steadily, with projected revenues of 797.96 billion CNY, 862.40 billion CNY, and 933.61 billion CNY for 2024E, 2025E, and 2026E, respectively [3] - Net profit attributable to the parent company is forecasted to be 25.17 billion CNY, 27.82 billion CNY, and 31.10 billion CNY for 2024E, 2025E, and 2026E, respectively, with a projected EPS of 1.55 CNY, 1.71 CNY, and 1.91 CNY for the same periods [3] - The company's valuation is supported by a 24E PE of 7x, with a target price of 10.81 CNY, reflecting its strong position in the infrastructure sector and growth potential in emerging businesses [2][4] Overseas Expansion - The company has a strong overseas presence, with overseas orders accounting for 20.4% of total new contracts in H1 2024, and overseas revenue growing by 23.55% year-on-year in the same period [2][31] - The company is actively participating in the Belt and Road Initiative, with new contract signings in Belt and Road countries reaching 20.73 billion USD in H1 2024 [2] - The company's overseas projects include key infrastructure developments in Africa, where it has built over 1,600 infrastructure projects, including roads, bridges, and ports [33]

公司报告 | 半年报点评 海外营收&订单实现高增长，中期分红提升投资吸引力 收入、利润短暂承压，中期分红彰显投资性价比 24H1 公司实现收入 3574 亿，同比-2.5%；归母、扣非净利润为 114、106 亿，同比-0.6%、-3.0%，非经常性损益为 7.76 亿，同比增加 3.2 亿，其中 上半年应收款项减值准备转回 5.5 亿元；Q2 单季实现收入 1805 亿元，同 比-5.0%，归母、扣非归母净利 52.6、45.2 亿元，同比-10.6%、-18.0%。24 年上半年公司实行中期分红，拟派发现金红利总计约 22.80 亿，分红比例 20%，首次中期分红体现公司充分重视股东回报。考虑到海外以及新签业 务订单增长较快，我们上调盈利预测，预计公司 24-26 年归母净利润为 251、278、310 亿，（前值 24、25 年为 234、261 亿），认可给予公司 24 年 7 倍 PE，对应目标价 10.81 元，维持"买入"评级。 中国交建（601800） 证券研究报告 2024 年 09 月 09 日 投资评级 行业 建筑装饰/基础建设 6 个月评级 买入（维持评级） 当前价格 7.27元 目标 ...

Investment Rating - The investment rating for China Communications Construction Company (CCCC) is "Buy" (maintained) [1][2] Core Views - The report indicates that while the company's revenue and profit slightly declined in the first half of 2024, the new contract value has increased year-on-year, and the gross profit margins across various segments have improved, particularly in overseas operations [1][2] - The forecast for the company's net profit attributable to shareholders for 2024-2026 is projected at 256.9 billion, 279.4 billion, and 307.5 billion yuan, respectively, with corresponding EPS of 1.58, 1.72, and 1.89 yuan [1][2] Financial Summary - In the first half of 2024, CCCC achieved revenue of 357.45 billion yuan, a year-on-year decrease of 2.5%, with specific growth rates in various segments: infrastructure construction at -2.7%, infrastructure design at -10.3%, dredging at 3.3%, and other businesses at 12.6%. Overseas business revenue grew by 23.5% [1][5] - The net profit attributable to shareholders was 11.4 billion yuan, a year-on-year decrease of 0.6%, with operating cash flow at -74.16 billion yuan. The gross profit margin increased by 0.84 percentage points to 11.65% [1][5] - The new contract value for the first half of 2024 was 960.87 billion yuan, an increase of 8.4% year-on-year, achieving 48% of the annual target. The growth was primarily driven by overseas projects and urban construction [1][5] - The company signed new infrastructure investment projects worth 60.82 billion yuan, a decrease of 49% year-on-year, indicating a slowdown in infrastructure project construction [1][5] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected at 4.8, 4.4, and 4.0 for the years 2024, 2025, and 2026, respectively [1][5] - The gross profit margin is expected to improve gradually from 12.7% in 2024 to 12.9% in 2026, with net profit margins stabilizing around 3.1% [1][5]

Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 9.36 CNY [3]. Core Insights - The company reported a revenue of 357.448 billion CNY for H1 2024, a year-on-year decrease of 2.52%, while the net profit attributable to shareholders was 11.398 billion CNY, down 0.59% year-on-year [1][2]. - The infrastructure business faced pressure with a revenue decline in Q2, while overseas revenue continued to grow significantly, increasing by 23.54% year-on-year [1][2]. - The overall gross margin improved to 11.65%, up 0.89 percentage points year-on-year, with all business segments showing margin increases [2]. - The company signed new contracts worth 960.867 billion CNY in H1 2024, an increase of 8.37% year-on-year, with notable growth in urban construction and overseas projects [2]. Summary by Sections Financial Performance - H1 2024 revenue was 357.448 billion CNY, with a Q2 revenue decline of 5.02% year-on-year [1]. - The gross margin for H1 2024 was 11.65%, with Q2 gross margin at 11.42%, reflecting a significant year-on-year increase [2]. - Operating cash flow showed a net outflow of 74.161 billion CNY, worsening from a net outflow of 49.582 billion CNY in H1 2023 [2]. Business Segments - Infrastructure construction revenue decreased by 2.74% year-on-year, while dredging business revenue grew by 3.27% [1]. - The overseas business accounted for 19.48% of total revenue, marking a 4.07 percentage point increase year-on-year [1]. Future Outlook - Revenue projections for 2024-2026 are 819.371 billion CNY, 876.727 billion CNY, and 938.097 billion CNY, with expected year-on-year growth rates of 8.0%, 7.0%, and 7.0% respectively [6]. - The net profit forecasts for the same period are 25.39 billion CNY, 27.49 billion CNY, and 29.63 billion CNY, with growth rates of 6.6%, 8.3%, and 7.8% respectively [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's profitability has improved, and it has declared its first interim dividend [6] - The company reported a revenue of 357.4 billion yuan for H1 2024, a year-on-year decrease of 3% [10] - The net profit attributable to shareholders was 11.4 billion yuan, down 1% year-on-year [10] - The company has a robust order backlog of 353.62 billion yuan, which is ten times its revenue for the same period [10] - The company is a leading player in China's infrastructure sector and is expected to benefit from the "Belt and Road" initiative [10] Financial Performance - For H1 2024, the company's gross margin improved to 11.7%, up 0.8 percentage points year-on-year [10] - The gross margins for construction, design, and dredging businesses were 10.6%, 18.7%, and 11.4%, respectively, showing improvements [10] - The company plans to distribute a cash dividend of 0.14 yuan per share, accounting for 20% of its total profit for the period [10] - Revenue projections for 2024-2026 are 830 billion, 914 billion, and 1,009.7 billion yuan, respectively, with expected growth rates of 9%, 10%, and 10% [10] Business Segments - The company’s dredging business showed steady growth, while construction and design segments faced pressure due to a slowdown in domestic infrastructure investment [10] - The overseas revenue grew by 24% year-on-year, reaching 69.6 billion yuan in H1 2024 [10] - The company has 32 operational projects in its concession business, generating 4.1 billion yuan in revenue but incurring a net loss of 1.1 billion yuan [10] Valuation Metrics - The company is valued at a P/E ratio of 9 times for 2024 [10] - The projected EPS for 2024-2026 is 1.60, 1.76, and 1.95 yuan, respectively, with a CAGR of 10% over three years [10] - The company’s asset-liability ratio stands at 74.8%, with a slight decrease of 0.1 percentage points year-on-year [10]

Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Views - The company reported a revenue of 357.448 billion yuan for the first half of 2024, a year-on-year decrease of 2.52%, and a net profit attributable to shareholders of 11.399 billion yuan, down 0.59% year-on-year [1]. - The company's profitability has improved, with a gross margin of 11.65%, up 0.89 percentage points year-on-year, and a net profit margin of 4.06%, up 0.1 percentage points year-on-year [1]. - New contracts signed in emerging businesses grew rapidly, with a total of 960.867 billion yuan in new contracts, an increase of 8.37% year-on-year [1]. Financial Performance Summary - For the first half of 2024, the company achieved revenues from various segments: infrastructure construction (318.089 billion yuan, -2.74% YoY), infrastructure design (17.339 billion yuan, -10.29% YoY), dredging (26.886 billion yuan, +3.27% YoY), and other businesses (11.161 billion yuan, +12.59% YoY) [1]. - The company expects net profits for 2024-2026 to be 24.560 billion yuan, 26.316 billion yuan, and 28.565 billion yuan, representing year-on-year growth rates of 3.14%, 7.15%, and 8.55% respectively [2]. - The projected P/E ratios for the same period are 5.57, 5.20, and 4.79 times [2]. Contract and Business Growth Summary - The company signed new contracts worth 960.867 billion yuan in the first half of 2024, with significant contributions from infrastructure construction (863.378 billion yuan, +9.39% YoY) and design (32.656 billion yuan, +21.91% YoY) [1]. - International contracts amounted to 196.065 billion yuan (approximately 27.821 billion USD), marking a 38.88% increase year-on-year, accounting for 20% of total new contracts [1]. - The company has signed contracts worth 20.729 billion USD in countries involved in the "Belt and Road" initiative since its inception, totaling 255.487 billion USD [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in new contracts signed overseas, with a notable improvement in profit margins [1] - Domestic infrastructure construction growth has slowed, leading to a slight decline in revenue, but gross margins across various business segments have improved [2] - The company is well-positioned to benefit from the "Belt and Road" initiative, focusing on enhancing operational quality and meeting state-owned enterprise performance requirements [2] Financial Performance Summary - For the first half of 2024, the company achieved total revenue of 357.5 billion yuan, a year-on-year decrease of 2.3%, with a net profit attributable to shareholders of 11.4 billion yuan, remaining stable year-on-year [2] - Revenue from domestic infrastructure construction decreased by 7.0%, while overseas revenue increased by 23.5% [2] - The company’s gross margin improved to 11.7%, up 0.9 percentage points year-on-year, due to lower raw material costs and effective cost control [2] - New contracts signed in the first half of 2024 amounted to 960.9 billion yuan, representing an increase of 8.4% year-on-year, with significant growth in urban planning and design contracts [2] Earnings Forecast and Valuation - The company is projected to achieve net profits of 25.8 billion yuan, 27.5 billion yuan, and 29.3 billion yuan for the years 2024, 2025, and 2026, respectively [2] - The price-to-earnings (P/E) ratios based on the closing price on September 2 are estimated to be 4.9, 4.6, and 4.3 for the years 2024 to 2026 [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) for both A and H shares [2][3] Core Views - The company reported a revenue of 357.4 billion RMB and a net profit attributable to shareholders of 11.4 billion RMB for the first half of 2024, reflecting a year-on-year decline of 2.5% and 0.6% respectively [2] - The gross margin improved year-on-year to 11.65%, an increase of 0.84 percentage points, driven by better project management and structural adjustments [3] - The company has a target price of 11.13 RMB for A shares and 6.97 HKD for H shares, adjusted from previous values due to slower-than-expected revenue growth [2] Revenue and Profitability - For the first half of 2024, the company achieved a revenue of 3,574 billion RMB, with a net profit of 114 billion RMB, showing a decline compared to the previous year [2] - The gross margin for the second quarter of 2024 was reported at 11.42%, with a slight increase from the previous quarter [3] - The company maintains net profit forecasts of 25.9 billion RMB, 28 billion RMB, and 30 billion RMB for 2024, 2025, and 2026 respectively [2] Business Segments - Infrastructure construction revenue was 3,181 billion RMB, down 2.74% year-on-year, while the gross margin improved to 10.63% [3] - The company signed new contracts worth 9,609 billion RMB in the first half of 2024, representing an increase of 8.4% year-on-year, with overseas contracts growing by 39% [5] Financial Metrics - The company’s operating cash flow was negative at -742 billion RMB for the first half of 2024, indicating a cash outflow increase of 248 billion RMB year-on-year [4] - The net profit margin for the first half of 2024 was 3.19%, a slight increase from the previous year [4] - The company’s earnings per share (EPS) for 2024 is projected at 1.59 RMB, with a price-to-earnings (PE) ratio of 5.28 [6]

Investment Rating - The report maintains a "Buy" rating for China Communications Construction Company (601800.SH) [2] Core Views - The company's revenue for H1 2024 was CNY 357.4 billion, a year-on-year decrease of 2.5%, with a net profit attributable to shareholders of CNY 11.4 billion, down 0.6% year-on-year. The decline in Q2 performance is attributed to a slowdown in revenue recognition due to tight infrastructure funding and an increase in fixed cost ratios [1] - The company announced a mid-term dividend plan with a payout ratio of 20%, marking the first mid-term dividend since its listing, which enhances shareholder returns [1] - The company expects net profits for 2024-2026 to be CNY 24.0 billion, CNY 24.9 billion, and CNY 25.7 billion respectively, with corresponding EPS of CNY 1.48, CNY 1.53, and CNY 1.58 [1] Summary by Sections Financial Performance - In H1 2024, the company achieved a gross margin of 11.65%, an increase of 0.9 percentage points year-on-year. The operating cash flow showed a net outflow of CNY 74.2 billion, which is an increase in outflow by CNY 24.8 billion year-on-year [1] - The company signed new contracts worth CNY 960.9 billion in H1 2024, an increase of 8.4% year-on-year, with a backlog of CNY 35,362 billion, which is 4.7 times the revenue of 2023 [1] Business Segments - Revenue from infrastructure construction, design, dredging, and other businesses for H1 2024 was CNY 318.1 billion, CNY 17.3 billion, CNY 26.9 billion, and CNY 11.2 billion respectively, with year-on-year changes of -3%, -10%, +3%, and +13% [1] - The overseas business maintained rapid growth, with revenue from overseas operations reaching CNY 69.6 billion, a year-on-year increase of 24% [1] Dividend and Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.14 per share (before tax), totaling CNY 2.28 billion, with a projected dividend yield of 3.5% for 2024 [1]

证券代码：601800 证券简称：中国交建 公告编号：临 2024-048 中国交通建设股份有限公司 第五届董事会第三十八次会议决议公告 中国交通建设股份有限公司（简称公司或本公司）董事会及全体董事保证 本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真 实性、准确性和完整性承担法律责任。 释义： | 1 | 中交集团 | 指 | 中国交通建设集团有限公司，控股股东 | | --- | --- | --- | --- | | 2 | 中国港湾 | 指 | 中国港湾工程有限责任公司，公司附属公司 | | 3 | 中交路建 | 指 | 中交路桥建设有限公司，公司附属公司 | | 4 | 一公局集团 | 指 | 中交一公局集团有限公司，公司附属公司 | | 5 | 一航局 | 指 | 中交第一航务工程局有限公司，公司附属公司 | | 6 | 宝武资源 | 指 | 宝武资源有限公司，中国宝武钢铁集团有限公司全资子公司 | | 7 | 宝联体 | 指 | 宝武资源投资组建的联合体，负责投资几内亚西芒杜 1&2 号 | | | | | 铁矿项目。 | | 8 | 辽宁交投 | 指 | 辽宁省交通建设投资 ...