Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Communications Construction Company (CCCC) [3][4]. Core Views - CCCC's new contract signing showed robust growth, with a total of 507.3 billion yuan in new contracts in Q1 2024, representing a year-on-year increase of 10.8% [2]. - The company's net profit attributable to shareholders increased significantly due to the reversal of impairment losses, with a net profit of 6.14 billion yuan in Q1 2024, up 10.0% year-on-year [1][2]. - CCCC's gross margin improved to 11.9% in Q1 2024, reflecting effective cost control measures [2]. Summary by Sections Financial Performance - In Q1 2024, CCCC achieved total revenue of 176.9 billion yuan, with a year-on-year growth of 0.18% [1]. - The company reported a net profit of 6.14 billion yuan, up 10.0% year-on-year, and a net profit excluding non-recurring items of 6.10 billion yuan, up 12.1% year-on-year [1]. Contract Signing and Business Segments - New contracts signed in Q1 2024 amounted to 507.3 billion yuan, with domestic and international contracts at 416.1 billion yuan and 91.2 billion yuan, respectively [2]. - The infrastructure segment saw a significant increase in new contracts, particularly in urban construction, which grew by 60.2% year-on-year [2]. Cost Control and Profitability - CCCC reversed credit impairment losses of approximately 360 million yuan in Q1 2024, contributing to the increase in net profit [2]. - The company improved its gross margin to 11.9% and net margin to 4.3%, with sales, management, and financial expense ratios showing slight increases [2]. Profit Forecast and Valuation - The report forecasts net profits for CCCC at 25.78 billion yuan, 27.84 billion yuan, and 29.85 billion yuan for 2024, 2025, and 2026, respectively [3]. - The estimated P/E ratio for CCCC is projected to remain at 6 for 2024 and 2025, indicating a stable valuation outlook [3].

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Investment Rating - The report maintains a "Buy" rating for China Communications Construction Company (CCCC) [3][4]. Core Views - CCCC is recognized as a world-class leader in transportation construction, with 2023 performance significantly exceeding expectations and 2024 operational targets being raised. The company has shown stable long-term growth in net profit despite some volatility in recent years [3][9]. - The company aims for a new contract target growth of no less than 13.5% and revenue growth of no less than 8.2% for 2024, indicating strong operational confidence [3][22]. Summary by Sections Company Overview - CCCC is the largest port, highway, and bridge design and construction company globally, as well as the largest international engineering contractor in China. The company is controlled by the State-owned Assets Supervision and Administration Commission (SASAC) [9][12]. Performance and Growth - CCCC's revenue compound annual growth rate (CAGR) from 2018 to 2023 is 9.1%, with net profit CAGR at 3.9%. In 2023, the company achieved a revenue of 758.68 billion yuan, a year-on-year increase of 5.1%, and a net profit of 23.81 billion yuan, up 23.61% year-on-year [13][22]. - The company’s new contract structure shows a dominant focus on infrastructure construction, with 88.9% of new contracts in this sector, and a significant recovery in overseas orders, which grew by 47.5% in 2023 [13][24]. Market Stability and Growth Drivers - The report highlights stable demand in transportation and port dredging, with ongoing investment opportunities in highway construction despite a slowdown in overall growth rates. The company is well-positioned to benefit from urban renewal and overseas projects [25][30]. - CCCC's market share in road and bridge construction has improved, with a notable increase in new contracts despite industry-wide slowdowns [25][29]. Profitability and Financial Health - The report indicates a high certainty of enhanced profitability, with expectations for improved return on equity (ROE) and operating cash ratios due to increased contributions from overseas and urban projects [3][4]. - The company’s dividend payout ratio has improved, reaching 20% in 2023, which is expected to continue growing due to strong free cash flow [4][22]. Future Outlook - CCCC's strategic focus on major transportation and urban projects, along with its leadership in overseas construction, positions it well for future growth. The company is expected to maintain a robust performance trajectory supported by government infrastructure spending and urbanization trends [3][4][36].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 176.90 billion, representing a year-on-year increase of 0.18%[3]. - Net profit attributable to shareholders was CNY 6.14 billion, reflecting a growth of 10.00% compared to the same period last year[3]. - Basic earnings per share were CNY 0.36, which is a 12.50% increase compared to the same period last year[3]. - The gross profit margin improved to 5.73% in Q1 2024 from 5.06% in Q1 2023, indicating better cost management[16]. - Total comprehensive income attributable to the parent company for Q1 2024 was CNY 7.60 billion, up from CNY 5.13 billion in Q1 2023, an increase of 48.29%[17]. - Net profit for Q1 2024 was CNY 7.53 billion, up from CNY 6.94 billion in Q1 2023, reflecting an increase of 8.47%[16]. Cash Flow and Liquidity - The net cash flow from operating activities was a negative CNY 39.63 billion, indicating a significant outflow due to business scale growth[3][6]. - The company reported a net cash outflow from operating activities of CNY 39.63 billion in Q1 2024, compared to a net outflow of CNY 25.63 billion in Q1 2023[18]. - Cash and cash equivalents at the end of Q1 2024 totaled CNY 137.98 billion, an increase from CNY 129.49 billion at the end of Q1 2023[18]. - The ending balance of cash and cash equivalents was 25,163,256,929 RMB, down from 29,616,782,202 RMB at the end of Q1 2023[22]. - Cash inflow from financing activities reached 40,830,154,259 RMB, up from 16,698,185,002 RMB in Q1 2023[22]. - The net cash flow from financing activities was 21,761,709,031 RMB, compared to 6,695,789,024 RMB in the previous year[22]. Assets and Liabilities - The total assets at the end of the reporting period reached CNY 1,818.36 billion, an increase of 7.96% from the previous year[4]. - Current liabilities increased to CNY 823,976,086,849 from CNY 762,180,852,818, representing a rise of about 8.5%[15]. - The company's total liabilities reached CNY 1,348,343,641,160, up from CNY 1,225,138,285,495, indicating an increase of about 10.1%[15]. - Total equity attributable to shareholders increased to CNY 309,527,548,253 from CNY 301,734,470,210, reflecting a growth of approximately 2.6%[15]. - The total amount of receivables increased to CNY 117,986,929,144 from CNY 116,424,517,658, reflecting a growth of approximately 1.3%[14]. Contracts and Business Growth - The new contracts signed amounted to CNY 507.30 billion, showing a year-on-year growth of 10.81%[5]. - In Q1 2024, the company signed new contracts worth CNY 507.298 billion, a year-on-year increase of 10.81%, achieving 25.49% of the annual target[10]. - The infrastructure construction business saw a total of 1,482 contracts signed, amounting to CNY 464.426 billion, up 15.75% from the previous year[11]. - The overseas new contract amount was CNY 91.235 billion (approximately USD 12.943 billion), representing a year-on-year growth of 9.37% and accounting for 18% of total new contracts[10]. - The company’s total new contract amount for dredging business was CNY 29.219 billion, down 17.82% from the previous year[11]. Shareholder Information - The top shareholder, China Communications Construction Group, holds 57.58% of the shares, followed by HKSCC Nominees Limited with 26.89%[7]. - The company reported a total of 149,547 A-share shareholders and 11,971 H-share shareholders as of March 31, 2024[10]. Research and Development - Research and development expenses decreased to CNY 4.69 billion in Q1 2024 from CNY 5.04 billion in Q1 2023, a reduction of 6.92%[16]. - Research and development expenses for Q1 2024 were ¥12,331,878, significantly higher than ¥264,615 in Q1 2023, indicating a focus on innovation[21]. Financial Ratios and Metrics - The weighted average return on equity was 2.16%, a slight increase of 0.04% year-on-year[3]. - The company experienced a 31.37% increase in taxes and surcharges, primarily due to increased land value tax from certain subsidiaries[6]. - Sales expenses rose by 43.27%, attributed to increased market development costs[6].

Investment Rating - The report maintains a "Buy" rating for China Communications Construction Company (601800.SH) [2][7] Core Views - In Q1 2024, the company achieved operating revenue of 176.9 billion yuan, a year-on-year increase of 0.2%, and a net profit attributable to shareholders of 6.14 billion yuan, up 10% year-on-year. The growth was slightly above expectations due to lower impairment provisions and effective cost control measures leading to a 0.3 percentage point increase in gross margin [1][2] - The company signed new contracts worth 507.3 billion yuan in Q1 2024, representing a 10.8% year-on-year increase, completing 25.5% of the annual target. The municipal business showed strong performance, with significant growth in new contracts [1] Summary by Sections Financial Performance - Q1 2024 operating revenue was 176.9 billion yuan, with a net profit of 6.14 billion yuan, and a non-recurring net profit increase of 12% year-on-year. The gross margin improved to 11.9%, up 0.3 percentage points year-on-year. The net profit margin increased to 3.47%, up 0.31 percentage points year-on-year [1][2] - The company expects net profits for 2024, 2025, and 2026 to be 25.625 billion yuan, 27.257 billion yuan, and 28.941 billion yuan, respectively, with growth rates of 7.6%, 6.4%, and 6.2% [2][4][5] Contracting and Business Growth - New contracts signed in Q1 2024 totaled 507.3 billion yuan, with domestic and international contracts at 416.1 billion yuan and 91.2 billion yuan, respectively. The infrastructure business saw a 16% increase in new contracts, while municipal orders showed remarkable growth [1][2] - The company’s investment projects continue to shrink, with a 47% year-on-year decrease in contract amounts for infrastructure projects [1]

证券代码：601800 证券简称：中国交建 公告编号：临2024-026 中国交通建设股份有限公司 2024年第一季度主要经营数据公告 中国交通建设股份有限公司（本公司或公司）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个别及连带责任。 现将公司2024年第一季度主要经营情况公布如下，供各位投资者参阅。 一、 主要经营情况 报告期，中国交建新签合同额为 5,072.98 亿元，同比增长 10.81%，完成年 度目标的 25.49%（按照董事会审议批准的在 2023 年新签合同额 17,532.15 亿元 的基础上增长 13.50%，即 19,898.99 亿元测算）。其中，基建建设业务、基建设 计业务、疏浚业务和其他业务分别为 4,644.26 亿元、101.31 亿元、292.19 亿元 和 35.22 亿元。 各业务来自于境外地区的新签合同额为 912.35 亿元（约折合 129.43 亿美元）， 同比增长 9.37%，约占公司新签合同额的 18%。其中，基建建设业务、基建设计 业务、疏浚业务和其他业务分别为 872.83 亿元、2. ...

北京观韬中茂律师事务所 Guantao Law Firm 关于 中国交通建设股份有限公司 回购注销 2022 年限制性股票激励计划 部分限制性股票实施情况的 法律意见书 观意字（2024）第 003191 号 释义 除非本法律意见书中另有说明，下列词语在本法律意见书中的含义如下： | 1. | 中国交建、公司 | 指 | 中国交通建设股份有限公司 | | --- | --- | --- | --- | | 2. | 本激励计划、 | 指 | 经公司 2023 年第二次临时股东大会审议 年限制性股票激 | | | 《激励计划》 | | 通过的《中国交建 2022 | | | | | 励计划》 | | 3. | 《公司章程》 | 指 | 中国交通建设股份有限公司现行有效的 | | | | | 《中国交通建设股份有限公司章程》 | | 4. | 观韬、本所 | 指 | 北京观韬中茂律师事务所 | | 5. | 本法律意见书 | 指 | 《北京观韬中茂律师事务所关于中国交通 建设股份有限公司 2022 年限制性股票激 | | | | | 励计划调整和首次授予事项的法律意见 | | | | | 书》 | | 6. | ...

证券代码：601800 证券简称：中国交建 公告编号：临 2024-025 中国交通建设股份有限公司 关于 2022 年限制性股票激励计划部分限制性股票 回购注销实施公告 一、 本次限制性股票回购注销的决策与信息披露 （一）2024 年 1 月 26 日，公司召开第五届董事会第二十九次会议、第五届 监事会第二十一次会议，审议通过了《关于回购注销 2022 年限制性股票激励计 划部分限制性股票的议案》，同意公司对 8 名激励对象已获授但尚未解除限售的 全部限制性股票实施回购，公司独立董事发表了同意的独立意见，监事会发表了 1 核查意见，律师发表了相应意见，具体详见公司于 2024 年 1 月 27 日披露的《中 国交通建设股份有限公司关于回购注销 2022 年限制性股票激励计划部分限制性 股票的公告》（编号：临 2024-009）。 中国交通建设股份有限公司（简称本公司或公司）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。 重要内容提示： 回购注销原因：公司 2022 年限制性股票激励计划首次授予对象中，7 名 激励对象因组织安排调 ...

中信证券股份有限公司 关于中国交通建设股份有限公司分拆所属子公司 中交公路规划设计院有限公司 中交第一公路勘察设计研究院有限公司 中交第二公路勘察设计研究院有限公司 至上交所主板重组上市2023年持续督导核查意见 中国交通建设股份有限公司（以下简称"公司"、"上市公司"、"中国交 建"）将所持中交公路规划设计院有限公司（以下简称"公规院"）100%股权、 中交第一公路勘察设计研究院有限公司（以下简称"一公院"）100%股权、中 交第二公路勘察设计研究院有限公司（以下简称"二公院"，与公规院、一公院 合称"三家公路院"）100%股权，中国城乡控股集团有限公司（以下简称"中 国城乡"）将所持中国市政工程西南设计研究总院有限公司（以下简称"西南院"） 100%股权、中国市政工程东北设计研究总院有限公司（以下简称"东北院"） 100%股权、中交城市能源研究设计院有限公司（以下简称"能源院"，与西南 院、东北院合称"三家市政院"）100%股权一并与甘肃祁连山水泥集团股份有 限公司（以下简称"祁连山"，现更名为中交设计咨询集团股份有限公司，以下 简称"中交设计"）持有的甘肃祁连山水泥集团有限公司 100%股权进行置换（以 ...

证券代码：601800 证券简称：中国交建 公告编号：临 2024-023 中国交通建设股份有限公司 关于 2025-2027 年度日常性关联（连）交易 上限计划的公告 中国交通建设股份有限公司（简称本公司或公司）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。 重要内容提示： 本次交易需要提交股东大会审议。 本次交易是正常生产经营所需，不影响公司的独立性，不会损害公司及其 他中小股东的利益，公司主营业务不会因此类日常关联交易而对关联方形成依赖。 释义： | 1. | | 中交集团 | 指 | 中国交通建设集团有限公司，公司控股股东 | | --- | --- | --- | --- | --- | | 2. | | 财务公司 | 指 | 中交财务公司有限公司，公司附属公司 | | 3. | | 信科集团 | 指 | 中国交通信息科技集团有限公司，中交集团附属公司 | | 4. | | 中交服务 | 指 | 中交物业服务集团有限公司，中交集团附属公司 | | 5. | "公司 | 2025-2027 年度日常关联交易 | 指 | 《 ...