Investment Rating - The investment rating for the company is "Outperform the Market" [6][26][31] Core Views - The company demonstrates strong leadership advantages and continuous improvement in cash flow despite a slight decline in revenue and increased collection pressure affecting profitability [1][2][3] - New contract signings have shown resilient growth, with a total of 40,808 billion yuan in new contracts for 2024, reflecting a year-on-year increase of 5.4% [2][10] - The company maintains a stable gross margin, with an overall gross margin of 9.86% for 2024, which is a slight increase from the previous year [2][16] - Operating cash flow has been positive for five consecutive years, with a net cash flow from operating activities of 15.77 billion yuan in 2024 [3][19] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 21,871 billion yuan, a year-on-year decrease of 3.5%, and a net profit attributable to shareholders of 462 billion yuan, down 14.9% [1][9] - The fourth quarter of 2024 saw revenue of 5,606 billion yuan, a decline of 5.7% year-on-year, with a net profit of 65 billion yuan, down 38.9% [1][9] Order and Sales Performance - The company secured new contracts worth 40,808 billion yuan in 2024, with infrastructure contracts increasing by 21.1% year-on-year [2][10] - In the real estate sector, the company reported a contract sales amount of 4,219 billion yuan, a decrease of 6.5% year-on-year, with sales area down 21.2% [2][10] Profitability and Cost Management - The overall gross margin for 2024 was 9.86%, with specific margins for housing construction, infrastructure, and real estate at 7.40%, 10.03%, and 17.28% respectively [2][16] - The company’s expense ratio for 2024 was 4.95%, reflecting a slight increase of 0.24 percentage points year-on-year [2][16] Cash Flow and Investment - The net cash flow from operating activities was 15.77 billion yuan, marking the fifth consecutive year of positive cash flow [3][19] - The company has improved its investment income ratio, with a net cash outflow from investment activities of 25.1 billion yuan, the smallest since 2006 [3][19] Future Outlook - The company has adjusted its profit forecast downward but maintains an "Outperform the Market" rating, projecting net profits of 493 billion yuan, 507 billion yuan, and 520 billion yuan for the next three years [26][29]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7][18]. Core Views - The company achieved a revenue of 2,187.15 billion yuan in 2024, a decrease of 3.46% year-on-year, and a net profit attributable to shareholders of 461.9 billion yuan, down 14.88% year-on-year. The decline in performance is attributed to intensified competition in the construction market and a deep adjustment in the real estate sector [1][4]. - The company has increased its cash dividend payout ratio to 24.29%, up by 3.47 percentage points year-on-year, with a corresponding dividend per share of 2.715 yuan, resulting in a dividend yield of 5.05% as of April 15 [1][4]. Revenue and Orders - In 2024, the company signed new construction contracts totaling 40,808 billion yuan, reflecting a year-on-year increase of 5.4%. The revenue breakdown shows that the building construction, infrastructure, and design services generated revenues of 13,218 billion, 5,509 billion, and 108 billion yuan, respectively, with year-on-year changes of -4.5%, -1.0%, and -7.9% [2][4]. - The company’s focus on industrial buildings and public facilities has led to a significant increase in new contracts, with industrial buildings alone accounting for 7,216 billion yuan, a 16.0% increase year-on-year [2]. Profitability and Cash Flow - The gross profit margin for 2024 was reported at 9.86%, a slight increase of 0.02 percentage points year-on-year. The net profit margin was 2.87%, down 0.38 percentage points year-on-year [3][4]. - The company reported a cash flow from operations (CFO) of 157.74 billion yuan, an increase of 47.43 billion yuan year-on-year, with a cash collection ratio of 102.38% [3]. Financial Forecast - The projected net profit attributable to shareholders for 2025, 2026, and 2027 is estimated at 475 billion, 487 billion, and 500 billion yuan, respectively, reflecting a downward revision from previous estimates [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [7][18]. Core Views - The company is expected to enhance its market share during the industry downturn, despite 2024's performance being below expectations. Projected net profits for 2025-2027 are 475 billion, 487 billion, and 500 billion respectively [4][5]. Financial Performance - In 2024, the company achieved operating revenue of 2,187.15 billion, a decrease of 3.46% year-on-year, and a net profit attributable to shareholders of 461.9 billion, down 14.88% year-on-year [1][5]. - The cash dividend per 10 shares is set at 2.715 yuan, with a cash dividend ratio of 24.29%, an increase of 3.47 percentage points year-on-year, resulting in a dividend yield of 5.05% as of April 15 [1]. - The gross profit margin for 2024 was 9.86%, a slight increase of 0.02 percentage points year-on-year [3]. Business Segments - The company’s revenue from construction, infrastructure, and design services in 2024 was 13,218 billion, 5,509 billion, and 108 billion respectively, with year-on-year changes of -4.5%, -1.0%, and -7.9% [2]. - The company signed new contracts worth 40,808 billion in 2024, reflecting a year-on-year increase of 5.4% [1][2]. Cash Flow and Profitability - The net cash flow from operations in 2024 was 15,773.54 million, an increase of 47.43 million year-on-year, with a cash collection ratio of 102.38% [3][5]. - The company recorded a net profit margin of 2.87% in 2024, a decrease of 0.38 percentage points year-on-year [3]. Market Position - The company is focusing on high-demand sectors such as industrial plants, energy, and water conservancy, with significant contract growth in these areas [2]. - The strategic emerging industries accounted for 10.25% of total revenue in 2024, indicating diversification in business operations [2].

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 16 年 月 日 中国建筑（601668.SH） 现金流大幅改善，分红率明显提升 减值增加致 Q4 业绩承压，分红率显著提升维持分红总额稳定。2024 年公司实现 营业总收入 21871 亿，同降 3.5%；实现归母净利润 462 亿，同降 15%；扣非归 母净利润 416 亿，同降 14%。分季度看，Q1/Q2/Q3/Q4 公司营业收入分别同比 +5%/+1%/-14%/-6%；归母净利润分别同比+1%/+2%/-30%/-39%，Q4 业绩有 所承压，主要因：1）单季计提减值损失 114 亿，较同期增加 32 亿；2）投资收益 较同期减少 21 亿；3）受收入下行影响，单季费率有所提升，YoY+1.1pct；4）上 年同期基数较高（23Q4 业绩同增 43%）。2024 年拟 10 派 2.715 元，分红总额 112 亿，较同期基本持平；分红率 24.29%，较上年大幅提升 3.5pct，对应股息率 5%。 房建业务结构持续优化，能源工程、水务等基建领域表现亮眼。分业务看，2024 年房建/基建/地产业务分别实现营收 13218/ ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company experienced a significant improvement in cash flow and an increase in dividend payout ratio, despite facing pressure on Q4 performance due to increased impairment losses and reduced investment income [1][2] - The company plans to distribute a total dividend of 11.2 billion, maintaining stability in dividend payout [1] - The construction business structure continues to optimize, with strong performance in energy engineering and water infrastructure sectors [1] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 2,187.148 billion, a decrease of 3.5% year-on-year, and a net profit attributable to shareholders of 461.87 billion, down 14.9% year-on-year [5] - The quarterly breakdown shows revenue growth of +5% in Q1, +1% in Q2, but declines of -14% in Q3 and -6% in Q4 [1] - The overall gross margin for 2024 was 9.86%, a slight increase of 0.02 percentage points year-on-year [2] Business Segments - Revenue from construction, infrastructure, and real estate segments for 2024 was 13,218 billion, 5,509 billion, and 3,062 billion respectively, with declines of 5%, 1%, and 1% year-on-year [1] - The construction sector saw an increase in public building orders, with the share of residential business decreasing from 25% to 22% [1] Cash Flow and Investment - The company reported a net inflow of operating cash flow of 15.774 billion, an increase of 4.7 billion year-on-year, and a significant reduction in net outflow from investment activities to 2.511 billion, down 24 billion year-on-year [3] - The total net cash inflow from operating and investment activities was 13.3 billion, an increase of 28.7 billion year-on-year [3] Future Outlook - The company expects net profits for 2025, 2026, and 2027 to be 44.8 billion, 45.4 billion, and 45.6 billion respectively, with corresponding EPS of 1.09, 1.10, and 1.10 [3] - The current stock price corresponds to a PE ratio of 5.0 for 2025 [3]

Investment Rating - The investment rating for the company is "Buy" (首次) [4] Core Views - The company is a leading player in infrastructure and construction, benefiting from policy support and overseas market expansion [4][7] - The company has shown steady growth in revenue and profit, with a compound annual growth rate (CAGR) of 12.8% in revenue and 10.3% in net profit from 2013 to 2023 [7] - The company is expected to maintain robust growth driven by fiscal expansion and the Belt and Road Initiative [7] Financial Performance Summary - Revenue for 2022 was 2,055,052 million RMB, with a projected increase to 2,371,844 million RMB by 2025, reflecting a growth rate of 3.59% [5] - The net profit for 2022 was 50,950 million RMB, expected to rise to 54,620 million RMB by 2025, with a growth rate of 4.33% [5] - Earnings per share (EPS) is projected to increase from 1.23 RMB in 2022 to 1.32 RMB in 2025 [5] Business Segments - The construction segment has seen a new contract value of 4.08 trillion RMB in 2024, a year-on-year increase of 5.4% [7] - The infrastructure business has benefited from fiscal expansion, with a revenue growth of 11.7% in the first half of 2024 [7] - The real estate development segment is strategically acquiring quality land in first-tier cities, with a leading sales amount in the industry [7] Market Position and Strategy - The company is ranked 14th in the Fortune Global 500 and operates in over 100 countries, showcasing its global reach [7] - The company has a strong focus on high-end construction, particularly in industrial facilities, which has seen a significant increase in demand [7] - The company has maintained a consistent dividend policy, with a dividend payout ratio of 20.82% in 2023, ranking 5th among 164 companies in the industry [7] Valuation and Future Outlook - The company is expected to have a price-to-earnings (P/E) ratio of 4.3 in 2024, which is lower than the average P/E of 5.93 for comparable companies [7] - The ongoing international expansion and participation in the Belt and Road Initiative are expected to provide substantial long-term growth opportunities [7]