长江商报消息 ●长江商报记者 沈右荣 建筑巨头中国建筑（601668.SH）继续稳健展业。 作为建筑央企龙头，中国建筑继续打造"科技中建"，以科技创新构筑核心竞争力壁垒。2024年，公司研 发投入约455亿元，在A股5416家（含北交所）公司排名第二。 中国建筑在全球市场具有较高的市场地位。公司位居2024年《财富》世界500强榜单第14位。 首季营收净利稳健双增 5月16日晚，中国建筑发布的今年1—4月经营简报显示，前四个月，公司新签合同总额约1.52万亿元， 同比增长2.8%。其中，建筑业务新签合同约1.42万亿元，占比超90%。 今年一季度，中国建筑实现营业收入约5553亿元，同比增长1.10%；归属母公司股东的净利润（简 称"归母净利润"）约150亿元，同比增长0.61%，继续稳健增长，且环比由降转增。 经营稳健的中国建筑持续积极回报股东。2024全年，公司将向股东派发现金红利约112亿元，再度超过 百亿。 全球市场复杂多变，中国建筑稳健前行，开年取得了稳增长的经营业绩。 根据一季度报告，今年前三个月，中国建筑实现营业收入5553.42亿元，同比增长1.10%；归母净利润 150.13亿元，同比增长0 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 6.49 CNY for the next six months [5][10]. Core Views - The company reported a total revenue of 2.19 trillion CNY in 2024, a decrease of 3.5% year-on-year, and a net profit attributable to shareholders of 461.87 billion CNY, down 14.9% year-on-year [2][3]. - The decline in revenue and profit is attributed to increased expense ratios and impairment provisions [2][3]. - The company plans to distribute a cash dividend of 2.715 CNY per 10 shares, which represents 24.29% of the net profit attributable to shareholders, an increase of 3.47 percentage points year-on-year [1][3]. Revenue Performance - The company's revenue performance was under pressure, with quarterly revenue growth rates of 4.67%, 1.16%, -13.62%, and -5.67% for Q1 to Q4 respectively, indicating a narrowing decline in Q4 [2][3]. - The revenue breakdown by business segment includes: construction at 1.32 trillion CNY (down 4.5% YoY), infrastructure at 550.9 billion CNY (down 1.0% YoY), real estate development and investment at 306.2 billion CNY (down 0.8% YoY), and surveying and design at 10.8 billion CNY (down 7.9% YoY [2][3]. Profitability and Cash Flow - The gross profit margin improved slightly to 9.86% (up 0.03 percentage points YoY), with construction and infrastructure margins also increasing [3]. - The company reported a significant improvement in operating cash flow, with a net inflow of 157.74 billion CNY, a 43% increase YoY, and Q4 operating cash flow reaching 927.83 billion CNY, up 238.85% YoY [3]. - The net profit margin decreased to 2.87%, down 0.38 percentage points YoY, primarily due to increased expense ratios and impairment provisions [3]. Contracting and Business Structure - The company signed new contracts totaling 4.50 trillion CNY in 2024, a 4.1% increase YoY, with notable growth in overseas contracts [4][9]. - The construction business structure continues to optimize, with new contracts in the construction sector at 2.65 trillion CNY (down 1.4% YoY) and infrastructure contracts at 1.41 trillion CNY (up 21.1% YoY) [9].