CAMCE(SZ:002051)2022-12-06 23:48Group 1: Business Model and Operations - The company operates as an international engineering contractor, focusing on providing integrated solutions for project lifecycle management without direct involvement in construction, characterized by a light asset model [3] - As a general contractor, the company subcontracts design, procurement, construction, and installation phases while primarily managing and supervising engineering projects [3] Group 2: Market and Business Areas - The company's main markets are divided into four regions: Southeast Asia, West Asia and Africa, Central Asia and Eastern Europe, and Latin America [4] - Key business areas include industrial engineering, agricultural engineering, water engineering, power engineering, and transportation engineering, with ongoing efforts to expand into mining and petrochemical engineering [4] Group 3: Contractual and Economic Factors - New contracts require multiple conditions to be met, influenced by political and economic environments in foreign countries, government approvals, and funding arrangements from owners, leading to longer timelines for contract effectiveness [5] - The company benefits from RMB depreciation in three ways: holding USD assets generates exchange gains, existing contracts priced in USD increase revenue with RMB depreciation, and it enhances the competitiveness of export enterprises [6] Group 4: Dividend Policy - Since its listing, the company has maintained a stable cash dividend policy, distributing no less than 10% of the annual distributable profits of the parent company [7] - The company has established a shareholder return plan for 2015-2017, outlining standards, ratios, and decision-making procedures for profit distribution to ensure continuity and stability [7]