登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600970 证券简称：中材国际 公告编号：临2025-031 债券代码：241560 债券简称：24 国工 K1 中国中材国际工程股份有限公司 关于重要参股公司对外投资（海外）的公告 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。 一、对外投资概述 1、中国中材国际工程股份有限公司（简称"中材国际"或"公司"）之重要参股公司中材水泥有限责任公 司（简称"中材水泥"）拟通过其全资子公司中材水泥（香港）投资有限公司（简称"中材水泥香港"）在 阿拉伯联合酋长国（简称"阿联酋"）新设中材水泥（中亚）投资有限责任公司（以监管部门核定为准， 简称"中亚SPV公司"），并以中亚SPV公司为投资主体以3,785.04万美元增资入股哈萨克斯坦共和国 （简称"哈萨克斯坦"）当地公司QazCement Industries LLP（简称"QC公司"），取得QC公司70%股权， 并在哈萨克斯坦阿克托别州建设1条3500t/d熟料水泥生产线，该项目规模总投资约为18,024.06万美元 （按 ...

证券代码：600970 证券简称：中材国际 公告编号：临 2025-031 债券代码：241560 债券简称：24 国工 K1 二、交易双方基本情况 （一）投资方 1 1、公司名称：中材水泥有限责任公司 中国中材国际工程股份有限公司 关于重要参股公司对外投资（海外）的公告 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。 一、对外投资概述 1、中国中材国际工程股份有限公司（简称"中材国际"或"公司"）之重 要参股公司中材水泥有限责任公司（简称"中材水泥"）拟通过其全资子公司中 材水泥（香港）投资有限公司（简称"中材水泥香港"）在阿拉伯联合酋长国（简 称"阿联酋"）新设中材水泥（中亚）投资有限责任公司（以监管部门核定为准， 简称"中亚 SPV 公司"），并以中亚 SPV 公司为投资主体以 3,785.04 万美元增 资入股哈萨克斯坦共和国（简称"哈萨克斯坦"）当地公司 QazCement Industries LLP（简称"QC 公司"），取得 QC 公司 70%股权，并在哈萨克斯坦阿克托别州建 设 1 条 3500t/d 熟料水 ...

Investment Rating - The investment rating for the company is "Buy" [9] Core Views - The company reported a 31% year-on-year increase in new contracts signed in Q1 2025, with overseas contracts showing strong growth of 46% [5] - The company's Q1 2025 revenue was 10.147 billion yuan, a slight decrease of 1.37% year-on-year, while net profit increased by 4.19% to 663 million yuan [4] - The gross profit margin decreased to 17.0%, down 2.51 percentage points year-on-year, while the net profit margin improved slightly to 6.99% [5] Financial Performance - The company expects revenues of 48.7 billion yuan in 2025 and 50.4 billion yuan in 2026, representing year-on-year growth of 5.61% and 3.41% respectively [6] - The projected net profit for 2025 is 3.12 billion yuan, increasing to 3.31 billion yuan in 2026, with corresponding PE ratios of 7.9X and 7.4X [6] - The company's total assets are projected to grow from 629 billion yuan in 2025 to 664 billion yuan in 2026 [10] Key Financial Ratios - The company's asset-liability ratio stands at 61.3% [3] - The projected EPS for 2025 is 1.18 yuan, increasing to 1.25 yuan in 2026 [10] - The projected P/B ratio is expected to decrease from 1.06 in 2025 to 0.98 in 2026 [10]

Investment Rating - The investment rating for the company is "Buy" [9] Core Views - The company reported a 31% year-on-year increase in new contracts signed in Q1 2025, with overseas contracts showing strong growth of 46% [5] - The company's Q1 2025 revenue was 10.147 billion yuan, a slight decrease of 1.37% year-on-year, while net profit increased by 4.19% to 663 million yuan [4] - The gross profit margin decreased to 17.0%, down 2.51 percentage points year-on-year, while the net profit margin improved slightly to 6.99% [5] Financial Performance - The company expects revenues of 48.7 billion yuan and 50.4 billion yuan for 2025 and 2026, respectively, representing year-on-year growth of 5.61% and 3.41% [6] - The projected net profit for 2025 and 2026 is 3.12 billion yuan and 3.31 billion yuan, with growth rates of 4.41% and 6.42% [6] - The company's PE ratios for 2025 and 2026 are estimated to be 7.9X and 7.4X, respectively [6] Key Financial Metrics - The company's total assets are projected to grow from 58.7 billion yuan in 2024 to 70.1 billion yuan in 2027 [10] - The debt-to-asset ratio is expected to decrease from 61.3% in 2024 to 57.9% in 2027, indicating improved financial stability [10] - The return on equity (ROE) is projected to decline slightly from 14.1% in 2024 to 12.6% in 2027 [10]

Core Insights - The company reported a slight increase in revenue and net profit for 2024, with total revenue of 46.13 billion yuan, net profit attributable to shareholders of 2.98 billion yuan, and net profit excluding non-recurring items of 2.72 billion yuan, reflecting year-on-year growth of 0.7%, 2.3%, and 1.6% respectively [1] - In Q1 2025, the company experienced a decline in revenue and net profit, with total revenue of 10.15 billion yuan, net profit attributable to shareholders of 660 million yuan, and net profit excluding non-recurring items of 600 million yuan, showing year-on-year changes of -1.4%, 4.2%, and -8.4% respectively [1] New Contracts and Business Performance - The company saw a significant increase in new contracts due to strong overseas demand, with new contract value for 2024 reaching 63.44 billion yuan, up 3% year-on-year, driven by a 9% increase in overseas contracts [2] - In Q1 2025, new contracts surged by 31% year-on-year to 27.88 billion yuan, with overseas contracts increasing by 46% and domestic contracts by 1% [2] - The operational performance in the maintenance segment remained robust, with new contracts in mining maintenance and cement maintenance growing by 36% and 15% respectively in 2024 [2] Revenue and Profit Margins - For 2024, the company reported domestic and overseas revenues of 23.65 billion yuan and 22.27 billion yuan, respectively, with year-on-year changes of -7.2% and +10.9% [3] - The gross margin for the maintenance business was 21.5%, while the engineering services segment achieved a gross margin of 16.0% [3] - In Q1 2025, the company's gross margin decreased to 17.0%, while the net margin remained stable at 7.0% [4] Financial Metrics and Cash Flow - The company’s financial metrics showed a decrease in financial expense ratio in Q1 2025, contributing to a year-on-year increase in net profit attributable to shareholders [4] - Operating cash flow turned negative in Q1 2025, with a net outflow of 1.87 billion yuan, compared to a net inflow of 2.29 billion yuan in the previous year [4] Profit Forecast and Valuation - The company adjusted its net profit forecasts for 2025 and 2026 downwards to 3.26 billion yuan and 3.40 billion yuan, respectively, while introducing a new forecast for 2027 at 3.52 billion yuan [5] - Despite the challenges in the domestic cement market, the company maintains a "buy" rating due to strong overseas demand and growth in the maintenance business [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - In Q1 2025, the company achieved operating revenue of 10.147 billion yuan, a year-on-year decrease of 1.37%. The net profit attributable to shareholders was 663 million yuan, an increase of 4.19% year-on-year, while the net profit after deducting non-recurring gains and losses was 599 million yuan, a decrease of 8.38% year-on-year [3][8]. - The company signed new contracts worth 27.881 billion yuan in Q1 2025, representing a year-on-year increase of 31%. Domestic new contracts amounted to 7.020 billion yuan, up 1% year-on-year, while foreign new contracts reached 20.861 billion yuan, an increase of 46% year-on-year [8]. - The company's comprehensive gross margin in Q1 2025 was 16.97%, a decrease of 2.51 percentage points year-on-year. The expense ratio improved significantly, with a total expense ratio of 8.80%, down 2.43 percentage points year-on-year [8]. - The company's operating cash flow in Q1 2025 showed a net outflow of 1.873 billion yuan, which was an increase of 685 million yuan year-on-year, primarily due to the impact of the cement market [8]. - The current stock price is at a low level, providing a strong margin of safety. The company is expected to benefit from international developments and the "Belt and Road" initiative, making it worthy of further attention [8]. Financial Data Summary - For 2025, the estimated total operating revenue is 49.652 billion yuan, with a projected net profit of 3.386 billion yuan [14]. - The company’s total assets are projected to reach 63.955 billion yuan by 2025, with a debt-to-asset ratio of 59.1% [14].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [8][19]. Core Views - The company has maintained stable operations, with a slight decline in revenue in Q1 2025, but a year-on-year increase in net profit due to non-recurring gains [1]. - The company signed new orders worth 27.881 billion, representing a year-on-year increase of 31%, with significant growth in engineering services and high-end equipment manufacturing [2]. - The gross margin has been under pressure, but the company has demonstrated good cost control capabilities [3]. - The company is expected to continue its overseas expansion and diversify its business, leveraging the Belt and Road Initiative and the demand for green and digital solutions in mature markets [4]. Financial Performance Summary - In Q1 2025, the company achieved revenue of 10.15 billion, a decrease of 1.37% year-on-year, while net profit attributable to the parent company was 663 million, an increase of 4.2% [1]. - The comprehensive gross margin for Q1 2025 was 17%, down 2.51 percentage points year-on-year, while the net profit margin increased by 0.35 percentage points to 6.99% [3]. - The company expects net profits for 2025-2027 to be 3.12 billion, 3.32 billion, and 3.58 billion, respectively, with corresponding P/E ratios of 8, 7.5, and 7 [4]. Order and Market Analysis - The company’s new orders in Q1 2025 showed strong growth, particularly in overseas markets, which accounted for 74.82% of total orders [2]. - Domestic orders grew moderately by 1%, while overseas orders increased by 46% year-on-year [2]. - The company is focusing on key regions such as the Middle East, Africa, and Southeast Asia for new projects and operational services [4].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [8][19]. Core Views - The company has maintained stable operations, with a slight decline in revenue but an increase in net profit due to non-recurring gains [1]. - The company has experienced significant growth in new orders, particularly in overseas markets, indicating a continuation of high demand [2]. - The company is expected to benefit from its long-term strategy of deepening its global market presence and diversifying its business operations [4]. Financial Performance - In Q1 2025, the company achieved revenue of 10.15 billion, a year-on-year decrease of 1.37%, while net profit attributable to shareholders was 663 million, an increase of 4.2% [1]. - The gross margin for Q1 2025 was 17%, down 2.51 percentage points year-on-year, while the net profit margin increased by 0.35 percentage points to 6.99% [3]. - The company signed new orders worth 27.88 billion in Q1 2025, representing a year-on-year increase of 31% [2]. Order Growth - The company’s new orders in Q1 2025 included 20.84 billion from engineering services, 2.88 billion from high-end equipment manufacturing, and 3.78 billion from operational services, with respective year-on-year growth rates of 43%, 65%, and a decline of 16% [2]. - Overseas orders accounted for 74.82% of total new orders, with a year-on-year growth of 46%, highlighting the company's strong international presence [2]. Future Outlook - The company is expected to achieve net profits of 3.12 billion, 3.32 billion, and 3.58 billion for the years 2025 to 2027, with corresponding price-to-earnings ratios of 8, 7.5, and 7 times [4]. - The company plans to leverage the Belt and Road Initiative and focus on emerging markets for urbanization and industrialization needs, particularly in the Middle East, Africa, and Southeast Asia [4].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,014,740.77 million, a decrease of 1.37% compared to CNY 1,028,784.19 million in the same period last year[3] - Net profit attributable to shareholders was CNY 66,308.46 million, representing a 4.19% increase from CNY 63,639.36 million year-on-year[3] - The net profit after deducting non-recurring gains and losses was CNY 59,895.86 million, down 8.38% from CNY 65,376.72 million in the previous year[3] - Total operating costs for the first quarter of 2025 were CNY 9,361,675,556.79, a decrease from CNY 9,483,558,361.68 in the same period of 2024, representing a reduction of approximately 1.29%[16] - Net profit for the first quarter of 2025 was CNY 709,286,508.42, compared to CNY 677,576,466.67 in the first quarter of 2024, reflecting an increase of about 4.68%[16] - The company reported a total comprehensive income of CNY 705,568,121.02 for the first quarter of 2025, compared to CNY 616,814,430.62 in the first quarter of 2024, an increase of approximately 14.39%[17] Cash Flow - The net cash flow from operating activities was a negative CNY 187,261.91 million, compared to a negative CNY 118,800.90 million in the same period last year[3] - The company reported a net cash outflow from operating activities of CNY -1,872,619,080.89 for the first quarter of 2025, worsening from CNY -1,188,008,969.34 in the same quarter of 2024[20] - The company's cash flow from sales of goods and services in Q1 2025 was CNY 962.55 million, an increase of 33.9% compared to CNY 718.63 million in Q1 2024[29] - The company recorded a net cash inflow from financing activities of CNY 467,598,129.89 in the first quarter of 2025, a decrease from CNY 1,047,510,305.57 in the first quarter of 2024[22] - The company’s cash inflow from financing activities included $1 billion in loans, indicating reliance on debt financing[30] - The total cash outflow from operating activities was $2.15 billion, slightly lower than $2.18 billion in the previous period, showing stable operational cash outflows[30] Assets and Liabilities - Total assets at the end of the reporting period were CNY 5,793,118.01 million, a decrease of 1.39% from CNY 5,874,585.71 million at the end of the previous year[4] - Current assets totaled CNY 42,737,721,704.05 as of March 31, 2025, down from CNY 43,662,330,568.48 at the end of 2024, representing a decrease of 2.11%[11] - Total liabilities decreased to CNY 34,486,653,472.48 from CNY 36,000,565,714.04, reflecting a reduction of 4.21%[12] - The total current assets as of March 31, 2025, were CNY 10.73 billion, slightly down from CNY 11.00 billion as of December 31, 2024, a decrease of about 2.5%[23] - The total liabilities as of March 31, 2025, were CNY 15.69 billion, a slight decrease from CNY 15.80 billion as of December 31, 2024, representing a decline of about 0.7%[25] Equity - Shareholders' equity attributable to shareholders increased by 3.19% to CNY 2,178,793.59 million from CNY 2,111,540.89 million[4] - The company's total equity increased to CNY 23,444,526,650.78 from CNY 22,745,291,368.85, marking a growth of 3.07%[12] - The total owner's equity as of March 31, 2025, was CNY 10.43 billion, up from CNY 10.17 billion at the end of 2024, reflecting an increase of approximately 2.6%[25] Research and Development - Research and development expenses increased to CNY 360,677,637.80 in the first quarter of 2025, up from CNY 322,287,739.73 in the same period of 2024, marking a growth of about 11.94%[16] - Research and development expenses for Q1 2025 were CNY 34.35 million, a marginal increase from CNY 33.74 million in Q1 2024, indicating a growth of approximately 1.8%[26] Non-Recurring Items - Non-recurring gains and losses totaled CNY 6,412.60 million, with significant contributions from asset disposal gains and government subsidies[5] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 58,208[6] Other Financial Metrics - The weighted average return on equity decreased to 3.09%, down 0.19 percentage points from 3.28% in the previous year[3] - The diluted earnings per share for the first quarter of 2025 was CNY 0.25, unchanged from the same period in 2024[17] - The company reported a tax expense of CNY 130,727,364.43 for the first quarter of 2025, slightly down from CNY 130,979,824.29 in the same period of 2024[16]

Group 1 - The company will hold a performance briefing for the first quarter of 2025 on April 25, 2025, from 09:00 to 10:00 AM [2][4] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [3][4] - Investors can submit questions from April 18 to April 24, 2025, and the company will address commonly asked questions during the briefing [2][5] Group 2 - Key participants in the briefing include the Chairman, Independent Directors, Vice Presidents, and the Chief Compliance Officer [4] - Contact information for inquiries includes a phone number and email address for investor relations [6] - After the briefing, investors can access the main content and details of the event on the Shanghai Stock Exchange Roadshow Center website [6]