证券代码：601669 股票简称：中国电建 公告编号：临 2024-074 中国电力建设股份有限公司 第四届董事会第五次会议决议公告 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。 中国电力建设股份有限公司（以下简称"公司"）第四届董事会第五次会议 于2024年12月6日以现场及视频会议方式在中电建科技创新产业园A座召开。会议 通知和会议议案等材料已以电子邮件和书面方式送达各位董事。本次会议应到董 事9人，实到董事8人，独立董事张国厚因工作原因未能出席本次会议，委托独立 董事孙子宇代为出席并表决。公司董事会秘书、监事、部分高级管理人员列席了 本次会议。本次会议的召开符合《中华人民共和国公司法》等法律法规及规范性 文件以及《中国电力建设股份有限公司章程》的规定。 本次会议由董事长丁焰章主持，经与会董事充分审议并经过有效表决,审议 通过了以下议案： 一、审议通过了《关于中国电力建设股份有限公司聘请2024年度年报审计 机构和内控审计机构的议案》。 董事会同意聘请立信会计师事务所（特殊普通合伙）为公司2024年度年报财 务审计主审所 ...

中国国际金融股份有限公司 关于中国电力建设股份有限公司 日常关联交易事项的专项核查意见 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准中国电力 建设股份有限公司非公开发行股票的批复》（证监许可[2022]3103 号）核准，中 国电力建设股份有限公司（以下简称"中国电建"或"公司"）向 30 名发行对象 非公开发行人民币普通股（A 股）股票 2,080,124,211 股（以下简称"本次非公开 发行"）。中国国际金融股份有限公司（以下简称"保荐机构"或"保荐人"、"中 金公司"）担任中国电建本次非公开发行 A 股股票的保荐机构。 根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上海证券交易 所上市公司自律监管指引第 5 号——交易与关联交易》《上海证券交易所上市公 司自律监管指引第 11 号——持续督导》等有关规定，对公司日常关联交易的事 项进行了审慎核查，具体情况如下： 一、日常关联交易的基本情况及审议程序 （一）日常关联交易概述 由于业务经营需要，公司与其控股股东中国电力建设集团有限公司（以下简 称"电建集团" ...

证券代码：601669 股票简称：中国电建 公告编号：临 2024-073 中国电力建设股份有限公司 2024 年 1 月至 10 月主要经营情况公告 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。 现将中国电力建设股份有限公司2024年1月至10月主要经营情况公布如下，供投 资者参阅。 一、按业务类型统计 单位：亿元 币种：人民币 | 业务类型 | 新签项目数量（个） | 新签合同金额 | 同比增减 | | --- | --- | --- | --- | | 能源电力 | 4466 | 5756.34 | 25.37% | | 水资源与环境 | 1131 | 1219.22 | -4.74% | | 城市建设与基础设施 | 1229 | 2170.81 | -16.45% | | 其他 | 803 | 343.34 | 66.21% | | 合计 | 7629 | 9489.71 | 9.38% | 注： 二、按地区分布统计 1 单位：亿元 币种：人民币 | 地区 | 合同金额 | 同比增减 | | --- | --- | ...

证券代码：601669 股票简称：中国电建 公告编号：临 2024-072 中国电力建设股份有限公司 第四届董事会第四次会议决议公告 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。 中国电力建设股份有限公司第四届董事会第四次会议于2024年11月21日以 通讯方式召开。会议通知和会议议案等材料已以电子邮件和书面方式送达各位 董事。本次会议应当参与表决的董事9人，实际参与表决的董事9人，各位董事 以书面及传真方式提交了表决意见。本次会议的召开符合《中华人民共和国公 司法》等法律法规及规范性文件以及《中国电力建设股份有限公司章程》的规 定。 本次会议经与会董事充分审议并经过有效表决,审议通过了《关于中电建铁 路建设投资集团有限公司参与信托产品投资有关事宜的议案》。 表决情况：9票同意，0票弃权，0票反对。 特此公告。 中国电力建设股份有限公司董事会 二〇二四年十一月二十三日 1 ...

Investment Rating - The investment rating for China Electric Power Construction Group (601669.SH) is "Buy" and is maintained [8]. Core Views - On November 13, China Electric Power Construction Group announced a large-scale tender for photovoltaic components, inverters, and energy storage systems for the 2025 framework procurement project, which is expected to significantly boost the company's new energy installation targets for 2025 [3][4]. - The company aims to achieve a total installed capacity of 51GW by 2025, which includes both self-invested projects and externally contracted projects [3]. - The company has set ambitious targets for new energy installations during the 14th Five-Year Plan, with a goal of adding 30GW of wind and solar capacity, which could potentially increase the installed capacity to between 46GW and 64.6GW by the end of 2025 [4][5]. - The recent large-scale tender is anticipated to accelerate the implementation of the company's installation plans, although actual installed capacity may be lower due to the demand from the company's EPC (Engineering, Procurement, and Construction) business [5]. - The company signed new contracts worth 159.201 billion yuan for solar power projects in the first half of 2024, indicating a significant demand for photovoltaic components [5]. - The company is positioned to benefit from recent policies promoting a new power system and green transformation, which are expected to drive growth in its new energy and pumped storage sectors [6]. Summary by Sections Event Description - On November 13, the company released a tender announcement for the 2025 procurement of photovoltaic components, inverters, and energy storage systems [3]. Event Commentary - The scale of the tender is substantial and is likely to propel the company's new energy installation targets for 2025 [3]. - The company has set a total installed capacity target of 51GW for 2025, which includes both self-invested and contracted projects [3]. - The company has previously outlined a goal of adding 30GW of new energy capacity during the 14th Five-Year Plan, with a breakdown target of 48.5GW for its subsidiaries, exceeding the overall target by 18.5GW [4]. - As of June 2024, the company had an installed capacity of 28.14 million kilowatts, with significant year-on-year growth in solar power installations [4]. Financial Projections - The company projects total revenue of 648.052 billion yuan for 2024, increasing to 733.137 billion yuan by 2026, with a net profit forecast of 17.665 billion yuan in 2024 and 19.788 billion yuan in 2026 [10].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Views - The company achieved operating revenue of 425.669 billion yuan in the first three quarters, representing a year-on-year increase of 1.20%. However, the net profit attributable to shareholders was 8.806 billion yuan, a decrease of 7.21% year-on-year. The net profit after deducting non-recurring gains and losses was 7.917 billion yuan, down 14.41% year-on-year [4][5]. - The company signed new orders amounting to 861.123 billion yuan in the first three quarters, an increase of 5.42% year-on-year, with significant growth in the energy and power sector [6]. Summary by Sections Financial Performance - In the first three quarters, the company reported operating revenue of 425.669 billion yuan, a 1.20% increase year-on-year. The net profit attributable to shareholders was 8.806 billion yuan, down 7.21% year-on-year, while the net profit after deducting non-recurring items was 7.917 billion yuan, a decrease of 14.41% [4][5]. - For the third quarter alone, the operating revenue was 140.747 billion yuan, reflecting a 1.01% year-on-year growth, but the net profit decreased by 9.00% to 2.468 billion yuan [4]. Profitability Metrics - The overall gross margin for the first three quarters was 12.42%, a slight increase of 0.12 percentage points year-on-year. However, the gross margin for the third quarter was 12.73%, a decrease of 0.15 percentage points year-on-year [5]. - The net profit margin for the first three quarters was 2.07%, down 0.19 percentage points year-on-year, while the net profit margin after deducting non-recurring items was 1.86%, a decrease of 0.34 percentage points [5]. Cash Flow and Financial Health - The company experienced a net cash outflow from operating activities of 46.926 billion yuan in the first three quarters, which was an increase in outflow by 11.002 billion yuan year-on-year. The cash collection ratio improved to 99.15%, up 7.82 percentage points year-on-year [6]. - The asset-liability ratio increased by 1.13 percentage points year-on-year to 79.03%, and the accounts receivable turnover days increased by 1.96 days to 78.42 days [6]. Order Intake and Market Position - The company signed new orders totaling 861.123 billion yuan in the first three quarters, a year-on-year increase of 5.42%. Specifically, new orders in the energy and power sector reached 518.39 billion yuan, a growth of 19.68% year-on-year [6]. - Domestic new orders amounted to 685.121 billion yuan, a 3.13% increase year-on-year, while overseas new orders were 176.003 billion yuan, up 15.42% year-on-year [6].

Investment Rating - The report maintains a "Buy" rating for China Electric Power Construction (601669.SH) with a current price of 5.96 CNY [2] Core Views - The company has shown slight revenue growth with a steady increase in new contracts, achieving a total revenue of 426.35 billion CNY and a net profit of 8.81 billion CNY for the first nine months of 2024, reflecting a year-on-year change of +1.2% for revenue but a decline of -7.2% for net profit [3][4] - The gross profit margin has slightly improved to 12.4%, while the net profit margin has decreased to 2.8% due to increased interest expenses and R&D investments [4] - New contracts signed in the energy sector have increased by 5.4% year-on-year, with significant growth in energy and power contracts [4] Summary by Sections Revenue and Profitability - For the first nine months of 2024, the company reported total revenue of 426.35 billion CNY, a net profit of 8.81 billion CNY, and a net profit excluding non-recurring items of 7.92 billion CNY, with respective year-on-year changes of +1.2%, -7.2%, and -14.4% [3][4] - The gross profit margin for the same period was 12.4%, with a net profit margin of 2.8%, indicating a slight increase in gross margin but a decrease in net margin due to rising costs [4] Contract and Order Growth - The company signed new contracts worth 861.12 billion CNY in the first nine months of 2024, marking a 5.4% increase year-on-year, with domestic contracts at 685.12 billion CNY and international contracts at 176 billion CNY [4] - The breakdown of new contracts by business segment shows a 19.7% increase in energy and power contracts, while water resources and urban construction contracts saw declines of -10.1% and -17.2%, respectively [4] Future Outlook and Valuation - The company is expected to accelerate its new energy installations, with a total installed capacity of approximately 28.9 GW as of the end of Q3 2024 [4] - The profit forecasts for 2024-2026 have been adjusted downwards to 12.46 billion CNY, 14.57 billion CNY, and 16.28 billion CNY, reflecting a decrease of 14.9%, 11.5%, and 11.2% respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company [3][7]. Core Views - The company reported a revenue of 42.57 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 1.2%. However, the net profit attributable to shareholders decreased by 7.2% to 8.8 billion yuan, and the non-recurring net profit fell by 14.4% to 7.9 billion yuan [2][5]. - The company continues to experience resilient revenue growth, but the decline in non-recurring profits is significant, primarily due to asset impairment provisions and non-current asset disposal gains [5]. - The demand for water conservancy investments and renewable energy projects remains strong, with positive growth prospects for the company's engineering business [5][7]. - The company's power operation business is expanding rapidly, and there is a notable contribution from the sand and gravel business [5][7]. Financial Performance Summary - For Q1-Q3 2024, the company's gross margin was 12.4%, a slight increase of 0.1 percentage points year-over-year, while the expense ratio rose to 8.4%, an increase of 0.3 percentage points [5]. - The company's net profit margin for Q1-Q3 was 2.1%, down 0.2 percentage points year-over-year, with Q3 showing a net profit margin of 1.8%, also down 0.2 percentage points [5]. - The new contract value for Q1-Q3 2024 reached 861.1 billion yuan, a year-over-year increase of 5.4%, with significant contributions from the energy and electricity sector [5][7]. - The company's total debt ratio increased to 79.0% by the end of Q3 2024, up 1.1 percentage points year-over-year, indicating a challenging cash collection environment [5][6]. Future Projections - The report projects the company's revenue for 2024-2026 to be 643.4 billion yuan, 698.1 billion yuan, and 776.5 billion yuan, respectively, with year-over-year growth rates of 6%, 8%, and 11% [7]. - The net profit attributable to shareholders is expected to be 13.2 billion yuan, 14.7 billion yuan, and 16.6 billion yuan for the same period, with growth rates of 2%, 11%, and 13% [7].

Investment Rating - The report maintains an "Overweight" rating for the company [3][9]. Core Views - The company has shown steady growth in new orders, particularly in the energy and power sector, with a total of 861.12 billion yuan in new contracts signed in the first three quarters of 2024, representing a year-on-year increase of 5.42% [5]. - Despite a slight increase in gross margin to 12.42%, the net profit margin has decreased to 2.78%, down 0.15 percentage points year-on-year due to rising expenses and impairment provisions [4][6]. - The company’s operating revenue for the first three quarters of 2024 reached 426.35 billion yuan, a modest increase of 1.17% year-on-year, while net profit attributable to shareholders decreased by 7.21% to 8.81 billion yuan [8][9]. Financial Summary - The company’s total assets are reported at 1,287.50 billion yuan, with net assets of 167.31 billion yuan [3]. - The earnings per share (EPS) for 2024 is projected at 0.74 yuan, with corresponding price-to-earnings (PE) ratios of 7.6, 6.9, and 6.4 for the years 2024, 2025, and 2026 respectively [9][10]. - The company’s cash flow from operating activities showed a net outflow of 46.93 billion yuan in the first three quarters of 2024, indicating increased pressure on cash flow management [7].

Core Viewpoint - China Electric Power Construction Group achieved a record high in contract signing at the 7th China International Import Expo, with a total signing amount of 320 million USD [1] Group 1 - The event took place from November 5 to 6 in Shanghai [1] - China Electric signed contracts with four well-known multinational companies: Metso, Siemens Energy, Hitachi Energy, and Schneider Electric [1] - The total signing amount of 320 million USD marks the highest in the history of the expo [1]