Investment Rating - The report maintains a "Buy" rating for China Communications Construction Company (CCCC) [1][2] Core Views - The company reported a significant one-time gain from the disposal of a subsidiary, leading to improved operating cash flow on a quarter-over-quarter basis [2] - CCCC is positioned as a leading large-scale infrastructure service provider in China and is expected to benefit from the "Belt and Road" initiative [2] - The company has shown stable growth in new contract signings, particularly in overseas and emerging sectors, contributing to revenue stability [2] Financial Performance Summary - For the first three quarters of 2024, CCCC achieved total revenue of 536.6 billion yuan, a year-on-year decrease of 2.3%, with net profit attributable to shareholders at 16.3 billion yuan, down 0.6% year-on-year [2] - The third quarter alone saw revenues of 179.2 billion yuan, with a net profit of 4.8 billion yuan, reflecting a year-on-year decline of 1.7% and 0.7% respectively [2] - The company maintained a good control over its expense ratios, with a comprehensive gross margin of 11.3% in Q3, slightly down from the previous quarter [2] Cash Flow and Debt Management - Operating cash flow for Q3 was -2.89 billion yuan, showing a significant improvement compared to the previous quarter's outflow [2] - As of the end of Q3, the company had interest-bearing debt of 650.2 billion yuan, with a debt-to-asset ratio of 75.2%, remaining stable compared to the beginning of the year [2] Contract Signing and Growth - CCCC signed new contracts worth 1.2805 trillion yuan in the first three quarters of 2024, representing a year-on-year increase of 9.3%, with Q3 alone contributing 319.6 billion yuan, up 12.1% year-on-year [2] - The company is actively expanding its emerging business sectors, achieving new contracts worth 390 billion yuan in these areas, a 27% increase year-on-year [2] Earnings Forecast and Valuation - The report adjusts the profit forecast for 2024-2026 to 24.8 billion, 26.2 billion, and 27.8 billion yuan respectively, reflecting a slight downward revision due to domestic infrastructure growth slowing and impairment losses [2] - The price-to-earnings ratio based on the closing price on October 31 corresponds to 6.8, 6.4, and 6.0 times for 2024-2026 [2]

证券代码：601800 证券简称：中国交建 公告编号：临 2024-054 中国交通建设股份有限公司 第五届董事会第四十次会议决议公告 中国交通建设股份有限公司（简称公司或本公司）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。 2024 年 10 月 27 日，公司以书面形式发出本次董事会会议通知。2024 年 11 月 1 日，本次董事会以现场方式召开，应当出席的董事 7 名，实际出席会议的 董事 5 名。王海怀董事、刘翔董事因工作原因未参加会议，委托王彤宙董事长 出席并代为表决。会议由董事长王彤宙主持，会议召开程序及出席董事人数符 合有关规定，表决结果合法有效。会议形成如下决议： 一、审议通过《关于制定 2025-2027 年度关连附属公司日常性关连交易的 议案》 根据香港上市规则，同意公司2025-2027年关连附属公司日常性关连交易三 年计划。 表决结果：同意【4】票，反对【0】票，弃权【0】票，回避【3】票。 二、审议通过《关于一公局集团及中交投资转让所持中交服务股权的议案》 （一）同意公司附属中交一公局集团有限公司及中 ...

重要内容提示： 公司附属公司一公局集团、中交投资合计向关联人中交地产协议转让其持 有的中交服务 39%的股权，关联交易金额约为 27,298 万元。 本次股权转让涉及关联交易，本次交易未构成重大资产重组。 本次交易无需提交股东大会审议。 过去 12 个月内，本公司与同一关联人进行的累计已披露的关联交易约为 8.09 亿元。 释义： 证券代码：601800 证券简称：中国交建 公告编号：临 2024-055 中国交通建设股份有限公司 关于附属公司转让所持中交物业服务集团有限公司 股权所涉关联交易的公告 中国交通建设股份有限公司（简称本公司或公司）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。 公司附属公司一公局集团、中交投资转让标的公司的股权比例分别 24%和 15%，合计 39%。转让价格分别为 16,798.7616 万元、10,499.226 万元，合计约为 27,298 万元。 （二）本次交易的目的和原因 公司聚焦主营业务，通过股权转让确认投资收益，将资金用于主业发展。该 交易符合证监会支持的上市公司并购重组方向，有利于上市 ...

证券代码：601800 证券简称：中国交建 公告编号：临 2024-056 中国交通建设股份有限公司 第五届监事会第二十九次会议决议公告 中国交通建设股份有限公司（简称公司或本公司）监事会及全体监事保证 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。 2024 年 11 月 2 日 根据香港上市规则，同意公司2025-2027年关连附属公司日常性关连交易三 年计划。 表决结果：同意【3】票，反对【0】票，弃权【0】票。 二、审议通过《关于一公局集团及中交投资转让所持中交服务股权所涉关 联（连）交易的议案》 同意公司附属中交一公局集团有限公司及中交投资有限公司，转让其持有 的中交物业服务集团有限公司股权涉及的关联（连）交易，交易金额约为 27,298 万元（以评估备案最终确认的数值为准）。 表决结果：同意【3】票，反对【0】票，弃权【0】票。 中国交通建设股份有限公司监事会 2024 年 10 月 27 日，公司以书面形式发出本次监事会会议通知。2024 年 11 月 1 日，本次监事会以通讯表决方式召开。监事会会议应当出席的监事人数 3 名，实际出席会 ...

Investment Rating - The investment rating for China Communications Construction Company (CCCC) is maintained at "Buy" [2]. Core Insights - CCCC's gross margin has improved, and new contract amounts continue to grow, indicating a stable overall operational performance. The company reported a slight decline in revenue but an increase in both gross and net profit margins year-on-year. The new contract amount has shown significant growth, particularly in overseas projects [4][5]. Financial Summary - For the first nine months of 2024, CCCC achieved operating revenue of 536.64 billion yuan, a year-on-year decrease of 2.26%. The net profit attributable to shareholders was 16.27 billion yuan, down 0.61% year-on-year. The gross margin for the first three quarters was 11.54%, an increase of 0.28 percentage points year-on-year, while the net margin was 3.91%, up 0.12 percentage points year-on-year [4][5]. - The company’s new contract amount for the first three quarters was 12,804.56 billion yuan, representing a year-on-year increase of 9.28%, achieving 64% of the annual target. The new contracts in emerging business areas reached 390 billion yuan, up 27% year-on-year, with overseas contracts accounting for 21% of the total new contracts [4][5]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 25.69 billion, 27.94 billion, and 30.75 billion yuan, respectively, with corresponding EPS of 1.58, 1.72, and 1.89 yuan. The current stock price corresponds to P/E ratios of 6.5, 6.0, and 5.4 times for the respective years [4][5]. Key Financial Ratios - The company’s asset-liability ratio stands at 75.19%, with a current ratio of 0.92 and a quick ratio of 0.81, indicating a reasonable debt structure [4][5]. - The gross margin is projected to improve slightly from 12.6% in 2023 to 12.9% in 2026, while the net margin is expected to increase from 3.1% to 3.3% over the same period [5]. Market Performance - The current stock price is 10.28 yuan, with a 52-week high of 11.21 yuan and a low of 6.81 yuan. The total market capitalization is approximately 167.34 billion yuan [2].

Investment Rating - The investment rating for China Communications Construction Company (CCCC) is "Outperform the Market" and is maintained [1]. Core Views - The report highlights significant improvements in revenue, profit, and cash flow for Q4, indicating a positive trend for the company [1]. - The company achieved a total operating revenue of 536.64 billion yuan in the first three quarters of 2024, a year-on-year decrease of 2.26%, while the net profit attributable to the parent company was 16.27 billion yuan, down 0.61% year-on-year [5]. - The report emphasizes the company's strong performance in overseas contracts, with a 25% increase in new contracts signed abroad, reflecting the company's strategic focus on international expansion [5]. Financial Performance Summary - For Q3 2024, the company reported a revenue decline of 1.73% year-on-year and a net profit decline of 0.65% year-on-year, with a gross profit margin of 11.30% [5]. - The gross profit margin for the first three quarters of 2024 increased by 0.23 percentage points to 11.54%, while the net profit margin rose by 0.11 percentage points to 3.91% [5]. - The company experienced a significant increase in operating cash outflow, totaling 77.03 billion yuan, which is a 52.92% increase year-on-year [5]. Contract and Business Growth - In the first three quarters of 2024, the company signed new contracts worth 12,804.56 billion yuan, a year-on-year increase of 9.28%, with Q3 alone seeing a 12.12% increase [5]. - The report notes that the company is accelerating the development of emerging business sectors, with new contracts in these areas reaching 390 billion yuan, a 27% increase [5]. Earnings Forecast - The earnings per share (EPS) for 2024 and 2025 are projected to be 1.51 yuan and 1.59 yuan, respectively, with a reasonable valuation range of 12.11 to 13.62 yuan based on a price-to-earnings (PE) ratio of 8-9 times [5][6].

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 投资要点： [维持增持。 Table_Summary] 因建筑行业基建投资进度低于预期，下调预测 2024-2026 年 EPS1.50/1.56/1.60(原 1.62/1.78/1.95)元增 3%/4%/3%。维持目标价 14.10 元，对应 2024 年 9.4 倍 PE。 2024 年前 3 季度净利下降 0.6%低于预期，应收账款增加。(1)2024 年前 3 季度营收 5366.36 亿元同比下降 2.26%(Q1~Q3 同比 0.18/-5.02/-1.73%)， 归母净利润 163 亿元同比下降 0.61%(Q1~Q3 同比 10.00/-10.63/-0.65%)。 (2)前 3 季度费用率 6.14%(+0.28pct)，归母净利率 3.03%(+0.06pct)，加权 ROE5.60%(-0.50pct)。(3)前 3 季度经营现金流-770.3 亿元(2023 同期-498.3 亿元)，其中 Q1~Q3 为-396/-345/-29 亿元(2023Q1-Q4 为-256/-237/-4/619 亿元)。(4)截至 3 季 ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 31 年 月 日 中国交建（601800.SH） 投资收益带动 Q3 业绩改善，新签订单环比提速 处置子公司收益带动 Q3 业绩改善。2024Q1-3 公司实现营业收入 5366 亿 元，同降 2.3%；实现归母净利润 163 亿元，同降 0.6%，业绩表现符合预 期。扣非归母净利润同降 11.5%，增速显著低于归母业绩，主要因处置子公 司股权等非经常性收益增加（公司在 Q3 发行了安江高速公路持有型不动产 ABS）。分季度看，Q1/Q2/Q3 分别实现营业收入 1769/1805/1792 亿元，同 比+0.2%/-5%/-2%；实现归母净利润 61/53/49 亿元，同比+10%/-10%/- 1%，Q3 营收业绩增速均环比改善，在处置子公司带来的投资收益驱动下业 绩降幅显著收窄。展望后续，中央加杠杆以及化债增量政策可期，预计将促 进 Q4 基建资金面改善，推动实物工作量加快形成，公司 Q4 业绩有望延续 修复。 毛利率有所提升，投资收益同比增多。2024Q1-3 公司毛利率 11.54%，同比 提升 0.28pct。期间费用率 6.1 ...

公司报告 | 季报点评 海外&新兴业务订单增速亮眼，看好公司全年现金流改善 收入维持稳定，交通基建龙头地位稳固 24 年前三季度公司实现收入 5366 亿，同比-2.3%，归母、扣非净利润分别 为 162.7、135.2 亿，同比-0.61%、-11.45%，非经常性损益为 27.5 亿，同 比增加 17.8 亿；Q3 单季度实现收入 1792 亿，同比-1.73%，归母、扣非净 利润为 48.8、29.0 亿，同比-0.65%、-32.9%，单季非经常损益为 19.8 亿， 同比增加 14.5 亿，Q3 单季投资净收益 8.7 亿，同比增加 9.5 亿，主要为处 置子公司股权收益，Q3 单季度扣非利润增速较慢主要系毛利率下滑以及费 用率未能摊薄。 新签订单平稳增长，新兴业务增速亮眼 24Q1-3 公司新签订单额为 12804.56 亿元，同比+9.28%，其中 Q3 单季度 新签订单额为 3195.89 亿元，同比+12.12%。分业务来看，24Q1-3 基建建 设/基建设计/疏浚工程分别新签 11494.5/387.16/842.09 亿元，分别同比 +10.04%/+6.74%/+9.28%，传统基建建 ...

证券代码：601800 证券简称：中国交建 公告编号：临 2024-053 中国交通建设股份有限公司 第五届董事会第三十九次会议决议公告 二、审议通过《关于 2024 年度安永事务所审计费用的议案》 同意公司 2024 年度审计师审计费用为人民币 25,700,000 元（含税价格）。 中国交通建设股份有限公司（简称公司或本公司）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。 2024 年 10 月 20 日，公司以书面形式发出本次董事会会议通知。2024 年 10 月 30 日，本次董事会以通讯表决方式召开，董事会 7 名董事对所议事项进行了 表决，会议召开程序及出席董事人数符合有关规定，表决结果合法有效。会议 形成如下决议： 一、审议通过《关于审议公司 2024 年第三季度报告的议案》 （一）同意公司 2024 年第三季度报告。 （二）本议案已经审计与内控委员会审议通过，同意提交董事会审议。 （三）该事项具体内容详见公司在上海证券交易所网站 （www.sse.com.cn）发布的《2024 年第三季度报告》公告。 表决结果：同 ...