Investment Rating - The report maintains a "Recommended" rating for China Communications Construction Company (CCCC) with a target price of 11.3 CNY per share [2][9]. Core Views - CCCC achieved a revenue of 771.9 billion CNY in 2024, a year-on-year increase of 1.74%. However, the net profit attributable to shareholders decreased by 1.81% to 23.4 billion CNY, and the net profit after deducting non-recurring items fell by 8.44% to 19.812 billion CNY [2][9]. - The company is actively expanding its emerging business sectors, with a significant increase in new contracts signed, particularly in overseas projects, which grew by 12.5% [9]. - CCCC's cash flow continues to improve, with a net increase of 18 billion CNY in cash and cash equivalents, primarily due to operational cash inflows [9]. Financial Summary - **Revenue and Profitability**: - Total revenue for 2024 is projected at 771.9 billion CNY, with a growth rate of 1.7% expected for 2025 [5]. - The net profit for 2024 is estimated at 23.384 billion CNY, with a projected growth of 5.1% in 2025 [5]. - The gross margin for 2024 is reported at 12.29%, a slight decrease of 0.3 percentage points year-on-year [9]. - **Business Segments**: - Revenue from infrastructure construction, design, dredging, and other businesses reached 681.4 billion CNY, 36.3 billion CNY, 59.4 billion CNY, and 26 billion CNY respectively, with year-on-year growth rates of +2.3%, -23.3%, +11.1%, and +34.7% [9]. - **Order Backlog**: - The company has a robust order backlog, with an uncompleted contract amounting to 3.49 trillion CNY, which is 452% of the expected revenue for 2024 [9]. - **Cost Management**: - The expense ratio for 2024 is reported at 6.01%, a decrease of 0.26 percentage points, indicating effective cost control measures [9]. - **Future Projections**: - EPS for 2025-2027 is projected to be 1.51 CNY, 1.63 CNY, and 1.75 CNY respectively, with a target PE ratio of 7.5x for 2025 [9].

Investment Rating - The report maintains a "Buy" rating for China Communications Construction Company (CCCC) with a target price of 13.07 CNY, based on a projected PE of 8.5 times for 2025 [7]. Core Views - CCCC demonstrated strong operational resilience, with revenue growth of 1.75% year-on-year to 771.9 billion CNY in 2024, while net profit attributable to shareholders decreased by 1.8% to 23.384 billion CNY [1][6]. - The company is actively increasing its dividend payout, proposing a total cash dividend of 4.911 billion CNY for the year, reflecting a dividend payout ratio of 21%, up by 1 percentage point year-on-year [1]. - CCCC's international operations and emerging business sectors are showing significant growth, with new orders in emerging sectors increasing by 46.4% year-on-year [3]. Financial Performance - In 2024, CCCC's revenue from various segments was as follows: infrastructure construction (681.4 billion CNY, +2.3%), dredging (594 billion CNY, +11.1%), and other businesses (260 billion CNY, +34.7%) [2]. - The company reported a comprehensive gross margin of 12.18%, a slight decrease of 0.36 percentage points year-on-year, with a quarterly gross margin of 14% in Q4 [2][4]. - Operating cash flow showed improvement, with a net inflow of 12.506 billion CNY, an increase of 4.32 billion CNY year-on-year [4]. Order and Market Dynamics - CCCC secured new contracts totaling 1.881 trillion CNY in 2024, achieving 95% of its annual target, with a notable 12.5% increase in new orders from overseas markets [3]. - The share of new orders from overseas reached 19%, indicating a growing focus on international markets [3]. Future Projections - The report forecasts CCCC's net profit attributable to shareholders to reach 25 billion CNY in 2025, with a projected growth rate of 7.01% [6][13]. - The company is expected to maintain a steady revenue growth rate of approximately 5.48% in 2025, with total revenue projected at 814.2 billion CNY [6][14].

Investment Rating - The report maintains a "Buy" rating for China Communications Construction Company (CCCC) [5][7] Core Views - The company's performance in 2024 met expectations, with total revenue of 771.9 billion, a year-on-year increase of 1.7%, and a net profit attributable to shareholders of 23.4 billion, a decrease of 2% [1][2] - The company experienced significant cash flow improvement, with operating cash flow net inflow of 12.5 billion, an increase of 0.4 billion year-on-year, and a substantial increase in Q4 cash flow [3] - New contract signings showed robust growth, with a total of 1.8812 trillion in new contracts, a 7% increase year-on-year, particularly strong in emerging sectors like water conservancy and energy [4] Summary by Sections Financial Performance - In 2024, CCCC achieved total revenue of 771.9 billion, with a quarterly breakdown showing Q4 revenue growth of 12% year-on-year, while the annual net profit was 23.4 billion, down 2% [1][2] - The comprehensive gross margin for 2024 was 12.29%, a decrease of 0.3 percentage points year-on-year, primarily due to declining profitability in projects outside mainland China [2] Cash Flow and Investment - The company reported a net inflow of operating cash flow of 12.5 billion, with Q4 showing a significant inflow of 89.5 billion, indicating improved cash flow management [3] - Investment cash outflow was reduced to 29.6 billion, a decrease of 26.3 billion year-on-year, reflecting a controlled approach to investment projects [3] Order Book and Future Outlook - CCCC's new contract value reached 1.8812 trillion, with domestic and international contracts growing by 6% and 13% respectively [4] - The company has a substantial backlog of contracts amounting to 34.868 trillion, which is 4.5 times its 2024 revenue, indicating strong future revenue potential [4] Earnings Forecast - The report projects net profits for 2025, 2026, and 2027 to be 25.5 billion, 25.9 billion, and 26.5 billion respectively, with corresponding EPS of 1.56, 1.59, and 1.63 [5][6]

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company achieved a total revenue of 771.9 billion, a year-on-year increase of 1.7%, and a net profit attributable to shareholders of 23.4 billion, a decrease of 2% [1][6]. - The company experienced significant cash flow improvement, with operating cash flow net inflow of 12.5 billion, an increase of 0.4 billion year-on-year, and a substantial increase in Q4 cash flow [3][6]. - New contract signing remained robust, with a total of 1.8812 trillion in new contracts, a year-on-year increase of 7%, driven by strong growth in emerging sectors such as water conservancy and energy [4][6]. Summary by Sections Financial Performance - The company reported a comprehensive gross margin of 12.29%, a year-on-year decrease of 0.3 percentage points, primarily due to declining profitability in projects outside mainland China [2]. - The annual expense ratio was 6.01%, a decrease of 0.26 percentage points, with management expenses benefiting from ongoing cost control efforts [2][6]. Cash Flow and Investment - The company achieved a net inflow of 89.5 billion in Q4, a year-on-year increase of 27.1 billion, indicating significant cash flow improvement [3]. - The total contract amount for infrastructure investment projects was 129.4 billion, a substantial decrease of 38% year-on-year, suggesting reduced capital expenditure pressure in the future [3]. Order Book and Future Outlook - The company’s order backlog at the end of 2024 was 34.868 trillion, which is 4.5 times the revenue for 2024, indicating a strong pipeline of work [4]. - The projected net profit for 2025-2027 is expected to be 25.5 billion, 25.9 billion, and 26.5 billion respectively, with corresponding EPS of 1.56, 1.59, and 1.63 [5][6].

Core Viewpoint - The financial statements of China Communications Construction Company Limited (CCCC) for the year ending December 31, 2024, have been audited and are deemed to fairly reflect the company's financial position and operational results in accordance with accounting standards [2][17]. Group 1: Audit Opinion - The audit opinion confirms that the financial statements are prepared in accordance with accounting standards and fairly represent the financial condition and results of operations for the year [2][17]. - The audit was conducted following the standards set by Chinese Certified Public Accountants, ensuring independence and adherence to ethical responsibilities [2][3]. Group 2: Key Audit Matters - Revenue recognition from construction contracts is a critical audit matter, involving significant judgments regarding estimated revenues and costs [3][4]. - The assessment of expected credit losses for contract assets, receivables, and long-term receivables is another key area, requiring management's evaluation of historical collection data and future economic conditions [3][5]. - Impairment testing of concession rights is also highlighted, where management estimates recoverable amounts based on discounted cash flows, involving significant assumptions about future traffic and operational conditions [5][6]. Group 3: Company Overview - CCCC is a state-owned enterprise established by the China Communications Construction Group, focusing on infrastructure construction, including ports, roads, railways, and dredging services [11][12]. - The company was officially registered on October 8, 2006, with a registered capital of RMB 10.8 billion, which has increased over the years due to various capital raising activities [12][13][15]. - CCCC's operational scope includes international engineering contracting, with a significant emphasis on infrastructure projects [15][17].

Profit Distribution Plan - The company plans to distribute a cash dividend of 0.16161 yuan per share (before tax) based on the total share capital registered on the dividend distribution date, amounting to approximately 2.631 billion yuan in total [1][2] - The cash dividend distribution represents 21% of the net profit attributable to shareholders, an increase of 1 percentage point compared to the 2023 cash dividend ratio [1][2] - The company has already distributed approximately 2.280 billion yuan in cash dividends for the first half of 2024 [1] Financial Performance - As of December 31, 2024, the company's audited undistributed profits amounted to 195.149 billion yuan, with a net profit attributable to shareholders of 23.384 billion yuan [1][2] - The total cash dividend for 2024 is approximately 4.911 billion yuan, which is lower than 30% of the net profit attributable to shareholders [3] Industry Context - The company operates in a highly competitive construction industry characterized by high asset-liability ratios and significant accounts receivable and inventory [3] - The company is in a growth phase, focusing on market opportunities and investing heavily in business restructuring and transformation to seek new growth points [3] Retained Earnings Strategy - The company aims to retain a certain proportion of undistributed profits to enhance risk resistance and financial stability, ensuring the smooth progress of ongoing projects [3] - The retained earnings will support traditional industry upgrades and the cultivation of new business areas [3] Decision-Making Process - The profit distribution proposal was unanimously approved by the company's board of directors during the meeting held on March 27, 2025, and will be submitted for shareholder approval [4] - The supervisory board also approved the profit distribution proposal, affirming its alignment with the long-term interests of the company and its shareholders [4]

Core Viewpoint - China Communications Construction Company (CCCC) emphasizes its commitment to high-quality development and social responsibility, showcasing significant achievements in infrastructure projects and technological innovation while aligning with national strategies and global sustainability goals [4][5][7]. Group 1: Company Overview - CCCC is a leading global provider of integrated infrastructure services, primarily engaged in the investment, construction, and operation of transportation infrastructure, urban development, and related services [7]. - The company operates 34 major wholly-owned and holding subsidiaries, with a presence in all provinces, municipalities, and regions of China, as well as in 139 countries and regions worldwide [7]. - In 2024, CCCC ranked 63rd in the Fortune Global 500 and has received consistent high ratings in performance assessments from the State-owned Assets Supervision and Administration Commission (SASAC) [7]. Group 2: Corporate Vision and Mission - The corporate vision is to "make the world more connected, cities more livable, and lives better" [11]. - The mission is to "lay a solid foundation and pursue long-term goals" [8]. Group 3: Achievements in Infrastructure - CCCC has made substantial progress in major national strategic projects, including the successful completion of the Tianshan Victory Tunnel, which is a key component of the Urumqi to Ruoqiang Expressway [17]. - The company has actively participated in the Belt and Road Initiative, with significant advancements in projects like the Colombo Port City and the Mombasa-Nairobi Railway [4][5]. Group 4: Technological Innovation - CCCC has focused on digital transformation and innovation, launching the "Zhongjiao Blue Road" BIM platform, which is the first of its kind in the transportation industry [18]. - The company has developed advanced equipment and technologies, such as the world's largest dual-fuel dredging vessel and intelligent construction machinery, enhancing its competitive edge [28][32]. Group 5: Commitment to Sustainability - CCCC adheres to the "Two Mountains" theory, promoting smart and green construction practices, and has achieved significant improvements in environmental performance, such as the successful operation of the "Taihu Star" ecological dredging platform [6]. - The company has implemented over 140 community benefit projects, contributing to rural revitalization and emergency rescue efforts, reflecting its commitment to social responsibility [7]. Group 6: Governance and ESG Framework - CCCC has established a comprehensive ESG governance structure, with the board of directors overseeing ESG-related strategies and performance [9][10]. - The company has developed a robust ESG management system, integrating social responsibility into its core operations and linking ESG performance to executive compensation [10][13].

证券代码：601800 证券简称：中国交建 公告编号：临 2025-008 中国交通建设股份有限公司 第五届监事会第三十次会议决议公告 中国交通建设股份有限公司（简称公司或本公司）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。 际出席会议的监事人数 2 名。监事杨向阳因公务原因授权委托监事卢耀军代为 出席表决。会议由监事会主席王永彬主持，会议召开程序及出席监事人数符合 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 年度业绩公告及年度报告的议案》 （一）同意公司 2024 年度业绩公告(H 股)及公司 2024 年年度报告(A 股)。 （二）监事会对年度报告发表意见如下： 三、 审议通过《关于审议公司 2024 年度利润分配及 2025 年度预分红授权 事项的议案》 （一）同意公司 2024 年度利润分配方案。公司按照归属于母公司股东净利 润 233.84 亿元的 21%向全体股东分配股息，年度现金分红总金额合计约为 49.11 亿元（含税）；公司已于 2024 年半年度实施中期利润分配方案 ...

Core Viewpoint - China Communications Construction Company (CCCC) has announced a financing guarantee plan for 2025, with a total amount of CNY 62.098 billion, aimed at supporting its subsidiaries and associated companies [1][4]. Summary by Sections Financing Guarantee Plan Overview - The total financing guarantee plan for 2025 is set at CNY 62.098 billion, approved by the board of directors [1][4]. - The company plans to provide approximately CNY 4.5 billion in guarantees for its subsidiaries (including controlling subsidiaries) [1][2]. - Subsidiaries are expected to provide guarantees totaling approximately CNY 55.643 billion for their own subsidiaries [2]. - Guarantees for associated companies are estimated at CNY 1.955 billion [2]. Guarantee Details - The guarantees are based on current business conditions and are designed to enhance the efficiency of guarantee usage while ensuring compliance and risk control [2]. - The company has no overdue financing guarantees [1][4]. - The plan allows for the adjustment of guarantee amounts among subsidiaries based on their asset-liability ratios, with specific provisions for those exceeding 70% [2][3]. Necessity and Reasonableness of Guarantees - The provision of guarantees is essential for meeting the daily operational and business development needs of the company [3][4]. - The company ensures that all guarantees are approved in accordance with legal regulations and internal policies, with a focus on maintaining good credit status among the guaranteed parties [3][4]. Board of Directors' Opinion - The board has approved the financing guarantee plan and will seek authorization from the shareholders' meeting to allow management to handle specific matters within the approved total amount [4]. - As of December 31, 2024, the total financing guarantee balance is CNY 113.139 billion, representing 24.18% of the company's net assets [4].

Group 1: Company Overview - China Communications Finance Co., Ltd. (the "Company") is a non-bank financial institution established in July 2013, with a registered capital of 7 billion RMB as of October 2021, primarily funded by China Communications Construction Group Co., Ltd. and China Communications Construction Co., Ltd. [1] - The Company is authorized to conduct various financial services, including accepting deposits, providing loans, and engaging in financial consulting and investment activities [1]. Group 2: Internal Control Structure - The Company has established a governance structure that includes a shareholders' meeting, board of directors, supervisory board, and management team, adhering to principles of effective checks and balances [2]. - Specialized committees under the board include the Audit Committee, Risk Management Committee, Strategic Committee, and Compensation and Assessment Committee, each responsible for specific oversight and management functions [3][4]. Group 3: Operational Management - As of the end of 2024, the Company reported total assets of 97.384 billion RMB, with operating income of 2.144 billion RMB and net profit of 634 million RMB, indicating a strong operational performance [8][9]. - The Company maintains a non-performing loan ratio of 0, reflecting effective risk management and credit practices [8]. Group 4: Regulatory Compliance - The Company has not identified any significant deficiencies in its financial reporting or risk control systems as of December 31, 2024, ensuring compliance with relevant financial regulations [9][10]. - The Company’s operations are under strict supervision by the National Financial Supervision Administration, ensuring adherence to regulatory standards [11]. Group 5: Related Party Transactions - As of December 2024, deposits from related parties amounted to approximately 16.453 billion RMB, representing 19.12% of total deposits, while loans to related parties totaled 3.779 billion RMB [9]. - The Company has effectively managed its liquidity and has not experienced any delays in payments due to cash shortages [9].