Investment Rating - The investment rating for China Energy Engineering Corporation (601868) is "Accumulate" with a target price of 2.96 CNY, maintaining the previous target price [3][4]. Core Views - The report indicates that the net profit for the first three quarters of 2024 increased by 17.28%, aligning with expectations, and the company is expected to benefit from the growth in new orders and the implementation of renewable energy projects [4]. - The controlling shareholder plans to increase their stake by 300 to 500 million CNY, reflecting confidence in the company's investment value [4]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 295.139 billion CNY, a growth of 3.44% year-on-year, with net profit attributable to shareholders reaching 3.604 billion CNY, an increase of 17.28% [4]. - The operating cash flow improved, with a net cash flow of -12.5 billion CNY compared to -14.7 billion CNY in the same period of 2023 [4]. - The expense ratio for the first three quarters was 8.31%, and the net profit margin was 1.22% [4]. Order Growth and Business Segments - New signed orders increased by 5.03% year-on-year, with traditional energy orders growing by 46.38% [4]. - The total new signed contracts for the first three quarters amounted to 941.5 billion CNY, with domestic orders at 718.2 billion CNY and international orders at 233.3 billion CNY [4][14]. - The engineering construction segment saw a slight increase of 0.69%, while industrial manufacturing surged by 128.79% [14]. Future Earnings Forecast - The report maintains earnings per share (EPS) forecasts for 2024-2026 at 0.21, 0.24, and 0.28 CNY, representing growth rates of 12%, 14%, and 13% respectively [4]. - The projected revenue for 2024 is 453.229 billion CNY, with a net profit forecast of 8.96 billion CNY, reflecting a growth of 12.2% [5][12].

近日，中国能源建设股份有限公司所属子公司中国电力 工程顾问集团西南电力设计院有限公司，中标淮南洛河电厂 四期 2×1000MW 煤电项目 EPC 总承包项目，中标金额约为 66.63 亿元人民币。项目总工期约为 26 个月。 A 股代码：601868 A 股简称：中国能建 公告编号：临 2024-058 H 股代码:03996 H 股简称:中国能源建设 中国能源建设股份有限公司 重大工程中标公告 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。 中国能源建设股份有限公司董事会 2024 年 11 月 6 日 目前中国电力工程顾问集团西南电力设计院有限公司 尚未与项目业主方正式签署合同，上述项目仍存在不确定 性，敬请投资者注意投资风险。 特此公告。 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company reported a revenue of 295.1 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 3.4%. The net profit attributable to shareholders was 3.6 billion yuan, up 17.3% year-over-year [2][6]. - In Q3 2024, the company achieved a revenue of 100.9 billion yuan, an increase of 8.2% year-over-year, with a net profit of 800 million yuan, reflecting a significant year-over-year growth of 98% [2][6]. - The growth in net profit is partly attributed to a low base effect, and Q3 included non-operating income from the disposal of non-current assets [6]. - The company's new energy and integrated smart energy business saw a revenue increase of 10.1% year-over-year, indicating a strong performance in this segment [6]. - The report highlights the company's confidence in its growth prospects, as evidenced by the controlling shareholder's plan to increase their stake by 300 to 500 million yuan [6]. Financial Data Summary - For the first three quarters of 2024, the company's gross profit margin was 11.5%, a year-over-year increase of 0.6 percentage points, while Q3's gross profit margin was 10.3%, a decrease of 0.7 percentage points year-over-year [6]. - The company's asset-liability ratio at the end of Q3 2024 was 77.6%, an increase of 0.9 percentage points year-over-year [6]. - The report projects net profits for 2024, 2025, and 2026 to be 8.1 billion, 9.0 billion, and 10.1 billion yuan respectively, with year-over-year growth rates of 2%, 11%, and 11% [6][7].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [4]. Core Views - The company reported a revenue of 295.14 billion yuan for the first three quarters of 2024, a year-on-year increase of 3.44%, with a net profit attributable to shareholders of 3.6 billion yuan, up 17.28% year-on-year [1]. - New orders have shown stable growth, particularly in the Belt and Road regions, with new contracts totaling 988.86 billion yuan, a 5.03% increase year-on-year [1]. - The company is expected to benefit from high demand in energy construction and urban development, supported by national policies promoting green energy and infrastructure [1]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 100.88 billion yuan, reflecting an 8.24% year-on-year growth, and a net profit of 820 million yuan, which is a significant increase of 97.81% year-on-year [1]. - The gross profit margin for the first three quarters was 11.54%, up 0.59 percentage points year-on-year, while the margin for Q3 was 10.28%, down 0.7 percentage points year-on-year [1]. Order and Contract Growth - The company secured new orders worth 250.26 billion yuan in Q3 2024, a decrease of 15.3% year-on-year [1]. - The new contracts in traditional energy, renewable energy, and integrated smart energy construction amounted to 2,486.58 billion yuan, 3,919.49 billion yuan, respectively, showing a year-on-year increase of 46.38% and a decrease of 2.83% [1]. Cash Flow and Investment - The cash collection ratio improved to 92.99%, an increase of 6.24 percentage points year-on-year, leading to a reduction in net cash outflow to 12.518 billion yuan [1]. - Investment income rose to 455 million yuan, an increase of 571 million yuan year-on-year, which helped offset the impact of increased expenses and impairment losses [1]. Future Outlook - The company is expected to maintain a high level of activity in energy construction, with traditional thermal power demand remaining strong [1]. - The forecast for net profit attributable to shareholders for 2024-2026 is 8.479 billion yuan, 9.062 billion yuan, and 10.168 billion yuan, respectively, indicating a growth rate of 6.17%, 6.89%, and 12.20% [5].

f 隔证券 建筑装饰/基础建设 公 司 研 究 中国能建（601868.SH） 2024 年 11 月 01 日 营收利润维持稳定，国内海外扩展均衡 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|------------| | 日期 | 2024/10/31 | | 当前股价 ( 元 ) | 2.34 | | 一年最高最低 ( 元 ) | 2.65/2.01 | | 总市值 ( 亿元 ) | 975.57 | | 流通市值 ( 亿元 ) | 758.83 | | 总股本 ( 亿股 ) | 416.91 | | 流通股本 ( 亿股 ) | 324.29 | | 近 3 个月换手率 (%) | 49.67 | 股价走势图 -20% -10% 0% 10% 20% 30% 2023-11 2024-03 2024-07 中国能建 沪深300 数据来源：聚源 相关研究报告 《营收利润稳健增长，新能源领域探 索增量 — 公 司 信 息 更 新 报 告 》 -2024.9.2 《营收利润稳健提升，工业制造订单 超预期增长—公司信息更新报告》 ...

公司报告 | 季报点评 Q3 归母净利润大涨 98%，传统能源工程发展强劲 Q3 归母净利润大涨 98%，维持"买入"评级 公司发布 24 年三季报，前三季度实现营收 2951.39 亿元，同比+3.44%，归 母净利润 36.04 亿元，同比+17.28%，扣非归母净利润 28.46 亿元，同比 -1.35%。其中，24Q3 单季实现营收 1008.77 亿元，同比+8.24%，归母净利 润 8.22 亿元，同比+97.81%，扣非归母净利润 5.18 亿元，同比-3.43%。三 季度业绩压力释放，新能源及综合智慧能源业务增长强劲，我们维持公司 24-26 年归母净利润预测 87、95、105 亿，维持"买入"评级。 Q3 费用率小幅改善，净利率提升明显 24Q1-3 公司毛利率为 11.54%，同比+0.59pct，其中，单 Q3 毛利率下降 0.7 pct 至 10.28%。24Q1-3 公司期间费用率 8.31%，同比+0.6pct。其中，销售/ 管理/研发/财务费用率同比分别+0.06/-0.1/+0.37/+0.27pct。前三季度资产 及信用减值合计计提 13.2 亿，同比多计提约 5.8 亿， ...

中国能源建设股份有限公司（以下简称公司）于 2024 年 10 月 15 日在上海证券交易所网站（www.sse.com.cn）披露了《关 于控股股东增持公司股份计划的公告》（公告编号：临 2024-054）， 公司控股股东中国能源建设集团有限公司（以下简称中国能建集 团）基于对公司未来发展前景的信心及对公司投资价值的认可， 为增强投资者对公司的投资信心、提升公司价值、维护广大投资 者利益，拟于该公告披露之日起 6 个月内，通过上海证券交易所 系统以集中竞价交易方式增持公司 A 股股份，增持总金额不低于 人民币 3 亿元，不超过人民币 5 亿元（以下简称本次增持计划）。 近日，公司接到中国能建集团的通知，为积极响应并充分运 用好有关监管部门"支持股票增持"的政策工具，中国能建集团 与中国工商银行股份有限公司（简称"中国工商银行"）签署了 《增持借款合同》，中国工商银行拟为中国能建集团提供增持上 市公司股票的融资支持，借款额度不超过人民币 3 亿元，专项用 1 于中国能建集团本次增持计划。因此，本次增持计划的资金来源 为中国能建集团的自有资金及金融机构的借款。 A 股代码：601868 A 股简称：中国能建 公 ...

各位股东、投资者、分析师,大家下午好。欢迎参加中共能见2024年年度业绩及现金混合说明会。衷心感谢大家对中共能见长期的关心、信任与支持。本次业绩说明会聚焦新制生产的主题, 作为能源电力领域的国家队和排头兵,中共人间始终以科技创新为引领,围绕3060系统解决方案一个中心,综合储能和一体化氢能两个支撑点,积极推进创新驱动,绿色低碳,数字智慧共享融合。 四大转型打造具有能坚特色的新制生产力我们以创新、绿色、数字、融合为核心发展理念加速推进能源革命为实现国家双碳目标贡献能坚力量本次业绩说明会采取现场交流网络直播网络文字互动的方式进行今天现场参会的有公司董事管理层 他们分别是公司总经理 李正先生 公司独立会执行董事 刘翔春女士 公司总会计师 李丽娜女士 参加现场会的还有公司账运部 财务部 科兴事业部 国际公司等部门和单位的负责人以及公司股东投资者证券分析师等关系和支持公司发展的各界朋友我是公司董事会秘书秦天明让我们以热烈的掌声对各位领导和嘉宾的光临表示感谢今天的业绩顺利会分为两个部分 一是介绍中国人间发展以及未来的展望第二个部分是互动交流首先请公司总经理李正先生介绍公司改革发展及未来展望各位投资人分析师朋友女士们先生们 ...

Financial Performance - The company's operating revenue for Q3 2024 reached CNY 100,876,962, an increase of 8.24% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was CNY 822,396, representing a significant increase of 97.81% year-on-year[2]. - Basic earnings per share for Q3 2024 was CNY 0.02, a 100% increase compared to the same period last year[4]. - The company's net profit attributable to shareholders for the first three quarters was RMB 3.604 billion, reflecting a strong performance amidst ongoing market challenges[10]. - Total operating revenue for the first three quarters of 2024 reached RMB 295,138,721 thousand, an increase of 3.0% compared to RMB 285,312,963 thousand in the same period of 2023[23]. - Net profit attributable to shareholders of the parent company was RMB 3,604,277 thousand, representing a 17.3% increase from RMB 3,073,299 thousand in the previous year[24]. Assets and Liabilities - Total assets at the end of Q3 2024 amounted to CNY 858,126,846, reflecting a growth of 9.57% from the end of the previous year[4]. - The company's total liabilities increased to 22,465,222 in Q3 2024 from 12,475,192 in Q3 2023, reflecting a rise of approximately 80.0%[30]. - Total assets reached RMB 858,126,846, up from RMB 783,156,193, indicating a growth of about 9.6%[21]. - Total liabilities increased to RMB 665,521,804 from RMB 594,903,314, reflecting an increase of approximately 11.8%[22]. Cash Flow - The net cash flow from operating activities for the year-to-date was CNY -12,518,358, indicating a negative cash flow situation[2]. - The net cash flow from operating activities for Q3 2024 was -12,518,358, compared to -14,747,034 in Q3 2023, showing an improvement[28]. - Cash inflow from operating activities totaled RMB 277,850,057 thousand, compared to RMB 251,855,890 thousand in the first three quarters of 2023, marking a 10.3% increase[26]. - The net cash flow from operating activities for the first three quarters of 2024 was -CNY 426,609,000, compared to -CNY 341,544,000 in the previous year[33]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 356,285[7]. - The largest shareholder, China Energy Construction Group Co., Ltd., holds 44.88% of the shares[7]. - The controlling shareholder, China Energy Construction Group, increased its stake by acquiring 23,888,500 A-shares for a total amount of RMB 50,000,109 in December 2023[16]. Research and Development - R&D expenses increased by 19.3% year-on-year, with 1,325 patents granted, highlighting the company's commitment to innovation[12]. - Research and development expenses rose to RMB 8,255,419 thousand, a significant increase of 19.3% compared to RMB 6,919,773 thousand in the same period last year[23]. Contracts and Projects - In the first three quarters of 2024, the company achieved new contract value, operating revenue, and net profit attributable to shareholders of RMB 988.859 billion, RMB 295.139 billion, and RMB 3.604 billion, representing year-on-year growth of 5.03%, 3.44%, and 17.28% respectively[10]. - The domestic new contract value reached RMB 753.954 billion, a year-on-year increase of 4.98%, while overseas new contract value was RMB 234.905 billion, up 5.19%, with "Belt and Road" countries contributing a 32.17% increase[11]. - The company secured new energy and comprehensive smart energy business contracts with a year-on-year growth of 19.4% in contract value and 10.1% in operating revenue[13]. Investment and Financing - A new share buyback plan is set to commence on October 15, 2024, with a total investment of no less than RMB 300 million and up to RMB 500 million over six months[16]. - The company plans to raise up to RMB 9 billion through a private placement to fund multiple renewable energy projects, including a 300 MW compressed air energy storage project in Hubei[17]. - The company raised CNY 12,400,000,000 from financing activities, with cash outflows totaling CNY 7,270,810,000, leading to a net cash flow of CNY 5,129,190,000[34]. Inventory and Current Assets - The company reported a significant increase in inventory, which rose to RMB 86,522,654 from RMB 67,957,770, representing a growth of approximately 27.4%[19]. - As of September 30, 2024, total current assets increased to RMB 475,825,658, up from RMB 426,069,970 as of December 31, 2023, reflecting a growth of approximately 11.6%[19].

A 股代码：601868 A 股简称：中国能建 公告编号：临 2024-056 H 股代码: 03996 H 股简称: 中国能源建设 中国能源建设股份有限公司 第三届董事会第四十次会议决议公告 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。 中国能源建设股份有限公司（以下简称公司）第三届董事会第 四十次会议于 2024 年 10 月 17 日以书面形式发出会议通知，会议于 2024 年 10 月 30 日在公司 2702 会议室以现场结合视频方式召开。本 次会议由宋海良董事长主持，会议应参加表决董事 8 名，实际参 加表决董事 8 名，其中刘学诗董事通过委托表决，部分监事和高 管列席会议。会议召开符合有关法律法规和《中国能源建设股份 有限公司章程》的规定。经过有效表决，会议形成以下决议： 一、审议通过《关于公司 2024 年第三季度报告的议案》 本议案在提交董事会前已经公司第三届董事会审计委员会第二 十七次会议审议通过。 表决结果：8 票同意，0 票反对，0 票弃权。 详细内容请见公司同日发布的《中国能源建设股份有限公司 2 ...