Group 1 - The company China Energy Engineering Corporation (中国能建) announced a contract with Astana City Water Supply Company for a water supply project in Kazakhstan, valued at approximately 96 million RMB [1] - The project includes the construction of a water intake pumping station with a capacity of 342,000 m3/day, two booster pumping stations, a 400 km long water pipeline, and a water treatment plant with a capacity of 210,000 m3/day, with a total construction period of 36 months [1] - The company was established in December 2014, with a registered capital of approximately 30 billion RMB, and is primarily engaged in surveying, design, consulting, engineering construction, industrial manufacturing, and investment operations [1] Group 2 - The company's revenue for 2021 to 2023 was 322.32 billion RMB, 366.39 billion RMB, and 406.03 billion RMB, representing year-on-year growth of 19.23%, 13.67%, and 10.82% respectively [2] - The net profit attributable to shareholders for the same period was 6.50 billion RMB, 7.81 billion RMB, and 7.99 billion RMB, with year-on-year growth rates of 39.26%, 20.07%, and 2.07% respectively [2] - The company's asset-liability ratio increased from 71.69% in 2021 to 75.96% in 2023 [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company has shown stable revenue and profit growth, with a balanced expansion in both domestic and international markets. The new energy business continues to develop, and there is a significant increase in industrial manufacturing orders. The company has a strong potential in investment operations [6][7] - The forecast for net profit attributable to shareholders for 2025-2027 is projected to be 10.6 billion, 12.3 billion, and 12.9 billion yuan, respectively, with corresponding EPS of 0.25, 0.30, and 0.31 yuan. The current stock price corresponds to PE ratios of 9.0, 7.7, and 7.4 times [6][9] Financial Performance - In 2024, the company achieved an operating revenue of 436.71 billion yuan, a year-on-year increase of 7.56%. The net profit attributable to shareholders was 8.40 billion yuan, up 5.13% year-on-year. The gross margin was 12.41%, a decrease of 0.23 percentage points year-on-year, while the net margin was 2.71%, down 0.06 percentage points year-on-year [7][9] - The company maintained a stable debt structure, with a debt-to-asset ratio of 76.31% and a current ratio of 1.02. Cash on hand reached 91.16 billion yuan, an increase of 17.95% year-on-year, indicating a strong liquidity position [7][9] Order Growth and International Expansion - The company signed new orders totaling 1.408 trillion yuan in 2024, a year-on-year increase of 9.75%. The engineering construction business saw a significant increase, particularly in traditional energy contracts, which grew by 57.6% year-on-year [8] - The international business has shown remarkable results, with overseas new contracts increasing by 14.5% year-on-year. Notable contracts were signed in Saudi Arabia and the Philippines, each exceeding 20 billion yuan [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company has reported a year-on-year increase in revenue and net profit, with a significant growth in new orders. The expansion in both domestic and international markets is balanced, and the company continues to explore opportunities in the new energy sector [6][8] - The forecast for net profit from 2025 to 2027 is projected to be 106.0 billion, 123.3 billion, and 128.7 billion yuan respectively, with corresponding EPS of 0.25, 0.30, and 0.31 yuan. The current stock price corresponds to a PE ratio of 9.0, 7.7, and 7.4 times for the respective years [6][9] Financial Performance - In 2024, the company achieved an operating revenue of 436.71 billion yuan, representing a year-on-year growth of 7.56%. The net profit attributable to shareholders was 8.40 billion yuan, up 5.13% year-on-year [7] - The gross margin for 2024 was 12.41%, a decrease of 0.23 percentage points year-on-year, while the net margin was 2.71%, down 0.06 percentage points [7] - The company maintained a stable debt structure with a debt-to-asset ratio of 76.31% and a current ratio of 1.02, indicating a reasonable overall debt structure [7] Order Growth and Market Expansion - The company signed new orders totaling 1.408 trillion yuan in 2024, a year-on-year increase of 9.75%. The engineering construction segment saw a significant increase, particularly in traditional energy contracts, which grew by 57.6% [8] - Internationally, the company achieved a 14.5% increase in new contracts, with notable contracts in Saudi Arabia and the Philippines exceeding 20 billion yuan each [8] Financial Summary and Valuation Metrics - The projected operating revenue for 2025 is 445.98 billion yuan, with a year-on-year growth of 2.1%. The net profit is expected to reach 10.60 billion yuan, reflecting a growth of 26.3% [9][11] - Key financial ratios include a projected ROE of 6.8% for 2025 and a P/E ratio decreasing to 9.0 by 2025 [9][11]

特此公告。 签署重大合同的公告 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。 近日，中国能源建设股份有限公司所属子公司中国葛洲坝 集团股份有限公司作为总承包方，与阿斯塔纳市首都供水公司， 签署了阿斯塔纳市供水项目合同。合同金额约为6,512亿坚戈, 折合人民币约96亿元。该项目位于哈萨克斯坦阿斯塔纳市东南 部。项目建设内容包括一座规模34.2万m³ /天的取水泵站、两 座加压泵站、总长约400km的输水管道和一座处理能力为21万m ³ /天的净水厂的设计、采购、施工和调试等。项目总工期约为 36个月。 A 股代码：601868 A 股简称：中国能建 公告编号：临 2025-021 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 中国能源建设股份有限公司董事会 2025 年 4 月 2 日 ...

金融界3月31日消息，上证指数下跌0.46%，中证基建指数 (中证基建，930608)下跌2.06%，报7698.26 点，成交额141.97亿元。 数据统计显示，中证基建指数近一个月下跌0.15%，近三个月下跌2.91%，年至今下跌1.80%。 据了解，中证基建指数选取50只基础设施建设、专业工程、工程机械以及房屋建设等基建相关领域上市 公司证券作为指数样本，反映基础设施建设类上市公司证券的整体表现。该指数以2004年12月31日为基 日，以1000.0点为基点。 从指数持仓来看，中证基建指数十大权重分别为：中国建筑（9.24%）、中国中铁（8.27%）、三一重 工（6.06%）、中国电建（6.01%）、徐工机械（5.72%）、中联重科（5.44%）、中国铁建（5.31%）、 中国交建（4.74%）、中国能建（4.29%）、中国化学（3.84%）。 从中证基建指数持仓的市场板块来看，上海证券交易所占比75.54%、深圳证券交易所占比24.46%。 从中证基建指数持仓样本的行业来看，工业占比100.00%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。 ...

Core Insights - The Suzhou Qianyingsi Power Plant Phase II expansion project has officially commenced commercial operation after successfully completing a 168-hour full-load trial run [1][2] Project Overview - The project is located in Suzhou, Anhui Province, and is a key power source project under Anhui's "14th Five-Year" electricity development plan with a total investment of 4.74 billion yuan [2] - It features a 1000 MW ultra-supercritical reheat coal-fired power generation unit, utilizing advanced international reheat technology [2] Environmental Impact - The power plant has a coal consumption rate of 264.52 grams per kilowatt-hour, which allows for an annual saving of approximately 157,400 tons of standard coal and a reduction of about 409,200 tons of CO2 emissions per year [2] - The project implements ultra-low emission optimization measures, including flue gas collaborative treatment technology, full-load denitrification, and efficient desulfurization, significantly exceeding national emission standards and achieving advanced industry environmental performance [2] Technical Achievements - During construction, the team overcame several technical challenges related to the integration of the reheat system and the installation and debugging of high-parameter units [2] - The research project aimed at improving the oil system flushing efficiency led to a 40% increase in installation efficiency through optimized pipeline pre-assembly and flushing methods [2] - The project achieved a 100% inspection rate for boiler heating surface welds, a 99.92% first-pass acceptance rate for non-destructive testing of inspected welds, zero leakage in hydraulic tests, and a 100% success rate for the initial startup of major system components [2] Contribution to Energy Supply - Once operational, the power plant is expected to generate approximately 5 billion kilowatt-hours of electricity annually, effectively addressing the electricity supply gap in Anhui Province [2] - It will provide 800 MW of peak-shaving capacity for renewable energy consumption, contributing to the optimization of the energy structure and ensuring stable electricity supply in the Yangtze River Delta region [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7][17]. Core Views - The company achieved a revenue of 436.71 billion yuan in 2024, representing a year-on-year growth of 7.56%, with a net profit attributable to the parent company of 8.40 billion yuan, up 5.13% year-on-year [1][5]. - The company is actively expanding its "Four New" businesses, which include new energy, new infrastructure, new industries, and new materials, contributing to its steady growth [1][2]. - The company has made significant investments in renewable energy projects, including a 300 MW compressed air energy storage project and data center projects in Gansu, with a total investment of approximately 4.1 billion yuan [1][2]. Financial Performance - In 2024, the company reported a comprehensive gross margin of 12.41%, a slight decrease of 0.23 percentage points year-on-year, while the net profit margin was 2.71%, down 0.06 percentage points [3]. - The company’s cash flow from operations (CFO) improved significantly, reaching 11.03 billion yuan, a year-on-year increase of 16.3%, attributed to enhanced collection of receivables [3][12]. - The company’s revenue from the new energy and integrated smart energy business reached 139.76 billion yuan, a year-on-year increase of 13.9%, accounting for 32% of total revenue [2][5]. Business Segmentation - In 2024, the company’s revenue from various segments was as follows: surveying and design/consulting (20.83 billion yuan, +8.6%), engineering construction (366.82 billion yuan, +6.8%), industrial manufacturing (32.22 billion yuan, -4.5%), and investment operations (36.13 billion yuan, +22.8%) [2]. - The company secured new orders totaling 1,408.88 billion yuan in 2024, reflecting a year-on-year growth of 9.8%, with notable increases in traditional energy and new energy orders [2]. Future Projections - The company is projected to achieve net profits of 8.79 billion yuan, 9.41 billion yuan, and 10.17 billion yuan in 2025, 2026, and 2027, respectively, indicating a steady growth trajectory despite a slowdown in the new energy business [1][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7][17]. Core Views - The company achieved a revenue of 436.71 billion yuan in 2024, representing a year-on-year growth of 7.56%, with a net profit attributable to the parent company of 8.40 billion yuan, up 5.13% year-on-year [1][5]. - The company is actively expanding its "Four New" businesses, which include new energy, new infrastructure, new industries, and new materials, contributing to its revenue growth [1][2]. - The company has made significant investments in renewable energy projects, including a 300 MW compressed air energy storage project and data center projects in Gansu, with a total investment of approximately 4.1 billion yuan [1][2]. Financial Performance - In 2024, the company reported a comprehensive gross margin of 12.41%, a slight decrease of 0.23 percentage points year-on-year, with various business segments showing different gross margin trends [3]. - The company’s cash flow from operations (CFO) improved significantly, reaching 11.03 billion yuan, a 16.3% increase year-on-year, attributed to enhanced collection of receivables [3][12]. - The company’s total revenue from its various business segments in 2024 includes 208.3 billion yuan from surveying and consulting, 3,668.2 billion yuan from engineering construction, 322.2 billion yuan from industrial manufacturing, and 361.3 billion yuan from investment operations [2]. Revenue and Profit Forecast - The company is projected to achieve net profits attributable to the parent company of 8.79 billion yuan, 9.41 billion yuan, and 10.17 billion yuan for the years 2025, 2026, and 2027, respectively [1][5]. - The expected revenue growth rates for the next few years are 6.75% for 2025, 6.67% for 2026, and 6.71% for 2027 [5][12]. Market Position - The company secured new orders totaling 1,408.88 billion yuan in 2024, reflecting a year-on-year increase of 9.8%, with notable growth in traditional energy and new energy sectors [2][5]. - The company’s market capitalization is approximately 73.94 billion yuan, with a total share capital of 32,428.73 million shares [8].

公司对会计师事务所 2024 年度履职情况 评估报告 中国能源建设股份有限公司（以下简称公司）聘请天健 会计师事务所（特殊普通合伙）（以下简称天健会计师事务 所）作为公司 2024 年度年报审计机构。根据《国有企业、 上市公司选聘会计师事务所管理办法》，公司对天健会计师 事务所 2024 年审计过程中的履职情况进行评估。经评估， 公司认为天健会计师事务所资质等方面合规有效，履职保持 独立性，勤勉尽责，公允表达意见。具体情况如下： 一、会计师事务所聘任情况 2024 年 3 月 28 日，经公司第三届董事会第三十三次会 议审议通过了《关于续聘 2024 年度审计机构的议案》，公 司聘请天健会计师事务所为 2024 年度 A 股与 H 股财务报告 审计机构，并根据中国证监会、香港联交所及上海证券交易 所的相关规定，为公司提供 2024 年度财务报告及内部控制 的审计服务和其他定期报告的审阅服务。2024 年 6 月 20 日， 公司 2023 年度股东大会通过了《关于续聘 2024 年度审计机 构的议案》。 二、会计师事务所资质条件 （一）基本情况 名称：天健会计师事务所（特殊普通合伙） 首席合伙人：钟建国 - ...

2024 中国能源建设股份有限公司 环境、社会及治理报告 Environmental, Social and Governance Report 1 2024 环境、社会及治理报告 ESG REPORT 前言 关于本报告 报告范围 联合国《2030 可持续发展议程》 央企控股上市公司 ESG 专项报告参考指标体系 中国社会科学院《中国企业可持续发展报告指南 （CASS-ESG 6.0）》 组织范围：本报告涵盖中国能源建设股份有限公司 及所属公司（以下简称"本公司""公司""我们" 或"中国能建"），包括主要业务（勘测设计及咨询、 工程建设、装备制造、民用爆破及水泥生产、投资 及其他）运营中的环境、社会及治理的整体表现。 时 间 范 围：报 告 时 间 范 围 为 2024 年 1 月 1 日 至 2024 年 12 月 31 日，为保证报告完整性，部分内 容或超出上述时间范围。 编制依据 国务院国资委《关于新时代中央企业高标准履行社 会责任的指导意见》 上 海 证 券 交 易 所《 上 市 公 司 自 律 监 管 指 引 第 14 号——可持续发展报告（试行）》 香港联合交易所《上市规则附录 C2——环境、社 ...