Financial Performance - In 2023, the company's revenue was CNY 755.646 billion, an increase of CNY 36.562 billion or 5.1% compared to CNY 719.084 billion in 2022[2]. - The gross profit for 2023 was CNY 94.528 billion, up CNY 10.836 billion or 12.9% from CNY 83.692 billion in 2022[2]. - The profit attributable to shareholders for 2023 was CNY 24.734 billion, an increase of CNY 4.508 billion or 22.3% from CNY 20.226 billion in 2022[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 22.577 billion, up CNY 7.924 billion or 54.1% from CNY 14.653 billion in 2022[2]. - The net cash generated from operating activities was CNY 12.074 billion, an increase of CNY 10.935 billion or 960.0% from CNY 1.139 billion in 2022[2]. - The operating profit for 2023 was CNY 38.955 billion, a 14.6% increase from CNY 34.002 billion in 2022, with an operating profit margin rising from 4.7% to 5.2%[82]. - The profit before tax for 2023 was RMB 37.538 billion, an increase of 13.4% compared to RMB 33.088 billion in 2022[84]. - The income tax expense for 2023 was RMB 6.397 billion, a decrease of 10.1% from RMB 7.117 billion in 2022, with the effective tax rate dropping from 21.5% in 2022 to 17.0% in 2023[84]. - The net profit for the current year, after adjustments, was RMB 20,226 million, contributing to a total comprehensive income of RMB 24,566 million[134]. Contracts and Projects - The new contract amount signed in 2023 was CNY 1,753.215 billion, a growth of 13.7% compared to CNY 1,542.256 billion in 2022[2]. - As of December 31, 2023, the amount of uncompleted contracts was CNY 3,450.659 billion[2]. - The company achieved a new contract value of 744.9 billion yuan in its "big city" business for 2023, representing an 18.7% year-on-year growth[18]. - In the "Belt and Road" initiative, the company signed new contracts worth 38.90 billion yuan in the Middle East, contributing to a total of 387.61 billion yuan in new contracts for 2023[16]. - The company has accumulated a total of 2347.58 billion yuan in new contracts since the launch of the "Belt and Road" initiative[16]. - The company signed new contracts worth CNY 1,753.215 billion, representing a year-on-year increase of 13.7%[28]. - New contracts from overseas regions amounted to CNY 319.746 billion (approximately USD 47.526 billion), a year-on-year increase of 47.5%, accounting for 18% of total new contracts[28]. - The company signed new contracts for road and bridge construction in China amounting to 349.01 billion yuan, a decrease of 2.5% year-on-year, accounting for 22% of the infrastructure construction business[37]. Strategic Initiatives - In 2024, the company aims to significantly enhance development quality and efficiency, focusing on six key areas for improvement[5]. - The company plans to optimize its industrial layout and promote traditional industry transformation while expanding into strategic emerging industries[6]. - The company aims to enhance its core technology capabilities, focusing on smart ports, smart highways, smart water management, and smart cities, with a goal of achieving significant breakthroughs in high-end equipment and advantageous technologies[7]. - The company is committed to deepening reforms to improve governance efficiency and resource allocation, enhancing its professional management capabilities[7]. - The company plans to establish a specialized fund to support strategic emerging industries, enhancing its investment capabilities[27]. - The company is focusing on digital transformation and has launched over 10 specialized products in road, water transport, and airport industries in 2023[19]. - The company aims to enhance its core competitiveness by focusing on the construction and upgrading of integrated transportation networks, emphasizing green and low-carbon transformation[74]. - The company plans to actively engage in urban renewal projects, targeting high-quality living standards for residents in cities with populations exceeding 3 million[75]. Research and Development - R&D expenditure for the reporting period was CNY 27.707 billion, accounting for 3.7% of total revenue, an increase of 0.4 percentage points from the previous year[22]. - The company has accumulated 40 National Science and Technology Progress Awards and 5 National Technology Invention Awards, showcasing its strong innovation capabilities[22]. - The company aims to enhance its core technology capabilities in key strategic emerging industries, focusing on "bottleneck" technologies and national strategic needs[24]. - The company has established two National Engineering Research Centers, becoming the only central enterprise in the construction sector with such recognition[21]. Financial Structure and Investments - The company plans to optimize its financial structure by reducing perpetual bond scale and accelerating accounts receivable collection, while enhancing compliance management mechanisms[7]. - The company initiated the issuance of CNY 30 billion preferred shares, which has been approved by the State-owned Assets Supervision and Administration Commission[27]. - The company approved a CNY 120 billion asset securitization business plan, including various asset types such as supply chain receivables and infrastructure assets[27]. - The company is focusing on enhancing its direct financing capabilities through various innovative financing channels[27]. - The company is facing new risks and challenges due to a decrease in local government fund revenues and the impact of the new PPP mechanism on infrastructure investment projects[63]. Market Position and Competitive Advantage - The company is the world's largest design and construction firm for ports, roads, and bridges, and the largest dredging company, with operations in 139 countries and regions[12]. - The company has a strong competitive advantage in the design and construction of major bridges, having built six of the top ten largest bridges globally[13]. - The company is enhancing its market influence in railway construction, having entered various international markets including Africa, Asia, and South America[14]. - The company is committed to sustainable development, aligning its projects with the "Belt and Road" initiative to benefit local communities[32]. Financial Health and Ratios - The company's asset-liability ratio increased to 72.7% in 2023 from 71.8% in 2022[79]. - Total liabilities increased to RMB 1,224,674 million in 2023, up from RMB 1,028,760 million in 2022, indicating a growth of approximately 19%[130]. - The company's total equity attributable to owners of the parent increased to RMB 301,734 million in 2023, up from RMB 282,500 million in 2022, reflecting a growth of approximately 6.5%[130]. - The company's cash and cash equivalents reached RMB 110,204 million in 2023, compared to RMB 103,663 million in 2022, marking an increase of about 6.5%[129]. Compliance and Governance - The company confirmed compliance with the corporate governance code during the fiscal year ending December 31, 2023[196]. - The board of directors approved and authorized the publication of the financial statements on March 28, 2024[194]. - The company has adopted the standard code of conduct for securities trading as per the Hong Kong Listing Rules[195].
中国交通建设(01800) - 2023 - 年度业绩