20240504-东吴证券-中国建筑-601668.SH-2024年一季报点评_房建基建业务增长平稳非住宅类新签订单高速增长_3页_446kb

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中文总结

投资要点归纳

◼ 业绩概述： 公司发布2024年一季报，营收同比增长47%，净利润增长12%。房建和基建业务增长平稳，非住宅类订单出现大幅增长，显示公司业务结构的优化趋势。

◼ 业务结构： 业务分为房建、基建、房地产、勘察设计四大板块。尽管房建和基建业务保持增长，但房地产开发业务收入承压，但在盈利质量上有所改善。公司在海外市场表现积极，境外收入同比增长39%。

◼ 净利率与现金流： 公司的净利率保持稳定，但经营活动现金流因地产业务销售回款减少和土地购置增加而承压。财务方面，资产负债率为74.8%，环比略有下滑。

◼ 新签订单： 公司一季报实现新签合同额同比增长96%，其中境外增长显著。房建业务订单结构优化，工业厂房项目增长显著；基建业务在能源工程、水务环保等领域的订单大幅增加。

◼ 评级展望： 公司是全球最大工程承包商，新一轮国企改革推动其经营提质增效，同时也受益于“一带一路”战略的海外扩张。预计公司未来净利润稳步增长，维持“买入”评级，目标PE值逐步降低。

◼ 风险提示： 房地产行业复苏不及预期、基建投资增速低迷、一带一路海外拓展力度不足，以及国企改革进度落后的风险仍需关注。

英文 Summary

• Performance Overview: The company reported a 47% increase in revenue and a 12% rise in net profit for the first quarter of 2024. Construction and infrastructure businesses grew steadily, with non-residential new orders experiencing significant expansion, reflecting the optimization of the company’s business structure.

• Business Structure: Divided into four segments—construction, infrastructure, real estate, and surveying and design—the company saw construction and infrastructure maintained steady growth, though real estate revenue faced downward pressure, with improved profitability. Strong performance was noted in overseas markets, contributing 39% income growth year-over-year.

• Net Margin and Cash Flow: The company maintained stable net margins, but operational cash flow was strained due to reduced real estate sales receipts and increased land acquisition. With a debt-to-asset ratio of 74.8%, showing a slight decline quarter-on-quarter.

• New Order Acquisition: The company secured a 96% increase in new contract value for Q1 2024, with significant growth abroad. Construction business orders were optimized, witnessing a sharp rise in industrial building projects; infrastructure saw substantial increases in energy and environmental engineering contracts.

• Rating Outlook: As the world's largest contractor, the company benefits from state-owned enterprise reforms for quality improvement and the Belt and Road Initiative for expanded global operations. Earnings forecasts suggest stable profit growth over the next few years, maintaining a buy recommendation with target price-to-earnings ratios showing an improving trend.

• Risk Factors: Risks include slower-than-expected real estate market recovery, subpar infrastructure investment growth, less-than-anticipated expansion under Belt and Road, and delayed progress in state-owned enterprise reforms.