>> 国泰君安-China Railway Construction (01186 HK) Vigorously Expanding the “Investment +” Business Model -230927
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研究报告全文：股票研究quityResearchTableTitleGaryWong黄家玮EFlashNoteChinaRailwayConstruction01186HK85225092616快讯中国铁建01186HKgarywonggtjascomhk27September2023VigorouslyTableSummaryExpandingtheInvestmentBusinessModel快ReiterateBuyratingandmaintainTPatHK920WemaintaintheforecastofEPSin2023-2025tobe讯RMB2106RMB2396RMB2712withYoYgrowthrateof197138132respectivelyWemaintainFlashFlashNotethetargetpriceatHK920correspondingto40x35x31x202320242025PERReiterateBuyrating1H2023newcontractsfromconstructionoperationsincreased285YoYtoRMB9609billion11H2023revenueincreasedby01YoYtoRMB5411billionShareholdersnetprofitincreased12YoYtoRMB136billionResultswereinlinewithexpectations2Grossprofitincreased29YoYtoRMB482billionGrossmarginwas8902pptYoY31H2023operatingcashoutflowwasRMB193billionRMB03billionlesscomparedwith1H202241H2023totalnewcontractsamountedtoRMB13591billion21ofwhichconstructionoperationsnewcontractsamountedtoRMB9609billion285realestatedevelopmentamountedtoRMB537billion390emergingindustriesamountedtoRMB76billion1044NewcontractsofallbusinessesfromoverseasamountedtoRMB827billion-2305AsatJune302023total证backlogamountedtoRMB70110billion286券Activelyexpandingtheinvestmentmodeltohelpbusinesstransition1Vigorouslyexpandingthe研investmentbusinessesisanimportantsteptotransformtheCompanyfrominvestment-drivento告究investmenttocreatebenefitandboostbusiness2Acceleratingtheexpansionofinvestmentbusinessesin报报emergingfieldssuchaswaterconservancyandnewenergyaimingtocreateanewengineforinvestmentand告究efficiency3SuccessfullyissuedthefirstpublicREITsprojectinChinaswesternregionandisnowexploringEquityResearchReportResearchEquity研moresuitableinfrastructureREITsprojectsTheissuanceofREITsisagoodwaytoraisefundsforinvestmentTabinoperationprojectsandagoodexitformatureprojects券leI证StrivingtomakeenvironmentalprotectionbusinessandemergingindustriesbusinessanewgrowthSector建nfo1point1Adoptingabusinessmodelforenvironmentalprotectionbusinessthroughgeneratingproject筑contractingincomefromtheconstructionofenvironmentalprotectionprojectsfocusingoncarryingoutproject工investmentconstructionandoperationinsub-sectorssuchaswatershedmanagementcomprehensivewater程行environmentmanagementconstructionwasterecyclingpumpedstorageoffshorewindpowerphotovoltaic业wastewatertreatment2Activelysigningnewcontractsinthefieldsofnewenergyecologicalenvironmentalprotectionandpumpedstorage1H2023newcontractsforemergingindustriesincreased1044YoYtoRMB76billionConstructionEngineeringEngineeringConstructionCatalysts1ThethirdBeltandRoadForumforInternationalCooperationwillbehostedinBeijinginOctoberTabwhereseverallarge-scaleoverseasprojectswouldbeannouncedTheCompanyhasahighchanceofleIsecuringseveralmajorconstructioncontracts2ManyoftheCompanysbusinessunitsmeetthecriteriafornfo2restructuringspin-offsorrefinancingintoREITswhichhasthepotentialtounlocksignificantvalueandimprovecashflowRisks1Governmentinfrastructurespendingmaybelowerthanexpected2overseasprojectrisks中中国外铁运建输ChinaRailwayConstruction01186HK01186ConstructionRailwayChinaSeethelastpagefordisclaimerPage1of3TablePageHeaderChinaRailwayConstruction01186HKFigure1847ofCRGs1H2023segmentalrevenueFigure2707ofCRCs1H2023segmentalnewcamefromconstructionoperationscontractscamefromconstructionoperations1raMthgiRelbaTMaterialsandIndustrialEnvironmentalLogisticsFinanceManufacturingProtection6904RealEstate2151Development38Manufacturing12RealEstatePlanningLogisticsandDevelopmentPlanningDesignandMaterialsEmerging40ConsultancyTradingandDesignandIndustries15OtherConsultancyBusinesses11067927September2023InvestmentOperationsConstruction101ConstructionOperationsOperations707847SourcetheCompanySourcetheCompany2raMthgiRelbaT01186HK中国铁建ChinaRailwayConstructionFlashNoteSeethelastpagefordisclaimerPage2of3TablePageHeaderChinaRailwayConstruction01186HKCompanyRatingDefinitionTheBenchmarkHongKongHangSengIndex1raMthgiRelbaTTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthecompanyorsectorisneutral27September2023Reduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorTableRatingIndustryDefinitionRatingDefinitionTheBenchmarkHongKongHangSengIndexTimeHorizon6to18monthsRatingDefinition2raMthgiRelbaTOutperform跑赢大市RelativePerformance5orthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5OrthefundamentaloutlookofthesectorisunfavorableDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS01186HK1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3GuotaiJunanInternationalHoldingsLimitedandoritssubsidiariesdonotholdequaltoormorethan1ofthemarketcapitalizationof中国铁建theissuermentionedinthisResearchReport4GuotaiJunanInternationalHoldingsLimitedandoritssubsidiarieshavenothadinvestmentbankingrelationshipswiththeissuersmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunanInternationalHoldingsLimitedandoritssubsidiariesarenotmakingamarketinthesecuritiesinrespectoftheissuermentionedinthisResearchReport6GuotaiJunanInternationalHoldingsLimitedandoritssubsidiarieshavenotemployedanindividualservingasanofficeroftheissuermentionedinthisResearchReportThereisnoofficeroftheissuermentionedinthisResearchReportassociatedwithGuotaiJunanInternationalHoldingsLimitedandoritssubsidiariesChinaRailwayConstructionDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjacomhkFlashNoteSeethelastpagefordisclaimerPage3of3
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