According to the Dongwu Securities Research Report, China Communications Construction (601800.SH) overseas business performed well in 2023, and operating cash flow increased dramatically. The amount of new contracts signed by the company in 2023 was 175.3.2 billion yuan, or 103.5% of the annual target. Of these, the amount of new contracts signed overseas was +47.5% to 319.7 billion yuan, accounting for +4pct to 18% of the total new contract amount. Overseas orders grew strongly. The company is a leading large-scale infrastructure integrated service provider in China, and as the main force for construction state-owned enterprises to “go global”, it will fully benefit from the “Belt and Road” development opportunities. The company kept a close eye on the “one profit and five rate” assessment requirements of the State Assets Administration Commission, and continued to improve its operating quality. The company raised its 24-25 net profit forecast to 258/27.6 billion yuan (previous value was 236/25.9 billion yuan), and maintained a “buy” rating.
研报掘金丨东吴证券：中国交建23年海外业务表现亮眼，维持“买入”评级
Research Report Nuggets丨Dongwu Securities: China Communications Construction performed well in overseas business in 23 years, maintaining a “buy” rating
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