According to the Guoxin Securities Research Report, China Communications Construction (601800.SH)'s revenue in '23 increased 5.1% year on year, and net profit after deducting non-return to mother increased 58.2% year on year, reflecting the continued increase in the profitability of the company's main infrastructure business. In 2023, the company achieved a record high of 319.7 billion yuan of new overseas contracts, +47.5% over the same period. The company operates in 139 countries and regions around the world, ranking first among ENR's largest international contractors in China for 17 consecutive years, after France's Wanxi Company and Spain's ACS/Hochtief Group, and is expected to continue to benefit from a recovery in overseas infrastructure demand. The amount of new contracts signed by the company grew steadily, overseas business picked up significantly, the investment structure continued to be optimized, and cash flow improved markedly. Considering that the amount of new contracts signed by the company in 2023 will increase rapidly, the investment structure will be optimized, and profitability is expected to increase. Maintain a “buy” rating.
研报掘金丨国信证券：中国交建新签合同额稳健增长，海外业务显著回暖，维持“买入”评级
Research Report: Guoxin Securities: China Communications Construction's newly signed contract amounts have increased steadily, overseas business has picked up significantly, and maintained a “buy” rating
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