[HK]中国铁建(01186):海外监管公告 - 2025年面向专业投资者公开发行科技创新可续期公司债券（第四期）信用评级报告
??? z ?????????????????????о??????????н????????????????? ????↓?????? z ???????????????↓?????????????????????????????????? ?????????????????????????????????????????????????? ??н?????? z ??????亩?????????????????????????????????????↓???? z ?????????????????????????????????????????????????? ??????????й???亴???? z ???????????????????????????????????н?????????????? ??????????????????????н???????????????????????? z ?????н??????????????????????????????н????????????? ????????????й?????????????? z ???????????????????????????亩????????亩????????????? ?н??????????????????????????????????????→???? ?????? z ????????????????????????????????????????? z ????????????????????仾????????????????????????≤???? ?亩???????????????????????????????????????亩???????? ????亩??????????????????????????????? ??? ?????????? ?????????? 2025???уъ????? AAAsti ??、?????????????????а ?????????? 2025???уъ????? ?亯????? AAA sti ??、?????????????????? ?????????? 2025???уъ????? AAA sti ??、?????????????????й ???????仍?н?? 40???? 40??????й???????? а? 3+N?3???????? 5+N?5??????й? 10+N?10???? ???????????????????н?????????????? ????????????????仍????????????????? ???? ???а?????????????????????????????? ??????? 1?????????????仍???????????? ????亪????????????????????????????? ???????????? ????????????????????л??ā????ā?ā??ā? ?ъ嗉???っ??ㄎ??????亩?????ф??????????? ????????????????????????????????? ???? ?????????????????????а??????????? ???????ケ???????????ф???к???????亩? ??仾??????????????????????? ↙ ?? ? ????っ???ъ嗉???????ㄎ??? ? ??亩?????????????? ? ???????????????? ? ?? ? ???????????????а??????????????????ケ? ? ?????????ф???к??? ? ??亩?????????????? 亩亩???????? syyang@ccxi.com.cn 亩?????傜 ? hma@ccxi.com.cn ???(010)66428877 } ??????? ?????????? 2022 2023 2024 2025.9/2025.1~9 ???????? 15,239.14 16,630.20 18,628.43 20,660.70 ??????????? 3,859.20 4,171.20 4,225.97 4,310.32 ???????? 11,379.94 12,459.00 14,402.46 16,350.37 ??????? 4,238.45 4,619.66 6,241.26 7,859.60 ?ъ??????? 10,963.13 11,379.93 10,671.71 7,284.03 ??????? 317.94 323.29 270.78 172.29 EBIT???? 434.69 453.81 416.33 -- EBITDA???? 642.64 671.35 656.75 -- ???????????? 561.35 204.12 -314.24 -797.57 ?ъ???(%) 10.09 10.39 10.27 8.77 ??????(%) 2.85 2.85 2.36 -- EBIT???(%) 3.96 3.99 3.90 -- ?????(%) 74.68 74.92 77.31 79.14 ??????(%) 57.52 57.20 64.71 69.34 ?????? ??? 2007? 11?????????????????????????????????? 2008? 3?????к?????? A???????601186.SH??俉???? H????? ??1186.HK?к???????ъ??????????????????????????? ъ??????????????ъ????????ъ?2024?? 2025??й?????? ????ъ??? 10,671.71??? 7,284.03??? ? 1?2024??ъ??????? ? 2???????? ?????,
?????? ???????仍?н?? 40???? 10??????й??????а? 3+N?3????? ??? 5+N?5??????й? 10+N?10????????а?????????????? ???????????????????????????? 1????ф???????? ?????????????к??????к 150???????н????????仍?? ???????????????????????н?????????????????? ????????????仍????????????????????????????? 亪????????????????????????????????????????? ??????????????????????????????????????? ???????????????????????????? ??????????????????а???к??????????????????? ???????????? ???伄? ????????? ???????θ2025?п?????????????い人???????????????????? ???????θ?????????θ??????θ?????????????θ儎??с???? ж???θ?????????????????θ???????????????????ж????? ???θ???? 5%???????????? ????????????????????????н????????https://www.ccxi.com.cn/coreditResearch/detail/12184?type=1 ????????????ъ????????ъ???????ъ??????? 60%? 30% ????????2024???????а???????????????????????? ??→??っ???????????????ㄟ????????ъ???????????? ???ъ???ъ??ㄟ?????а???? ?????2024??????????ъ???????????????????????? ??????????????亩??????????????????????????? ??????????????о??????????ъ????≤????亶?????? ????????а???к???????????????????????? ?????л??????ъ???????ъ???????????亩????????? ?????????2024???????学ъ?????????????????????? ??????ъ?????????ケ?????ъ??????????????????? ??????????? ?????????ъ????????????????ъ???????????ъ??? ????а?л???????????????????????????????????? ?????????л?????ъ??????????????л?2025???ъ???? ???????????? ????????ъ???2025?1???????https://www.ccxi.com.cn/coreditResearch/detail/11693?type=1 ????? ???????θ??????嗏???ど??????シ?θ????????? 2024?亯????? ??с┇θ? 2025??п??????仓?????θъ????亯???????????ж???θ ????????????сθ???ぁ?ⅴ???????亯???伄?????亯????????? ??????? ???????????ъ?а???ㄎ?????仾???????ъ嗉???っ?? ???????????ъ?а???????????????ъ?а????ъ????? ?????????????ъ?????????ъ??????????????儈??? ??ㄎ?????仾??????2025???????????????????????????????????????????????仍????????? 2025? 9?????? ??????仍?? 80,980.45???????ъ????????????????????亩 ???亴?????儈???????????亩???????????????????? ?????????????≤?????????亩??????亩?????????学? ???????ъ?????????亩???????????????ケ???????? ??亩?????????????????????? ? 2??????亩?????????X? 2022 2023 2024 2025.1~9 ????仍 32,450.01 32,938.70 30,369.68 15,187.65 ?ъ??? 10,963.13 11,379.93 10,671.71 7,284.03 ????仍/?ъ??? 2.96 2.89 2.85 2.09 ??????????й?????????? ???????亩???????????а?ケ????????ケ?? ????????ъ???学?????儈????????????ъ?а????????? ?????ā???ā???2024???????????????а?ケ???????ъ? ъ??????? 7亩????亶??亩??????а????????????????? 俆? ? 3??? 2024???????????? ?? ??ъ????? ?????? ???????????????????????????? 107亩 ?????? ????????????ъ??????ъ??????ъ??????ъ??? ????????????????? 2 2024?????????? 17亩??亩?????????у? 7,740??????у? 2,696 ????????ケ???????????????、?亩??2024??????????? 亩? 11亩????????????? 3亩?、?????????? ?????????????л???????ъ????????????ъ?????仍?? ??????学???ъ??????仾???????? ??ъ??????儈?2024????????????????????ъ?????仍?? н???л??????????ъ???л━???????????????亶????? ???????????????????????????????????ъ?亩???? ??????ъ?????????а????2025??й???????????????? ???? ??? ???? ??? ???? ??? ???? ??? 仍 ? 仍 ? 仍 ? 仍 ? ?????? 26,453.98 -7.29 12,537.59 1.21 ?????? 26,453.98 -7.29 12,537.59 1.21??????? 23,285.51 -10.36 11,092.30 -0.39 ??????? 2,681.91 -17.03 2,166.53 65.66???? 3,168.47 23.79 1,445.29 15.44 ???? 1,938.75 -40.84 1,450.17 48.26?????? 204.82 -31.00 141.88 2.00 ?????? 847.87 -36.48 300.42 -45.14?ъ?? 422.85 1.27 217.59 -8.44 ???? 11,977.75 2.90 4,783.38 -11.09????? 976.84 -21.02 542.71 -11.53 ???? 2,281.77 -31.45 1,141.18 -15.51???? 1,974.83 -8.75 1,521.55 28.70 ?????? 1,930.08 47.81 871.84 -9.23?ъ?? 91.26 -16.12 59.12 -19.62 ≤?≤??? 1,179.81 -24.02 577.97 -20.84???ъ 245.10 36.48 167.21 66.78 ???? 46.58 -31.77 49.04 62.64???? 1,767.73 34.47 761.50 19.76 ?????仍 30,369.68 -7.80 15,187.65 3.08 ???? 1,801.72 21.72 435.57 -6.83 ??1?????????仍??????????????仍?2??????????亩?о???????? ?????????????????????? ?????????????2024?????????????????????????й?? ??◣??????????????????????ъ???????????????? ?????ā????ā???????āа?а?ā???2024?? 2025??й????ъ ?????仍?????? 23.39%? 94.52%????2025? 1~9????????????? ????亩???????????ъ???????????? 2025? 9???????ъ? ????仍?? 15,924.06????????ъ?????????ъ???????????? ??????ъ??????????ъ????????????????????亩??? ?????????????????????????????????仾???????? ?????亩??????儈???????亩???????????????? ??????ъ??????2024??ъ?????????ъ???っ?????ъ????仾 ???????????????????????????亩?????????????? ????????? ?ā????ā???????л?????ъ?ъ??????????????ъ???? ???????????????ъ????????ъ?????2024?????????? ????儈????????儈ㄟ?????儈?オ?ㄉ????????ъ???????』 ?????ъ????????ъ??????仍??????????????????っ?? ????ъ?????л━????????н?? ???????? ? 5???????????ъ????? 2022 2023 2024 ???仍???? 820.33 824.08 510.18 ?????з??㊣? 834.10 749.02 695.10 ???仍???? 1,295.63 1,213.95 951.45 ??????/??㊣? 15,533 16,207 13,688 ???亩???? 56 39 22 ???????????? 421.57 584.08 147.32 ????????????????? ??伄? ???????θ2024???????????????????????θъ???????ぁ?ⅴ?? ??シ?θ??亯??ⅴ???伄?????????????χ????????????р?θ??? ????????χ????????θ????????????????θ????????????? 2024?????????????ъ?????????????????????????? ???????亩?????????亩???????????仾????????к??? ?????????????к??????≤????к???? 2024??????????а???????2024???????????????????ф ??????????????????ъ??????????л?о??亩??????? ???????????????????????????亩?????????????? 亩??????????л????儈???亩??????????????????学亩? ????????????????????????????????????学亩???? ???????ъ????????????2025? 9?????亩???????????? ????????????????а??????????っ?? ?????2024??????????????????????????亩?????亴?? ??亩???????亩???????亴??????л??????л???????л?? ?????2024?????????????ф????????????????????? ????2025??й??????????????????????????а?????? ????????????????????≤??к?????????????????? ?っ??ф???ъ??≤?? 2024??????ъ?????ъ?л━??????ъ?????ъ??????л??????????ㄟ??л???????????????ф??й??俆?????????? ?????????????????????儈?2025??й???????ъ?????? ?????⌒???????????????????????????????????? ??????????? ?? 6???????????????? ?? 2022 2023 2024 2025.9/2025.1~9 ???? 1,584.25 1,669.58 1,857.03 1,725.63 ???? 1,412.30 1,558.09 2,047.59 2,461.64 ?? 2,998.19 3,076.43 2,861.16 3,044.04 ???? 2,544.64 2,917.82 3,047.50 3,695.56 ???? 625.31 697.36 1,170.02 1,541.11 ????? 805.55 1,098.59 1,425.06 1,740.22 ??????? 1,081.71 1,239.56 1,591.26 1,706.51 ?????? 1,279.85 1,492.78 1,539.84 1,525.47 ????? 15,239.14 16,630.20 18,628.43 20,660.70 ???? 4,255.69 4,915.67 5,128.14 5,339.61 ???? 1,641.19 1,501.96 1,416.49 1,437.15 ????? 11,379.94 12,459.00 14,402.46 16,350.37 ?????? 599.60 594.63 641.68 684.63 ????? 1,619.81 1,818.25 1,970.56 2,059.96 ???ь?? 955.22 1,072.82 943.46 897.22 ??????? 3,859.20 4,171.20 4,225.97 4,310.32 ?????(%) 74.68 74.92 77.31 79.14 ??????(%) 57.52 57.20 64.71 69.34 ?ъ??? 10,963.13 11,379.93 10,671.71 7,284.03 3 2024????????? 19.71??????????? 6.64??????亩???? 60.69????????????????→???? ?ъ???(%) 10.09 10.39 10.27 8.77 ?????(%) 5.21 5.46 5.89 5.25 ???ъ??? 503.93 527.37 438.57 237.40 ?????? -30.51 -34.61 -30.38 -7.33 ?????? -48.88 -64.80 -60.58 -20.98 ???? -46.66 -42.30 -12.96 -4.42 ????仍 378.24 388.28 324.75 204.58 EBIT???(%) 3.96 3.99 3.90 -- ???????? 561.35 204.12 -314.24 -797.57 ???????? -556.46 -559.09 -480.40 -435.59 ???????? 338.94 445.92 947.58 1,098.99 ????????? 84.01 79.96 79.91 -- ??????????????????? 2024????????????????????????????????????????? ??????????????≤?? ????????????????????????????????????????? ? 7?????????????????? ?? 2022 2023 2024 2025.9/2025.1~9 ???? 1,869.22 1,897.70 2,699.78 3,394.35 ??? 4,238.45 4,619.66 6,241.26 7,859.60 ????/???(%) 44.10 41.08 43.26 43.19 ???/EBITDA(X) 6.60 6.88 9.50 -- EBITDA??????(X) 4.08 4.00 3.54 -- FFO/???(X) 0.11 0.11 0.08 -- ??????????????????? ?? 2024?????????仍? 25,495.80?????? 10,263.71???????????? ????儈??????≤?????????????????????????л??ā? ??????ā?????????????????????????????????ь? ?? 2024?????????? 2,183.10?????????? 11.72%?????????? 163.60???????学??????????????????????????????? ?????????? 889.87????? 673.82??????? 263.37???????? 102.69 ??????? 30.90????????? 27.30??????? 21.61??????? 9.95? ?? ???????????????????????????????????????亪?? ??????????????к??????????????????????????ㄟ н???л?????????????????????н??????????????? ???仍???仾?? ????亯 ?? 2024?????н?????↓?????????????????????仍? 20.55 ???н?????ъ?????????????????ъ??????????????? ???????????仍? 205.89????????????????????????? ?????????????????????????????????????????? ?????????ъ??????2022?~2025? 11?????????????????? ???????????????????? 4 ??ф人? ? 8?亴???? ???? 2023???? 2024???? 2025??亴? ??????(%) 57.20 64.71 66.00~70.00 ???/EBITDA(X) 6.88 9.50 10.00~12.00 ??????????亴? ??亯 ????? ???????θ?????????θ??ж???????????????? 2024???????????????????????????????????仍???? ?????? A?+H?к?????????????????????????????? ???????亪????????ъ??≤?????????????????????? 亩?????亩??????а???????????っ???????????а???? ???????????? 5 ESG?? ???????θ??????????ф????θ?〥????????????θ???ど???? 4 ??????????亴????????????????????????????а???亩亴????????????????о??????????????????????亴?????亩?????????亩????????亴???????????????亴????о??????????????????? ???χ????????θ??????θ???? ESG????θ?????????伄?????? ?? ???????????学?ъ?亩??????????????仈??ケ???????? ???????2024????????? 37.4?????????????????2024?? ???????????? ?????????????????????ф??っ???儈????????????? ????????????????????????? ??????????????????????????儈??????????????? ??????????2024??????????????????????↓???????????? ??????????θ??僞???????θ??????????????????????? ????? ?????ь???????????????????????????а???????? ???????ъ?????????????ь??????????????????A?? ???к?????H?????к???????俉????к????????????? ????????ъ?а?????????????????????????仍????? 学ъ?????????????????????????????ъ?????????? ?? ???? ?к??????????ā?????????? 2025???уъ???????、??? ????????????ā??а?????? AAA ?????????? AAA???й sti sti ?????? AAA? sti 6 ??āа???ā?????ц?а?????ъ???ā????ā??????????ъ???????????ъ???ā????ā? ??жφφ?????????????????????δ?? 2025? 9??ε ?????????????? 100% ???????????? 51.23% ?????????? ????????? ????φφ????????????????????δ????ε ????????????? 2022 2023 2024 2025.9/2025.1~9 ???? 1,584.25 1,669.58 1,857.03 1,725.63 ???? 1,412.30 1,558.09 2,047.59 2,461.64 ????? 660.50 569.03 658.25 724.95 ?? 2,998.19 3,076.43 2,861.16 3,044.04 ???? 1,623.24 1,832.73 1,824.10 1,867.58 ???? 660.86 732.69 730.28 702.11 ???? 75.93 58.11 68.13 89.60 ???? 625.31 697.36 1,170.02 1,541.11 ???? 15,239.14 16,630.20 18,628.43 20,660.70 ????? 1,005.29 1,060.58 1,203.04 1,332.97 ???? 1,869.22 1,897.70 2,699.78 3,394.35 ???? 2,369.23 2,721.97 3,541.48 4,465.26 ??? 4,238.45 4,619.66 6,241.26 7,859.60 ??? 2,789.01 3,080.69 4,547.82 6,133.97 ????? 2022 2023 2024 2025.9/2025.1~9 ?ъ???(%) 10.09 10.39 10.27 8.77 ?????(%) 5.21 5.46 5.89 5.25 EBIT???(%) 3.96 3.99 3.90 -- ??????(%) 2.85 2.85 2.36 -- ????(X) 1.08 1.07 1.03 1.04 ????(X) 0.76 0.76 0.77 0.79 ?????(X) 3.29 3.36 3.23 3.00* ???????(X) 7.76 7.66 5.92 4.31* ?????(%) 74.68 74.92 77.31 79.14 ??????(%) 57.52 57.20 64.71 69.34 ????/???(%) 44.10 41.08 43.26 43.19 ????????????????仍/???(X) 0.10 0.01 -0.08 -- ????????????????仍/????(X) 0.22 0.02 -0.18 -- ????????????仍??????(X) 3.56 1.22 -1.69 -- ???/EBITDA(X) 6.60 6.88 9.50 -- EBITDA/????(X) 0.34 0.35 0.24 -- EBITDA??????(X) 4.08 4.00 3.54 -- EBIT??????(X) 2.76 2.70 2.24 -- FFO/???(X) 0.11 0.11 0.08 -- ??1?2025?й???????2????????????????ā??????ā???????ā??????ā?ā???ь??ā??????3??ā*ā?????????4???? 2025?й????????????????????? ??пφ??????????? ??? ???? ????+???????ф??????????????/???????+????+а? ???? ?????????+??????亩 ???? ????+????+』???+??????亩 ??? ????+???? ? ????????? ???????-??????? ? ? ????? ???仍/???仍 ? ?????? ???/(???+?????????? ??????? ????-?????? ???? ???????+???????+??????????????? ???? ????ˇ????????ˇ??????ˇ?????????ˇ?????? ??????? ?ъ??/????????仍+???亩????亩???仍? ? ????? ?ъ??/?????仍 EBIT+??+??????+???????? ???? ?????? EBIT/??????仍 EBIT??? EBIT/?ъ?? ??? ??????????????/?ъ?? ??????????? ????????????仍-???????????????????????????? ? ? ?????仍 ???-??????????????????????????????? ? ????????????????仍—???????(?????+?????亩???? FFO +?????亩????) EBIT?????? EBIT/???? ? ? EBITDA?????? EBITDA/???? ? ??????????? ? ????????????仍/???? ?仍?????? ??1?“???????????????????????仍???????????仍????????????”????????ъ?????ъу??2?????????? 2018??а??ъ?????????????[2018]15???????????????ъ???????????“????=????????+???????+??????”?3??????????????????????? 1?——????????????[2023]65??????????о??↓???ъ??????????о↓???ъ?????????????????????????????ъ????????↓?????亩????亩?????? ???φ?????????? ?????? ?? AAA ????????????????н?н???????????仾???? AA ???????????????н?????????????仾???? A ?????????????????н???????????仾???? BBB ???????????а???н????????????仾?а?? BB ???????????????н????????????儈??仾?? B ???????????????????????????仾??儈? CCC ??????????????????????????仾??儈? CC ??????н??????????????? C ????н?????? ??? AAA??CCC???л?????а???????“+”?“-”??????????儈???????? ????、????? ?? ???? ??????ь?????????ㄩ??? 2??? SOHO5?? ???100010 ???+86?10?6642 8877 ???+86?10?6642 6100 ???www.ccxi.com.cn Address: Building 5, Galaxy SOHO, No.2 Nanzhugan Lane, Chaoyangmennei Avenue, Dongcheng District, Beijing Postal Code?100010 Tel: +86?10?6642 8877 Fax: +86?10?6642 6100 Web: www.ccxi.com.cn 中财网
 |