CCCC(601800) 新浪财经·2025-03-31 08:53Core Viewpoint - The company reported a slight increase in revenue for 2024, but a decline in net profit, indicating mixed financial performance amidst challenges in certain business segments [1][3]. Financial Performance - In 2024, the company achieved operating revenue of 771.944 billion yuan, a year-on-year increase of 1.74% [1][2]. - The net profit attributable to shareholders was 23.384 billion yuan, down 1.81% year-on-year, while the net profit excluding non-recurring items was 19.812 billion yuan, a decrease of 8.44% year-on-year [1][3]. - The company proposed a cash dividend distribution of 21% of the net profit, reflecting a 1 percentage point increase year-on-year [1]. Quarterly Performance - The company experienced a recovery in revenue growth in Q4 2024, with a quarterly revenue increase of 12.22%, contrasting with declines in previous quarters [2]. - The quarterly revenue growth rates for 2024 were 0.18%, -5.02%, -1.73%, and 12.22% respectively [2]. Segment Performance - The infrastructure construction business saw a revenue increase of 2.34% year-on-year, primarily driven by overseas project contributions, with overseas revenue reaching 135.261 billion yuan, up 16.39% year-on-year [2]. - The dredging business reported a revenue increase of 11.14% year-on-year, while the infrastructure design business faced challenges with a revenue decline of 23.27% year-on-year [2]. Cost Management and Cash Flow - The company successfully reversed provisions for receivables, leading to a significant improvement in operating cash flow, with a net cash inflow of 89.535 billion yuan in Q4, a year-on-year increase of 43.41% [3]. - The overall net profit margin for the year was 3.93%, a slight decrease of 0.05 percentage points year-on-year, attributed to a decline in gross margins [3]. Order Growth and Business Development - The company signed new contracts totaling 1.881185 trillion yuan in 2024, reflecting a year-on-year growth of 7.30% [4]. - The overseas new contract amount was 359.726 billion yuan, up 12.5% year-on-year, accounting for 19% of total contracts [4]. - The company focused on emerging business areas, achieving a 46.43% year-on-year increase in new contracts in these sectors, totaling 705.347 billion yuan [4]. Future Outlook - Revenue projections for 2025-2027 are 810.54 billion yuan, 842.96 billion yuan, and 876.68 billion yuan, with expected year-on-year growth rates of 5.0%, 4.0%, and 4.0% respectively [5]. - The forecasted net profit for the same period is 24.84 billion yuan, 26.52 billion yuan, and 28.30 billion yuan, with respective growth rates of 6.2%, 6.8%, and 6.7% [5].