CRCC(SH:601186) Xin Lang Cai Jing·2025-03-31 10:27Core Viewpoint - The company announced a decline in revenue and net profit for 2024, with total revenue at 1,067.171 billion yuan, down 6.22%, and net profit attributable to shareholders at 22.215 billion yuan, down 14.87% [1] Financial Performance - Quarterly revenue for 2024 was reported as follows: Q1: 274.949 billion yuan (up 0.52%), Q2: 241.188 billion yuan (down 9.84%), Q3: 241.988 billion yuan (down 8.82%), Q4: 309.046 billion yuan (down 6.78%) [2] - Quarterly net profit attributable to shareholders was: Q1: 6.025 billion yuan (up 1.98%), Q2: 5.877 billion yuan (down 24.07%), Q3: 3.793 billion yuan (down 34.27%), Q4: 6.520 billion yuan (down 2.36%) [2] - The company's gross profit margin for 2024 was 10.27%, a decrease of 0.13 percentage points [3] Business Segments - Revenue by business segment for 2024: Engineering: 931.246 billion yuan (down 5.68%), Design: 18.024 billion yuan (down 3.89%), Manufacturing: 23.395 billion yuan (down 2.52%), Real Estate Development: 71.890 billion yuan (down 13.67%), Logistics: 86.864 billion yuan (down 9.39%) [2] - Gross profit margins by segment were: Engineering: 8.75%, Design: 41.96%, Manufacturing: 22.35%, Real Estate Development: 10.92%, Logistics: 9.17% [2] Geographic Performance - Domestic revenue for 2024 was 1,001.273 billion yuan (down 7.09%), while overseas revenue was 65.899 billion yuan (up 9.27%) [2] - The gross profit margin for domestic operations was 10.45% (down 0.14 percentage points), and for overseas operations, it was 7.49% (up 0.62 percentage points) [2] Cash Flow and Expenses - The company experienced a significant net cash outflow from operating activities of 31.424 billion yuan, an increase in outflow of 51.836 billion yuan compared to the previous year [3] - The company's receivables and inventory levels increased, with accounts receivable at 207.98 billion yuan (up 30.78%) and inventory plus contract assets at 590.87 billion yuan (down 1.43%) [3] Future Outlook - Projected net profit for 2025-2027 is expected to be 21.207 billion yuan (down 4.54%), 21.802 billion yuan (up 2.81%), and 22.818 billion yuan (up 4.66%), with corresponding price-to-earnings ratios of 5.24, 5.09, and 4.87 respectively [3]