CJJG(SH:600496) Xin Lang Cai Jing·2025-04-15 10:29Core Insights - The company reported a steady increase in revenue and a significant improvement in cash flow from operating activities for the year 2024 [1][2] Financial Performance - In 2024, the company achieved steel structure sales of 1.353 million tons, a year-on-year increase of 10.9% [1] - The total revenue reached 18.492 billion yuan, up 12.03% year-on-year, with the steel structure segment contributing 16.31 billion yuan, a 14.02% increase [1] - Integrated and EPC revenue was 1.872 billion yuan, growing by 4.68% [1] - The net profit attributable to shareholders was 512 million yuan, a decline of 6.69% year-on-year, while the net profit excluding non-recurring items was 442 million yuan, down 9.48% [1] - Operating cash flow net amount was 770 million yuan, reflecting a significant increase of 63.9% due to higher cash receipts from sales of goods and services [1] Profitability and Asset Management - The gross margin for 2024 was 12.66%, a decrease of 0.34 percentage points, while the net margin was 2.85%, down 0.61 percentage points [2] - The expense ratio was 7.94%, a decline of 0.72 percentage points [2] - Accounts receivable increased to 4.158 billion yuan, up 709 million yuan year-on-year, but the aging structure improved with the proportion of receivables over three years old decreasing from 20.6% to 15% [2] - The asset-liability ratio rose to 64.96%, an increase of 1.59 percentage points [2] - Total asset impairment and credit impairment losses amounted to 267 million yuan, an increase of 124 million yuan year-on-year, primarily due to increased provisions for contract assets, fixed assets, and inventory [2] Order Growth and Emerging Business - The company signed new orders worth 21.97 billion yuan in 2024, a year-on-year increase of 8.4%, with overseas new orders reaching 3 billion yuan, up 202.9%, increasing their share of total orders from 4.9% to 13.7% [3] - Major projects include the Lusail Stadium for the 2022 World Cup, the Jeddah Tower, and the new Hong Kong airport [3] - Emerging business contracts totaled 5.86 billion yuan, a growth of 50.4%, with EPC and prefabricated business contracts at 4.79 billion yuan, up 44.7% [3] - Industrial chain and strategic franchise contracts reached 850 million yuan, a 94.0% increase, while BIPV contracts were 220 million yuan, up 48.4% [3] Investment Outlook - The company is expected to achieve net profits attributable to shareholders of 592 million yuan, 696 million yuan, and 835 million yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth of 15.7%, 17.56%, and 20.02% [3] - Corresponding P/E ratios are projected to be 10.27, 8.73, and 7.28 times [3]