中国建筑(601668)：龙头优势凸显 现金流持续改善

Group 1 - The company experienced a slight decline in revenue, with a total revenue of 218.71 billion yuan in 2024, down 3.5% year-on-year, and a net profit attributable to shareholders of 46.2 billion yuan, down 14.9% year-on-year [1] - In Q4 2024, the company reported revenue of 56.06 billion yuan, a decrease of 5.7% year-on-year, and a net profit of 6.5 billion yuan, down 38.9% year-on-year [1] - The decline in net profit was greater than the decline in revenue due to increased provisions for credit and asset impairment losses, which rose by 7.5 billion yuan and 5.03 billion yuan respectively, up 13.1% and 58.5% year-on-year [1] Group 2 - The company achieved a new contract amount of 4080.8 billion yuan in 2024, an increase of 5.4% year-on-year, with new contracts in infrastructure rising by 21.1% year-on-year [1] - The company’s contract sales in real estate amounted to 421.9 billion yuan, down 6.5% year-on-year, with a sales area of 146.4 billion square meters, down 21.2% year-on-year [1] Group 3 - The overall gross margin for the company was 9.86% in 2024, an increase of 0.03 percentage points year-on-year, with specific margins for housing construction, infrastructure, and real estate at 7.40%, 10.03%, and 17.28% respectively [2] - The company maintained a stable expense ratio of 4.95%, up 0.24 percentage points year-on-year, with management and R&D expenses increasing by 0.6% and sales expenses decreasing by 1.3% [2] - The company reported a net cash flow from operating activities of 15.77 billion yuan, marking five consecutive years of positive cash flow, with a significant improvement in the investment income ratio [2] Group 4 - The company has adjusted its profit forecast downward but maintains an "outperform the market" rating, with expected net profits of 49.3 billion yuan, 50.7 billion yuan, and 52.0 billion yuan over the next three years [3] - The company aims to control operational risks and improve operational quality, with projected earnings per share of 1.19 yuan, 1.22 yuan, and 1.25 yuan for the next three years [3]