Chang Jiang Shang Bao·2025-04-25 00:11Core Viewpoint - China Communications Construction Company (CCCC) is experiencing stable and positive growth, particularly in traditional infrastructure and overseas market expansion [1][2]. Group 1: Contract Performance - In Q1 2025, CCCC signed new contracts worth 553.034 billion yuan, a year-on-year increase of 9.02%, achieving 27% of its annual target [1]. - The growth in new contracts is primarily driven by increased demand in overseas projects, urban construction, water conservancy projects, and energy engineering [1]. - New contracts in infrastructure construction, design, dredging, and other businesses amounted to 493.5 billion yuan, 15.516 billion yuan, 41.018 billion yuan, and 3 billion yuan, respectively [1]. - The new contract amount for energy engineering projects increased by 185.36% year-on-year, while water conservancy projects grew by 29.53% [1]. - New contracts from overseas markets totaled 106.877 billion yuan (approximately 15.023 billion USD), a year-on-year increase of 17.14%, accounting for 19% of total new contracts [1]. Group 2: Financial Performance - CCCC achieved operating revenue of 771.944 billion yuan in 2024, a year-on-year increase of 1.74%, while net profit was 23.384 billion yuan, a slight decrease of 1.81% [2]. - The company has maintained continuous growth in revenue and net profit from 2021 to 2023 [2]. Group 3: Research and Development - CCCC has been increasing its R&D investment to enhance core technologies and competitiveness, with R&D expenses from 2020 to 2024 being 20.094 billion yuan, 22.588 billion yuan, 23.475 billion yuan, 27.318 billion yuan, and 25.998 billion yuan, respectively, exceeding 20 billion yuan for five consecutive years [2]. Group 4: Shareholder Confidence - To bolster investor confidence and stabilize its stock price, CCCC announced a plan to repurchase A-shares with a total fund of 500 million to 1 billion yuan, with all repurchased shares to be canceled [2]. - China Communications Group plans to increase its holdings in CCCC's H-shares with a total investment of 250 million to 500 million yuan [2].