天风证券：给予隧道股份买入评级，目标价8.86元

Core Viewpoint - Tunnel Corporation (隧道股份) maintains stable operations with a high dividend investment value, projecting a target price of 8.86 yuan and a "buy" rating for the stock [1] Financial Performance - In 2024, the company achieved operating revenue of 68.82 billion yuan, a year-on-year decrease of 7.28%, with net profit attributable to shareholders at 2.84 billion yuan, down 3.5% [1] - The fourth quarter saw revenue of 25.93 billion yuan, a decline of 5.1%, while net profit attributable to shareholders was 1.34 billion yuan, down 7.5% [1] - The company plans to distribute cash dividends of 690 million yuan, resulting in a total cash dividend of 1.006 billion yuan for the year, with a dividend payout ratio of 35.68% and a corresponding dividend yield of 5.25% [1] Business Segments - Revenue from various business segments in 2024 includes construction at 57.2 billion yuan, design services at 2.4 billion yuan, infrastructure operations at 5 billion yuan, and digital information business at 400 million yuan, with respective year-on-year changes of -6.7%, -6.9%, -15.8%, and +26.7% [2] - The overall gross margin improved to 12.2%, up 1.87 percentage points year-on-year, with a fourth-quarter gross margin of 12.99%, an increase of 5.44 percentage points [2] Order Growth - The company signed new orders worth 103 billion yuan in 2024, an increase of 8.01% year-on-year, which is 1.5 times the revenue for the period [3] - In the first quarter of 2025, new orders reached 23.08 billion yuan, a year-on-year increase of 1.87%, with significant growth in municipal and energy-related orders exceeding 30% [3] Cost Management and Profitability - The company maintained a period expense ratio of 8.94%, with a slight increase of 0.06 percentage points year-on-year [4] - Investment income contributed 1.44 billion yuan, a decrease of 1.54 billion yuan year-on-year, while the net profit margin for 2024 was 4.3%, up 0.02 percentage points [4] - Operating cash inflow was 4.59 billion yuan, an increase of 1.4 billion yuan year-on-year, with a cash payment ratio improvement of 3.26 percentage points [4]