中国电建(601669)：收入小幅增长 减值显著收窄

Core Insights - The company reported a slight increase in revenue for Q1 2025, but a decline in net profit and new orders [1][2] Financial Performance - In Q1 2025, the company achieved a revenue of 142.56 billion yuan, a year-on-year increase of 1.61%, while net profit attributable to shareholders was 2.636 billion yuan, a decrease of 12.03% [1] - The company's gross profit margin for Q1 2025 was 10.81%, down by 0.95 percentage points year-on-year, and the net profit margin was 1.85%, a decline of 0.29 percentage points [3] - Operating cash flow showed a net outflow of 40.519 billion yuan, an increase in outflow by 1.437 billion yuan year-on-year [3] Order and Investment Trends - New orders in Q1 2025 totaled 299.323 billion yuan, a decline of 9.60% year-on-year, with significant drops in energy and water resources sectors [2] - The company actively reduced its investment scale in 2024, completing investments of 90.312 billion yuan, a decrease of 30.16% from 2023 [4] - The company aims to focus on renewable energy and pumped storage as future growth points, with installed capacity for wind and solar power increasing significantly [4]