CNECC(601611) Xin Lang Cai Jing·2025-05-09 12:30Group 1: Financial Performance - In 2024, the company achieved total operating revenue of 113.54 billion yuan, a year-on-year increase of 3.80% [1] - The net profit attributable to shareholders was 2.064 billion yuan, a slight increase of 0.07% year-on-year, while the non-recurring net profit rose by 12.11% to 1.915 billion yuan [1] - For Q1 2025, total operating revenue was 29.549 billion yuan, up 1.77% year-on-year, but net profit decreased by 1.01% to 551 million yuan [1][2] Group 2: Order Growth and Market Expansion - The company reported steady growth in new contracts, with Q4 2024 new contracts amounting to 55.633 billion yuan, a year-on-year increase of 1.3% [2] - In Q1 2025, new contracts reached 54.175 billion yuan, showing a significant year-on-year increase of 30.68% [2] - The company successfully entered new sectors such as offshore wind power, energy storage, and pumped storage, enhancing both quantity and quality of orders [2] Group 3: Profitability and Cost Management - The overall gross profit margin for the year was 11.72%, an increase of 0.37 percentage points, while the expense ratio rose slightly to 7.12% [3] - The net profit margin for the year was 1.82%, a decrease of 0.07 percentage points, with the non-recurring net profit margin improving by 0.13 percentage points to 1.69% [3] - In Q1 2025, the gross profit margin was 8.94%, up 0.41 percentage points, but the net profit margin decreased to 1.87% [3] Group 4: Cash Flow and Financial Health - The company experienced a net cash outflow from operating activities of 3.34 billion yuan in 2024, primarily due to increased payments to downstream [4] - The cash collection ratio for 2024 was 82.77%, down 3.57 percentage points year-on-year [4] - In Q1 2025, the net cash outflow was 10.195 billion yuan, with a cash collection ratio of 76.34%, which improved by 7.04 percentage points [4] Group 5: Nuclear Power Sector Outlook - The company has received approval for more than 10 nuclear units for four consecutive years, indicating a robust nuclear construction market [5] - In April 2024, five nuclear projects were approved, totaling 10 units, with an estimated investment exceeding 200 billion yuan [5] - The long-term outlook for the nuclear power sector is positive, with expectations of high margins and low impairments driving company performance [5]