CPEC(SH:600339) Xin Lang Cai Jing·2025-11-01 00:27Core Insights - The company reported a revenue of 57.53 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 12.4%, while the net profit attributable to shareholders was 520 million yuan, a decrease of 17.2% [1] - The decline in profit is primarily attributed to underperformance in overseas pipeline and storage projects, a decrease in gross profit, and an increase in financial expenses, taxes, and credit impairment losses [1] - The company signed new contracts totaling 99.216 billion yuan in the first three quarters of 2025, marking a year-on-year growth of 5.25% [1] Revenue Breakdown - Domestic contracts accounted for 73.95 billion yuan, or 74.54% of the total new contracts, while overseas contracts amounted to 25.264 billion yuan, or 25.46% [1] - By sector, the new contracts for oil and gas field surface engineering were 24.218 billion yuan (24.41%), pipeline and storage engineering contracts were 24.750 billion yuan (24.95%), refining and chemical engineering contracts were 20.656 billion yuan (20.82%), and emerging businesses and future industries contracts were 28.015 billion yuan (28.23%) [1] New Contracts and Projects - The company signed contracts for two major overseas projects: the LNG transportation pipeline project in the UAE worth 5.13 billion USD (approximately 36.88 billion yuan) and the seawater pipeline project in Iraq worth 25.24 billion USD (approximately 180.32 billion yuan) [2] - The funds from a planned issuance of 1.675 billion A-shares to China National Petroleum Corporation, amounting to 5.913 billion yuan, will be used for these projects [2] Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025, 2026, and 2027 at 658 million yuan, 739 million yuan, and 801 million yuan respectively, and continues to hold a "buy" rating [3]