Ge Long Hui·2025-12-02 07:49Core Viewpoint - China Communications Construction Company (CCCC) reported a 16.3% decline in net profit attributable to shareholders in Q3, while non-recurring net profit increased by 24.1%, indicating significant improvement in operating cash flow and steady growth in new contract signing [1] Financial Performance - Q3 net profit attributable to shareholders decreased by 16.3% - Non-recurring net profit increased by 24.1% - Operating net cash flow showed significant improvement [1] Contract Signing - New contracts signed from Q1 to Q3 of 2025 totaled 1.34 trillion yuan, a year-on-year increase of 4.6% - Domestic business new contracts amounted to 1.0559 trillion yuan, a year-on-year growth of 4.0% - Overseas business new contracts reached 284.1 billion yuan, a year-on-year increase of 7.1% - By business type, new contracts for infrastructure reached 1.2224 trillion yuan, a year-on-year increase of 6.3%, while new contracts for infrastructure design decreased by 21.4% to 30.4 billion yuan, and new contracts for dredging engineering decreased by 6.4% to 78.8 billion yuan - In Q3 alone, new contracts signed amounted to 348.9 billion yuan, a year-on-year increase of 9.2%, with a quarter-on-quarter growth acceleration of 12.6 percentage points [1] Dividend Proposal - The proposed dividend ratio for 2025 H1 profits is set at 20% - The cash dividend per share is not less than 0.11756 yuan, totaling approximately 1.914 billion yuan, which accounts for about 20% of the net profit attributable to shareholders for 2025 H1 [1] Valuation - The company is given a target price of 13.64 yuan based on a 2025 price-to-earnings ratio of 11 times, maintaining a "Buy" rating [1]