CSCEC(601668) 民生证券·2024-10-26 15:36Investment Rating - The report maintains a "Recommended" rating for the company [8] Core Views - The company reported a revenue of 1,626.54 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.67%, with a net profit attributable to shareholders of 39.70 billion yuan, down 9.05% year-on-year [3] - New signed orders for the first nine months of 2024 reached 3.25 trillion yuan, representing a year-on-year increase of 4.7%, with significant growth in infrastructure orders [4] - The report highlights an increase in financial expense ratio due to the rise in both short-term and long-term debt [5] - Cash flow showed improvement on a quarter-on-quarter basis but remained weak year-on-year, with a net operating cash flow of -77.01 billion yuan for the first three quarters [6] - The investment recommendation is based on expectations of improved financial reporting quality, stable new order amounts, benefits from increased industry concentration, and attractive dividend yields [6] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 481.92 billion yuan, down 13.62% year-on-year, and a net profit of 10.25 billion yuan, down 30.16% year-on-year [3] - The gross profit margin for Q3 2024 was 7.36%, a decrease of 0.27 percentage points year-on-year [3] - The company’s total liabilities to assets ratio stood at 76.16%, an increase of 1.34 percentage points year-on-year [5] - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 50.38 billion, 52.90 billion, and 55.37 billion yuan respectively, with corresponding PE ratios of 5 for each year [6][10]