中国建筑：工程业务收入有压力，现金流明显改善

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 1,626.5 billion yuan for the first nine months of 2024, a year-on-year decrease of 3%. The net profit attributable to shareholders was 39.7 billion yuan, down 9% year-on-year [2][6] - In Q3 2024, the revenue was 481.9 billion yuan, representing a year-on-year decrease of 14%, while the net profit attributable to shareholders increased by 30% to 10.3 billion yuan [2][6] - The report highlights pressure on engineering business revenue, but significant improvement in cash flow [2][6] Financial Performance Summary - For the first nine months of 2024, the revenue breakdown by business is as follows: housing construction 1,044 billion yuan (down 3%), infrastructure 384.5 billion yuan (down 1%), real estate development 176 billion yuan (up 2%), and surveying and design 6.9 billion yuan (down 7%) [6] - The gross profit margin for the company in the first nine months of 2024 was 8.8%, a decrease of 0.1 percentage points year-on-year, while the net profit margin was 2.4%, down 0.2 percentage points year-on-year [6] - The company’s cash flow from operations improved significantly, with a net inflow of 31.8 billion yuan in Q3 2024, compared to a net outflow of 4.4 billion yuan in investment cash flow [6] Future Outlook - The company is expected to achieve revenues of 2,433.9 billion yuan, 2,621.1 billion yuan, and 2,815.6 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 7%, 8%, and 7% [6][7] - The projected net profit attributable to shareholders for the same years is 59.1 billion yuan, 64.2 billion yuan, and 68.9 billion yuan, with respective year-on-year growth rates of 9%, 9%, and 7% [6][7] - The report indicates that the company’s competitive advantages may continue to strengthen, and it has a clear valuation advantage, maintaining the "Buy" rating [6]