CSCEC(601668) 中国银河·2024-10-30 07:11Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company's performance in the first three quarters of 2024 met expectations, with a revenue of 16,265.41 billion yuan, a year-on-year decrease of 2.67%, and a net profit attributable to shareholders of 397.03 billion yuan, down 9.05% year-on-year [1]. - The company experienced a decline in gross margin to 8.83%, a slight decrease of 0.1 percentage points year-on-year, attributed to the overall sluggish construction market and ongoing adjustments in the real estate sector [1]. - New contract signings in infrastructure showed strong growth, with a total of 32,479 billion yuan in new contracts signed from January to September 2024, representing a year-on-year increase of 4.7% [2]. Financial Performance Summary - For the first three quarters of 2024, the company's revenue by segment was as follows: construction revenue of 10,440 billion yuan (down 3.3%), infrastructure revenue of 3,845 billion yuan (down 1.3%), real estate revenue of 1,760 billion yuan (up 1.7%), and surveying and design revenue of 69 billion yuan (down 6.6%) [1]. - The company forecasts net profits for 2024-2026 to be 537.26 billion yuan, 560.07 billion yuan, and 606.57 billion yuan, with respective year-on-year growth rates of -0.99%, 4.24%, and 8.30% [2][3]. - The projected price-to-earnings ratios for 2024-2026 are 4.70, 4.51, and 4.16 times, respectively [2][3].