隧道股份：投资收益大幅增厚业绩，经营性现金流显著改善

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's revenue faced short-term pressure, but investment income significantly supported Q3 performance, with a total revenue of 42.9 billion, down 9% year-on-year, and a net profit attributable to shareholders of 1.5 billion, up 0.4% year-on-year [1] - Q3 saw a substantial increase in investment income, leading to a notable improvement in operating cash flow, with a net inflow of 6.2 billion in Q3, an increase of 5.2 billion year-on-year [1] - New contract amounts maintained rapid growth, with a total of 65.7 billion in new contracts signed in the first three quarters, up 9.5% year-on-year, and 19.6 billion in Q3, up 10.4% year-on-year [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 11.6%, a decrease of 0.2 percentage points year-on-year, with Q3 gross margin declining significantly by 8 percentage points [1] - The company’s operating cash flow for Q1-3 was 2.4 billion, an increase of 2 billion year-on-year, indicating a strong cash flow position [1] - The forecast for net profit attributable to shareholders for 2024-2026 is 3.03 billion, 3.11 billion, and 3.16 billion respectively, with corresponding EPS of 0.96, 0.99, and 1.00 [2][3]