CCCC(SH:601800) GOLDEN SUN SECURITIES·2024-10-31 08:16Investment Rating - The report maintains a "Buy" rating for China Communications Construction Company (601800.SH) [3] Core Views - The company's Q3 performance improved due to gains from the disposal of subsidiaries, with a total revenue of 536.6 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.3%, and a net profit attributable to shareholders of 16.3 billion yuan, a decrease of 0.6% [1] - The gross profit margin increased to 11.54%, up by 0.28 percentage points year-on-year, while the net profit margin reached 3.0%, an increase of 0.1 percentage points [1] - New contract signing accelerated in Q3, with a total of 3.196 billion yuan signed in the quarter, a year-on-year increase of 12.1% [1] Financial Performance Summary - For Q1-Q3 2024, the company reported a net cash outflow from operating activities of 77 billion yuan, an increase of 27.2 billion yuan compared to the same period last year [1] - The company expects net profits for 2024-2026 to be 24.0 billion, 24.9 billion, and 25.7 billion yuan respectively, with corresponding EPS of 1.48, 1.53, and 1.58 yuan per share [1][2] - The P/E ratio is projected to be 7.0, 6.7, and 6.5 for the years 2024, 2025, and 2026 respectively, while the P/B ratio is expected to be 0.61 [2][3] Order and Contract Summary - The total new contracts signed in Q1-Q3 2024 amounted to 12.805 billion yuan, a year-on-year increase of 9.3% [1] - The infrastructure business signed contracts worth 11.495 billion yuan, a year-on-year increase of 10.0%, with significant growth in urban construction [1] - Emerging business areas saw new contracts worth 390 billion yuan, a year-on-year increase of 27% [1]