中国能建：Q3归母净利润大涨98%，传统能源工程发展强劲

Investment Rating - The report maintains a "Buy" rating for the company [1][6][14] Core Views - The company's Q3 net profit attributable to shareholders surged by 98%, driven by strong growth in traditional energy engineering [1] - The company achieved a revenue of 295.14 billion yuan in the first three quarters of 2024, a year-on-year increase of 3.44%, with a net profit of 3.604 billion yuan, up 17.28% year-on-year [1] - The report forecasts net profits for 2024, 2025, and 2026 to be 8.7 billion yuan, 9.5 billion yuan, and 10.5 billion yuan respectively [1] Financial Performance Summary - For the first three quarters of 2024, the gross profit margin was 11.54%, an increase of 0.59 percentage points year-on-year, while the net profit margin was 2.07%, up 0.06 percentage points year-on-year [2] - The company signed new contracts worth 988.86 billion yuan in the first three quarters, a year-on-year increase of 5.03%, with significant growth in renewable energy and comprehensive smart energy contracts [3] - The company's cash flow from operations was -12.518 billion yuan, a decrease in outflow by 2.229 billion yuan year-on-year, indicating improved cash flow management [2][9] Order Growth and Market Outlook - The traditional energy engineering orders continued to grow significantly, with a year-on-year increase of 46.38% in contracts related to thermal, hydropower, and nuclear power projects [3] - The report highlights the ongoing high demand for energy infrastructure projects, particularly in countries involved in the Belt and Road Initiative, with a 32.17% increase in new contracts in these regions [3][4] Shareholder Confidence - The controlling shareholder, China Energy Engineering Group, announced plans to increase its stake in the company by 300 million to 500 million yuan, reflecting confidence in the company's long-term growth potential [4]