中国能建：公司信息更新报告：营收利润维持稳定，国内海外扩展均衡

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][12]. Core Views - The company has maintained stable revenue and profit, with balanced domestic and overseas expansion. The new energy business continues to develop, and the industrial manufacturing order volume has increased significantly. The company has sufficient potential in investment and operation business [4][5]. - The forecast for the company's net profit attributable to shareholders for 2024-2026 is 90.5 billion, 106.0 billion, and 123.3 billion yuan, respectively, with corresponding EPS of 0.22, 0.25, and 0.30 yuan. The current stock price corresponds to PE ratios of 10.7, 9.2, and 7.9 times [4][7]. Revenue and Profit Summary - For the first three quarters of 2024, the company achieved operating revenue of 295.14 billion yuan, a year-on-year increase of 3.44%. The net profit attributable to shareholders was 3.604 billion yuan, a year-on-year increase of 17.28%. The gross margin for the first three quarters was 11.54%, up by 0.59 percentage points year-on-year [5][6]. - In Q3 2024 alone, the company achieved operating revenue of 100.88 billion yuan, a year-on-year increase of 8.24%, and a net profit of 822 million yuan, a year-on-year increase of 97.81% [5]. New Orders and Business Expansion - The company signed new orders totaling 988.86 billion yuan in the first three quarters of 2024, a year-on-year increase of 5.03%. The breakdown of new orders includes 883.81 billion yuan from engineering construction, 15.73 billion yuan from surveying and consulting, 70.55 billion yuan from industrial manufacturing, and 18.77 billion yuan from other businesses [6]. - The domestic business signed orders worth 753.95 billion yuan, a year-on-year increase of 4.98%, while the overseas business signed orders worth 234.91 billion yuan, a year-on-year increase of 5.19% [6].