CCCC(601800) 东方财富·2024-11-04 01:23Investment Rating - The report assigns a "Buy" rating for China Communications Construction Company (CCCC) [5] Core Insights - The company reported a revenue of 536.636 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.26%, with a net profit attributable to shareholders of 16.274 billion yuan, down 0.61% year-on-year [2] - New signed orders showed robust growth, with a total of 12,804.56 billion yuan in new orders for the first three quarters, an increase of 9.28% year-on-year [2] - The company is focusing on emerging business sectors, achieving a 27% year-on-year increase in new contracts in these areas [2] - The gross profit margin for the first three quarters was 11.54%, with a slight decline in Q3 to 11.30% [2] - The report highlights the potential for improved cash flow and performance in Q4 due to increased local project construction demand [3] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 179.19 billion yuan, a decrease of 1.73% year-on-year, and a net profit of 4.876 billion yuan, down 0.65% year-on-year [2] - The gross profit margin for Q3 decreased by 0.96 percentage points compared to the previous year [2] - The company recorded an investment income of 0.976 billion yuan, an increase of 1.162 billion yuan year-on-year [2] Order and Business Development - New signed orders in Q3 amounted to 319.589 billion yuan, reflecting a year-on-year increase of 12.1% [2] - The city construction and overseas engineering segments saw significant growth, with new orders increasing by 20.10% and 27.70% respectively [2] - Emerging business sectors contributed to a new contract amount of 390 billion yuan, up 27% year-on-year [2] Future Outlook - The company expects net profits for 2024-2026 to be 24.819 billion yuan, 26.362 billion yuan, and 29.269 billion yuan respectively, with growth rates of 4.23%, 6.22%, and 11.03% [5] - The report anticipates improved cash flow and performance in Q4, driven by local government fiscal improvements and increased project turnover [3]