POWERCHINA Ltd(601669) 开源证券·2024-11-04 02:19Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a slight increase in revenue year-on-year, with significant growth in overseas business [1] - The company aims to strengthen its traditional infrastructure business while developing a second growth curve around new energy power [1] - The forecasted net profit for the years 2024-2026 is expected to be 14.89 billion, 16.17 billion, and 18.02 billion CNY respectively, with corresponding EPS of 0.86, 0.94, and 1.05 CNY [1] Financial Performance Summary - For the first nine months of 2024, the company achieved a revenue of 425.67 billion CNY, a year-on-year increase of 1.20%, while the net profit attributable to the parent company was 8.81 billion CNY, a decrease of 7.21% [1] - The gross profit margin for the first three quarters was 12.42%, an increase of 0.12 percentage points year-on-year, while the net profit margin was 2.78%, a decrease of 0.14 percentage points year-on-year [1] - The company signed a total of 6,950 new contracts with a total value of 861.12 billion CNY in the first nine months of 2024, representing a year-on-year growth of 5.42% [2] - The new contract amounts for energy power, water resources and environment, urban construction and infrastructure, and others were 5,183.90 billion CNY, 1,119.74 billion CNY, 1,985.05 billion CNY, and 322.54 billion CNY respectively, with year-on-year changes of +19.68%, -10.07%, -17.16%, and +64.99% [2] Valuation Metrics - The projected revenue for 2024 is 666.62 billion CNY, with a year-on-year growth of 9.6% [2] - The projected P/E ratios for 2024, 2025, and 2026 are 6.5, 5.9, and 5.3 respectively [2] - The projected P/B ratios for the same years are 0.7, 0.6, and 0.5 respectively [2]