中国能建：新能源延续快增，经营活动现金流改善

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company reported a revenue of 295.1 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 3.4%. The net profit attributable to shareholders was 3.6 billion yuan, up 17.3% year-over-year [2][6]. - In Q3 2024, the company achieved a revenue of 100.9 billion yuan, an increase of 8.2% year-over-year, with a net profit of 800 million yuan, reflecting a significant year-over-year growth of 98% [2][6]. - The growth in net profit is partly attributed to a low base effect, and Q3 included non-operating income from the disposal of non-current assets [6]. - The company's new energy and integrated smart energy business saw a revenue increase of 10.1% year-over-year, indicating a strong performance in this segment [6]. - The report highlights the company's confidence in its growth prospects, as evidenced by the controlling shareholder's plan to increase their stake by 300 to 500 million yuan [6]. Financial Data Summary - For the first three quarters of 2024, the company's gross profit margin was 11.5%, a year-over-year increase of 0.6 percentage points, while Q3's gross profit margin was 10.3%, a decrease of 0.7 percentage points year-over-year [6]. - The company's asset-liability ratio at the end of Q3 2024 was 77.6%, an increase of 0.9 percentage points year-over-year [6]. - The report projects net profits for 2024, 2025, and 2026 to be 8.1 billion, 9.0 billion, and 10.1 billion yuan respectively, with year-over-year growth rates of 2%, 11%, and 11% [6][7].