中国电建：新签订单稳健增长，能源电力持续发力

Investment Rating - The report maintains an "Overweight" rating for the company [3][9]. Core Views - The company has shown steady growth in new orders, particularly in the energy and power sector, with a total of 861.12 billion yuan in new contracts signed in the first three quarters of 2024, representing a year-on-year increase of 5.42% [5]. - Despite a slight increase in gross margin to 12.42%, the net profit margin has decreased to 2.78%, down 0.15 percentage points year-on-year due to rising expenses and impairment provisions [4][6]. - The company’s operating revenue for the first three quarters of 2024 reached 426.35 billion yuan, a modest increase of 1.17% year-on-year, while net profit attributable to shareholders decreased by 7.21% to 8.81 billion yuan [8][9]. Financial Summary - The company’s total assets are reported at 1,287.50 billion yuan, with net assets of 167.31 billion yuan [3]. - The earnings per share (EPS) for 2024 is projected at 0.74 yuan, with corresponding price-to-earnings (PE) ratios of 7.6, 6.9, and 6.4 for the years 2024, 2025, and 2026 respectively [9][10]. - The company’s cash flow from operating activities showed a net outflow of 46.93 billion yuan in the first three quarters of 2024, indicating increased pressure on cash flow management [7].