中国电建：收入延续正增，回款有压力

Investment Rating - The report maintains a "Buy" rating for the company [3][7]. Core Views - The company reported a revenue of 42.57 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 1.2%. However, the net profit attributable to shareholders decreased by 7.2% to 8.8 billion yuan, and the non-recurring net profit fell by 14.4% to 7.9 billion yuan [2][5]. - The company continues to experience resilient revenue growth, but the decline in non-recurring profits is significant, primarily due to asset impairment provisions and non-current asset disposal gains [5]. - The demand for water conservancy investments and renewable energy projects remains strong, with positive growth prospects for the company's engineering business [5][7]. - The company's power operation business is expanding rapidly, and there is a notable contribution from the sand and gravel business [5][7]. Financial Performance Summary - For Q1-Q3 2024, the company's gross margin was 12.4%, a slight increase of 0.1 percentage points year-over-year, while the expense ratio rose to 8.4%, an increase of 0.3 percentage points [5]. - The company's net profit margin for Q1-Q3 was 2.1%, down 0.2 percentage points year-over-year, with Q3 showing a net profit margin of 1.8%, also down 0.2 percentage points [5]. - The new contract value for Q1-Q3 2024 reached 861.1 billion yuan, a year-over-year increase of 5.4%, with significant contributions from the energy and electricity sector [5][7]. - The company's total debt ratio increased to 79.0% by the end of Q3 2024, up 1.1 percentage points year-over-year, indicating a challenging cash collection environment [5][6]. Future Projections - The report projects the company's revenue for 2024-2026 to be 643.4 billion yuan, 698.1 billion yuan, and 776.5 billion yuan, respectively, with year-over-year growth rates of 6%, 8%, and 11% [7]. - The net profit attributable to shareholders is expected to be 13.2 billion yuan, 14.7 billion yuan, and 16.6 billion yuan for the same period, with growth rates of 2%, 11%, and 13% [7].