中国电建：动态跟踪报告：营收小幅增长，新签合同稳健增长

Investment Rating - The report maintains a "Buy" rating for China Electric Power Construction (601669.SH) with a current price of 5.96 CNY [2] Core Views - The company has shown slight revenue growth with a steady increase in new contracts, achieving a total revenue of 426.35 billion CNY and a net profit of 8.81 billion CNY for the first nine months of 2024, reflecting a year-on-year change of +1.2% for revenue but a decline of -7.2% for net profit [3][4] - The gross profit margin has slightly improved to 12.4%, while the net profit margin has decreased to 2.8% due to increased interest expenses and R&D investments [4] - New contracts signed in the energy sector have increased by 5.4% year-on-year, with significant growth in energy and power contracts [4] Summary by Sections Revenue and Profitability - For the first nine months of 2024, the company reported total revenue of 426.35 billion CNY, a net profit of 8.81 billion CNY, and a net profit excluding non-recurring items of 7.92 billion CNY, with respective year-on-year changes of +1.2%, -7.2%, and -14.4% [3][4] - The gross profit margin for the same period was 12.4%, with a net profit margin of 2.8%, indicating a slight increase in gross margin but a decrease in net margin due to rising costs [4] Contract and Order Growth - The company signed new contracts worth 861.12 billion CNY in the first nine months of 2024, marking a 5.4% increase year-on-year, with domestic contracts at 685.12 billion CNY and international contracts at 176 billion CNY [4] - The breakdown of new contracts by business segment shows a 19.7% increase in energy and power contracts, while water resources and urban construction contracts saw declines of -10.1% and -17.2%, respectively [4] Future Outlook and Valuation - The company is expected to accelerate its new energy installations, with a total installed capacity of approximately 28.9 GW as of the end of Q3 2024 [4] - The profit forecasts for 2024-2026 have been adjusted downwards to 12.46 billion CNY, 14.57 billion CNY, and 16.28 billion CNY, reflecting a decrease of 14.9%, 11.5%, and 11.2% respectively [4]