中国核建：核建景气上行，减值有所减少

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company achieved operating revenue of 78.929 billion yuan in the first three quarters, representing a year-on-year increase of 0.43%. The net profit attributable to shareholders was 1.455 billion yuan, up 3.08% year-on-year, while the net profit after deducting non-recurring gains and losses was 1.521 billion yuan, reflecting a growth of 10.55% year-on-year [4][5]. - The company is entering a favorable economic phase, with a reduction in impairment losses. The approval of 11 nuclear units by the State Council on August 19, 2024, with a total investment exceeding 200 billion yuan, is expected to significantly benefit the company, establishing a foundation for high growth in performance from 2024 to 2027 [7]. Summary by Sections Revenue and Profitability - In the third quarter alone, the company recorded operating revenue of 24.302 billion yuan, a year-on-year increase of 1.17%. However, the net profit for the third quarter was 500 million yuan, a decrease of 3.47% year-on-year, and the net profit after deducting non-recurring items was 487 million yuan, down 6.04% year-on-year [4][5]. Financial Metrics - The comprehensive gross profit margin for the first three quarters was 10.20%, a slight decrease of 0.03 percentage points year-on-year. The operating expense ratio increased slightly to 6.77%, up 0.13 percentage points year-on-year [5]. - The net cash outflow from operating activities narrowed to 13.662 billion yuan, a reduction of 2.278 billion yuan year-on-year, with a cash collection ratio of 72.19%, an increase of 0.46 percentage points year-on-year [6]. Future Outlook - The company is expected to achieve net profits of 2.423 billion yuan and 2.850 billion yuan in 2024 and 2025, respectively, corresponding to price-earnings ratios of 11.3 and 9.6 times based on the current closing price [7].