中国电建：新签订单稳中有进，能源电力高景气

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Views - The company achieved operating revenue of 425.669 billion yuan in the first three quarters, representing a year-on-year increase of 1.20%. However, the net profit attributable to shareholders was 8.806 billion yuan, a decrease of 7.21% year-on-year. The net profit after deducting non-recurring gains and losses was 7.917 billion yuan, down 14.41% year-on-year [4][5]. - The company signed new orders amounting to 861.123 billion yuan in the first three quarters, an increase of 5.42% year-on-year, with significant growth in the energy and power sector [6]. Summary by Sections Financial Performance - In the first three quarters, the company reported operating revenue of 425.669 billion yuan, a 1.20% increase year-on-year. The net profit attributable to shareholders was 8.806 billion yuan, down 7.21% year-on-year, while the net profit after deducting non-recurring items was 7.917 billion yuan, a decrease of 14.41% [4][5]. - For the third quarter alone, the operating revenue was 140.747 billion yuan, reflecting a 1.01% year-on-year growth, but the net profit decreased by 9.00% to 2.468 billion yuan [4]. Profitability Metrics - The overall gross margin for the first three quarters was 12.42%, a slight increase of 0.12 percentage points year-on-year. However, the gross margin for the third quarter was 12.73%, a decrease of 0.15 percentage points year-on-year [5]. - The net profit margin for the first three quarters was 2.07%, down 0.19 percentage points year-on-year, while the net profit margin after deducting non-recurring items was 1.86%, a decrease of 0.34 percentage points [5]. Cash Flow and Financial Health - The company experienced a net cash outflow from operating activities of 46.926 billion yuan in the first three quarters, which was an increase in outflow by 11.002 billion yuan year-on-year. The cash collection ratio improved to 99.15%, up 7.82 percentage points year-on-year [6]. - The asset-liability ratio increased by 1.13 percentage points year-on-year to 79.03%, and the accounts receivable turnover days increased by 1.96 days to 78.42 days [6]. Order Intake and Market Position - The company signed new orders totaling 861.123 billion yuan in the first three quarters, a year-on-year increase of 5.42%. Specifically, new orders in the energy and power sector reached 518.39 billion yuan, a growth of 19.68% year-on-year [6]. - Domestic new orders amounted to 685.121 billion yuan, a 3.13% increase year-on-year, while overseas new orders were 176.003 billion yuan, up 15.42% year-on-year [6].