CCCC(601800) 华创证券·2025-03-31 01:46Investment Rating - The report maintains a "Recommended" rating for China Communications Construction Company (CCCC) with a target price of 11.3 CNY per share [2][9]. Core Views - CCCC achieved a revenue of 771.9 billion CNY in 2024, a year-on-year increase of 1.74%. However, the net profit attributable to shareholders decreased by 1.81% to 23.4 billion CNY, and the net profit after deducting non-recurring items fell by 8.44% to 19.812 billion CNY [2][9]. - The company is actively expanding its emerging business sectors, with a significant increase in new contracts signed, particularly in overseas projects, which grew by 12.5% [9]. - CCCC's cash flow continues to improve, with a net increase of 18 billion CNY in cash and cash equivalents, primarily due to operational cash inflows [9]. Financial Summary - Revenue and Profitability: - Total revenue for 2024 is projected at 771.9 billion CNY, with a growth rate of 1.7% expected for 2025 [5]. - The net profit for 2024 is estimated at 23.384 billion CNY, with a projected growth of 5.1% in 2025 [5]. - The gross margin for 2024 is reported at 12.29%, a slight decrease of 0.3 percentage points year-on-year [9]. - Business Segments: - Revenue from infrastructure construction, design, dredging, and other businesses reached 681.4 billion CNY, 36.3 billion CNY, 59.4 billion CNY, and 26 billion CNY respectively, with year-on-year growth rates of +2.3%, -23.3%, +11.1%, and +34.7% [9]. - Order Backlog: - The company has a robust order backlog, with an uncompleted contract amounting to 3.49 trillion CNY, which is 452% of the expected revenue for 2024 [9]. - Cost Management: - The expense ratio for 2024 is reported at 6.01%, a decrease of 0.26 percentage points, indicating effective cost control measures [9]. - Future Projections: - EPS for 2025-2027 is projected to be 1.51 CNY, 1.63 CNY, and 1.75 CNY respectively, with a target PE ratio of 7.5x for 2025 [9].