CCCCDC(SH:600720) Changjiang Securities·2025-03-31 13:41Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The company achieved an annual revenue of 12.434 billion yuan, a year-on-year decrease of 7.98%. The net profit attributable to shareholders was 1.751 billion yuan, a decrease of 0.84% year-on-year. The net profit after deducting non-recurring items was 1.635 billion yuan, down 8.32% year-on-year [2][8]. - The decline in revenue is primarily due to the divestment of the engineering general contracting business, which saw a revenue drop of 24.27%. The domestic main business revenue was 11.527 billion yuan, accounting for 94.03% of total revenue, down 10.45% year-on-year. However, overseas business revenue grew significantly, reaching 732 million yuan, a year-on-year increase of 67.37% [8][13]. - The overall gross profit margin improved to 29.40%, an increase of 2.23 percentage points year-on-year. The gross profit margin for the surveying and design business rose to 32.41%, while the engineering general contracting and project management margin increased to 15.73% [13]. - The company maintained a net profit margin of 14.08%, up 1.01 percentage points year-on-year, despite a slight decline in the net profit margin after deducting non-recurring items [13]. - The company signed new contracts worth 17.28 billion yuan in 2024, with overseas contracts amounting to 218 million USD, reflecting a year-on-year growth of 81.6% [13]. - The company’s cash flow from operating activities showed a net outflow of 306 million yuan, with a cash collection ratio of 79.08%, down 15.58 percentage points year-on-year. The asset-liability ratio decreased by 3.42 percentage points to 50.04% [13]. Summary by Sections Financial Performance - Total revenue for the year was 12.434 billion yuan, down 7.98% year-on-year. The net profit attributable to shareholders was 1.751 billion yuan, a decrease of 0.84% year-on-year. The net profit after deducting non-recurring items was 1.635 billion yuan, down 8.32% year-on-year [2][8]. - The gross profit margin improved to 29.40%, an increase of 2.23 percentage points year-on-year [13]. Business Segments - Domestic main business revenue was 11.527 billion yuan, down 10.45% year-on-year, while overseas business revenue reached 732 million yuan, a year-on-year increase of 67.37% [8][13]. - New contracts signed in 2024 totaled 17.28 billion yuan, with overseas contracts amounting to 218 million USD, reflecting a year-on-year growth of 81.6% [13]. Cost and Profitability - The company maintained a net profit margin of 14.08%, up 1.01 percentage points year-on-year [13]. - The overall gross profit margin for the engineering business improved significantly, with various segments showing increases in their respective margins [13].