CCCC(601800) 东吴证券·2025-04-01 01:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant improvement in cash flow in Q4 and increased its dividend payout ratio to 21%, up by 1 percentage point year-on-year [7] - The company achieved total revenue of 771.94 billion yuan and a net profit attributable to shareholders of 23.384 billion yuan for 2024, reflecting a year-on-year growth of 1.7% and a decline of 1.8% respectively [7] - The company’s overseas business contributed positively, with a 16.4% increase in revenue from international operations, which now accounts for 17.5% of total revenue [7] Financial Performance Summary - Total revenue for 2023 was 758.719 billion yuan, with a projected increase to 771.944 billion yuan in 2024, representing a growth rate of 1.74% [1] - The net profit attributable to shareholders is expected to decrease slightly from 23.816 billion yuan in 2023 to 23.384 billion yuan in 2024, a decline of 1.81% [1] - The earnings per share (EPS) is projected to be 1.44 yuan in 2024, with a P/E ratio of 6.37 [1] Business Segmentation - In terms of business segments, the construction segment generated revenue of 681.4 billion yuan, while the dredging business saw an increase of 11.1% to 59.4 billion yuan [7] - The company’s domestic revenue slightly decreased by 0.9% to 636.7 billion yuan, while international revenue increased by 16.4% to 135.3 billion yuan [7] Cash Flow and Investment - The net cash flow from operating activities for 2024 was 12.506 billion yuan, with a significant increase in cash inflow in Q4, amounting to 89.535 billion yuan [7] - The company managed to reduce its investment cash outflow to 29.619 billion yuan, reflecting improved investment control [7] Order Book and Future Outlook - The company secured new contracts worth 1.8812 trillion yuan in 2024, marking a 7.3% increase year-on-year, with a strong performance in overseas and emerging business sectors [7] - The backlog of uncompleted contracts at the end of 2024 stood at 3.4868 trillion yuan, which is 4.52 times the projected revenue for the year [7]