CCCC(601800) 长江证券·2025-04-02 04:42Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Insights - The company achieved an annual revenue of 771.94 billion yuan, representing a year-on-year growth of 1.74%. However, the net profit attributable to shareholders was 23.38 billion yuan, a decrease of 1.81% year-on-year. The net profit after deducting non-recurring items was 19.81 billion yuan, down 8.44% year-on-year [2][8]. Summary by Relevant Sections Financial Performance - The company's revenue growth was stable, with significant contributions from overseas operations. The construction business revenue was 681.43 billion yuan, up 2.34% year-on-year, primarily due to increased overseas business. The dredging business revenue reached 59.40 billion yuan, an increase of 11.14%, driven by the expansion of dredging and filling operations. Other business revenue was 26.01 billion yuan, up 34.69%, mainly due to the consolidation of Qilian Mountain Cement [10]. - The company’s comprehensive gross margin was 12.29%, a decrease of 0.31 percentage points year-on-year. The gross margin for the construction business was 11.09%, down 0.48 percentage points, while the gross margin for the construction design business increased by 1.47 percentage points to 20.05% [10]. - The company’s operating cash flow net inflow was 12.51 billion yuan, an increase of 0.45 billion yuan year-on-year, with a cash collection ratio of 96.76%, up 2.24 percentage points [10]. Order and Contract Growth - The company signed new contracts worth 1.88 trillion yuan in 2024, a year-on-year increase of 7.30%. The new contracts from overseas regions amounted to 359.73 billion yuan (approximately 51.03 billion USD), up 12.50%, accounting for 19% of the total new contracts [10]. Shareholder Returns - The dividend payout ratio was increased to 21%, with a total cash dividend amounting to approximately 4.91 billion yuan, reflecting the company's commitment to shareholder returns [10].