中国能建（601868）：营收业绩稳健增长，新能源装机规模显著扩张

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a total revenue of 436.7 billion, a year-on-year increase of 7.6%, and a net profit attributable to shareholders of 8.4 billion, up 5% year-on-year. The decline in non-recurring profit is attributed to a significant increase in the disposal of non-current assets [1] - The company has a robust order backlog with a total new contract value of 1.4089 trillion, a 10% increase year-on-year, and an impressive 4.2 billion in new contracts signed in Q4, marking a 23% increase [2] - The company is rapidly expanding its renewable energy capacity, with a total installed capacity of 15.2 million kilowatts, a 60% increase year-on-year, and is actively developing new energy storage and hydrogen energy projects [3] Financial Performance - In 2024, the company reported a comprehensive gross margin of 12.4%, a slight decrease of 0.23 percentage points year-on-year, with the engineering segment's gross margin declining due to pressure from construction profitability [1] - The company plans to distribute a cash dividend of 1.613 billion, with a payout ratio of 19.22%, reflecting a 5.6 percentage point increase year-on-year [1] - The projected net profit for 2025-2027 is expected to grow to 9.3 billion, 10 billion, and 10.5 billion respectively, with corresponding EPS of 0.22, 0.24, and 0.25 yuan per share [3]