中国建筑：现金流大幅改善，分红率明显提升-20250416

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company experienced a significant improvement in cash flow and an increase in dividend payout ratio, despite facing pressure on Q4 performance due to increased impairment losses and reduced investment income [1][2] - The company aims to maintain a stable total dividend amount of 11.2 billion, with a dividend rate of 24.29%, which is a substantial increase of 3.5 percentage points from the previous year [1] - The business structure in the construction sector continues to optimize, with notable performance in energy engineering and water infrastructure [1] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 2,187.148 billion, a decrease of 3.5% year-on-year, and a net profit attributable to shareholders of 461.87 billion, down 14.9% year-on-year [5] - The quarterly breakdown shows revenue growth of +5% in Q1, +1% in Q2, but declines of -14% in Q3 and -6% in Q4 [1] - The overall gross margin for 2024 was 9.86%, a slight increase of 0.02 percentage points year-on-year [2] Business Segments - Revenue from the construction, infrastructure, and real estate segments for 2024 was 13,218 billion, 5,509 billion, and 3,062 billion respectively, with declines of 5%, 1%, and 1% year-on-year [1] - The construction sector saw an increase in public building orders, with the share of residential business decreasing from 25% to 22% [1] - The infrastructure segment, particularly in energy engineering and water environmental protection, maintained high growth rates of 86% and 76% respectively [1] Cash Flow and Investment - The company reported a net cash inflow from operating activities of 15.774 billion, an increase of 4.7 billion year-on-year, and a significant reduction in net cash outflow from investing activities to 2.511 billion, down 240 billion year-on-year [3] - The total net cash inflow from operating and investing activities was 13.3 billion, an increase of 28.7 billion year-on-year, attributed to improved cash collection measures and reduced investment expenditures [3] Future Outlook - The company projects net profits attributable to shareholders for 2025, 2026, and 2027 to be 44.837 billion, 45.374 billion, and 45.641 billion respectively, with corresponding EPS of 1.09, 1.10, and 1.10 yuan per share [3] - The current stock price corresponds to a PE ratio of 5.0 for 2025, indicating potential for investment [3]