CSCEC(SH:601668) Tianfeng Securities·2025-04-16 10:16Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [7][18]. Core Views - The company is expected to enhance its market share during the industry downturn, despite 2024's performance being below expectations. Projected net profits for 2025-2027 are 475 billion, 487 billion, and 500 billion respectively [4][5]. Financial Performance - In 2024, the company achieved operating revenue of 2,187.15 billion, a decrease of 3.46% year-on-year, and a net profit attributable to shareholders of 461.9 billion, down 14.88% year-on-year [1][5]. - The cash dividend per 10 shares is set at 2.715 yuan, with a cash dividend ratio of 24.29%, an increase of 3.47 percentage points year-on-year, resulting in a dividend yield of 5.05% as of April 15 [1]. - The gross profit margin for 2024 was 9.86%, a slight increase of 0.02 percentage points year-on-year [3]. Business Segments - The company’s revenue from construction, infrastructure, and design services in 2024 was 13,218 billion, 5,509 billion, and 108 billion respectively, with year-on-year changes of -4.5%, -1.0%, and -7.9% [2]. - The company signed new contracts worth 40,808 billion in 2024, reflecting a year-on-year increase of 5.4% [1][2]. Cash Flow and Profitability - The net cash flow from operations in 2024 was 15,773.54 million, an increase of 47.43 million year-on-year, with a cash collection ratio of 102.38% [3][5]. - The company recorded a net profit margin of 2.87% in 2024, a decrease of 0.38 percentage points year-on-year [3]. Market Position - The company is focusing on high-demand sectors such as industrial plants, energy, and water conservancy, with significant contract growth in these areas [2]. - The strategic emerging industries accounted for 10.25% of total revenue in 2024, indicating diversification in business operations [2].