CNCEC(SH:601117) Shenwan Hongyuan Securities·2025-04-30 06:45Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady profit growth in 2024 with a year-on-year increase of 4.82% in net profit attributable to shareholders, and a significant increase of 18.77% in Q1 2025 [7] - The total revenue for 2024 was 186.61 billion, reflecting a year-on-year growth of 4.14%, while the net profit attributable to shareholders was 5.69 billion, also showing a growth of 4.82% [7] - The report highlights a stable growth in the chemical engineering sector, with an increase in gross margin, while the infrastructure segment showed a slowdown [7] Financial Summary - Total revenue projections for 2025 are estimated at 198.91 billion, with a year-on-year growth rate of 6.6% [6] - The net profit attributable to shareholders for 2025 is projected to be 5.99 billion, with a growth rate of 5.2% [6] - The gross margin for 2024 was reported at 10.1%, with a slight increase in the first quarter of 2025 [7] - The company’s operating cash flow for 2024 was 8.72 billion, showing a decrease of 0.41 billion compared to the previous year [7] - The company aims to enhance its second growth curve through the implementation of new industrial projects in high-value-added sectors [7]