CNCEC(SH:601117) Tianfeng Securities·2025-04-30 15:22Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company is expected to achieve a revenue of CNY 185.84 billion in 2024, representing a year-on-year growth of 4.20%, and a net profit attributable to shareholders of CNY 5.688 billion, up 4.82% year-on-year [1] - The company has signed new overseas orders worth CNY 113.31 billion in 2024, an increase of 12.63% year-on-year, indicating a strong focus on international business [1] - The coal chemical investment is anticipated to accelerate, providing additional performance growth, while the transformation of the chemical industry is expected to enhance profits and cash flow [1] Financial Performance Summary - In 2024, the company's revenue from various segments includes CNY 152.18 billion from chemical engineering, CNY 20.60 billion from infrastructure, and CNY 8.75 billion from new materials, with respective year-on-year growth rates of 6.89%, -6.36%, and 13.42% [2] - The gross margin for 2024 is projected at 10.1%, a slight increase of 0.70 percentage points year-on-year, while the net profit margin is expected to be 3.36% [3] - The company’s cash flow from operations (CFO) for 2024 is estimated at CNY 8.722 billion, reflecting a decrease of CNY 0.412 billion year-on-year [3] Financial Data and Valuation - The projected revenue for the company from 2023 to 2027 shows a steady increase, with estimates of CNY 203.06 billion in 2025 and CNY 240.08 billion in 2027 [4] - The earnings per share (EPS) is expected to grow from CNY 0.89 in 2023 to CNY 1.23 in 2027, indicating a positive trend in profitability [4] - The price-to-earnings (P/E) ratio is projected to decrease from 8.50 in 2023 to 6.13 in 2027, suggesting potential undervaluation [4]