CNECC(601611) Tianfeng Securities·2025-05-01 14:23Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company is benefiting from a significant increase in nuclear power engineering orders and revenue, with a year-on-year growth of 44% in new orders and 35% in revenue for 2024 [1] - The company achieved a total operating revenue of 1135.41 billion yuan in 2024, representing a year-on-year increase of 3.80%, while the net profit attributable to shareholders was 20.64 billion yuan, a slight increase of 0.07% [1] - The company has signed new nuclear power orders worth 551.44 billion yuan in 2024, marking a year-on-year increase of 43.61%, indicating a robust outlook for the nuclear power sector [1] Summary by Sections Nuclear Power Engineering - In 2024, the company generated revenue of 322.12 billion yuan from nuclear power engineering, up 34.63% year-on-year, with a gross margin of 13.37% [2] - The company signed new nuclear power engineering orders totaling 551.44 billion yuan in 2024, with 14 new nuclear power unit construction projects awarded [2] Industrial and Civil Engineering - The revenue from industrial and civil engineering was 693.19 billion yuan in 2024, down 7.73% year-on-year, but the gross margin improved to 9.84% [2] - The company signed new contracts worth 1082.93 billion yuan in this segment, with renewable energy contracts accounting for 26.38% of the new orders [2] Financial Performance - The company's gross margin for 2024 was 11.7%, an increase of 0.37 percentage points year-on-year, while the net profit margin was 2.46% [3] - The cash flow from operations (CFO) showed a net outflow of 33.40 billion yuan in 2024, which was a year-on-year increase in outflow by 30.25 billion yuan [3] Financial Data and Valuation - The projected operating revenue for 2025 is 1209.14 billion yuan, with a growth rate of 6.49% [4] - The estimated net profit attributable to shareholders for 2025 is 23.16 billion yuan, reflecting a growth rate of 12.21% [4]