中国电建（601669）：收入小幅增长，减值显著收窄

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company achieved a slight revenue growth of 1.61% year-on-year in Q1 2025, with total revenue reaching 142.56 billion yuan. However, the net profit attributable to shareholders decreased by 12.03% to 2.636 billion yuan, and the net profit after deducting non-recurring items fell by 13.99% to 2.598 billion yuan [7][12]. Summary by Relevant Sections Revenue and Orders - In Q1 2025, the company signed new orders totaling 299.32 billion yuan, a decline of 9.60% year-on-year. The breakdown includes: - Energy and electricity new orders: 180.21 billion yuan, down 9.33% - Water resources and environment new orders: 37.91 billion yuan, down 29.06% - Urban construction and infrastructure new orders: 75.03 billion yuan, up 7.93% - Other businesses new orders: 6.16 billion yuan, down 34.43% [12]. Profitability and Margins - The company's gross margin in Q1 2025 was 10.81%, a decrease of 0.95 percentage points year-on-year. The expense ratio increased to 7.28%, up 0.21 percentage points year-on-year. The net profit margin attributable to shareholders was 1.85%, down 0.29 percentage points year-on-year, while the net profit margin after deducting non-recurring items was 1.82%, down 0.33 percentage points year-on-year [12]. Cash Flow and Debt - The operating cash flow in Q1 showed a net outflow of 40.52 billion yuan, an increase in outflow by 1.44 billion yuan year-on-year. The cash collection ratio was 97.60%, up 1.27 percentage points year-on-year. The asset-liability ratio increased by 1.38 percentage points to 79.61%, and the accounts receivable turnover days increased by 10.53 days to 83.27 days [12]. Investment and Future Growth - The company plans to actively reduce investment scale in 2024, completing investments of 90.31 billion yuan, a decrease of 30.16% from 2023. The new installed capacity for wind power, solar photovoltaic, and hydropower in 2024 is expected to be 2.042 million kW, 4.0437 million kW, and 0.18 million kW, respectively. By the end of 2024, the company's controlled grid-connected installed capacity is projected to reach 33.1276 million kW, a year-on-year increase of 22% [12].