CNCEC(SH:601117) Yin He Zheng Quan·2025-11-03 13:20Investment Rating - The report maintains a rating for the company [3] Core Views - The company is projected to achieve total revenue of 186,613 million in 2024, increasing to 220,870 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 6.7% [8] - Operating profit is expected to grow from 7,426 million in 2024 to 9,571 million in 2027, indicating a steady increase in profitability [8] - The net profit attributable to the parent company is forecasted to rise from 5,688 million in 2024 to 7,470 million in 2027, with a growth rate of 9.4% in the final year [8] - The company's earnings per share (EPS) is projected to increase from 0.93 in 2024 to 1.22 in 2027, demonstrating a positive trend in shareholder returns [8] Financial Summary - Total revenue growth rates are estimated at 4.1% for 2024, 4.6% for 2025, 6.1% for 2026, and 6.7% for 2027 [8] - The operating profit margin is expected to remain stable, with a gross margin of around 10.1% throughout the forecast period [8] - The company's return on equity (ROE) is projected to improve slightly from 9.1% in 2024 to 9.4% in 2027, indicating efficient use of equity capital [8] - The debt-to-equity ratio is expected to decrease from 70.5% in 2024 to 68.1% in 2027, suggesting improved financial stability [8]