CSCEC(SH:601668) Yin He Zheng Quan·2025-11-07 12:21Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected relative performance exceeding the benchmark index by more than 10% over the next 6 to 12 months [4][11]. Core Insights - The company reported a revenue of 449.91 billion yuan for Q3 2025, a year-on-year decrease of 6.64%, and a net profit attributable to shareholders of 7.778 billion yuan, down 24.14% year-on-year [4]. - For the first three quarters of 2025, the company achieved a total revenue of 1,558.22 billion yuan, a decline of 4.20% year-on-year, with a net profit of 38.182 billion yuan, down 3.83% year-on-year [4]. - The decline in performance is attributed to the ongoing adjustment in the real estate market and a slowdown in infrastructure investment growth [4]. - The company signed new contracts worth 3,293.6 billion yuan in the first three quarters, reflecting a year-on-year growth of 1.4% [4]. - The forecast for net profit attributable to shareholders for 2025-2027 is 48.452 billion, 50.110 billion, and 52.347 billion yuan, respectively, with corresponding P/E ratios of 4.62, 4.47, and 4.28 [4]. Financial Projections - The projected operating revenue for 2025 is 2,187.148 million yuan, with a revenue growth rate of -3.5% [5]. - The expected net profit attributable to shareholders for 2025 is 46.187 billion yuan, with a profit growth rate of -14.9% [5]. - The gross profit margin is projected to be 9.9% in 2025, slightly decreasing over the forecast period [5]. - The diluted EPS is expected to be 1.12 yuan in 2025, with a gradual increase in subsequent years [5].