Changjiang Securities·2025-11-09 07:12Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 513.915 billion yuan for the first three quarters, a year-on-year decrease of 4.23%. The net profit attributable to shareholders was 13.647 billion yuan, down 16.14% year-on-year. The net profit after deducting non-recurring items was 11.701 billion yuan, a decrease of 13.45% year-on-year [5][10]. - In the third quarter alone, the company achieved a revenue of 176.861 billion yuan, a decline of 1.30% year-on-year, with a net profit of 4.079 billion yuan, down 16.34% year-on-year [10]. - The gross profit margin improved in the third quarter, with a comprehensive gross margin of 11.80%, an increase of 0.50 percentage points year-on-year. The expense ratio decreased, leading to a decline in net profit for the quarter [10]. - The cash collection ratio improved, with a cash flow from operating activities turning into a net inflow in the third quarter [10]. - New contracts signed by the company increased slightly, with a total of 1,339.97 billion yuan in new contracts from January to September, a year-on-year growth of 4.65% [10]. Summary by Sections Financial Performance - For the first three quarters, the company completed 63% of its annual revenue target, with a total revenue of 513.915 billion yuan and a net profit of 13.647 billion yuan [10]. - The comprehensive gross margin for the first three quarters was 11.04%, with a net profit margin of 2.66%, down 0.38 percentage points year-on-year [10]. - The cash collection ratio for the first three quarters was 97.27%, an increase of 0.54 percentage points year-on-year [10]. New Contracts and Business Development - The company signed new contracts worth 1,339.97 billion yuan from January to September, achieving 67% of its annual target [10]. - The new contracts in the infrastructure construction sector amounted to 1,222.44 billion yuan, a year-on-year increase of 6.35% [10]. - The overseas new contracts reached 284.058 billion yuan, a year-on-year increase of 7.13%, accounting for 21% of the total new contracts [10].