ACEG(SH:600502) Changjiang Securities·2025-11-09 07:43Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 45.026 billion yuan for the first three quarters of 2025, a year-on-year decrease of 16.56%. The net profit attributable to shareholders was 0.809 billion yuan, down 15.94% year-on-year. The net profit after deducting non-recurring items was 0.742 billion yuan, a decrease of 13.74% year-on-year [5][11] - In Q3, the company continued to experience a decline in revenue, primarily due to the long cycle of BOT projects and fluctuations in project continuity. The revenue for Q3 was 14.841 billion yuan, a year-on-year decrease of 27.61% [11] - The company's profitability remained stable, with a slight decrease in gross margin. The comprehensive gross margin for the first three quarters was 13.10%, an increase of 0.89 percentage points year-on-year. For Q3, the gross margin was 11.12%, a decrease of 0.25 percentage points year-on-year [11] - The operating cash flow showed significant improvement, with a net outflow of 1.967 billion yuan for the first three quarters, which was 3.288 billion yuan less than the previous year. The cash collection ratio was 95.38%, up 0.59 percentage points year-on-year [11] Summary by Sections Revenue and Profitability - The company achieved a total revenue of 45.026 billion yuan in the first three quarters of 2025, down 16.56% year-on-year. The net profit attributable to shareholders was 0.809 billion yuan, a decrease of 15.94% year-on-year. The net profit after deducting non-recurring items was 0.742 billion yuan, down 13.74% year-on-year [5][11] - In Q3, the revenue was 14.841 billion yuan, a decrease of 27.61% year-on-year, with a net profit of 0.256 billion yuan, down 26.71% year-on-year [5][11] Cash Flow and Financial Health - The operating cash flow showed significant improvement, with a net outflow of 1.967 billion yuan for the first three quarters, which was 3.288 billion yuan less than the previous year. The cash collection ratio was 95.38%, up 0.59 percentage points year-on-year [11] - The company's asset-liability ratio increased by 0.45 percentage points to 86.36% year-on-year, and the accounts receivable turnover days increased by 72.52 days to 314.98 days [11] Future Outlook - The company is focusing on optimizing its business structure and enhancing profitability. It is expanding investments in highways and smart manufacturing, with a total of 23 BOT projects in hand. The recent opening of sections of the Xu-Huai Highway is expected to boost the company's overall business development [11]