CSCEC(SH:601668) Changjiang Securities·2025-11-09 09:46Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 1,558.22 billion yuan for the first three quarters, a year-on-year decrease of 4.20%. The net profit attributable to shareholders was 38.182 billion yuan, down 3.83% year-on-year. The net profit after deducting non-recurring gains and losses was 35.201 billion yuan, a decrease of 4.92% year-on-year [5][12]. - The company has seen a steady growth in new contracts signed, with a total of 3,038.3 billion yuan, representing a year-on-year increase of 1.7%. The construction business new contract amount was 2,014.6 billion yuan, up 0.7% year-on-year [12]. Summary by Sections Financial Performance - The company’s comprehensive gross margin for the first three quarters was 8.72%, a decrease of 0.11 percentage points year-on-year. The net profit margin for the first three quarters was 2.45%, an increase of 0.01 percentage points year-on-year [12]. - The cash collection ratio improved to 98.96%, an increase of 2.30 percentage points year-on-year, with a net cash outflow from operating activities of 69.479 billion yuan, which is 7.531 billion yuan less than the previous year [12]. Operational Insights - The company has focused on optimizing its business structure and enhancing project management to improve operational quality. The company is recognized as the largest construction enterprise in China, demonstrating significant operational resilience [12]. - The company has increased its dividend payout ratio significantly for 2024, raising it by 3.47 percentage points to 24.29%, reflecting a commitment to shareholder returns [12].