Changjiang Securities·2025-11-10 09:15Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company's main business operations are stable, but the real estate sector has negatively impacted its Q3 performance. The company achieved a revenue of 323.54 billion yuan in the first three quarters, representing a year-on-year growth of 9.62%. However, the net profit attributable to shareholders decreased by 12.43% to 3.156 billion yuan [2][6][15]. Summary by Sections Financial Performance - In Q3 alone, the company reported a revenue of 111.45 billion yuan, a year-on-year increase of 10.48%. However, the net profit for this quarter fell sharply by 56.92% to 354 million yuan, with the non-recurring net profit dropping by 79.98% to 10.4 million yuan [2][6][15]. - The overall gross margin for the first three quarters was 10.92%, a slight decrease of 0.05 percentage points year-on-year. In Q3, the gross margin was 10.23%, also down by 0.05 percentage points [15]. Business Segments - The strategic emerging industries saw a revenue growth of 16.75%, accounting for 38.81% of total revenue. The company continues to focus on energy, water conservancy, and infrastructure as its core responsibilities [15]. Order and Cash Flow - The company signed new contracts worth 992.78 billion yuan in Q3, a 0.4% increase year-on-year. Notably, overseas contracts grew significantly by 12.7%, while domestic contracts fell by 3.4% [15]. - Operating cash flow showed improvement, with a net outflow of 9.11 billion yuan in the first three quarters, which is 3.41 billion yuan less than the previous year. In Q3, the net inflow was 4.291 billion yuan, an increase of 2.294 billion yuan year-on-year [15].