INDUSTRIAL SECURITIES·2025-11-13 07:22Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook compared to the market index [5]. Core Insights - The company is expected to see a narrowing decline in profits in Q4 2024, with stable growth in overseas business [3]. - The company reported a revenue of 728.40 billion yuan for the first three quarters of 2025, a decrease of 3.92% year-on-year, while the net profit attributable to shareholders was 14.81 billion yuan, down 5.63% year-on-year [5]. - New orders have shown a steady increase, with a total of 15,187.65 billion yuan in new contracts signed in the first three quarters of 2025, reflecting a 3.08% year-on-year growth [5]. - The company is diversifying into green and emerging industries, with new orders in these sectors growing by 15.44% and 66.78% respectively [5]. - Cash flow has improved, with a net cash inflow of 70 billion yuan in Q3 2025 compared to the previous year [5]. - The forecast for net profit attributable to shareholders for 2025-2027 is 21.379 billion yuan, 21.784 billion yuan, and 22.137 billion yuan respectively, with corresponding EPS of 1.57 yuan, 1.60 yuan, and 1.63 yuan [5]. Financial Summary - Total revenue for 2024 is projected at 1,067.17 billion yuan, with a year-on-year decline of 6.2% [4]. - The gross profit margin is expected to remain around 10.3% for 2024, gradually decreasing to 10.0% by 2027 [4]. - The return on equity (ROE) is forecasted to decline from 6.8% in 2024 to 5.1% in 2027 [4]. - The price-to-earnings (PE) ratio is projected to be 5.1 for 2025, 5.0 for 2026, and 4.9 for 2027 [4].