CPEC(SH:600339) Guoxin Securities·2025-11-14 02:51Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][21]. Core Views - The company experienced a revenue growth of 12.42% year-on-year in the first three quarters of 2025, but its net profit attributable to shareholders decreased by 17.22% [1][9]. - The decline in net profit is attributed to underperformance in some overseas pipeline and storage projects, leading to a decrease in gross profit [1][9]. - The company has maintained a high level of new contract signings, with a total of 992.16 billion yuan in new contracts in the first three quarters of 2025, representing a year-on-year increase of 5.25% [3][17]. Summary by Sections Financial Performance - In the first three quarters of 2025, the company's revenue reached 575.29 billion yuan, with a net profit of 5.23 billion yuan [1][9]. - The third quarter alone saw revenue of 212.42 billion yuan, a 12.84% increase year-on-year, while net profit dropped to 0.53 billion yuan, down 49.19% [1][9]. Business Segments - The core business segments include oil and gas field surface engineering, oil and gas storage and transportation engineering, and refining and chemical engineering, which accounted for 36.59%, 25.69%, and 30.27% of revenue respectively in 2024 [2][12]. - Emerging businesses and future industries contributed 28.23% to new contract signings in the first three quarters of 2025 [3][17]. Contract Signings - The company signed new contracts worth 992.16 billion yuan in the first three quarters of 2025, with domestic contracts accounting for 74.54% and international contracts 25.46% [3][17]. - By professional field, the new contracts included 242.18 billion yuan for oil and gas field surface engineering, 247.50 billion yuan for pipeline and storage engineering, and 206.56 billion yuan for refining and chemical engineering [3][17]. Financial Forecast - The company is projected to achieve revenues of 899.92 billion yuan, 944.92 billion yuan, and 982.97 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 7.33 billion yuan, 8.23 billion yuan, and 8.50 billion yuan [4][21]. - The earnings per share (EPS) are expected to be 0.13 yuan, 0.15 yuan, and 0.15 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 28.64, 25.52, and 24.70 [4][21].