中国铁建：环保业务快速发展，现金流有所承压

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported Q1 2024 revenue of 2749.49 billion yuan, a year-on-year increase of 0.52%, and a net profit attributable to shareholders of 60.25 billion yuan, up 1.98% year-on-year [2] - The green environmental protection business is experiencing rapid growth, with new land reserves being added at an accelerated pace. The total new contracts signed in Q1 2024 amounted to 5506.9 billion yuan, an increase of 2.05% year-on-year [2] - The company's profitability remained stable year-on-year, but cash flow faced some pressure, with a net outflow of operating cash flow of 465.94 billion yuan, an increase of 73.78 billion yuan compared to the same period last year [2] Summary by Sections Financial Performance - Q1 2024 revenue was 2749.49 billion yuan, with a net profit of 60.25 billion yuan and a non-recurring net profit of 57.77 billion yuan [2] - The gross profit margin was 7.79%, with a net profit margin of 2.19% [2] - The company expects net profits for 2024-2026 to be 268.74 billion yuan, 286.19 billion yuan, and 304.45 billion yuan respectively, with corresponding EPS of 1.79, 1.92, and 2.05 yuan [3] Business Segments - New contracts signed in Q1 2024 by business segment included: engineering contracting (4101.12 billion yuan, +3.12%), investment operations (463.65 billion yuan, +6.65%), and green environmental protection (276.80 billion yuan, +36.70%) [2] - Real estate development saw a decline in sales, with a signed sales contract amount of 134.58 billion yuan, down 32.17% year-on-year [2] Cash Flow and Balance Sheet - Operating cash flow showed a net outflow of 465.94 billion yuan, with a cash collection ratio of 104.75% [2] - As of Q1 2024, accounts receivable and notes, inventory plus contract assets, accounts payable and notes, and prepayments plus contract liabilities were 1807.8 billion yuan, 6216.4 billion yuan, 5287.7 billion yuan, and 1468.2 billion yuan respectively [2]