CNCEC(SH:601117) 光大证券研究·2025-05-05 13:53Core Viewpoint - The company reported a stable growth in revenue and net profit for 2024, with a notable increase in new contracts signed in early 2025, indicating a positive outlook for future performance [3][5]. Financial Performance - In 2024, the company achieved operating revenue of 185.84 billion yuan, a year-on-year increase of 4.2%, and a net profit attributable to shareholders of 5.69 billion yuan, up 4.8% [3]. - For Q1 2025, the company reported operating revenue of 44.5 billion yuan, a slight decrease of 1.0%, but a significant increase in net profit attributable to shareholders by 18.8% to 1.44 billion yuan [3]. Business Segments - The chemical engineering segment saw revenue growth of 6.9% to 152.2 billion yuan, while the infrastructure and environmental governance segments experienced declines of 6.4% and 22.1%, respectively [4]. - New projects in the industrial sector contributed positively, with significant revenue growth from newly operational projects such as Tianchen and Hualu [4]. Contracting Activity - In 2024, the company signed new contracts worth 366.9 billion yuan, a year-on-year increase of 12.3%, with notable growth in the chemical engineering and infrastructure sectors [5]. - In Q1 2025, new contracts surged to 59.79 billion yuan, reflecting a growth of 60.7% compared to the previous year [5]. Profitability Metrics - The company's gross margin improved to 10.1% in 2024, with a net profit margin of 3.4%, showing slight increases year-on-year [6]. - For Q1 2025, the gross margin was reported at 9.3%, with a net profit margin of 3.6%, indicating continued improvement in profitability [7]. Cash Flow and Dividends - The company experienced a net cash outflow from operating activities of 8.72 billion yuan in 2024, with a further increase to 15.1 billion yuan in Q1 2025 [8]. - The proposed dividend for 2024 is 1.86 yuan per share, totaling approximately 1.14 billion yuan, maintaining a similar payout ratio compared to the previous year [8].