Core Insights - The company reported a revenue of 107.24 billion yuan for 2024, a year-on-year decrease of 6.78%, and a net profit attributable to shareholders of 7.21 billion yuan, down 19.92% [1] - In Q4 2024, the company achieved a revenue of 35.36 billion yuan, reflecting a year-on-year increase of 38.73%, with a net profit of 2.44 billion yuan, up 94.97% [1] - New contract signings decreased, but the backlog of orders remains strong, with new contracts totaling 138.3 billion yuan in 2024, a decline of 17.95% [1] Revenue and Profit Analysis - The company's engineering construction revenue fell by 10.53% to 92.95 billion yuan, with a gross margin decrease of 2.41 percentage points to 15.56% [1] - New orders in infrastructure, housing construction, and other sectors were 116.1 billion yuan, 22 billion yuan, and 1.8 billion yuan respectively, showing a year-on-year change of -22.19%, +17.56%, and -71.06% [1] - From Q3 2024 to the date of the annual report, the company secured over 260 billion yuan in new orders, approximately 2.5 times its 2024 revenue [1] Emerging Business Growth - In 2024, the mining and new materials sector saw significant growth, with the Asmara copper polymetallic mine project achieving sales of approximately 70,000 tons, leading to a revenue increase of 98.13% to 3.34 billion yuan [2] - The clean energy sector also progressed, with several photovoltaic projects contributing to a revenue increase of 33.26% to 610 million yuan [2] Cost Management and Cash Flow - The company reported a total expense ratio of 7.35%, a decrease of 0.35 percentage points year-on-year, with reductions in credit and asset impairment provisions [2] - Operating net cash flow improved significantly to 3.43 billion yuan in 2024, compared to a negative cash flow of 2.12 billion yuan in 2023, with Q4 showing a cash flow of 9.03 billion yuan, up 101.40% year-on-year [3] Dividend Policy - The company declared a dividend of 3.6 billion yuan for 2024, maintaining a high dividend payout ratio of 50.02% [3] - Plans for 2025-2027 include a commitment to a dividend payout ratio of no less than 60%, indicating a potential increase in shareholder returns [3] Future Outlook - Projected net profits for 2025-2027 are 8.15 billion yuan, 8.46 billion yuan, and 8.79 billion yuan respectively, with corresponding price-to-earnings ratios of 9.08, 8.75, and 8.43 [4]