Core Points - China Power Construction Corporation's stock price decreased by 2.07% on October 31, trading at 5.67 CNY per share with a market capitalization of 97.672 billion CNY [1] - The company has seen a year-to-date stock price increase of 6.32%, but a decline of 0.70% over the last five trading days and a 16.98% drop over the last 60 days [1] - For the first nine months of 2025, the company reported a revenue of 439.553 billion CNY, a year-on-year increase of 3.10%, while the net profit attributable to shareholders decreased by 15.13% to 7.474 billion CNY [2] Financial Performance - The company has cumulatively distributed 19.31 billion CNY in dividends since its A-share listing, with 6.606 billion CNY distributed in the last three years [3] - As of September 30, 2025, the number of shareholders increased by 67.94% to 537,400, while the average circulating shares per person decreased by 40.46% to 24,323 shares [2] Shareholder Structure - The top three circulating shareholders include China Securities Finance Corporation with 433 million shares, unchanged from the previous period, and Hong Kong Central Clearing Limited, which reduced its holdings by 253 million shares to 256 million shares [3] - New entrants among the top ten circulating shareholders include Huaxia CSI 300 ETF and Jiashi CSI 300 ETF, holding 79.1036 million shares and 68.2058 million shares, respectively [3]

Core Viewpoint - China Power Construction Corporation, established in 2009 and listed in 2011, is a leader in clean low-carbon energy, water resources, and environmental construction, offering integrated services across the entire industry chain [1] Business Performance - As of Q3 2025, China Power Construction reported revenue of 439.11 billion yuan, ranking 4th in the industry, surpassing the industry average of 135.95 billion yuan [2] - The company achieved a net profit of 10.11 billion yuan, also ranking 4th in the industry, exceeding the industry average of 3.65 billion yuan [2] Financial Ratios - The asset-liability ratio for Q3 2025 was 80.19%, higher than the previous year's 79.03% and above the industry average of 72.81% [3] - The gross profit margin was 11.48%, down from 12.42% year-on-year and below the industry average of 11.72% [3] Shareholder Information - As of June 30, 2025, the number of A-share shareholders decreased by 1.81% to 320,000, while the average number of circulating A-shares held per account increased by 1.85% to 40,900 [5] - Major shareholders include China Securities Finance Corporation and Hong Kong Central Clearing Limited, with notable changes in their holdings [5] Project and Contract Growth - From January to August 2025, the company signed 3,579 new energy power projects with a total contract value of 516.24 billion yuan, a year-on-year increase of 14.3% [6] - The overseas business saw significant growth, with new contracts amounting to 179.84 billion yuan, up 21.9% year-on-year [6] Future Outlook - The company is expected to achieve net profits of 12.30 billion yuan, 13.50 billion yuan, and 13.89 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.71, 0.78, and 0.81 yuan [6]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 633.68 billion yuan in 2024, reflecting a year-on-year growth of 4.1%, while the net profit attributable to shareholders decreased by 7.2% to 12.02 billion yuan [5][10] - The company continues to see stable growth in its core business, particularly in water conservancy, hydropower, and renewable energy sectors, with significant increases in solar project capacity [6][8] - New contract signings increased by 11.2% to 1,270.69 billion yuan in 2024, with notable growth in energy and infrastructure contracts [7] Summary by Sections Revenue and Profitability - In 2024, the company reported operating revenue of 633.68 billion yuan, with a net profit of 12.02 billion yuan, and a decrease in net profit margin to 2.5% [5][6] - The gross margin for 2024 was 13.2%, slightly down from the previous year, while the gross margin for the first quarter of 2025 was 10.8% [6][10] Contract and Project Growth - The company secured new contracts worth 1,270.69 billion yuan in 2024, with energy and infrastructure contracts showing strong growth [7] - The company emphasized the quality of contracts, with high-quality orders accounting for 44.2% of new contracts [7] Capacity Expansion - The company added 204.2 MW of wind power, 404.37 MW of solar power, and 0.18 MW of hydropower capacity in 2024, leading to a total installed capacity of 33,128 MW, a 22% increase year-on-year [8] - The company is actively developing new energy projects, with significant contributions to revenue and investment from these sectors [8] Cash Flow and Dividends - The company reported a net operating cash inflow of 24.55 billion yuan in 2024, an increase of 22.8 billion yuan from the previous year [9] - The proposed dividend for 2024 is 1.2695 yuan per share, maintaining a payout ratio of 18.2% [10] Financial Forecasts - The company has adjusted its net profit forecasts for 2025 and 2026 to 12.70 billion yuan and 13.40 billion yuan, respectively, reflecting a downward revision of 13% and 18% [10]