Core Insights - The company reported a revenue of 68.8 billion for 2024, a year-on-year decrease of 7.28%, and a net profit attributable to shareholders of 2.84 billion, down 3.54%, slightly below expectations [1] - The company focuses on high-quality development and digital transformation, reducing emphasis on scale growth due to the long-term slowdown in the traditional infrastructure industry [4] Financial Performance - In Q4, the company achieved a revenue of 25.9 billion, a decline of 5.06%, with a net profit of 1.342 billion, down 7.54% [1] - The core construction business generated a revenue of 57.2 billion in 2024, accounting for 83% of total revenue, with a gross margin of 6.96%, an increase of 0.03 percentage points [2] - The overall expense ratio for 2024 increased by 0.06 percentage points to 8.94%, with specific rates for sales, management, R&D, and financial expenses showing varied changes [3] Business Segmentation - Revenue from digital information services grew significantly, with a year-on-year increase of 27% to 4.0 billion, and a gross margin of 17%, up 1.7 percentage points [2] - The company signed new orders with an 8% year-on-year increase, indicating a focus on quality regions, with 65% of revenue coming from Shanghai and 90% from the Yangtze River Delta, Guangdong, Hong Kong, Macau, and Singapore [1] Future Outlook - The company aims for a revenue and profit growth of 5-10% in 2025, supported by favorable cash flow and a high dividend payout ratio, with a projected dividend yield of 5.25% based on the closing price of 6.09 yuan on April 25 [1] - Profit forecasts for 2025-2027 are adjusted to 2.98 billion, 3.12 billion, and 3.26 billion, reflecting a downward revision due to the anticipated slowdown in revenue growth [4] - The target price is set at 9.24 yuan, based on a segmented valuation approach, maintaining a "buy" rating [4]

Core Insights - The company reported a revenue of 68.82 billion yuan for 2024, a year-on-year decrease of 7.28%, with a net profit attributable to shareholders of 2.84 billion yuan, down 3.54% year-on-year [1] - New signed orders increased by 8.01% year-on-year, totaling 103.02 billion yuan, with significant growth in energy engineering, municipal engineering, and real estate engineering sectors [1] - The digital information business saw a revenue increase of 24.09%, indicating a strong push towards emerging business areas [1] Financial Performance - The gross profit margins for various segments improved, with overall gross margin rising by 1.87 percentage points to 12.15% [2] - Investment income decreased by approximately 1.54 billion yuan to 1.44 billion yuan, impacting net profit growth [2] - Operating cash flow improved significantly, with a net inflow of 4.587 billion yuan, a year-on-year increase of 44.2% [2] Dividend and Future Outlook - The company plans to distribute a total dividend of 1.01 billion yuan for 2024, resulting in a dividend yield of 5.25% [3] - The company is focusing on expanding into emerging fields such as low-altitude economy, resilient cities, artificial intelligence, and robotics [3] - Profit forecasts for 2025-2027 are adjusted, with expected net profits of 2.90 billion yuan, 3.03 billion yuan, and 3.17 billion yuan respectively [4]