Investment Rating - The investment rating for the company is "Buy" with a target price of 7.31, maintaining the previous rating of "Buy" [4]. Core Views - The company's performance in the first three quarters of 2024 was below expectations, but the growth in its new energy investment and operation business is expected to support profits. The company is anticipated to benefit from the favorable conditions in the energy and power industry, achieving sustained and stable growth [7]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 425.7 billion, a year-on-year increase of 1.20%. The net profit attributable to the parent company was 8.8 billion, a decrease of 7.21% year-on-year. The operating cash flow was -46.9 billion, compared to -35.9 billion in the same period of 2023 [12][13]. - The company’s new contract signing in the first three quarters of 2024 reached 861.1 billion, a year-on-year increase of 5.42%, with energy and power orders growing by 19.68% [12][17]. Market Position - The company is a leading player in global hydropower construction, holding over 65% of the construction tasks for large and medium-sized hydropower stations in China. It also dominates the pumped storage power station market, accounting for over 50% of the global market share in large and medium-sized water conservancy and hydropower construction [12][18]. Business Segments - In the first three quarters of 2024, the new contract amounts by business segment were as follows: Energy and Power at 518.39 billion (up 19.68%), Water Resources and Environment at 111.97 billion (down 10.07%), Urban Construction and Infrastructure at 198.50 billion (down 17.16%), and Other at 32.25 billion (up 64.99%) [17].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a slight increase in revenue year-on-year, with significant growth in overseas business [1] - The company aims to strengthen its traditional infrastructure business while developing a second growth curve around new energy power [1] - The forecasted net profit for the years 2024-2026 is expected to be 14.89 billion, 16.17 billion, and 18.02 billion CNY respectively, with corresponding EPS of 0.86, 0.94, and 1.05 CNY [1] Financial Performance Summary - For the first nine months of 2024, the company achieved a revenue of 425.67 billion CNY, a year-on-year increase of 1.20%, while the net profit attributable to the parent company was 8.81 billion CNY, a decrease of 7.21% [1] - The gross profit margin for the first three quarters was 12.42%, an increase of 0.12 percentage points year-on-year, while the net profit margin was 2.78%, a decrease of 0.14 percentage points year-on-year [1] - The company signed a total of 6,950 new contracts with a total value of 861.12 billion CNY in the first nine months of 2024, representing a year-on-year growth of 5.42% [2] - The new contract amounts for energy power, water resources and environment, urban construction and infrastructure, and others were 5,183.90 billion CNY, 1,119.74 billion CNY, 1,985.05 billion CNY, and 322.54 billion CNY respectively, with year-on-year changes of +19.68%, -10.07%, -17.16%, and +64.99% [2] Valuation Metrics - The projected revenue for 2024 is 666.62 billion CNY, with a year-on-year growth of 9.6% [2] - The projected P/E ratios for 2024, 2025, and 2026 are 6.5, 5.9, and 5.3 respectively [2] - The projected P/B ratios for the same years are 0.7, 0.6, and 0.5 respectively [2]

Investment Rating - The report maintains an "Accumulate" rating for China Power Construction (601669) [4][6]. Core Views - The company reported a revenue of 425.67 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.20%, while the net profit attributable to shareholders was 8.806 billion yuan, a decrease of 7.21% [1]. - New orders showed steady growth, particularly in the energy and power sector, with new orders totaling 861.123 billion yuan for the first three quarters, up 5.42% year-on-year [1]. - The gross margin remained stable at 12.42% for the first three quarters, with a slight increase of 0.12 percentage points year-on-year [2]. - Cash flow from operations saw a significant outflow, with a net cash flow of 46.926 billion yuan, reflecting an increase in cash payments for goods and services [2]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 140.75 billion yuan, a year-on-year increase of 1.01%, and a net profit of 2.47 billion yuan, down 9.00% year-on-year [1]. - The gross margin for Q3 was reported at 12.73%, a decrease of 0.15 percentage points year-on-year [2]. - Financial expenses increased to 7.975 billion yuan, up 686 million yuan year-on-year, and asset impairment losses rose to 695 million yuan, an increase of 573 million yuan [2]. Order Growth - The company secured new orders of 2,122.36 billion yuan in Q3, which remained flat year-on-year. The energy and power sector saw the highest growth in new orders, totaling 518.39 billion yuan, up 19.68% [1]. Future Outlook - The report anticipates continued high demand for hydropower construction, benefiting from the national energy strategy and improved local government finances, which should enhance the company's cash flow and profitability [3]. - The profit forecast for 2024-2026 is adjusted slightly, with expected net profits of 13.898 billion yuan, 15.155 billion yuan, and 16.620 billion yuan, representing year-on-year growth rates of 7.00%, 9.05%, and 9.66% respectively [6][7].

公司报告 | 季报点评 Q3 扣非净利润下滑 36.5%，业绩同比压力 Q4 或有所 缓解 Q3 扣非净利润下滑 36.5%，大力度化债预期下公司基本面有望逐步修复 公司发布 24 年三季报，前三季度公司实现营收 4256.69 亿，同比+1.2%， 归母、扣非净利润为 88.06、79.17 亿，同比-7.21%、-14.41%。其中，24Q3 单季实现营收 1407.47 亿，同比+1.01%，归母、扣非净利润为 24.68、16.84 亿，同比分别-9%、-36.47%（以上数据均为修正后）。今年上半年地方考核 制度影响了发债积极性以及地方投资意愿，我们认为后续若增加地方政府 举债空间，化债对正常发展的资金挤出将得到有效缓解，公司政府类投资 项目有望正常运行。我们下调公司24-26 年归母净利润预测至129/145/166 亿元（前值 148/169/196 亿），维持"买入"评级。 Q3 流动资产处置收益同比增加 6.5 亿致扣非净利润大幅下滑 24Q1-3 公司毛利率为 12.42%，同比+0.12pct，其中，单 Q3 毛利率下降 0.15 pct 至 12.73%。24Q1-3 公司期间费用率 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company's Q3 performance met expectations, with a slight narrowing of revenue decline. For the first three quarters of 2024, the company achieved a revenue of 425.7 billion, a year-on-year increase of 1.2%, and a net profit attributable to shareholders of 8.8 billion, a year-on-year decrease of 7.2% [1]. - The energy and power sector continues to show high demand, while overseas business performance is strong. New contracts signed in the first three quarters reached 861.1 billion, a year-on-year increase of 5.4% [1][2]. Financial Performance Summary - For Q1-Q3 2024, the company reported a gross margin of 12.4%, a slight increase of 0.1 percentage points year-on-year. The net profit margin for the same period was 2.07%, down 0.19 percentage points year-on-year [1]. - The company’s operating cash flow showed a net outflow of 46.9 billion, an increase in outflow of 11 billion compared to the same period last year, indicating ongoing pressure on cash collection [1][8]. - The company expects net profits for 2024-2026 to be 12.6 billion, 13.3 billion, and 14.2 billion respectively, with corresponding EPS of 0.73, 0.77, and 0.83 [1][2]. Business Segment Performance - In terms of new contracts, the energy and power sector signed 518.4 billion, a year-on-year increase of 20%, while municipal infrastructure and other sectors saw declines [1]. - The company’s overseas contracts reached 176 billion, reflecting a year-on-year growth of 15% [1]. Market Valuation - The current stock price corresponds to a P/E ratio of 7.5 for 2024, 7.0 for 2025, and 6.6 for 2026, indicating a potentially attractive valuation [2][3].

Revenue and Profit Performance - Revenue for the third quarter was RMB 140.75 billion, a 1.01% increase compared to the same period last year[3] - Net profit attributable to shareholders of the listed company decreased by 9.00% to RMB 2.47 billion in the third quarter[3] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses decreased by 36.47% to RMB 1.68 billion in the third quarter[3] - The company's total revenue for the first nine months of the year was RMB 425.67 billion, a 1.20% increase compared to the same period last year[3] - Total operating income for the first three quarters of 2024 reached 426,346,873,798.55 yuan, compared to 421,400,574,489.52 yuan in the same period last year[16] - Net profit attributable to the parent company's owners was 75,329,197,765.82 yuan, compared to 69,301,573,413.63 yuan in the previous period[15] - Net profit attributable to parent company shareholders was RMB 8.806 billion, a decrease of 7.2% compared to the same period last year[17] - Revenue for the first three quarters of 2024 was RMB 4.24 billion, a decrease of 23.94% compared to RMB 5.58 billion in the same period of 2023[24] - Operating profit for the first three quarters of 2024 reached 1.385 billion RMB, a 25.3% increase compared to 1.105 billion RMB in the same period of 2023[25] - Net profit for the first three quarters of 2024 was 1.459 billion RMB, up 19.9% from 1.216 billion RMB in the same period of 2023[25] Asset and Liability Changes - Total assets increased by 11.59% to RMB 1.29 trillion compared to the end of the previous year[4] - Total equity attributable to shareholders of the listed company increased by 4.19% to RMB 167.31 billion compared to the end of the previous year[4] - The company's monetary funds increased to 107.04 billion yuan as of September 30, 2024, compared to 97.50 billion yuan at the end of 2023[13] - Accounts receivable rose to 140.98 billion yuan as of September 30, 2024, up from 106.29 billion yuan at the end of 2023[13] - Contract assets grew to 158.56 billion yuan as of September 30, 2024, compared to 124.34 billion yuan at the end of 2023[13] - Prepayments increased to 40.69 billion yuan as of September 30, 2024, from 34.67 billion yuan at the end of 2023[13] - Inventory rose to 20.07 billion yuan as of September 30, 2024, up from 16.95 billion yuan at the end of 2023[13] - Other receivables increased to 31.69 billion yuan as of September 30, 2024, compared to 29.59 billion yuan at the end of 2023[13] - Total assets increased to 1,287,495,362,210.47 yuan, up from 1,153,774,735,013.99 yuan in the previous period[14] - Long-term receivables increased to 73,478,875,277.50 yuan, up from 65,730,691,432.01 yuan in the previous period[14] - Fixed assets grew to 139,748,609,709.27 yuan, compared to 128,758,462,067.36 yuan in the previous period[14] - Total liabilities for the first three quarters of 2024 were 1,017,468,203,588.06 yuan, up from 894,124,637,157.12 yuan in the same period last year[15] - Long-term loans increased to 363,069,854,327.24 yuan, up from 315,206,434,347.29 yuan in the previous period[15] - Total equity attributable to the parent company's owners was 167,311,834,111.86 yuan, compared to 160,580,347,561.55 yuan in the previous period[15] - Total assets decreased from RMB 179.63 billion to RMB 175.19 billion, a decline of 2.47%[21][22][23] - Current liabilities decreased from RMB 79.00 billion to RMB 71.29 billion, a reduction of 9.76%[22] - Long-term liabilities increased from RMB 10.40 billion to RMB 16.27 billion, a rise of 56.44%[22] Cash Flow and Financial Activities - Cash flow from operating activities was negative RMB 46.93 billion for the first nine months of the year[3] - Cash flow from operating activities was negative RMB 46.926 billion, a decrease of 30.6% compared to the same period last year[19] - Cash flow from investing activities was negative RMB 42.091 billion, an improvement of 32.1% compared to the same period last year[20] - Cash flow from financing activities was positive RMB 100.029 billion, a decrease of 0.6% compared to the same period last year[20] - Total cash and cash equivalents at the end of the period was RMB 100.245 billion, an increase of 3.4% compared to the same period last year[20] - Net cash flow from operating activities for the first three quarters of 2024 was -26.126 billion RMB, compared to -24.393 billion RMB in the same period of 2023[26] - Net cash flow from investing activities for the first three quarters of 2024 was 3.172 billion RMB, a 3.2% decrease from 3.275 billion RMB in the same period of 2023[26] - Net cash flow from financing activities for the first three quarters of 2024 was 14.524 billion RMB, a 95.9% increase compared to 7.415 billion RMB in the same period of 2023[26] - Cash and cash equivalents at the end of the third quarter of 2024 were 8.118 billion RMB, a 42.0% decrease from 14.009 billion RMB at the end of the third quarter of 2023[26] Earnings and Shareholder Information - Basic earnings per share decreased by 5.68% to RMB 0.1412 in the third quarter[3] - Weighted average return on equity decreased by 0.26 percentage points to 1.79% in the third quarter[4] - Basic earnings per share was RMB 0.4865, a decrease of 7.8% compared to the same period last year[18] - Diluted earnings per share was RMB 0.4865, a decrease of 7.8% compared to the same period last year[18] - The company's largest shareholder, China Power Construction Group Co., Ltd., holds 53.05% of the shares, totaling 4.98 billion shares[10] - The second-largest shareholder, Taiping Life Insurance Co., Ltd., holds 3.15% of the shares, totaling 543.48 million shares[10] - The third-largest shareholder, China Securities Finance Co., Ltd., holds 2.51% of the shares, totaling 432.77 million shares[10] - The fourth-largest shareholder, Hong Kong Securities Clearing Company Ltd., holds 2.50% of the shares, totaling 430.76 million shares[10] Non-Recurring Items and Impairments - Non-recurring gains and losses amounted to RMB 784.45 million in the third quarter, primarily due to increased gains from the disposal of non-current assets[6][7] - Total assets impairment loss was RMB 694.979 million, an increase of 469.4% compared to the same period last year[17] - Total assets disposal gain was RMB 780.362 million, an increase of 632.0% compared to the same period last year[17] - Credit impairment losses increased from RMB -11.32 million in 2023 to RMB -111.53 million in 2024, a significant rise[24] Operating Costs and Expenses - Operating costs for the first three quarters of 2024 were 410,173,481,242.79 yuan, up from 404,413,225,464.60 yuan in the same period last year[16] - R&D expenses for the first three quarters of 2024 amounted to 13,978,190,853.56 yuan, compared to 13,310,131,559.47 yuan in the same period last year[16] - Operating costs for the first three quarters of 2024 were RMB 3.97 billion, down 24.34% from RMB 5.24 billion in 2023[24] - R&D expenses increased significantly from RMB 10.11 million in 2023 to RMB 57.73 million in 2024, a growth of 471.08%[24] - Financial expenses decreased from RMB 750.83 million in 2023 to RMB 627.68 million in 2024, a reduction of 16.40%[24] Investment and Comprehensive Income - Investment income dropped from RMB 892.33 million in 2023 to RMB 277.70 million in 2024, a decline of 68.88%[24] - Total comprehensive income was RMB 11.757 billion, a decrease of 5.6% compared to the same period last year[18] - Total comprehensive income for the first three quarters of 2024 was 1.829 billion RMB, a 47.8% increase compared to 1.238 billion RMB in the same period of 2023[25] - Cash received from sales of goods and services in the first three quarters of 2024 was 4.565 billion RMB, a 7.8% increase from 4.235 billion RMB in the same period of 2023[25]

证券代码：601669 股票简称：中国电建 公告编号：临 2024-071 中国电力建设股份有限公司 第四届董事会第三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国电力建设股份有限公司（以下简称"公司"）第四届董事会第三次会 议于2024年10月29日以现场及视频会议方式在中电建科技创新产业园A座召开。 会议通知和会议议案等材料已以电子邮件和书面方式送达各位董事。本次会议 应到董事9人，实到董事6人，董事姚焕、彭冈、独立董事窦皓因工作原因未能 出席，分别委托董事长丁焰章、独立董事孙子宇、张国厚代为出席并表决。公 司董事会秘书、监事、部分高级管理人员列席了本次会议。本次会议的召开符 合《中华人民共和国公司法》等法律法规及规范性文件以及《中国电力建设股 份有限公司章程》的规定。 本次会议由董事长丁焰章主持，经与会董事充分审议并经过有效表决,审议 通过了以下议案： 一、审议通过了《关于中国电力建设股份有限公司2024年第三季度报告的 议案》。 表决情况：9票同意，0票弃权，0票反对。 相关内容请详见与本公告同时 ...

证券代码：601669 股票简称：中国电建 公告编号：2024- 070 中国电力建设股份有限公司 关于召开2024年第三季度业绩说明会的公告 公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2024 年 11 月 4 日（星期一）下午 16：00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 10 月 25 日（星期五）至 11 月 1 日（星期五）16:00 期间登录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者邮箱 提交问题。公司将在说明会上对投资者普遍关注的 问题进行回答。 中国电力建设股份有限公司（以下简称"公司"）将于 2024 年 10 月 31 日发 布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年 三季度经营成果、财务状况，公司计划于 2024 年 11 ...

证券代码：601669 股票简称：中国电建 公告编号：临 2024-069 中国电力建设股份有限公司 2024 年 1 月至 9 月主要经营情况公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 现将中国电力建设股份有限公司2024年1月至9月主要经营情况公布如下，供 投资者参阅。 一、按业务类型统计 单位：亿元 币种：人民币 4.其他业务指除以上三项业务外的业务； 5.上表中分项数据加总之和与合计数之间的差异系四舍五入原因所致。 二、按地区分布统计 单位：亿元 币种：人民币 | 业务类型 | 新签项目数量（个） | 新签合同金额 | 同比增减 | | --- | --- | --- | --- | | 能源电力 | 4058 | 5183.90 | 19.68% | | 水资源与环境 | 1024 | 1119.74 | -10.07% | | 城市建设与基础设施 | 1112 | 1985.05 | -17.16% | | 其他 | 756 | 322.54 | 64.99% | | 合计 | 6950 | 8611.2 ...

证券代码：601669 股票简称：中国电建 公告编号：临 2024-068 中国电力建设股份有限公司 2024 年 1 月至 8 月主要经营情况公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 现将中国电力建设股份有限公司2024年1月至8月主要经营情况公布如下，供 投资者参阅。 一、按业务类型统计 单位：亿元 币种：人民币 | 业务类型 | 新签项目数量（个） | 新签合同金额 | 同比增减 | | --- | --- | --- | --- | | 能源电力 | 3621 | 4516.43 | 20.16% | | 水资源与环境 | 934 | 1029.93 | -7.14% | | 城市建设与基础设施 | 1020 | 1788.23 | -14.39% | | 其他 | 684 | 312.86 | 67.14% | | 合计 | 6259 | 7647.44 | 7.05% | 注： 1.能源电力业务包括水电、风电、太阳能发电、火电、电网等； 2.水资源与环境业务包括水利、水务、水环境治理和水生态修复等； 3 ...