CNCEC(601117) 新浪财经·2025-05-01 06:27Core Insights - The company reported steady performance with significant growth in new contracts signed, particularly in overseas markets [1][2] Financial Performance - For 2024, the company achieved an operating revenue of 186.61 billion yuan, a year-on-year increase of 4.14% - The net profit attributable to shareholders was 5.69 billion yuan, up 4.82%, while the net profit after deducting non-recurring items was 5.52 billion yuan, an increase of 6.02% [1] - In Q1 2025, the operating revenue was 44.65 billion yuan, a decrease of 1.15%, but the net profit attributable to shareholders rose to 1.45 billion yuan, an increase of 18.77% [1] Contractual Developments - The total new contract amount for 2024 was 366.94 billion yuan, reflecting a growth of 12.30% - Domestic new contracts amounted to 253.63 billion yuan, up 12.15%, while overseas contracts reached 113.31 billion yuan, increasing by 12.63% [1] Profitability Metrics - The gross margin for 2024 was 10.11%, an increase of 2.1 percentage points, with net profit margin at 3.36%, up 0.01 percentage points [2] - In Q1 2025, the gross margin was 9.3%, an increase of 1.29 percentage points, and the net profit margin was 3.59%, up 0.58 percentage points [2] Cash Flow and Investment - The net operating cash flow for 2024 was 8.72 billion yuan, a decrease of 0.41 billion yuan year-on-year, while Q1 2025 showed a net cash outflow of 15.10 billion yuan, an increase in outflow of 8.33 billion yuan [2] - New industrial projects, such as the coal-to-ethylene glycol project in Inner Mongolia, have become new growth points for the company [2] Market Expansion - The company has successfully expanded into new international markets, with over 70% of contract amounts in key markets like Egypt and Kazakhstan, and has entered four new countries: Hungary, Bolivia, Morocco, and Kyrgyzstan [2] Future Projections - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 6.08 billion yuan, 6.61 billion yuan, and 7.22 billion yuan, representing year-on-year growth rates of 6.94%, 8.59%, and 9.24% respectively [3]