CNECC(601611) 天风证券·2024-11-01 01:02Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of 10%-20% over the next six months [5][13]. Core Insights - The company demonstrated resilient operational performance with a steady revenue growth of 0.43% year-on-year, achieving a total revenue of 789.29 billion yuan for the first three quarters of 2024 [1]. - The nuclear power engineering sector is expected to continue benefiting from industry expansion, with the company poised to gain from increased project approvals and contracts [3]. - The company signed new contracts worth 1,067.32 billion yuan in the first three quarters of 2024, reflecting an 11.2% increase year-on-year, indicating strong demand in the nuclear sector [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported a net profit attributable to shareholders of 14.55 billion yuan, up 3.08% year-on-year, with a non-recurring net profit of 15.21 billion yuan, increasing by 10.55% [1]. - The gross margin for the first three quarters was 10.2%, slightly down by 0.03 percentage points year-on-year, while the third quarter gross margin was 11.05%, down 0.54 percentage points year-on-year [2]. - The cash flow from operations (CFO) for the first three quarters was -136.62 billion yuan, a reduction in outflow by 22.78 billion yuan year-on-year, with a narrower cash outflow of 20.9 billion yuan in the third quarter [2]. Financial Forecast - The company is projected to achieve revenues of 115.21 billion yuan in 2024, with a growth rate of 5.33%, and net profit attributable to shareholders is expected to reach 2.24 billion yuan, reflecting an 8.54% increase [4][9]. - The EBITDA for 2024 is forecasted at 11.13 billion yuan, with a slight decrease in the growth rate compared to previous years [4]. - The company's asset-liability ratio stands at 81.2%, indicating a slight decrease from the end of 2023 [2].