CNECC(601611) 华源证券·2024-11-01 02:33Investment Rating - The investment rating for China Nuclear Engineering Corporation (601611.SH) is "Buy" (maintained) [3] Core Views - The company reported a revenue of 78.929 billion yuan for the first three quarters of 2024, a year-on-year increase of 0.43%, with a net profit attributable to shareholders of 1.455 billion yuan, up 3.08% year-on-year [3] - The third quarter revenue was 24.302 billion yuan, showing a year-on-year growth of 1.17%, while the net profit for the same period was 500 million yuan, a decline of 3.47% year-on-year, primarily due to increased non-operating expenses related to litigation losses [3] - The company’s core nuclear power construction business is expected to accelerate, with projected peak revenues in the nuclear sector reaching 60-80 billion yuan next year, indicating higher profit elasticity compared to traditional businesses [4] - Future net profit forecasts for 2024-2026 are 2.429 billion, 3.057 billion, and 3.967 billion yuan respectively, with corresponding P/E ratios of 11, 8, and 6 times [4] Financial Summary - As of October 31, 2024, the closing price was 8.54 yuan, with a total market capitalization of 25,718.51 million yuan and a debt-to-asset ratio of 81.20% [2] - The company’s earnings per share (EPS) for 2024 is projected to be 0.81 yuan, with a return on equity (ROE) of 7.89% [5] - Revenue projections for 2024-2026 are 118.287 billion, 135.467 billion, and 152.882 billion yuan, with year-on-year growth rates of 8.14%, 14.52%, and 12.86% respectively [5][6]