CCCC(601800) 开源证券·2024-11-01 07:44Investment Rating - The investment rating for China Communications Construction Company (CCCC) is maintained at "Buy" [2]. Core Insights - CCCC's gross margin has improved, and new contract amounts continue to grow, indicating a stable overall operational performance. The company reported a slight decline in revenue but an increase in both gross and net profit margins year-on-year. The new contract amount has shown significant growth, particularly in overseas projects [4][5]. Financial Summary - For the first nine months of 2024, CCCC achieved operating revenue of 536.64 billion yuan, a year-on-year decrease of 2.26%. The net profit attributable to shareholders was 16.27 billion yuan, down 0.61% year-on-year. The gross margin for the first three quarters was 11.54%, an increase of 0.28 percentage points year-on-year, while the net margin was 3.91%, up 0.12 percentage points year-on-year [4][5]. - The company’s new contract amount for the first three quarters was 12,804.56 billion yuan, representing a year-on-year increase of 9.28%, achieving 64% of the annual target. The new contracts in emerging business areas reached 390 billion yuan, up 27% year-on-year, with overseas contracts accounting for 21% of the total new contracts [4][5]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 25.69 billion, 27.94 billion, and 30.75 billion yuan, respectively, with corresponding EPS of 1.58, 1.72, and 1.89 yuan. The current stock price corresponds to P/E ratios of 6.5, 6.0, and 5.4 times for the respective years [4][5]. Key Financial Ratios - The company’s asset-liability ratio stands at 75.19%, with a current ratio of 0.92 and a quick ratio of 0.81, indicating a reasonable debt structure [4][5]. - The gross margin is projected to improve slightly from 12.6% in 2023 to 12.9% in 2026, while the net margin is expected to increase from 3.1% to 3.3% over the same period [5]. Market Performance - The current stock price is 10.28 yuan, with a 52-week high of 11.21 yuan and a low of 6.81 yuan. The total market capitalization is approximately 167.34 billion yuan [2].