CCCC(601800) 中国银河·2024-11-03 02:14Investment Rating - The report maintains a "Recommended" rating for the company [3][6]. Core Insights - The company reported a revenue of 536.64 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.26%, and a net profit attributable to shareholders of 16.27 billion yuan, down 0.61% year-on-year [2]. - The company has shown an increase in profitability, with a gross margin of 11.54%, up 0.28 percentage points year-on-year, and a net profit margin of 3.91%, up 0.12 percentage points year-on-year [2]. - The company signed new contracts worth 12,804.56 billion yuan from January to September 2024, representing a year-on-year growth of 9.28%, with significant contributions from urban construction and emerging business sectors [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a net cash flow from operating activities of -77.03 billion yuan, which is a year-on-year increase in outflow by 27.20 billion yuan [2]. - The company's accounts receivable increased to 134.60 billion yuan, up 14.80 billion yuan year-on-year [2]. - The company expects net profits attributable to shareholders to be 24.01 billion yuan, 24.77 billion yuan, and 26.84 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 7.49, 7.26, and 6.69 [3][5].