CH ENERGY ENG(601868) 东方财富·2024-11-04 01:23Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [4]. Core Views - The company reported a revenue of 295.14 billion yuan for the first three quarters of 2024, a year-on-year increase of 3.44%, with a net profit attributable to shareholders of 3.6 billion yuan, up 17.28% year-on-year [1]. - New orders have shown stable growth, particularly in the Belt and Road regions, with new contracts totaling 988.86 billion yuan, a 5.03% increase year-on-year [1]. - The company is expected to benefit from high demand in energy construction and urban development, supported by national policies promoting green energy and infrastructure [1]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 100.88 billion yuan, reflecting an 8.24% year-on-year growth, and a net profit of 820 million yuan, which is a significant increase of 97.81% year-on-year [1]. - The gross profit margin for the first three quarters was 11.54%, up 0.59 percentage points year-on-year, while the margin for Q3 was 10.28%, down 0.7 percentage points year-on-year [1]. Order and Contract Growth - The company secured new orders worth 250.26 billion yuan in Q3 2024, a decrease of 15.3% year-on-year [1]. - The new contracts in traditional energy, renewable energy, and integrated smart energy construction amounted to 2,486.58 billion yuan, 3,919.49 billion yuan, respectively, showing a year-on-year increase of 46.38% and a decrease of 2.83% [1]. Cash Flow and Investment - The cash collection ratio improved to 92.99%, an increase of 6.24 percentage points year-on-year, leading to a reduction in net cash outflow to 12.518 billion yuan [1]. - Investment income rose to 455 million yuan, an increase of 571 million yuan year-on-year, which helped offset the impact of increased expenses and impairment losses [1]. Future Outlook - The company is expected to maintain a high level of activity in energy construction, with traditional thermal power demand remaining strong [1]. - The forecast for net profit attributable to shareholders for 2024-2026 is 8.479 billion yuan, 9.062 billion yuan, and 10.168 billion yuan, respectively, indicating a growth rate of 6.17%, 6.89%, and 12.20% [5].