CCCC(601800) 东兴证券·2024-12-04 02:59Investment Rating - Strong Buy/Maintain [2] Core Views - The company focuses on high-quality development and shareholder returns, with a mid-year dividend of CNY 0.14005 per share, totaling approximately CNY 2.28 billion, accounting for 20.02% of the net profit attributable to the parent company in the first half of 2024 [2][3] - The company is accelerating overseas expansion and the development of new productivity, with new contract signings in emerging business areas reaching CNY 390 billion in the first three quarters of 2024, a year-on-year increase of 27%, and overseas business new contract signings reaching CNY 265.162 billion, a year-on-year increase of 24.66% [4] - The company's asset structure is continuously optimized, with accounts receivable accounting for 7.08% of total assets at the end of Q3 2024, a decrease of 0.25 percentage points from mid-year, and operating cash flow improving significantly in Q3 2024, with a net operating cash flow of -CNY 2.868 billion, an increase of CNY 31.658 billion compared to Q2 2024 [5] Financial Projections - The company's net profit for 2024-2026 is projected to be CNY 23.941 billion, CNY 25.579 billion, and CNY 26.880 billion, respectively, with EPS of CNY 1.47, CNY 1.57, and CNY 1.65 [6] - The current stock price corresponds to a PE ratio of 7.23x, 6.77x, and 6.44x for 2024-2026 [6] Business Overview - The company is a leading transportation infrastructure enterprise in China, with core business areas including infrastructure construction, infrastructure design, and dredging, covering domestic and global markets in ports, waterways, land reclamation, roads, bridges, railways, urban rail transit, municipal infrastructure, and environmental protection [8] Financial Indicators - The company's revenue for 2024E is projected to be CNY 756.591 billion, with a growth rate of -0.27%, and net profit attributable to the parent company is projected to be CNY 23.941 billion, with a growth rate of 0.54% [12] - The company's ROE for 2024E is projected to be 7.43%, with a net profit margin of 4.02% [12]