CCCC(601800) 国盛证券·2025-03-28 02:35Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company achieved a total revenue of 771.9 billion, a year-on-year increase of 1.7%, and a net profit attributable to shareholders of 23.4 billion, a decrease of 2% [1][6]. - The company experienced significant cash flow improvement, with operating cash flow net inflow of 12.5 billion, an increase of 0.4 billion year-on-year, and a substantial increase in Q4 cash flow [3][6]. - New contract signing remained robust, with a total of 1.8812 trillion in new contracts, a year-on-year increase of 7%, driven by strong growth in emerging sectors such as water conservancy and energy [4][6]. Summary by Sections Financial Performance - The company reported a comprehensive gross margin of 12.29%, a year-on-year decrease of 0.3 percentage points, primarily due to declining profitability in projects outside mainland China [2]. - The annual expense ratio was 6.01%, a decrease of 0.26 percentage points, with management expenses benefiting from ongoing cost control efforts [2][6]. Cash Flow and Investment - The company achieved a net inflow of 89.5 billion in Q4, a year-on-year increase of 27.1 billion, indicating significant cash flow improvement [3]. - The total contract amount for infrastructure investment projects was 129.4 billion, a substantial decrease of 38% year-on-year, suggesting reduced capital expenditure pressure in the future [3]. Order Book and Future Outlook - The company’s order backlog at the end of 2024 was 34.868 trillion, which is 4.5 times the revenue for 2024, indicating a strong pipeline of work [4]. - The projected net profit for 2025-2027 is expected to be 25.5 billion, 25.9 billion, and 26.5 billion respectively, with corresponding EPS of 1.56, 1.59, and 1.63 [5][6].