CCCC(601800) 国盛证券·2025-03-28 03:23Investment Rating - The report maintains a "Buy" rating for China Communications Construction Company (CCCC) [5][7] Core Views - The company's performance in 2024 met expectations, with 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][2] - 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] - New contract signings showed robust growth, with a total of 1.8812 trillion in new contracts, a 7% increase year-on-year, particularly strong in emerging sectors like water conservancy and energy [4] Summary by Sections Financial Performance - In 2024, CCCC achieved total revenue of 771.9 billion, with a quarterly breakdown showing Q4 revenue growth of 12% year-on-year, while the annual net profit was 23.4 billion, down 2% [1][2] - The comprehensive gross margin for 2024 was 12.29%, a decrease of 0.3 percentage points year-on-year, primarily due to declining profitability in projects outside mainland China [2] Cash Flow and Investment - The company reported a net inflow of operating cash flow of 12.5 billion, with Q4 showing a significant inflow of 89.5 billion, indicating improved cash flow management [3] - Investment cash outflow was reduced to 29.6 billion, a decrease of 26.3 billion year-on-year, reflecting a controlled approach to investment projects [3] Order Book and Future Outlook - CCCC's new contract value reached 1.8812 trillion, with domestic and international contracts growing by 6% and 13% respectively [4] - The company has a substantial backlog of contracts amounting to 34.868 trillion, which is 4.5 times its 2024 revenue, indicating strong future revenue potential [4] Earnings Forecast - The report projects net profits for 2025, 2026, and 2027 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]