中国中铁（601390）：资源业务稳健发展，海外新签稳增长

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company achieved a total revenue of 1,157.439 billion yuan for the year, a decrease of 8.20% year-on-year. The net profit attributable to shareholders was 27.887 billion yuan, down 16.71% year-on-year. The net profit after deducting non-recurring gains and losses was 24.325 billion yuan, a decrease of 21.21% year-on-year [7][12]. Summary by Sections Financial Performance - The company's total revenue decreased to 1,157.439 billion yuan, primarily due to a decline in infrastructure construction, particularly in road and municipal sectors. Revenue from infrastructure construction was 992.853 billion yuan, down 8.71% year-on-year, with road business revenue at 171.999 billion yuan, down 13.12%, and municipal and other business revenue at 520.428 billion yuan, down 12.21% [12]. - The overall gross margin for the company was 9.80%, a decrease of 0.21 percentage points. The gross margin for infrastructure construction was 8.62%, down 0.24 percentage points, mainly due to a decline in investment business scale [12]. - The company experienced an increase in expense ratios, leading to a decline in net profit. The total expense ratio was 5.52%, up 0.04 percentage points year-on-year [12]. Cash Flow and Debt - The net cash inflow from operating activities was 28.051 billion yuan, a decrease of 10.312 billion yuan year-on-year. The cash collection ratio was 88.80%, down 10.36 percentage points [12]. - The company's asset-liability ratio increased by 2.53 percentage points to 77.39%, with accounts receivable turnover days increasing by 22.84 days to 62.68 days [12]. New Contracts and Resource Development - The company signed new contracts worth 2,715.18 billion yuan, a decrease of 12.4% year-on-year. Domestic new contracts were 2,494.28 billion yuan, down 14.0%, while overseas new contracts were 220.9 billion yuan, up 10.6% [12]. - The company has developed and is operating five modern mines, producing various metals including copper, cobalt, molybdenum, lead, zinc, and silver [12]. Future Profit Forecast - The forecasted net profits for the company for 2025, 2026, and 2027 are 28.045 billion yuan, 28.253 billion yuan, and 28.416 billion yuan respectively, corresponding to a price-to-earnings ratio of 5.13, 5.10, and 5.07 times based on the current closing price [12].