24 年前三季度新签订单8916.9 元，同比-9.2%，Q3 单季新签订单2,138.9亿元，同比-17.7%，新签海外订单607.6 亿元，同比增长85.2%。分业务看，24 年前三季度房建工程、冶金工程及运营、市政工程、工业制造分别新签订单4194.4、1218.9、1377.7、1378.4 亿，同比-14.6%、-2.1%、-22.8%、+22.7%，房建业务持续收缩，海外订单增速亮眼。Revenue was slightly under pressure, and Q3 profit increased sharply year over year
The company achieved revenue of 412.617 billion dollars in the first three quarters of 24, -11.71% year on year, 6.831 and 5.623 billion yuan, or -16.53% and -29.26% year on year, non-recurring profit and loss was 1.208 billion, up 0.974 billion from year on year, mainly income from disposal of illiquid assets; Q3 achieved revenue of 113.776 billion yuan, -14.37% year on year, with return to mother and net profit of 2.681. 2.404 billion, +177.45% and +148.41% year-on-year. The faster profit growth rate in the third quarter was mainly due to a 1.5 billion year-on-year decrease in asset and credit impairment losses in Q3.
The housing construction business continues to shrink, and the growth rate of overseas orders is impressive
New orders in the first three quarters of 24 were 8916.9 yuan, -9.2% year over year; Q3 single quarter new orders were 213.89 billion yuan, -17.7% year over year; new overseas orders were 60.76 billion yuan, up 85.2% year on year. By business, housing construction, metallurgical engineering and operation, municipal engineering, and industrial manufacturing signed new orders of 4194.4, 121.89, 137.77, and 137.84 billion respectively in the first three quarters of 24, compared with -14.6%, -2.1%, -22.8%, and +22.7%. The housing construction business continued to shrink, and overseas orders grew at a remarkable rate.
Q3 Net interest rate increased slightly, cash flow needs to be improved
The company's comprehensive gross margin for the first three quarters of 24 was 9%, -0.18pct year on year, and 9.03% for the Q3 quarter, and -0.09pct year on year. The cost ratio during the 24Q1-3 period was 5.61%, +0.45pct year on year. The sales, management, R&D, and finance cost ratios were +0.06, +0.27, -0.01, and +0.13pct, respectively, and the expenses were not effectively diluted. Asset impairment losses in the first three quarters were 2.018 billion, up 0.455 billion from year on year, and credit impairment losses were 2.28 billion yuan, a year-on-year decrease of 0.172 billion. The ratio of asset and credit impairment losses to revenue was +0.18 pct to 1.04% year on year. Under the combined influence, the company's net interest rate for the first three quarters of 24 was 1.87%, -0.38pct year on year, and the Q3 net margin was 2.64%, +1.27pct year on year. The company's net operating cash flow outflow for the first three quarters of 24 was 30.736 billion, an increase of 8.259 billion yuan over the previous year. The current payout ratios were 70.91% and 77.03%, respectively, -3.63 pct and -1.88 pct year-on-year.
Attaching importance to the diverse structure of “one core, two subjects, five characteristics”, maintaining that “buy” rating companies have strong core technology and system integration capabilities, forming an internationally leading technical level.
Through refined management and risk control, profitability and project implementation levels are continuously improved, resource integration and centralized procurement are optimized, supply chain efficiency is enhanced, and the “one core, two main actors and five characteristics” business system is continuously consolidated, optimized and upgraded. We expect the company's net profit to be 7.2, 7.9, and 8.7 billion in 24-26, corresponding PE of 8.5, 7.8, and 7.0 times, maintaining a “buy” rating.
Risk warning: The growth rate of infrastructure investment falls short of expectations, the risk of large fluctuations in metal prices, the risk of accidents in the operation of mining projects, and geopolitical risks.
