国投证券指出，中国交建Q3营收降幅收窄，非经常性损益大幅增加，毛利率+减值影响扣非业绩增速；前三季度毛利率同比提升，Q3经营性现金流流出大幅收窄；新签订单增长稳健，海外和新兴业务发展迅速。该行指出，Q3起专项债发行提速叠加地方政府化债支持力度加大，后续公司营收/订单/回款均有望改善，同时新一轮国企改革和央企市值管理持续推进，助力公司经营指标持续改善和估值提升。China Communications Construction (01800) is now up more than 6%, up 6.55% as of the time of publication, at HK$5.53, with a turnover of 0.177 billion Hong Kong dollars.
According to the Securities Times APP, China Communications Construction (01800) is now up more than 6%, up 6.55% as of the time of publication, at HK$5.53, with a turnover of 0.177 billion Hong Kong dollars.
On the news front, China Communications Construction announced that, according to Chinese accounting standards, in the third quarter of 2024, the revenue was approximately 179.189 billion yuan, a decrease of 1.73% year-on-year; the net profit attributable to shareholders was approximately 4.876 billion yuan, a decrease of 0.65% year-on-year. For the first three quarters of 2024, revenue was approximately 536.636 billion yuan, a decrease of 2.26% year-on-year; net profit attributable to shareholders was approximately 16.274 billion yuan, a decrease of 0.61% year-on-year.
Guotai Junan Securities pointed out that the decline in revenue of China Communications Construction in Q3 narrowed, non-recurring gains and losses increased significantly, and the gross margin + impairment impact deducts non-performance growth rate; the gross margin increased year-on-year in the first three quarters, and the operating cash flow outflow in Q3 narrowed significantly; the growth in new signed orders is stable, and overseas and emerging business are developing rapidly. The bank pointed out that the speed of special bond issuance since Q3 coupled with the increased support for local government debt will see improvements in the company's revenue/orders/collection in the future, while a new round of state-owned enterprise reform and the continuous advancement of central enterprise market capitalization management will help improve the company's operating indicators and valuation.
